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BXP

NYSE · USD
BXP, Inc.
Real Estate · REIT - Office
CEO Owen D. Thomas Employees 714 R&D / revenue 0.0%
Last price
$59.20−0.82%last session
Market cap
$9.5B
P/E (TTM)
31.8x
From 52w high
−21.0%
From 52w low
+19.1%
1-year return
−15.9%
RSI 14 · vs SMA200
39.5 · −4.9%
IS score
36.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BXP   SPY   XLRE (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101BXP 84

Score DNA

Each bar is a 0-100 score within the scored universe
32
Profitability
57
Growth
47
Value
86
Momentum
15
Risk (safety)
49
Quality
21
Balance sheet
88
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Altman distress zone▲ Beneish M above -1.78▲ Share count rising
Observations
Moat model: Weak, Cost AdvantagePiotroski 6 / 9Altman Z 0.5Beta 1.033 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
5 open-market sales, $2.2M
Form 144 notices (12m): 10, $7.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+15
79 new holders, 59 closed
553 filers hold 113.4% · 222 added, 169 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+134
562 funds adding shares
428 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
65.9%
20-day avg 58.5%, 50-day avg 62.5%
Latest 7.5 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.5B
Revenue growth YoY+2.2%
Gross margin60.6%
Operating income$1.9B
Operating margin55.7%
Net income$276.8M
Net margin7.9%
EPS (diluted)$1.74
Cash flow
Operating cash flow$1.2B
Capital expenditure$555.5M
Free cash flow$689.7M
FCF conversion (FCF / OCF)55.4%
Stock-based compensation$0
FCF less SBC$689.7M
Buybacks$0
Dividends$643.1M
Balance sheet & returns
Cash & short-term investments$1.5B
Total debt$16.6B
Net debt$15.1B
Shareholders' equity$7.7B
Goodwill & intangibles$0
Debt / equity3.17
ROE (TTM)5.8%
ROIC (TTM)4.9%
Operating margin by fiscal year
33.7%FY202134.1%FY202231.7%FY202330.0%FY202442.3%FY2025
Revenue $2.9B (FY2021) to $3.5B (FY2025), a 4.8% CAGR.

Valuation

P/E (TTM)31.8x
EV / EBITDA13.6x
Price / sales2.69x
Price / FCF26.2x
FCF yield3.82%
Buyback yield0.00%
SBC / revenue1.3%
Price / book1.83x
Forward P/E FY202628.3x
Forward P/E FY202730.3x
Forward P/E FY202827.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $75.08 across 12 analysts last quarter is theirs, not ours.

BXP vs industry median

45 companies in REIT - Office
Gross margin 46.8% 60.7% Operating margin 35.0% 25.6% Net margin 8.4% -2.3% ROIC 4.9% 3.5%
BXP (TTM)Industry median Asset turnover 0.14 vs industry 0.11 · financial leverage 4.88

Earnings delivery

Next report 2026-10-27 · consensus EPS $0.51
58%
beat rate, 7 of 12 quarters
+0.5%
median EPS surprise
3
longest beat streak
+3+1+1+0+3+0-397-1+2+1-2+1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-01 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BXP BXP, Inc. $9.5B31.8x5.8%8.4%+2.2% −15.9%
ARE Alexandria Real Estate Equit $7.3Bn/m-5.5%1.5%−2.1% −44.7%
VNO Vornado Realty Trust $6.1B1,065.7x1.1%6.9%+1.4% −14.8%
CUZ Cousins Properties Incorpora $4.5B672.5x0.1%9.7%+11.9% +4.3%
KRC Kilroy Realty Corporation $4.1B24.2x3.2%7.3%−3.8% −13.8%
CDP COPT Defense Properties $3.8B23.0x10.8%23.5%+4.5% —
SLG SL Green Realty Corp. $3.3Bn/m-4.7%-10.0%+62.1% —
HIW Highwoods Properties, Inc. $3.2B19.3x7.1%43.5%+2.9% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2024-06-20Amendments to Articles of Incorporation or Bylaws; Other Events; Financial Statements and Exhibits
2024-05-24Departure/Election of Directors; Appointment of Officers; Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits
2024-04-30Results of Operations and Financial Condition; Financial Statements and Exhibits
2023-11-01Results of Operations and Financial Condition; Financial Statements and Exhibits
2023-10-02Entry into Material Definitive Agreement; Creation of Direct Financial Obligation
2023-08-01Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding159,661,556
Free float99.1%
Institutional ownership113.4%
Beta1.03
Dividend yield4.73%
Last dividend$0.70 on 2026-09-30
50 / 200-day average$64.78 / $62.41
Mid-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BXP sits among 14 scored companies in REIT - Office (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBXPIndustry medianIndustry percentileSector median
P/E (TTM) 31.8x 39.3x
43rd		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.7x 3.0x
38th		 3.7x
Price / book 1.8x 0.9x
85th		 1.3x
Price / tangible book 2.1x 1.1x
85th		 1.6x
Price / free cash flow 26.2x 8.8x
90th		 15.1x
Price / operating cash flow 7.4x 7.6x
46th		 12.3x
Enterprise value $25.3B $6.8B
100th		 $7.5B
EV / sales 7.2x 7.7x
38th		 9.4x
EV / EBITDA 13.5x 14.6x
42nd		 15.7x
EV / EBIT 27.2x 32.7x
27th		 27.2x
EV / free cash flow 70.0x 36.8x
90th		 29.4x
Earnings yield 3.1% 0.6%
77th		 3.2%
FCF yield 3.8% 5.8%
31st		 5.6%
Operating cash flow yield 13.6% 13.1%
54th		 7.9%
Graham number (per share) $36.79 $18.39
86th		 $22.48

Profitability (TTM)

MeasureBXPIndustry medianIndustry percentileSector median
Gross margin 46.8% 49.9%
38th		 51.4%
EBITDA margin 53.0% 53.7%
46th		 54.9%
Operating margin 35.0% 23.3%
85th		 29.0%
EBIT margin 26.4% 21.5%
69th		 31.7%
Net margin 8.4% 1.7%
69th		 12.2%
NOPAT margin 35.0% 23.3%
92nd		 25.5%
FCF margin 10.3% 14.3%
31st		 21.8%
Operating cash flow margin 36.5% 42.2%
38th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 3.9% 5.8%
0th		 6.6%
Stock comp / revenue 1.3% 1.3%
38th		 1.2%
Effective tax rate 0.0% 10.8%
0th		 1.9%

Returns on capital

MeasureBXPIndustry medianIndustry percentileSector median
ROE (on average equity) 5.7% 0.5%
77th		 5.3%
ROA 1.2% 0.2%
69th		 1.6%
ROIC 5.9% 2.8%
100th		 3.7%
ROCE 3.8% 2.4%
69th		 4.4%
Return on tangible assets 3.7% 2.3%
77th		 3.8%
Cash ROIC (OCF / invested capital) 6.1% 5.3%
69th		 5.7%
Gross profitability (GP / assets) 6.5% 5.3%
77th		 5.3%
ROIC, 3-yr average 2.3% 1.4%
77th		 2.4%
ROIC, 5-yr average 2.8% 1.4%
85th		 2.6%
ROE, 5-yr average 6.2% 2.0%
85th		 4.4%
Incremental ROIC -113.8% -31.3%
31st		 6.5%

Growth

MeasureBXPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 1.9% 1.8%
54th		 8.4%
Revenue growth (QoQ) 2.7% 1.8%
69th		 2.2%
Revenue CAGR, 3 yr 3.2% 1.5%
62nd		 5.8%
Revenue CAGR, 5 yr 4.8% 3.8%
69th		 9.5%
Gross profit CAGR, 3 yr -6.7% -5.0%
38th		 -0.8%
Operating income CAGR, 3 yr 5.9% -11.7%
82nd		 3.0%
Net income growth (TTM YoY) —
Net income CAGR, 3 yr -23.6% -11.5%
33rd		 8.5%
EPS growth (TTM YoY) —
EPS CAGR, 3 yr -24.0% -11.6%
33rd		 5.7%
EPS CAGR, 5 yr -1.6% -7.6%
67th		 5.6%
FCF growth (TTM YoY) -48.5% 10.2%
11th		 3.0%
FCF CAGR, 3 yr -27.2% -7.4%
30th		 5.6%
Operating cash flow CAGR, 3 yr 0.1% -4.3%
69th		 3.7%
Book value CAGR, 3 yr -5.6% -5.8%
54th		 -2.0%
Dividend CAGR, 3 yr -8.1% -8.5%
54th		 -1.2%
Sustainable growth rate -4.8% -3.4%
29th		 -1.4%

Margin history & stability

MeasureBXPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 52.1% 59.0%
38th		 59.1%
Operating margin, 3-yr average 34.1% 26.5%
100th		 28.6%
Net margin, 3-yr average 4.5% 4.7%
46th		 12.3%
FCF margin, 3-yr average 20.1% 18.8%
54th		 27.4%
Revenue stability (0-1) 0.96 0.65
85th		 0.82
Earnings stability (0-1) 0.26 0.50
15th		 0.36
Margin stability (0-1) 0.88 0.85
62nd		 0.83

Liquidity (latest quarter)

MeasureBXPIndustry medianIndustry percentileSector median
Cash & short-term investments $553.5M $113.1M
92nd		 $141.2M
Net cash (− = net debt) −$15.8B −$3.7B
0th		 −$3.3B
Working capital −$42.2M $88.6M
31st		 $19.5M
Current ratio 0.94 1.39
33rd		 1.02
Quick ratio 0.94 1.39
33rd		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.74 0.35
83rd		 0.36
Defensive interval (days) 623 days 554 days
54th		 554 days

Leverage & solvency (latest quarter)

MeasureBXPIndustry medianIndustry percentileSector median
Total debt $16.4B $3.7B
100th		 $3.5B
Debt / equity 3.17 1.49
92nd		 1.33
Net debt / equity 3.06 1.43
92nd		 1.26
Debt / assets 65.0% 53.2%
92nd		 51.3%
Debt / capital 76.0% 59.9%
92nd		 57.1%
Debt / EBITDA 8.77 8.14
58th		 6.47
Net debt / EBITDA 8.47 8.13
58th		 6.15
Interest coverage (EBIT / interest) 1.5x 0.9x
69th		 1.5x
Cash interest coverage 2.1x 1.9x
54th		 2.1x
Debt payback (years of OCF) 12.7 yrs 11.3 yrs
62nd		 8.9 yrs
Liabilities / assets 69.3% 60.1%
92nd		 60.0%
IS credit model rating CCC — —
Implied credit spread (bps) 1,200 750
77th		 650

Efficiency

MeasureBXPIndustry medianIndustry percentileSector median
Asset turnover 0.14 0.12
77th		 0.12
Fixed asset turnover —
Inventory turnover —
Receivables turnover 26.6 6.2
85th		 7.6
Days sales outstanding 14 days 59 days
15th		 37 days
Days inventory outstanding —
Days payables outstanding 93 days 118 days
23rd		 53 days
Cash conversion cycle (days) −79 days −41 days
31st		 −6 days
Capex / revenue 26.3% 15.5%
85th		 4.4%
Capex / depreciation 0.99 0.48
77th		 0.32
Operating expense ratio —

Cash flow & earnings quality

MeasureBXPIndustry medianIndustry percentileSector median
Operating cash flow / net income 4.33 3.68
57th		 1.83
FCF / net income 1.22 1.91
29th		 1.43
FCF / operating cash flow 28.1% 50.8%
31st		 82.5%
Capex / operating cash flow 71.9% 49.2%
69th		 17.9%
Accruals ratio -3.9% -4.7%
62nd		 -3.1%
Sloan accruals ratio -6.0% -6.4%
54th		 -3.3%
Earnings quality score (0-1) 1.00 1.00
29th		 1.00

Dividends & buybacks

MeasureBXPIndustry medianIndustry percentileSector median
Dividend yield 4.7% 4.9%
46th		 5.2%
Dividend per share (TTM) $2.80 $1.27
92nd		 $1.21
Payout ratio (dividends / net income) 183.7% 178.0%
67th		 110.2%
Dividends / FCF 151.2% 66.4%
100th		 79.1%
Dividend growth (YoY) -21.7% -21.9%
54th		 2.3%
Buyback yield 0.0% 0.0%
54th		 0.1%
Shareholder yield (dividends + buybacks) 5.8% 6.3%
38th		 5.9%
Share count change (YoY) 0.6% 0.6%
54th		 0.5%
Buybacks, last 5 years $4.3M $3.0M
54th		 $15.9M

Scores & forensic checks

MeasureBXPIndustry medianIndustry percentileSector median
IS score 36 29
69th		 43
IS profitability 32 35
46th		 44
IS growth 57 36
77th		 58
IS value 47 54
8th		 53
IS momentum 86 59
85th		 77
IS risk (safety) 15 15
15th		 15
IS quality 49 51
46th		 59
IS balance sheet 21 33
8th		 35
IS earnings quality 88 65
92nd		 72
IS cash flow 37 47
31st		 61
Piotroski F-score (0-9) 6 5
54th		 6
Altman Z-score 0.5 0.4
62nd		 0.8
Beneish M-score 5.69 −3.22
100th		 −2.71
Ohlson O-score −7.47 −6.96
8th		 −6.91
IS credit score 19 27
15th		 34

Per share

MeasureBXPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.86 $0.13
100th		 $0.78
Book value per share $32.34 $27.67
69th		 $15.91
Tangible book per share $48.61 $25.78
85th		 $16.11
Revenue per share $22.03 $7.54
100th		 $6.28
FCF per share $2.26 $1.47
69th		 $1.49
Operating cash flow per share $8.05 $2.59
100th		 $1.95
Cash per share $3.47 $1.27
92nd		 $0.95

Size (TTM)

MeasureBXPIndustry medianIndustry percentileSector median
Market cap $9.5B $3.3B
100th		 $2.5B
Revenue $3.5B $921.5M
100th		 $956.7M
EBITDA $1.9B $459.5M
100th		 $399.5M
Net income $296.9M $8.3M
100th		 $109.6M
Free cash flow $360.8M $151.6M
85th		 $157.8M
Total assets $25.2B $8.1B
92nd		 $6.6B
Shareholders' equity $5.2B $2.6B
77th		 $1.8B
Employees 826 390
85th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30West Tony
Director
 Award / grant 389——5,235
2026-09-30Klein Joel
Director
 Award / grant 552——25,088
2026-09-30Richardson Julie
Director
 Award / grant 409——2,175
2026-09-30Duncan Bruce W
Director
 Award / grant 573——14,660
2026-09-30Walton William H Iii
Director
 Award / grant 389——10,640
2026-09-30Lustig Matthew J
Director
 Award / grant 491——22,221
2026-09-30Kipp Mary E
Director
 Award / grant 450——8,983
2026-06-30Lustig Matthew J
Director
 Award / grant 440——21,516
2026-06-30Kipp Mary E
Director
 Award / grant 402——8,448
2026-06-30Klein Joel
Director
 Award / grant 496——24,293
2026-06-30Richardson Julie
Director
 Award / grant 364——1,748
2026-06-30West Tony
Director
 Award / grant 352——4,799

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2436,156—
ConversionDisposed559,688—
ConversionAcquired559,688—
Open-market saleDisposed533,176$2.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 10 notices · 111,573 shares · $7.7M
FiledFilerShares proposedEst. proceeds
2026-06-09Labelle Michael E26,113$1.7M
2026-05-21Kevorkian Eric G2,000$119,800
2026-05-20Otteni Peter V4,863$284,340
2026-02-27Hilary Jo Spann5,495$336,129
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (4 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2026-02-20Julia LetlowHouseSale$1,001 - $15,0002026-03-13
2026-02-20Julia LetlowHouseSale$1,001 - $15,0002026-03-13
2025-12-19Gilbert CisnerosHouseSale$1,001 - $15,0002026-01-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
COHEN & STEERS, INC.22,784,376$1.5B14.27%
BlackRock, Inc.17,981,430$1.2B11.26%
VANGUARD PORTFOLIO MANAGEMENT LLC12,963,896$859.6M8.12%
VANGUARD CAPITAL MANAGEMENT LLC10,052,458$666.6M6.30%
STATE STREET CORP9,845,148$659.6M6.17%
First Eagle Investment Management, LLC9,467,247$627.8M5.93%
APG Asset Management US Inc.7,230,130$489.9M4.53%
NORGES BANK6,481,326$429.8M4.06%
Invesco Ltd.5,799,416$384.6M3.63%
GEODE CAPITAL MANAGEMENT, LLC4,395,853$291.0M2.75%
BANK OF AMERICA CORP /DE/2,812,104$186.5M1.76%
EARNEST PARTNERS LLC2,530,668$167.8M1.59%
DIMENSIONAL FUND ADVISORS LP2,321,469$153.9M1.45%
SEI INVESTMENTS CO2,038,927$135.2M1.28%
CITADEL ADVISORS LLC1,934,641$128.3M1.21%

Institutional ownership by quarter

2023-092026-06113.4%
% of shares held by 13F filers
2023-092026-06553
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30553113.4%7922216959
2026-03-31538106.3%72159235142
2025-12-31622113.1%8121821372
2025-09-30623109.5%8022821264
2025-06-30612107.2%8424819275
2025-03-31611103.8%6923421367
2024-12-31619101.3%9823019857
2024-09-3058999.9%8722918961
2024-06-3056799.3%6123818165
2024-03-3158198.0%8923017165
2023-12-3156597.6%12118719750
2023-09-30500100.8%6817617843

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-14SCHEDULE 13G/ACohen & Steers Ireland Limited0.0%66,549
2026-08-12SCHEDULE 13G/ANorges Bank4.1%6,481,326
2026-05-15SCHEDULE 13G/ACohen & Steers Ireland Limited0.0%17,712
2026-05-13SCHEDULE 13GFirst Eagle Investment Management, LLC6.0%9,511,749
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VGSNX0.51%$339.6M
VGSLX0.51%$339.6M
VNQ0.51%$339.6M
VITSX0.01%$310.4M
VTSAX0.01%$310.4M
VSMPX0.01%$310.4M

Share structure

Shares outstanding159,661,556
Float158,223,005
Free float99.1%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.9B$3.1B$3.3B$3.4B$3.5B
Cost of revenue$1.0B$1.1B$1.2B$1.3B$1.4B
Gross profit$1.9B$2.0B$2.1B$2.1B$2.1B
R&D$0$0$0$0$0
SG&A$164.1M$161.8M$187.9M$176.5M$168.8M
Operating income$973.1M$1.1B$1.0B$1.0B$1.9B
EBITDA$1.8B$2.2B$1.7B$1.6B$1.9B
Pretax income$631.9M$1.0B$291.4M$84.2M$384.0M
Income tax$0$0$0$0$0
Net income$505.2M$848.9M$190.2M$14.3M$276.8M
EPS, diluted$3.17$5.40$1.21$0.09$1.74
Diluted shares156.4M157.1M157.2M157.8M158.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$452.7M$690.3M$1.5B$1.3B$1.5B
Receivables$1.4B$1.4B$1.6B$1.7B$1.6B
Inventory$0$0$0$0$0
Total current assets$1.9B$2.2B$3.2B$3.1B$3.4B
PP&E, net$0$404.9M$0$707.7M$20.4B
Goodwill & intangibles$0$714.0M$0$0$0
Total assets$22.4B$24.2B$26.0B$26.1B$26.2B
Accounts payable$320.8M$417.5M$458.3M$401.9M$480.0M
Total current liabilities$730.4M$692.0M$763.2M$1.2B$1.5B
Long-term debt$12.8B$14.2B$15.9B$15.7B$15.9B
Total liabilities$14.3B$15.8B$17.8B$18.1B$18.5B
Shareholders' equity$8.0B$8.4B$8.2B$7.9B$7.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$631.9M$1.0B$190.2M$84.2M$276.8M
Depreciation & amortization$720.9M$752.2M$832.8M$889.5M$912.1M
Stock-based compensation$50.9M$52.0M$0$43.9M$0
Change in working capital−$224.1M−$207.6M−$162.9M−$204.4M−$194.4M
Operating cash flow$1.1B$1.3B$1.3B$1.2B$1.2B
Capital expenditure−$13.6M−$398.1M−$482.3M−$448.0M−$555.5M
Free cash flow$1.1B$884.3M$819.2M$786.5M$689.7M
Investing cash flow−$1.0B−$1.6B−$1.2B−$1.2B−$603.9M
Net debt issued / repaid−$167.1M$1.3B$1.3B$132.3M$342.4M
Buybacks−$200.0M$0$0−$1.7M$0
Dividends paid−$683.8M−$685.0M−$687.8M−$689.9M−$643.1M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin64.0%63.5%62.8%48.0%60.6%
Operating margin33.7%34.1%31.7%30.0%42.3%
Net margin17.5%27.3%5.8%0.4%8.0%
FCF margin31.9%28.4%34.2%23.1%19.8%
ROE8.5%14.2%3.2%0.3%5.2%
ROIC5.2%5.3%5.0%4.8%7.0%
ROA2.2%3.6%0.8%0.1%1.1%
Debt / equity2.282.402.823.203.37
Interest coverage2.5x3.3x1.5x1.1x1.6x
Current ratio2.583.164.192.562.28
Revenue growth+4.4%+7.6%+5.3%+4.1%+2.2%
EPS growth−42.4%+67.5%−77.6%−92.5%+1,820.3%
P/E at year end29.0x10.6x52.7x789.5x38.8x
EV / EBITDA at year end15.5x10.4x14.7x17.3x13.7x
FCF yield at year end6.29%9.80%11.18%6.97%6.42%
Dividend payout135.4%80.7%361.5%4,833.7%232.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Parking and Other$81.8M$107.2M$112.9M$135.1M$143.3M
Hotel$13.6M$39.5M$47.4M$51.2M$50.0M
Management Service$27.7M$28.1M$40.9M$28.1M$36.6M
Real Estate, Other$12.5M$15.4M$17.8M$16.5M$16.4M

Revenue by region · FY2025

Boston$1.3B · 37%
NEW YORK$1.1B · 31%
San Francisco$523.9M · 15%
DISTRICT OF COLUMBIA$445.1M · 13%
Los Angeles$70.5M · 2%
Seattle$49.3M · 1%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $0.51 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.5B$3.4B – $3.8B$2.09$2.08 – $2.10628.3x
2027$3.6B$3.5B – $3.8B$1.95$1.93 – $1.97630.3x
2028$3.7B$3.7B – $3.7B$2.17$1.69 – $2.70427.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$1.58$1.59+0.6%$847.2M$872.1M+2.9%
2026-01-27$1.80$1.76−2.2%$861.2M$877.1M+1.8%
2025-10-28$1.72$1.74+1.2%$881.3M$871.5M−1.1%
2025-07-29$1.67$1.71+2.4%$858.7M$868.5M+1.1%
2025-04-29$1.65$1.64−0.6%$832.8M$865.2M+3.9%
2025-01-28$0.49$-1.45−396.8%$843.7M$858.6M+1.8%
2024-10-29$1.81$1.810.0%$834.6M$859.2M+2.9%
2024-07-30$1.72$1.77+2.9%$818.6M$850.5M+3.9%
2024-04-30$1.73$1.730.0%$816.6M$839.4M+2.8%
2024-01-30$1.81$1.82+0.6%$813.3M$828.9M+1.9%
2023-11-01$1.85$1.86+0.5%$810.5M$824.3M+1.7%
2023-08-01$1.80$1.86+3.3%$799.6M$817.2M+2.2%
2023-04-25$1.70$1.73+1.8%$773.9M$803.2M+3.8%
2023-01-31$1.84$1.86+1.1%$781.0M$789.8M+1.1%
2022-10-25$0.75$2.29+205.3%$769.3M$790.5M+2.8%
2022-07-26$1.85$1.94+4.9%$760.4M$773.9M+1.8%
2022-05-02$1.74$1.82+4.6%$732.0M$754.3M+3.0%
2022-01-25$0.50$1.18+136.0%$728.0M$731.1M+0.4%
2021-10-26$1.70$1.73+1.8%$717.2M$730.1M+1.8%
2021-07-27$1.61$1.72+6.8%$713.3M$713.8M+0.1%
2021-04-27$1.55$1.56+0.6%$691.4M$713.7M+3.2%
2021-01-26$1.60$1.37−14.4%$684.6M$665.1M−2.8%
2020-10-27$1.64$1.57−4.3%$609.6M$693.3M+13.7%
2020-07-28$0.50$1.71+242.0%$836.8M$654.8M−21.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.106-220.106-290.107-060.107-130.107-200.207-270.108-030.108-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$101.4M1,496,97844,282
2026-08-24$123.3M1,754,20341,194
2026-08-17$109.1M1,623,58043,767
2026-08-10$95.3M1,396,94038,320
2026-08-03$113.3M1,616,19040,879
2026-07-27$224.0M3,134,50761,427

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1565.9%
DateShort shareShort volumeTotal volume
2026-10-1565.9%364,891553,405
2026-10-1468.5%397,732580,651
2026-10-1373.6%424,356576,382
2026-10-1254.8%199,670364,480
2026-10-0970.4%450,113639,275
2026-10-0871.1%275,287387,315
2026-10-0755.6%298,476536,502
2026-10-0634.5%163,344473,051
2026-10-0563.9%303,116474,728
2026-10-0274.7%261,945350,809
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.9Jan-1.9Feb-0.1Mar+3.0Apr-1.8May-0.2Jun+3.5Jul+1.0Aug-0.4Sep-1.0Oct+1.6Nov+2.2Dec
MonthAvg returnUp yearsYears
Jan+0.9%50%20
Feb−1.9%35%20
Mar−0.1%71%21
Apr+3.0%55%20
May−1.8%30%20
Jun−0.2%50%20
Jul+3.5%75%20
Aug+1.0%55%20
Sep−0.4%45%20
Oct−1.0%45%20
Nov+1.6%55%20
Dec+2.2%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1439.5
MFI37.4
ADX29.6
Stochastic %K / %D29.1 / 27.5
Williams %R-63.4
CCI-52
TSI / signal-29.8 / -30.5
Chaikin money flow-0.04
ATR$1.54
Bollinger width9.9%
Volume vs 20-day avg0.73x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$60.52 (−2.2%)
SMA 50$64.44 (−8.1%)
SMA 200$62.26 (−4.9%)
EMA 21$60.76 (−2.6%)
EMA 50$63.05 (−6.1%)
EMA 200$64.11 (−7.7%)
Bollinger upper$63.53 (−6.8%)
Bollinger lower$57.52 (+2.9%)
Parabolic SAR$60.57 (−2.3%)
Open the live chart, 110+ indicators

About BXP, Inc.

BXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a Real Estate Investment Trust (REIT), the company operates as a comprehensive real estate entity, involved in the full spectrum of activities from developing and acquiring to managing and operating a diverse collection of primarily Class A office assets. Its current property holdings consist of 196 assets, collectively spanning 51.2 million square feet, which includes six properties actively undergoing construction or significant redevelopment.

https://www.bxp.com

Key executives

NameTitlePayBorn
Owen David ThomasChief Executive Officer & Chairman of the Board$3.7M1962
Douglas T. LindePresident & Director$3.1M1964
Michael E. LaBelleExecutive Vice President, Treasurer & Chief Financial Officer$2.0M1964
Bryan J. KoopExecutive Vice President of Boston Region$2.0M1959
Hilary SpannExecutive Vice President of New York Region$1.6M1976
Mortimer ZuckermanCo-Founder & Chairman Emeritus$273,9721938
Eric G. KevorkianSenior Vice President, Chief Legal Officer & Secretary—1972
Helen HanVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Owen D. Thomas Chief Executive Officer2025$950,000$19.3M$2.8M$23.0M
Douglas T. Linde President2025$800,000$13.2M$2.2M$16.2M
Michael E. LaBelle Executive Vice President, Chief Financial Officer & Treasurer2025$550,000$6.1M$1.5M$8.2M
Bryan J. Koop Executive Vice President, Boston Region2025$450,000$4.2M$1.5M$6.2M
Hilary J. Spann Executive Vice President, New York Region2025$450,000$4.1M$1.2M$5.8M

Employees

1k20181k20191k20201k20211k20221k20231k20241k2025

Dividends

Ex-dateAmountPaid
2026-09-30$0.72026-10-30
2026-06-30$0.72026-07-31
2026-03-31$0.72026-04-30
2025-12-31$0.72026-01-29
2025-09-30$0.72025-10-31
2025-06-30$0.982025-07-31
2025-03-31$0.982025-04-30
2024-12-31$0.982025-01-30

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage75
Intangibles18
Switching costs44
Network effect50
Efficient scale63
Our component scores (0-100) and overall 47.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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