BXP (BXP) AI Stock Analysis

• Market Cap: $12.31B
• Dividend Yield: 5.23%
• Average Volume (3M): 1.26M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: 2.54%
• EPS Growth: -155.17%
• Country: US
• Employees: 816
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): -0.77
• Shares Outstanding: 158,468,690
• 10 Day Avg. Volume: 1,228,073
• 30 Day Avg. Volume: 1,263,036
• PEG Ratio: -8.87
• Price to Book (P/B): 2.16
• Price to Sales (P/S): 3.44
• P/FCF Ratio: 9.49
• Enterprise Value/Market Cap: 2.29
• Enterprise Value/Revenue: 8.16
• Enterprise Value/Gross Profit: 13.41
• Enterprise Value/Ebitda: 19.86
• 1Y Price Target: $80.00
• Price Target Upside: 15.04% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 17
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: $76.00 ▲(9.29% Upside)

BXP's overall score reflects strong leasing performance and strategic asset sales, which are offset by profitability challenges and high leverage. The positive earnings call and stable cash flow generation provide some support, but valuation concerns due to negative earnings weigh on the score.

Positive Factors

Strong Leasing Performance

The significant increase in leasing activity indicates strong demand for BXP's office spaces, enhancing revenue stability and showcasing effective tenant acquisition strategies.

Successful Asset Sales Strategy

The strategic asset sales improve liquidity and allow BXP to focus on core assets, potentially reducing debt and funding new developments in high-demand areas.

Development and Investment Focus

Investing in premier workplace assets in key urban locations positions BXP for long-term growth and strengthens its competitive advantage in the office REIT sector.

Negative Factors

High Leverage

Significant leverage poses financial risks, potentially limiting BXP's ability to invest in growth opportunities or weather economic downturns without impacting financial health.

Profitability Challenges

Negative profit margins indicate ongoing challenges in cost management and profitability, which could affect BXP's ability to generate sustainable earnings over time.

Impairments on Asset Sales

Significant impairments on asset sales can impact financial performance, reducing net income and potentially affecting investor confidence in strategic asset management.

BXP Business Overview & Revenue Model

Company Description

Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The Company's portfolio totals 51.2 million square feet and 196 properties, including six properties under construction/redevelopment.

How the Company Makes Money

BXP generates revenue primarily through leasing office spaces to a diverse range of tenants across various industries. The company enters into long-term leases with its tenants, which provide a stable and recurring source of rental income. Additionally, BXP may earn revenue from ancillary services, such as property management fees and leasing commissions. The company's strategic focus on high-demand urban markets allows it to command premium rental rates, thus enhancing its income potential. BXP also engages in real estate development projects, where it may realize profits from the sale or leasing of newly developed properties. Partnerships with local governments and other entities for urban redevelopment projects can also contribute to its revenue streams, particularly in areas where BXP is actively involved in enhancing community infrastructure.

BXP Financial Statement Overview

Summary

BXP shows strong revenue growth but faces challenges with profitability and high leverage. The negative net income and high debt levels are significant risks, though cash flow generation remains stable.

Income Statement

BXP's income statement shows a mixed performance. The TTM revenue growth rate is strong at 35.6%, indicating robust top-line expansion. However, the net profit margin is negative at -5.79%, reflecting challenges in profitability. The EBIT and EBITDA margins have decreased compared to previous years, suggesting pressure on operating efficiency.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 3.46, indicating significant leverage which could pose financial risks. Return on equity is negative, highlighting profitability issues. The equity ratio is relatively stable, but the high leverage remains a concern.

Cash Flow

Cash flow analysis shows a concerning decline in free cash flow growth at -96.3% TTM. However, the operating cash flow to net income ratio is healthy, indicating good cash generation relative to net income. The free cash flow to net income ratio remains stable at 1.0, showing consistent cash flow conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.46B	3.41B	3.27B	3.11B	2.89B	2.77B
Gross Profit	2.11B	2.09B	2.06B	1.97B	1.85B	1.74B
EBITDA	1.42B	1.62B	1.70B	2.21B	1.78B	2.14B
Net Income	-200.41M	14.27M	190.22M	848.95M	505.19M	872.73M
Balance Sheet
Total Assets	26.00B	26.08B	26.03B	24.21B	22.37B	22.86B
Cash, Cash Equivalents and Short-Term Investments	861.07M	1.25B	1.53B	690.33M	452.69M	1.67B
Total Debt	17.35B	17.32B	16.62B	14.69B	13.35B	13.49B
Total Liabilities	18.48B	18.14B	17.83B	15.84B	14.32B	14.52B
Stockholders Equity	5.01B	5.41B	5.89B	6.13B	5.84B	6.00B
Cash Flow
Free Cash Flow	655.56M	786.52M	819.17M	884.31M	1.12B	1.15B
Operating Cash Flow	1.22B	1.23B	1.30B	1.28B	1.13B	1.16B
Investing Cash Flow	-1.37B	-1.24B	-1.19B	-1.60B	-1.04B	-613.72M
Financing Cash Flow	-379.07M	-274.48M	767.92M	556.06M	-1.31B	484.32M

BXP Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 69.54
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BXP, the sentiment is Negative. The current price of 69.54 is below the 20-day moving average (MA) of 70.66, below the 50-day MA of 71.15, and above the 200-day MA of 68.36, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 48.95 is Neutral, neither overbought nor oversold. The STOCH value of 72.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BXP.

BXP Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KRC	71 Outperform	$4.75B	14.65	5.94%	5.44%	0.77%	62.58%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CUZ	63 Neutral	$4.23B	72.55	1.26%	5.09%	16.38%	3.60%
BXP	62 Neutral	$12.31B	-54.44	-3.74%	5.23%	2.54%	-155.17%
VNO	57 Neutral	$7.19B	8.21	15.97%	2.16%	2.41%	―
SLG	49 Neutral	$3.47B	-13,503.03	0.61%	6.93%	8.60%	―
ARE	47 Neutral	$8.12B	-19.26	-2.42%	10.90%	-0.76%	-250.60%

BXP Corporate Events

BXP Launches $600 Million Private Notes Offering

On September 24, 2025, BXP announced the launch of a $600 million private offering of exchangeable senior notes due 2030, with an option for purchasers to buy an additional $90 million. The offering aims to fund the repayment of $1 billion in senior notes due in 2026 and involves capped call transactions to mitigate potential stock dilution. This strategic move is expected to impact BXP’s financial structure and market positioning, potentially influencing the market price of its common stock and notes.

BXP Announces $600 Million Exchangeable Notes Offering

On September 24, 2025, BXP announced a private offering of $600 million in exchangeable senior notes due 2030, targeting qualified institutional buyers. The notes, which are senior unsecured obligations, will accrue interest semi-annually and are exchangeable under certain conditions. The proceeds will fund capped call transactions and partially repay or redeem $1 billion of senior notes due in 2026. This move aims to manage debt and mitigate potential stock dilution, impacting BXP’s financial strategy and market positioning.