BXP, Inc.BXP
NYSE•Real Estate•REIT - Office
BXP, Inc. (BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. Also, 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 March 31, 2026, including properties owned by joint ventures, BXP's portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 14 retail properties, six residential properties (including three 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 has earned a fourteenth consecutive GRESB (Green Star) recognition and the highest GRESB 5-star Rating and was named one of the world's most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997. BXP, Inc. was incorporated in 1970 in Delaware and is based in Massachusetts, Boston.
BXP, Inc. (BXP) reported trailing twelve months revenue of $3.49B as of March 2026, a 1.6% increase year-over-year. Quarterly revenue reached $872.15M, reflecting continued top-line momentum.
BXP, Inc. generated $317.20M in TTM net income, with quarterly EBITDA of $227.97M. The operating margin stands at 0.0%.
The spread between operating margin (0.0%) and net margin (11.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.1% a year ago, signaling stronger bottom-line efficiency.
BXP trades at a P/E of 33.1x (a premium multiple) and a P/S of 3.0x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company generated $125.70M in free cash flow over the trailing twelve months, a 17.6% decrease year-over-year, indicating cash generation ability. The balance sheet shows $25.10B in total assets with $14.86B in long-term debt against $5.15B in stockholders equity for a debt-to-equity ratio of 2.9, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 0.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 7 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~0.0% — no sign of cost or pricing stress.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
D/E ratio of 2.9 is elevated. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation