BXP owns 164 properties consisting of approximately 51.1 million rentable square feet of space. The portfolio is dominated by office buildings and is spread across major cities such as New York, Boston, San Francisco, Los Angeles, Seattle, and the Washington, D.C., region.
It is a $9.43B real estate company. Revenue grew 1.3% over the last year, it keeps 8¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 31.8× earnings — around the middle of its own history.
- Website
- bxp.com
- Location
- Boston, MA
- Employees
- 826
- Sector
- Real Estate
- Founded
- 1970
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation and moat; Growth and Health lag behind.
Valuation85
- P/E vs own history38th pct · 20/25
- FCF yield12.7% · 25/25
- P/S2.7x · 20/25
- EV/EBITDA13.7x · 20/25
Growth18
- Revenue CAGR4.8% · 6/25
- Net income CAGR-14.0% · 0/25
- EPS CAGR ~5Y-20.9% · 0/25
- Fwd implied growth5.1% · 12/25
Profitability63
- ROIC17.9% · 20/25
- ROE5.8% · 5/25
- Net margin8.5% · 13/25
- Operating margin25.3% · 25/25
Health43
- Altman Z0.07 · 3/25
- Current ratio1.25 · 12/25
- Interest coverage1.5x · 3/25
- Net cash / debtNet cash · 25/25
Quality65
- Piotroski F6/9 · 15/25
- Beneish M-2.80 · 25/25
- FCF conversion360% · 25/25
- Margin stabilityσ 32.0% · 0/25
Moat87
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin66.9% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 0.4% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2020FinancialBest year on record$873M net income
- 2019AcquisitionIt had acquired 100% of the property
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$2.55B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2010AcquisitionThe company acquired 200 Clarendon Street (formerly the John Hancock Tower) for $930 million
- 2008AcquisitionThe company acquired the General Motors Building in New York City for $2.8 billion, the highest paid…
- 1998AcquisitionIt acquired Embarcadero Center in San Francisco for about $1.22 billion and bought the Prudential Tower and…
- 1997IPOThe company became a public company via an initial public offering
- 1997AcquisitionThe company acquired 100 East Pratt Street
- 1970FoundedThe company was founded in 1970 by Mortimer B
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (60.1%)
- Strong cash conversion — FCF is 34.2% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 17.9%)
Watch-outs
- Altman Z-Score 0.07 — elevated financial-distress risk
- Net debt would take ~14.9 years of free cash flow to repay
- Thin interest coverage (1.5×)
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+1.3% YoY
- Profitable — makes more than it spends$297M TTM
- Profit growing — earnings are higher than last year-31.4% YoY
- Generates cash — cash left after running and investing$1.20B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$9.43B market cap
- Not printing shares — share count not ballooning — you keep your slice+2.2% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.1 — distress
- Pays a dividend — returns cash to shareholdersyield 5.78%
- Valuation not extreme — price not wildly above earningsP/E 31.8
Peer comparisonBXP, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| BXP this company | $9.4B | 31.8 | +1.3% | 8.5% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
Head-to-head: BXP vs WELL · BXP vs PLD · BXP vs EQIX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/BXP
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of BXP on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $59.05 · market cap $9.43B.