(BXP) Boston Properties - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US1011211018

Office, Towers, Campuses, Labs, Hotels

Diversified REITs
Market Cap in USD: 11,698m

IPO / Inception: 1997-06-18
12m vs SPY: -14.8%

EPS (Earnings per Share)

EPS CAGR: -29.23%
EPS Trend: -35.5%

Last SUE: -1.48
Qual. Beats: 0

Revenue

Rev. CAGR: 4.80%
Rev. Trend: 96.8%

Last SUE: 1.90
Qual. Beats: 15

Dividends

Dividend Yield	4.89%
Yield on Cost 5y	4.84%
Yield CAGR 5y	-3.78%
Payout Consistency	92.4%
Payout Ratio	2.6%

Risk via 5d forecast
Volatility	26.0%
Value at Risk 5%th	42.7%
Relative Tail Risk	-0.21%

Reward TTM
Sharpe Ratio	0.09
Alpha	-16.16
CAGR/Max DD	0.11

Character TTM
Hurst Exponent	0.461
Beta	0.889
Beta Downside	0.870

Drawdowns 3y
Max DD	39.56%
Mean DD	16.60%
Median DD	16.46%

Description: BXP Boston Properties January 04, 2026

Boston Properties Inc. (NYSE:BXP) is the largest publicly-traded REIT focused on premium office spaces in the United States, with a concentrated presence in six “gateway” markets-Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The company operates as a fully integrated developer, owner, and manager, and as of September 30 2025 its portfolio (including joint-venture assets) comprised roughly 54.6 million sq ft across 187 properties, of which eight were under construction or redevelopment.

Recent performance metrics (FY 2024, disclosed in the most recent 10-K) show an adjusted funds-from-operations (FFO) of about $5.10 per share, a dividend yield near 5.3 %, and an occupancy rate of roughly 95 % across its core markets. Leverage remains moderate, with a debt-to-EBITDA ratio of ~5.5×, reflecting the REIT’s disciplined capital structure.

The office-sector outlook is heavily influenced by three macro drivers: (1) the trajectory of U.S. interest rates, which affect both financing costs and cap-rate compression; (2) the pace of corporate hybrid-work adoption, which determines demand for high-quality, centrally located office inventory; and (3) regional economic growth differentials, with the six gateway cities historically delivering higher GDP per-capita growth than the national average, supporting rent-growth potential for premium assets.

For a deeper quantitative assessment, you may find the ValueRay platform useful for benchmarking BXP’s valuation against peers.

Piotroski VR‑10 (Strict, 0-10) 3.0

Net Income (-200.4m TTM) > 0 and > 6% of Revenue (6% = 207.8m TTM)

FCFTA 0.03 (>2.0%) and ΔFCFTA -0.58pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 35.88% (prev 8.36%; Δ 27.52pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.05 (>3.0%) and CFO 1.22b > Net Income -200.4m (YES >=105%, WARN >=100%)

Net Debt (16.49b) to EBITDA (1.42b) ratio: 11.59 <= 3.0 (WARN <= 3.5)

Current Ratio 1.84 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (158.3m) change vs 12m ago 0.08% (target <= -2.0% for YES)

Gross Margin 60.84% (prev 48.24%; Δ 12.60pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 13.22% (prev 12.79%; Δ 0.43pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.77 (EBITDA TTM 1.42b / Interest Expense TTM 660.9m) >= 6 (WARN >= 3)

Altman Z'' 0.11

(A) 0.05 = (Total Current Assets 2.72b - Total Current Liabilities 1.48b) / Total Assets 26.00b

(B) -0.07 = Retained Earnings (Balance) -1.81b / Total Assets 26.00b

(D) -0.10 = Book Value of Equity -1.83b / Total Liabilities 18.48b

Total Rating: 0.11 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 50.58

1. Piotroski 3.0pt

2. FCF Yield 2.33%

3. FCF Margin 18.93%

4. Debt/Equity 3.46

5. Debt/Ebitda 11.59

6. ROIC - WACC (= -3.39)%

7. RoE -3.82%

8. Rev. Trend 96.81%

9. EPS Trend -35.49%

What is the price of BXP shares?

As of January 12, 2026, the stock is trading at USD 67.98 with a total of 904,931 shares traded.
Over the past week, the price has changed by +1.33%, over one month by -4.11%, over three months by -2.03% and over the past year by +2.94%.

Is BXP a buy, sell or hold?

Boston Properties has received a consensus analysts rating of 3.55. Therefor, it is recommend to hold BXP.

Strong Buy: 6
Buy: 3
Hold: 11
Sell: 1
Strong Sell: 1

What are the forecasts/targets for the BXP price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	78.8	15.9%
Analysts Target Price	78.8	15.9%
ValueRay Target Price	70.5	3.6%

BXP Fundamental Data Overview January 09, 2026

P/E Forward = 29.4985
P/S = 3.4155
P/B = 2.0927
P/EG = 0.2808
Beta = 1.028
Revenue TTM = 3.46b USD
EBIT TTM = 510.4m USD
EBITDA TTM = 1.42b USD
Long Term Debt = 15.85b USD (from longTermDebt, last quarter)
Short Term Debt = 750.0m USD (from shortTermDebt, last quarter)
Debt = 17.35b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 16.49b USD (from netDebt column, last quarter)
Enterprise Value = 28.18b USD (11.70b + Debt 17.35b - CCE 861.1m)
Interest Coverage Ratio = 0.77 (Ebit TTM 510.4m / Interest Expense TTM 660.9m)
EV/FCF = 42.99x (Enterprise Value 28.18b / FCF TTM 655.6m)
FCF Yield = 2.33% (FCF TTM 655.6m / Enterprise Value 28.18b)
FCF Margin = 18.93% (FCF TTM 655.6m / Revenue TTM 3.46b)
Net Margin = -5.79% (Net Income TTM -200.4m / Revenue TTM 3.46b)
Gross Margin = 60.84% ((Revenue TTM 3.46b - Cost of Revenue TTM 1.36b) / Revenue TTM)
Gross Margin QoQ = 60.83% (prev 60.69%)
Tobins Q-Ratio = 1.08 (Enterprise Value 28.18b / Total Assets 26.00b)
Interest Expense / Debt = 0.95% (Interest Expense 164.3m / Debt 17.35b)
Taxrate = 83.05% (69.9m / 84.2m)
NOPAT = 86.5m (EBIT 510.4m * (1 - 83.05%))
Current Ratio = 1.84 (Total Current Assets 2.72b / Total Current Liabilities 1.48b)
Debt / Equity = 3.46 (Debt 17.35b / totalStockholderEquity, last quarter 5.01b)
Debt / EBITDA = 11.59 (Net Debt 16.49b / EBITDA 1.42b)
Debt / FCF = 25.15 (Net Debt 16.49b / FCF TTM 655.6m)
Total Stockholder Equity = 5.25b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.76% (Net Income -200.4m / Total Assets 26.00b)
RoE = -3.82% (Net Income TTM -200.4m / Total Stockholder Equity 5.25b)
RoCE = 2.42% (EBIT 510.4m / Capital Employed (Equity 5.25b + L.T.Debt 15.85b))
RoIC = 0.41% (NOPAT 86.5m / Invested Capital 21.33b)
WACC = 3.80% (E(11.70b)/V(29.05b) * Re(9.19%) + D(17.35b)/V(29.05b) * Rd(0.95%) * (1-Tc(0.83)))
Discount Rate = 9.19% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.34%
[DCF Debug] Terminal Value 86.30% ; FCFF base≈721.2m ; Y1≈718.3m ; Y5≈754.4m
Fair Price DCF = 38.03 (EV 22.51b - Net Debt 16.49b = Equity 6.03b / Shares 158.5m; r=5.90% [WACC]; 5y FCF grow -1.05% → 2.90% )
EPS Correlation: -35.49 | EPS CAGR: -29.23% | SUE: -1.48 | # QB: 0
Revenue Correlation: 96.81 | Revenue CAGR: 4.80% | SUE: 1.90 | # QB: 15
EPS next Quarter (2026-03-31): EPS=0.34 | Chg30d=-0.020 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=2.05 | Chg30d=+0.000 | Revisions Net=-1 | Growth EPS=-5.0% | Growth Revenue=+1.9%

Additional Sources for BXP Stock

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