BXP (BXP) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

BXP

NYSE•Real Estate•REIT - Office

$63.93-0.11(<0.01%)After hours

Market Cap

$10.18B

P/E

34.3x

P/S

2.9x

P/B

2.0x

BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. It is concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by joint ventures, BXP's portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 13 retail properties, seven residential properties (including four residential properties under construction) and one hotel. BXP is well known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP, Inc. was incorporated in 1970 in Delaware and is based in Massachusetts, Boston.

How this company scores

GoodMetricSide Score: 74/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (10/25).

Profitability21/25

Growth18/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsRising earningsCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 34.3x5y range 10.7x – 2167.5x

Currently near its 18-quarter median.

P/S · 2.9x5y range 2.4x – 7.0x

Currently near its 20-quarter median.

P/B · 2.0x5y range 1.4x – 3.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 5.1% — watch for continued compression, which may signal competitive or cost pressure.

Leverage Risk

Watch

D/E ratio of 2.9 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $10.18B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.52B
Q. Revenue: $895.70M
TTM EBITDA: $1.93B
TTM Op. Income: $993.73M
Q. Op. Income: $258.93M
TTM Net Income: $296.79M
Q. Net Income: $68.56M
EPS: $0.43
Shares Out.: $159.17M

$3.52B in TTM revenue grew 1.9% YoY, reaching $895.70M last quarter. TTM EBITDA of $1.93B and TTM operating income of $993.73M show growth is flowing through to the bottom line. TTM net income of $296.79M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 60.1%
EBITDA Margin: 55.4%
Op. Margin: 28.9%
Net Margin: 7.7%

Op. margin of 28.9% is down 0.6% YoY — costs are rising relative to revenue. Net margin at 7.7% and gross margin of 60.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 2% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 34.3x
P/S Ratio: 2.9x
P/B Ratio: 2.0x

At 34.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 2.9x and P/B of 2.0x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is down 96% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $25.17B
Cash: $493.95M
Long-Term Debt: $14.87B
Book Value: $5.16B
D/E Ratio: 2.9
Debt/EBITDA: 30.0

With $25.17B in assets and $14.87B in long-term debt, D/E is 2.9and book value is $5.16B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $446.06M
TTM Free Cash Flow: $1.14B
FCF Margin: 32.4%
FCF / Net Income: 3.8

TTM FCF of $1.14B on $446.06M in operating cash flow. The FCF / Net Income ratio of 3.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 16% — an improving trend.