(BXP) Boston Properties - Overview

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

Stock: Office, Towers, Campuses, Labs, Hotels

Total Rating 40

Risk 72

Buy Signal -0.17

REIT - Office » Diversified REITs
Age: 28.6y

Market Cap: 11,445m
Avg Trading Vol: 110M USD

ATR: 2.72%
Peers RS (IBD): 41.38

EPS (Earnings per Share)

EPS CAGR: -3.59%
EPS Trend: -21.8%

Last SUE: 0.55
Qual. Beats: 0

Revenue

Rev. CAGR: 4.10%
Rev. Trend: 97.5%

Last SUE: 2.03
Qual. Beats: 16

Dividends

Dividend Yield	4.89%
Yield on Cost 5y	4.54%
Yield CAGR 5y	-3.78%
Payout Consistency	92.4%
Payout Ratio	2.6%

Risk 5d forecast
Volatility	25.7%
Relative Tail Risk	0.32%

Reward TTM
Sharpe Ratio	-0.21
Alpha	-21.25

Character TTM
Beta	0.887
Beta Downside	0.903

Drawdowns 3y
Max DD	35.31%
CAGR/Max DD	0.06

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) 4.0

Net Income: 276.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.02 > 0.02 and ΔFCF/TA -1.40 > 1.0
NWC/Revenue: 54.43% < 20% (prev 55.13%; Δ -0.69% < -1%)
CFO/TA 0.03 > 3% & CFO 837.4m > Net Income 276.9m
Net Debt (15.88b) to EBITDA (1.94b): 8.18 < 3
Current Ratio: 2.28 > 1.5 & < 3
Outstanding Shares: last quarter (159.1m) vs 12m ago 1.05% < -2%
Gross Margin: 60.61% > 18% (prev 0.48%; Δ 6013 % > 0.5%)
Asset Turnover: 13.33% > 50% (prev 13.06%; Δ 0.27% > 0%)
Interest Coverage Ratio: 1.60 > 6 (EBITDA TTM 1.94b / Interest Expense TTM 640.8m)

Altman Z'' 0.34

A: 0.07 (Total Current Assets 3.37b - Total Current Liabilities 1.48b) / Total Assets 26.17b
B: -0.06 (Retained Earnings -1.67b / Total Assets 26.17b)
C: 0.04 (EBIT TTM 1.02b / Avg Total Assets 26.13b)
D: -0.18 (Book Value of Equity -3.36b / Total Liabilities 18.48b)
Altman-Z'' Score: 0.34 = B

Beneish M -3.78

DSRI: 0.96 (Receivables 1.65b/1.68b, Revenue 3.48b/3.41b)
GMI: 0.79 (GM 60.61% / 47.99%)
AQI: 0.11 (AQ_t 0.09 / AQ_t-1 0.85)
SGI: 1.02 (Revenue 3.48b / 3.41b)
TATA: -0.02 (NI 276.9m - CFO 837.4m) / TA 26.17b)
Beneish M-Score: -3.78 (Cap -4..+1) = AAA

What is the price of BXP shares?

As of February 08, 2026, the stock is trading at USD 64.72 with a total of 2,942,216 shares traded.
Over the past week, the price has changed by +0.08%, over one month by -4.96%, over three months by -6.73% and over the past year by -6.16%.

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.

StrongBuy: 6
Buy: 3
Hold: 11
Sell: 1
StrongSell: 1

What are the forecasts/targets for the BXP price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	77.4	19.5%
Analysts Target Price	77.4	19.5%
ValueRay Target Price	67.2	3.8%

BXP Fundamental Data Overview February 01, 2026

P/E Trailing = 37.1667
P/E Forward = 28.9017
P/S = 3.4039
P/B = 1.9891
P/EG = 0.2746
Revenue TTM = 3.48b USD
EBIT TTM = 1.02b USD
EBITDA TTM = 1.94b USD
Long Term Debt = 15.86b USD (from longTermDebt, last quarter)
Short Term Debt = 750.0m USD (from shortTermDebt, last quarter)
Debt = 17.36b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 15.88b USD (from netDebt column, last quarter)
Enterprise Value = 27.33b USD (11.45b + Debt 17.36b - CCE 1.48b)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.02b / Interest Expense TTM 640.8m)
EV/FCF = 64.67x (Enterprise Value 27.33b / FCF TTM 422.6m)
FCF Yield = 1.55% (FCF TTM 422.6m / Enterprise Value 27.33b)
FCF Margin = 12.13% (FCF TTM 422.6m / Revenue TTM 3.48b)
Net Margin = 7.95% (Net Income TTM 276.9m / Revenue TTM 3.48b)
Gross Margin = 60.61% ((Revenue TTM 3.48b - Cost of Revenue TTM 1.37b) / Revenue TTM)
Gross Margin QoQ = 60.23% (prev 60.83%)
Tobins Q-Ratio = 1.04 (Enterprise Value 27.33b / Total Assets 26.17b)
Interest Expense / Debt = 0.87% (Interest Expense 150.3m / Debt 17.36b)
Taxrate = 21.0% (US default 21%)
NOPAT = 808.0m (EBIT 1.02b * (1 - 21.00%))
Current Ratio = 2.28 (Total Current Assets 3.37b / Total Current Liabilities 1.48b)
Debt / Equity = 3.37 (Debt 17.36b / totalStockholderEquity, last quarter 5.15b)
Debt / EBITDA = 8.18 (Net Debt 15.88b / EBITDA 1.94b)
Debt / FCF = 37.58 (Net Debt 15.88b / FCF TTM 422.6m)
Total Stockholder Equity = 5.18b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.06% (Net Income 276.9m / Total Assets 26.17b)
RoE = 5.34% (Net Income TTM 276.9m / Total Stockholder Equity 5.18b)
RoCE = 4.86% (EBIT 1.02b / Capital Employed (Equity 5.18b + L.T.Debt 15.86b))
RoIC = 3.81% (NOPAT 808.0m / Invested Capital 21.23b)
WACC = 4.06% (E(11.45b)/V(28.80b) * Re(9.18%) + D(17.36b)/V(28.80b) * Rd(0.87%) * (1-Tc(0.21)))
Discount Rate = 9.18% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 81.65 | Cagr: 0.32%
[DCF Debug] Terminal Value 86.30% ; FCFF base≈567.9m ; Y1≈565.6m ; Y5≈594.0m
Fair Price DCF = 11.65 (EV 17.73b - Net Debt 15.88b = Equity 1.85b / Shares 158.5m; r=5.90% [WACC]; 5y FCF grow -1.05% → 2.90% )
EPS Correlation: -21.76 | EPS CAGR: -3.59% | SUE: 0.55 | # QB: 0
Revenue Correlation: 97.52 | Revenue CAGR: 4.10% | SUE: 2.03 | # QB: 16
EPS next Quarter (2026-03-31): EPS=0.32 | Chg30d=-0.020 | Revisions Net=-1 | Analysts=1
EPS current Year (2026-12-31): EPS=2.15 | Chg30d=+0.053 | Revisions Net=-3 | Growth EPS=+23.4% | Growth Revenue=+1.1%
EPS next Year (2027-12-31): EPS=2.32 | Chg30d=-0.090 | Revisions Net=+1 | Growth EPS=+15.0% | Growth Revenue=+2.7%

Additional Sources for BXP Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Fund Manager Positions: Dataroma | Stockcircle