BXP, Inc. (BXP)
Real Estate · Office REITs · US stock · S&P 500 component
$61.49
▲ +2.85 (4.86%)
Fair valueFair
$68 +10.2% to fair value
$34fair band $58–$82$102
Day's range
$58.23 – $61.54
52-week range
$49.72 – $74.96
About BXP, Inc.
BXP is a real estate investment trust that owns, develops and manages large office properties, concentrated in major United States markets such as Boston, New York, San Francisco and Washington, D.C. It leases space to corporate, legal, technology and other tenants under multi-year contracts. Rent is its principal source of revenue, so occupancy, lease renewals and demand for office space strongly affect its results.
A dividend is paid, with a yield of 4.6%. Looking at the numbers, trailing revenue is $3.5 billion, and it expanded at 3.9% a year across three years. Taken together, these figures give an X-Ray Score of 46 out of 100. Some other measures are not covered here, so this summary is limited to the data above.
Price chart
52-wk range $49.72 – $74.96Volume 1,639,156Daily, split-adjusted
Vitals
Market cap$9.8B
52-week range$49.72 – $74.96
Volume (last day)1,639,156
P/E (TTM)32.9
EBIT / EV yield–
Free-cash-flow yield–
Dividend yield4.6%
Revenue (TTM)$3.5B
Net income (TTM)$297M
Operating margin–
Return on capital–
Debt incl. leases$1.1B
Cash & securities$494M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$68middle half of models $63 – $69
Fair
+10.2% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $61
Undervalued < $58Fair $58 – $82Overvalued > $82
P/B multiple
$65
P/S multiple
$81
P/FFO multiple
$64
P/AFFO multiple
$61
Dividend discount, stable · not used
$157
Dividend discount, multi-stage · not used
$259
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
68/100
Priced about in line with its sector.
See the numbers →
Fair value vs price1.1×
Growth
Weak
33/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)3.9%
EPS growth (3y)-31.4%
Growth consistency100%
Profitability
Weak
40/100
Earns lower returns on its capital than most peers.
See the numbers →
Gross profitability8.3%
Financial health
Weak
47/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Dividends
Weak
32/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield4.6%
Dividend growth-2.1%
Quarterly results: last 6 quarters
+3.1%
Mar '25
+2.1%
Jun '25
+1.4%
Sep '25
+2.2%
Dec '25
+0.8%
Mar '26
+3.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $896M, diluted EPS $0.43.
SWOT analysis: BXP, Inc.
Strengthsinside the company
- No standout strength in the figures we track.
Weaknessesinside the company
- Earnings per share have declined 31.4% a year over three years.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BXP with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.
| Metric | BXP | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 46 | 52 | 52 |
| Valuation | 68 | 52 | 52 |
| Growth | 33 | 56 | 56 |
| Profitability | 40 | 53 | 53 |
| Financial health | 47 | 56 | 56 |
| Dividends | 32 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
BXP ranks #20 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BXP
Each factor is rated by where BXP stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 4 Average · 6 Bad of 13
Growth: 0 · 0 · 3
Profitability: 0 · 1 · 2
Financial strength: 0 · 1 · 0
Valuation: 2 · 1 · 0
Cash flow: 1 · 1 · 1
| Factor | BXP | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.9% | Bad beats 26% | +6.8% | – | – |
| Revenue growth, last year | +2.2% | Bad beats 19% | +5.1% | +4.4% | ▼ Worse |
| EPS growth, 3 years a year | −31.4% | Bad beats 21% | −1.9% | – | – |
| Profitability | |||||
| Gross margin | 59.1% | Average beats 65% | 47.1% | 61.1% | ≈ In line |
| Net margin | 8.4% | Bad beats 26% | 21.5% | 7.9% | ≈ In line |
| Return on equity | 5.8% | Bad beats 33% | 7.3% | 5.4% | ≈ In line |
| Financial strength | |||||
| Piotroski F-score | 6 / 9 | Average beats 47% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 33.1x | Average beats 41% | 32.1x | 38.7x | ▲ Better |
| Price / book | 1.9x | Good beats 67% | 2.6x | 2.1x | ≈ In line |
| Price / sales | 2.8x | Good beats 84% | 7.0x | 3.4x | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 36.5% | Bad beats 33% | 44.6% | 39.2% | ≈ In line |
| Cash from operations / net income | 4.33 | Good beats 88% | 1.91 | 4.50 | ≈ In line |
| Accruals (lower is better) | −3.9% | Average beats 57% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 1 Good · ● 3 Average · ● 3 BadCash quality
Earnings backed by cashAverage
Risk models
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Valuation
Fair value vs priceAverage
Profitability
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 43/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.9B | $3.1B | $3.3B | $3.4B | $3.5B |
| Operating income | – | – | – | – | – |
| Net income | $496M | $849M | $190M | $14M | $277M |
| Operating cash flow | $1.1B | $1.3B | $1.3B | $1.2B | $1.2B |
| Operating margin | – | – | – | – | – |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $3.17 | $5.40 | $1.21 | $0.09 | $1.74 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
6 bullish · 2 neutral · 8 bearish
Weekly
Strongly bearish
1 bullish · 1 neutral · 10 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 59.23 | Bullish |
| EMA 10 | 59.55 | Bullish |
| SMA 20 | 59.87 | Bullish |
| EMA 20 | 60.19 | Bullish |
| SMA 50 | 63.38 | Bearish |
| EMA 50 | 62.22 | Bearish |
| SMA 100 | 64.81 | Bearish |
| EMA 100 | 62.88 | Bearish |
| SMA 200 | 60.95 | Bullish |
| EMA 200 | 62.83 | Bearish |
Oscillators (daily)
| RSI (14) | 52.78 | Neutral |
| MACD (12, 26) | -1.08 | Bearish |
| Momentum (12) | 2.84 | Bullish |
| Stochastic %K (14) | 98.81 | Bearish |
| Williams %R (14) | -1.19 | Bearish |
| CCI (20) | 39.59 | Neutral |
Pivot points (classic, last session)
S3 55.99 | S2 57.11 | S1 59.30 | Pivot 60.42 | R1 62.61 | R2 63.73 | R3 65.92 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.80 USD
Yield on today's price
4.55%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7000 | |
| 0.7000 | |
| 0.7000 | |
| 0.7000 | |
| 0.7000 | |
| 0.9800 | |
| 0.9800 | |
| 0.9800 | |
| 0.9800 | |
| 0.9800 | |
| 0.9800 | |
| 0.9800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BXP
| ETF | Share of the fund |
|---|---|
| SPHD Invesco S&P 500 High Dividend Low Vola... | 1.93% |
| ICF iShares Cohen & Steers REIT | 1.48% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.20% |
| XLRE The Real Estate Select Sector SPDR | 1.02% |
| RWR SPDR Dow Jones REIT | 0.92% |
| USRT iShares Core U.S. REIT | 0.89% |
| DFAR DFA Investment Dimensions Group Inc. | 0.79% |
| IYR iShares U.S. Real Estate | 0.73% |
The eight funds with the largest weight in BXP among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BXP SEC filings
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Material impairment
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.