Boston Properties Inc
Exchange: NYSESector: Real EstateIndustry: REIT - Office
Boston Properties is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, 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. Including properties owned by unconsolidated joint ventures, the Company’s portfolio totals 52.8 million square feet and 201 properties, including nine properties under construction/redevelopment.
Did you know?
Capital expenditures decreased by 46% from FY24 to FY25.
Current Price
$51.78
+1.49%GoodMoat Value
$47.65
8.0% overvaluedProfile
Valuation (TTM)
Market Cap$8.21B
P/E29.65
EV$24.21B
P/B1.59
Shares Out158.47M
P/Sales2.36
Revenue$3.48B
EV/EBITDA13.03
Boston Properties Inc (BXP) Stock Analysis
GoodMoat Analysis
Boston Properties is a high-quality office REIT with a portfolio of premier assets, but it faces significant headwinds from declining revenue and a challenging sector outlook. Its valuation appears unfavourable relative to its estimated fair value, and it fails the initial Moat & Quality Gate of the investment framework.
Read full analysis
Boston Properties Inc (BXP) is a Real Estate Investment Trust (REIT) that owns, develops, and manages a premier portfolio of Class A office properties, primarily in major U.S. markets like Boston, New York, and San Francisco. Applying the GoodMoat framework, its moat is limited. It may score on criteria like Strategic Partnerships (long-term leases) and Scale Privilege in key markets, but it likely falls short of the required score of 5+ for a durable moat, especially given the high disruption risk from remote work trends. The company's quality indicators are mixed. While it has a high dividend yield of 7.68% and a strong operating margin of 29.1%, it shows significant weaknesses: revenue growth is deeply negative at -31.9% YoY, ROE is low at 5.4%, and leverage is high with a Debt/Equity ratio of 3.37. This profile would likely result in several 'Weak' ratings in the Quality section, failing the Step 1 gate of the Decision Framework. On valuation, the stock trades at $52.84, above the GoodMoat Target of $47.65, suggesting a negative margin of safety. The P/E of 30.3 is high for a company with declining revenue. Given the failure to pass the initial Moat & Quality gate and an unfavourable valuation, this company does not qualify for further analysis under the framework's disciplined approach. The high yield may attract investors, but it is offset by fundamental business pressures. Analysis based on data as of 2024-05-15.
Market Cap$8.21B
Current Price$51.78
P/E Ratio29.65
Forward P/E—
PEG Ratio-0.14
EPS$1.74
Book Value$32.48
P/B Ratio1.59
BXP Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use 28.7% FCF growth (CAGR)
Cash vs Debt
Net Debt: 15.8B
Revenue
3.0B
FY19
2.8B
FY20
2.9B
FY21
3.1B
FY22
3.3B
FY23
3.4B
FY24
3.5B
FY25
Net Income
522M
FY19
873M
FY20
505M
FY21
849M
FY22
190M
FY23
14M
FY24
277M
FY25
BXP 52-Week Range
$50.75
$76.36
50-Day MA: $57.31200-Day MA: $65.69
Did you know?
Net income compounded at -10.0% annually over 6 years.
Boston Properties Inc (BXP) Financial Summary
Boston Properties Inc (BXP) is a Real Estate company in the REIT - Office industry, listed on NYSE. The stock currently trades at $51.78 with a market capitalization of $8.21B.
Key valuation metrics include a P/E ratio of 29.65, price-to-book ratio of 1.59, and EPS of $1.74. The company reports a profit margin of 7.9% and return on equity of 5.4%.
BXP Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $8.21B |
| P/E Ratio | 29.65 |
| EPS | $1.74 |
| P/B Ratio | 1.59 |
| P/S Ratio | 2.36 |
| EV/EBITDA | 13.03 |
| Dividend Yield | 7.84% |
| Profit Margin | 7.9% |
| Return on Equity | 5.4% |
| Debt/Equity | 3.37 |
BXP Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $2.96B | $521.53M |
| FY20 | $2.77B | $872.73M |
| FY21 | $2.89B | $505.19M |
| FY22 | $3.11B | $848.95M |
| FY23 | $3.27B | $190.22M |
| FY24 | $3.41B | $14.27M |
| FY25 | $3.48B | $276.80M |
Boston Properties Inc (BXP) Valuation
Based on GoodMoat's DCF model, Boston Properties Inc has a fair value estimate of $47.65. At the current price of $51.78, the stock appears 8.7% overvalued relative to our intrinsic value estimate.
BXP Quality Indicators
Boston Properties Inc maintains a profit margin of 7.9% and an operating margin of 29.1%. Return on equity stands at 5.4%. Debt-to-equity ratio is 3.37.
About Boston Properties Inc
Boston Properties is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, 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. Including properties owned by unconsolidated joint ventures, the Company’s portfolio totals 52.8 million square feet and 201 properties, including nine properties under construction/redevelopment.
BXP Free Cash Flow
Boston Properties Inc generated $632.56M in trailing twelve-month free cash flow, representing an FCF yield of 7.71%. This strong FCF yield suggests the company generates substantial cash relative to its market value.
BXP Shares Outstanding
Boston Properties Inc has 0.16 billion shares outstanding at a share price of $51.78, giving it a market capitalization of $8.21B.
BXP Recent Insider Trades
Recent insider transactions at Boston Properties Inc include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| Spann Hilary J. (Executive Vice President) | SELL | 5,495 | $327996.55 |
| THOMAS OWEN D (Chief Executive Officer) | SELL | 1,198 | $73341.08 |
| Spann Hilary J. (Executive Vice President) | SELL | 1,194 | $75592.14 |