BXP (BXP) AI Stock Analysis

• Market Cap: $13.14B
• Dividend Yield: 5.2%
• Average Volume (3M): 1.84M
• Price to Earnings (P/E): 3848.0
• Beta (1Y): 1.12
• Revenue Growth: 3.24%
• EPS Growth: -97.73%
• Country: US
• Employees: 816
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): 0.56
• Shares Outstanding: 158,375,520
• 10 Day Avg. Volume: 2,277,395
• 30 Day Avg. Volume: 1,842,601
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 2.23
• Enterprise Value/Revenue: 8.55
• Enterprise Value/Gross Profit: 17.89
• Enterprise Value/Ebitda: 16.06
• 1Y Price Target: $77.88
• Price Target Upside: 3.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 17

• Rating: 62 Neutral
• Price Target: $74.00 ▼(-1.80% Downside)

Boston Properties' overall score is driven by strong earnings call performance and operational efficiency. However, high leverage, negative net income, and overvaluation weigh heavily on the score. The positive earnings outlook and robust cash flows provide some balance against these risks.

Positive Factors

Leasing Activity

The increase in leasing activity demonstrates strong demand for BXP's properties, enhancing revenue stability and supporting long-term growth.

Operational Efficiency

High EBIT and EBITDA margins reflect effective cost management and operational efficiency, contributing to sustained profitability and competitive advantage.

Project Development

The 343 Madison Avenue project, with committed tenants, represents strategic growth and diversification in BXP's portfolio, enhancing future revenue streams.

Negative Factors

High Leverage

High leverage increases financial risk, potentially limiting flexibility in adverse market conditions and impacting long-term financial health.

Negative Net Income

Negative net income indicates challenges in profitability, which could hinder reinvestment in growth opportunities and affect investor confidence.

Occupancy Challenges

Declining occupancy rates can reduce rental income and signal potential issues in tenant retention, impacting long-term revenue stability.

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

Boston Properties generates revenue primarily through leasing office and retail space to tenants, which constitutes the bulk of its income. The company enters long-term leases with its tenants, providing a stable and predictable cash flow. Additionally, BXP earns income from property management services, development fees from its projects, and asset sales, which can contribute to significant gains. The company also engages in strategic partnerships and joint ventures for development projects, enhancing its growth potential and financial returns. Factors such as favorable market conditions in urban real estate, tenant demand in its core markets, and the company's ability to maintain high occupancy rates are critical to its earnings.

BXP Financial Statement Overview

Summary

Boston Properties shows strong operational efficiency with healthy gross and EBIT margins. However, the negative net income and high leverage pose significant risks. Cash flows are robust, but the decrease in free cash flow and high debt levels are concerning.

Income Statement

The income statement shows mixed results. The gross profit margin for TTM (Trailing-Twelve-Months) is approximately 47.8%, which is a healthy level of profitability. However, the net profit margin is negative at -0.1%, indicating challenges in converting revenue to profit. Revenue growth has been modest, with a 0.8% increase from the previous year. EBIT and EBITDA margins are strong at 36.4% and 53.2% respectively, demonstrating operational efficiency, but the negative net income presents a concern.

Balance Sheet

The balance sheet highlights some areas of concern. The debt-to-equity ratio is high at approximately 3.09, indicating significant leverage which could pose risks if market conditions change. The return on equity is negative at -0.08%, reflecting the negative net income. The equity ratio stands at 20.9%, suggesting a decent proportion of equity financing, but the overall high level of debt is a notable risk factor.

Cash Flow

Cash flow analysis shows a strong operational cash flow to net income ratio of approximately -234.0, indicating robust cash generation despite negative net income. The free cash flow has decreased by about 24.0% compared to the previous year. The free cash flow to net income ratio is negative, but the company maintains positive free cash flow, which is essential for ongoing operations and investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.43B	3.41B	3.27B	3.11B	2.89B	2.77B
Gross Profit	1.64B	1.18B	2.05B	1.96B	1.84B	1.72B
EBITDA	1.83B	1.91B	1.87B	1.77B	1.69B	2.14B
Net Income	-4.43M	14.27M	190.22M	583.45M	84.41M	525.74M
Balance Sheet
Total Assets	25.44B	26.08B	26.03B	24.21B	22.36B	22.86B
Cash, Cash Equivalents and Short-Term Investments	398.13M	1.25B	1.53B	690.33M	452.69M	1.67B
Total Debt	16.44B	16.98B	16.62B	14.69B	13.35B	13.49B
Total Liabilities	17.59B	18.14B	17.83B	15.84B	14.31B	14.51B
Stockholders Equity	5.32B	5.41B	5.88B	6.13B	5.83B	6.00B
Cash Flow
Free Cash Flow	1.15B	1.23B	1.30B	884.31M	1.12B	1.15B
Operating Cash Flow	1.25B	1.23B	1.30B	1.28B	1.13B	1.16B
Investing Cash Flow	-1.19B	-1.24B	-1.19B	-1.60B	-1.04B	-613.72M
Financing Cash Flow	-341.93M	-274.48M	767.92M	556.06M	-1.31B	484.32M

BXP Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 75.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 75.36 is below the 20-day moving average (MA) of 75.40, above the 50-day MA of 70.60, and above the 200-day MA of 68.59, indicating a neutral trend. The MACD of 1.71 indicates Positive momentum. The RSI at 55.05 is Neutral, neither overbought nor oversold. The STOCH value of 29.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BXP.

BXP Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KRC	69 Neutral	5.22B	23.71	4.08%	4.98%	2.26%	10.15%
CUZ	68 Neutral	4.81B	77.49	0.82%	4.54%	13.07%	-4.94%
VNO	65 Neutral	8.54B	10.13	14.36%	1.83%	1.38%	4370.96%
BXP	62 Neutral	$13.14B	3,847.98	0.07%	5.20%	3.24%	-97.73%
SLG	61 Neutral	4.63B	-106.23	0.78%	5.14%	15.25%	79.18%
ARE	60 Neutral	14.86B	-637.09	-0.07%	6.25%	3.12%	-116.29%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

BXP Corporate Events

Boston Properties Holds 2025 Annual Stockholders Meeting

On May 20, 2025, Boston Properties, Inc. held its 2025 Annual Meeting of Stockholders, where several key decisions were made. The stockholders elected a slate of directors to the Board, approved a non-binding advisory vote on executive compensation, and ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. These actions reflect the company’s ongoing governance practices and commitment to transparency in financial reporting.

Boston Properties Holds 2025 Annual Stockholders Meeting

On May 20, 2025, BXP, Inc., the sole general partner of Boston Properties Limited Partnership, conducted its 2025 Annual Meeting of Stockholders. During the meeting, the stockholders elected several directors to the Board, approved a non-binding advisory vote on executive compensation, and ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. These decisions reflect the company’s ongoing governance and financial strategies, potentially impacting its operational and financial transparency.