# BXP, Inc. (BXP) — Stock CV

BXP, Inc. 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.

> 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.

## Identity

- **Ticker**: BXP
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: BOSTON, MA
- **Employees**: 826
- **Website**: https://www.bxp.com
- **Market cap**: $9.43B
- **Last price**: $59.05
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $3.50B
- **Net income**: $297M
- **Free cash flow**: $1.20B
- **Net cash**: $728M
- **P/E**: 31.8
- **Revenue growth (YoY)**: 1.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 18 |
| Profitability | 63 |
| Health | 43 |
| Quality | 65 |
| Moat | 87 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +1.3% YoY
- [x] Profitable — $297M TTM
- [ ] Profit growing — -31.4% YoY
- [x] Generates cash — $1.20B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $9.43B market cap
- [x] Not printing shares — +2.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 5.78%
- [x] Valuation not extreme — P/E 31.8

## Experience (career milestones)

- **FY2020** — Best year on record: $873M net income
- **2019** — It had acquired 100% of the property
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.55B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2010** — The company acquired 200 Clarendon Street (formerly the John Hancock Tower) for $930 million
- **2008** — The company acquired the General Motors Building in New York City for $2.8 billion, the highest paid…
- **1998** — It acquired Embarcadero Center in San Francisco for about $1.22 billion and bought the Prudential Tower and…
- **1997** — The company became a public company via an initial public offering
- **1997** — The company acquired 100 East Pratt Street
- **1970** — The company was founded in 1970 by Mortimer B

## 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×)

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.89B | $505M | $982M |
| FY2022 | $3.11B | $849M | $1.11B |
| FY2023 | $3.27B | $190M | $1.13B |
| FY2024 | $3.41B | $14.3M | $1.04B |
| FY2025 | $3.48B | $277M | $1.03B |

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Source: https://stockcv.com/BXP — derived from company filings; may be delayed or incomplete. Information, not investment advice.