BXP (BXP) AI Stock Analysis

• Market Cap: $11.56B
• Dividend Yield: 5.26%
• Average Volume (3M): 1.28M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.99
• 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: 1,401,997
• 30 Day Avg. Volume: 1,280,665
• 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: 2.44
• Enterprise Value/Revenue: 8.16
• Enterprise Value/Gross Profit: 13.41
• Enterprise Value/Ebitda: 19.86
• 1Y Price Target: $77.74
• Price Target Upside: 15.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 19
• EPS Forecast (FY): 1.8
• Revenue Forecast (FY): $3.48B

• Rating: 59 Neutral
• Price Target: $72.00 ▲(7.29% Upside)

The score is anchored by mixed financial fundamentals (strong revenue growth but negative profitability, high leverage, and weak free-cash-flow growth). Technicals are also a notable drag with bearish momentum and price below key moving averages. Offsetting factors include a supportive earnings-call backdrop (raised guidance and strong leasing/FFO execution) and a high dividend yield.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand for BXP's office spaces, enhancing its market position and supporting long-term financial stability.

Leasing Performance

Strong leasing activity reflects BXP's competitive advantage in high-demand urban markets, ensuring steady cash flow and occupancy rates.

Leadership Continuity

Extending the CEO's tenure ensures strategic continuity and leadership stability, crucial for executing long-term growth plans.

Negative Factors

High Leverage

High leverage can limit financial flexibility and increase risk, potentially impacting BXP's ability to invest in future growth opportunities.

Negative Profitability

Negative profitability highlights operational inefficiencies, which can hinder BXP's ability to reinvest in its business and maintain competitive positioning.

Decline in Free Cash Flow

A significant decline in free cash flow growth may strain BXP's ability to fund operations and investments, impacting long-term sustainability.

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: 67.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 67.11 is below the 20-day moving average (MA) of 68.04, below the 50-day MA of 69.64, and below the 200-day MA of 68.65, indicating a bearish trend. The MACD of -0.95 indicates Positive momentum. The RSI at 43.50 is Neutral, neither overbought nor oversold. The STOCH value of 33.93 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	$4.57B	14.12	5.94%	5.75%	0.77%	62.58%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CUZ	63 Neutral	$4.47B	76.70	1.26%	5.08%	16.38%	3.60%
BXP	59 Neutral	$11.56B	-52.54	-3.74%	5.26%	2.54%	-155.17%
VNO	58 Neutral	$7.01B	8.00	15.97%	2.24%	2.41%	―
ARE	55 Neutral	$9.70B	-23.19	-2.42%	10.90%	-0.76%	-250.60%
SLG	49 Neutral	$3.65B	-14,733.33	0.61%	6.95%	8.60%	―

BXP Corporate Events

BXP Extends CEO Tenure and Launches 2025 Outperformance Plan

On December 22, 2025, BXP extended and amended the employment agreement of Chief Executive Officer and Chairman Owen D. Thomas, committing him to remain in the role through December 31, 2029, a move designed to ensure leadership continuity and align his tenure with the company’s multi-year strategic action plan introduced in September 2025; the agreement preserves his existing compensation structure while formalizing retirement-related equity treatment and maintaining robust change-in-control and non-compete provisions. On the same date, the board approved a 2025 Outperformance Plan that grants up to 711,864 performance-based LTIP units to Thomas and other senior executives, with vesting tied to both service and ambitious stock price and dividend-adjusted performance thresholds—requiring at least a roughly 30% share price increase before any payout and up to about a 70% gain for maximum awards—intended to tightly link executive pay to shareholder returns; BXP expects to recognize about $32.1 million of related compensation expense over the four-year performance period, including roughly $11.6 million in 2026, a modest earnings headwind that signals a stronger emphasis on performance-driven, shareholder-aligned incentives for top management.

The most recent analyst rating on (BXP) stock is a Buy with a $79.00 price target. To see the full list of analyst forecasts on BXP stock, see the BXP Stock Forecast page.

BXP Extends CEO Contract and Adopts 2025 Incentive Plan

On December 22, 2025, BXP extended the employment agreement of Chief Executive Officer and Chairman Owen D. Thomas by three years to December 31, 2029, largely preserving his existing compensation structure while reinforcing his role in executing the company’s multi-year strategic action plan. The new agreement clarifies severance, retirement eligibility and non-compete terms, and explicitly ties Thomas’s continued service to the value-creation horizon of the plan, signaling the board’s emphasis on leadership continuity and long-term strategy execution. On the same date, BXP’s board approved a 2025 Outperformance Plan that grants up to 711,864 performance-based LTIP units to Thomas and other senior executives, payable only if dividend-adjusted share price gains reach at least 30% and up to about 70% over a four-year performance period ending December 22, 2029, with strict service-based vesting and no retirement-related acceleration. The company expects to recognize approximately $32.1 million of compensation expense from these awards over the four-year period, including about $11.6 million, or $0.07 per share, in 2026, highlighting a deliberate shift to performance-linked equity that tightens alignment between management pay and shareholder returns while modestly increasing reported compensation costs over the life of the plan.

The most recent analyst rating on (BXP) stock is a Buy with a $79.00 price target. To see the full list of analyst forecasts on BXP stock, see the BXP Stock Forecast page.