| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 39 | 34.8x | 17.8x | Bottom tier | |
Growth | 53 | 1.9% | 7.1% | Around median | |
Quality | 60 | 8.0% | 4.5% | Around median | |
Safety | 35 | 6.2x | 2.6x | Bottom tier | |
Capital Return | 15 | — | 2.12% | Bottom tier | |
Momentum | 57 | 0.9% | 2.9% | Around median | |
Sentiment | 61 | 7 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
BXP, Inc. is a real estate company focused on developing, owning, managing, and leasing premier office workplaces in knowledge centers and major urban markets, generating its income primarily from rents and services associated with its portfolio. It also deploys capital into office and residential development projects and sells land, homes, and non-strategic office assets to reduce leverage and finance higher-return projects. In the four central markets where it has a major presence, the direct vacancy rate for premier workplaces was 8% versus 13.5% for the broader office market, while the asking-rent premium exceeded 60% compared with non-premier buildings.
The latest available EDGAR filings show that fiscal year 2025 Q4 revenue was $877.1 million, gross profit was $515.8 million, and net income was $248.3 million, representing a gross margin of approximately 58.8% and a net margin of approximately 28.3%. For fiscal year 2025, BXP recorded revenue of $3.5 billion, gross profit of $2.1 billion, net income of $276.8 million, and earnings per share of $1.74, equivalent to a gross margin of approximately 60%. However, data for the twelve months ended in 2025 show a net loss of $200.4 million and negative earnings per share of approximately $1.27, an important divergence when assessing accounting earnings.
In fiscal year 2026 Q2, the company generated funds from operations of $1.78 per share, exceeding the midpoint of its guidance and analysts’ consensus by $0.08. Most of the outperformance came from portfolio net operating income; higher rental revenue added $0.03 per share, service income added $0.01, and lower operating expenses added $0.04. Occupancy rose to 88.4% from 87.4% in fiscal year 2026 Q1 and 86.7% at the end of fiscal year 2025, supported by leasing of 1.76 million square feet during the quarter.
Analysts’ consensus is “Buy,” with an average target of $71 and a wide range of between $61 and $88; the average is approximately 10.5% below the 52-week range high of $79.33, while the highest target exceeds that high. No positive price-to-earnings multiple is available, as fiscal year 2025 earnings per share were $1.74 but data for the twelve months ended in 2025 recorded negative earnings per share of approximately $1.27, making occupancy improvement, funds from operations, and refinancing risk more important than accounting net income alone when assessing the valuation.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
BXP generated funds from operations of $1.78 per share, exceeding the midpoint of guidance and analysts’ consensus by $0.08. Higher rental revenue added $0.03 per share, service income added $0.01, and lower operating expenses added $0.04. Occupancy increased by 100 basis points during the quarter to 88.4%, driven by leasing activity of 1.76 million square feet.
343 Madison Avenue is BXP’s largest project under development, and it reached 50% contractually leased space in fiscal year 2026 Q2. The company closed a $1.2 billion construction loan equal to 60% of the project’s cost after contracting 94% of construction costs within budget. BXP targets an unleveraged cash return of between 7.5% and 8% upon delivery in 2029 and intends to monetize an aggregate stake of between 30% and 50% of the project over time.
Management said on July 29, 2026 that BXP leases space to artificial intelligence companies in San Francisco, New York, and Seattle, as well as to companies that expanded or relocated because of the growth of those companies. One example is Boston Dynamics’ long-term lease for 320 thousand square feet at Reservoir Place, where a robotics and artificial intelligence center will be established. However, management acknowledged that the long-term impact of artificial intelligence is difficult to predict and that fading momentum would be negative, so it focuses on creditworthiness and letters of credit when leasing to startups.
Automated analysis for informational purposes only — not investment advice.
Occupancy rose from 86.7% at the end of fiscal year 2025 to 87.4% in fiscal year 2026 Q1 and then to 88.4% in fiscal year 2026 Q2. The company began fiscal year 2026 Q3 with approximately 1.3 million square feet signed but not occupied, with occupancy expected to commence on 1.1 million square feet during the fiscal year. Management targets the end of fiscal year 2026 near 90% and maintains a target of approximately 91% at the end of fiscal year 2027, with an estimated long-term stabilized ceiling of between 94% and 95%.
BXP generated net proceeds of $370 million since the beginning of fiscal year 2026 and more than $1.2 billion since its investor conference. On July 29, 2026, it had six assets under contract for sale with net proceeds of approximately $240 million, and cumulative proceeds could reach $1.7 billion by the end of fiscal year 2026. The company uses this liquidity to reduce debt and fund development, but accelerated sales could reduce funds from operations by approximately $0.11 per share in fiscal year 2026 if the expected transactions are completed.
A $1 billion unsecured bond with an accounting interest rate of 3.5% matures in October 2026, while management indicated that a replacement ten-year issuance would have been priced at approximately 6% under market conditions on July 29, 2026. The company also expects fiscal year 2026 leasing transaction costs to approach $500 million, with rent-free periods typically lasting between 6 and 12 months. In addition, data for the twelve months ended in 2025 showed a net loss of $200.4 million, despite recording net income of $276.8 million in fiscal year 2025.
