# BXP (BXP.US)

Canonical: https://gigainvestors.com/s/BXP

Analysis as of: 2026-10-16T07:27:10.276Z. Financial observations: FY1997–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $59.69 per share; close as of 2026-10-15.

Estimated value: low $39.09 per share, central $44.17 per share, high $50.95 per share. Buy at or below the central value $44.17 per share. Valuation as of 2026-10-16T07:27:10.276Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.32×

- FY2017: 0.35×

- FY2018: 0.34×

- FY2019: 0.35×

- FY2020: 0.33×

- FY2021: 0.34×

- FY2022: 0.34×

- FY2023: 0.32×

- FY2024: 0.30×

- FY2025: 0.56×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 3.1%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 62.9%

- Recent gross margin (lower of latest and 3-year median): 60.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.7%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.4%

- FY2017: 3.8%

- FY2018: 3.9%

- FY2019: 3.9%

- FY2020: 3.2%

- FY2021: 3.4%

- FY2022: 2.0%

- FY2023: 3.2%

- FY2024: 3.1%

- FY2025: 7.3%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.3B

- Net income, five-year total: $1.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.0 pp

- Working capital / revenue, change between three-year averages: 14.0 pp

- Working capital / revenue, final three-year average: 35.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.12×

- FY2022: 1.35×

- FY2023: 2.19×

- FY2024: 6.24×

- FY2025: 1.93×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.8% vs 3.2%

- Per-share earnings: 3.32 to 1.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: -$8.6B

- Cumulative retained earnings: -$980M

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.9%

- Per-share value change: -$2.11

- Per-share value, starting three-year median: $3.32

- Per-share value, ending three-year median: $1.21

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $714M

- Cumulative net income, 10 years: $4.8B

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 3.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.32

- FY2017: $3.00

- FY2018: $3.77

- FY2019: $3.37

- FY2020: $5.61

- FY2021: $3.23

- FY2022: $5.40

- FY2023: $1.21

- FY2024: $0.09

- FY2025: $1.74

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -2.3%

- FY2018: -2.8%

- FY2019: -3.1%

- FY2020: -1.2%

- FY2021: -2.8%

- FY2022: -1.8%

- FY2023: -4.3%

- FY2024: -4.7%

- FY2025: -3.7%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 54% since Mar 2022 · sales +2.2%

Story as of 2026-10-16T09:58:26.602Z; price observation 2026-10-15.

Price needs cash profits to grow 4.8% a year for ten years

- 2025-07-29: BXP lifts annual FFO outlook on steady office demand ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/bxp-lifts-annual-ffo-outlook-223245864.html))

### Sales · FY2024–2025

sales +2.2%; source https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm; observed 2026-02-27.

- FY2016: $2.6B 

- FY2017: $2.6B 

- FY2018: $2.7B 

- FY2019: $3.0B 

- FY2020: $2.8B 

- FY2021: $2.9B 

- FY2022: $3.1B 

- FY2023: $3.3B 

- FY2024: $3.4B 

- FY2025: $3.5B 

### Gross margin · FY2025

gross margin 60.6%; source https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm; observed 2026-02-27.

- FY2016: 63.9% 

- FY2017: 63.0% 

- FY2018: 62.4% 

- FY2019: 63.4% 

- FY2020: 62.7% 

- FY2021: 64.2% 

- FY2022: 63.5% 

- FY2023: 62.8% 

- FY2024: 61.2% 

- FY2025: 60.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm (filed 2026-02-27); FY2025: revenue 3482279000; grossProfit 2108933000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BXP.US: BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. It is 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 June 30, 2026, including properties owned by joint ventures, BXP's portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 13 retail properties, seven residential properties (including four 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, Inc. was incorporated in 1970 in Delaware and is based in Massachusetts, Boston.

### Why customers stay

Margins ranged from 60.6% to 62.8% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 62.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 61.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 60.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.03447844911031355],[2017,0.03771509841572965],[2018,0.03934035518648307],[2019,0.03941670021559103],[2020,0.03232122609285029],[2021,0.03377487775752114],[2022,0.02035393564678761],[2023,0.032329206340912235],[2024,0.030920644161049945],[2025,0.07289015798622761]]; median 0.03412666343391735. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 63% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm (filed 2026-02-27); Gross margin observations: [[2021,0.641992147810322],[2022,0.6347053526995114],[2023,0.6284874398553995]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 435000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 118032000; upkeep 694403000; owner earnings 511102000. Growth capex / owner earnings = 0.2309362906034412.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 427813000; owner earnings 618427204.4477947. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 399805000; owner earnings 783939892.3926727. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 432387000; owner earnings 769323000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 2551000; owner earnings 1556161000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 13614000; owner earnings 1070593019.7394656. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 398093000; owner earnings 1143503619.7618227. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 482349000; owner earnings 416928981.53691256. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 447979000; owner earnings 89113033.4964603. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 555495000; owner earnings 533847467.80557036. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,671626000],[2017,526578000],[2018,587628000],[2019,666294000],[2020,688904000],[2021,683753000],[2022,685019000],[2023,687809000],[2024,689870000],[2025,643107000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 435000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BXP.US SharesStats.PercentInsiders = 0.375 percentage points; cache date 2026-10-16.

### What could break it

"We face potential difficulties or delays renewing leases or re-leasing space." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm (filed 2026-02-27); We face potential difficulties or delays renewing leases or re-leasing space.

### What the price says

The price assumes cash profits grow 4.8% yearly over ten years; actual decline was 4.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.056273404728134135. Price 59.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.320233483268765 → FY2025 3.3602997929462033. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $120.48 per share

- 2016-11: $123.88 per share

- 2016-12: $125.78 per share

- 2017-01: $130.90 per share

- 2017-02: $139.03 per share

- 2017-03: $132.41 per share

- 2017-04: $126.60 per share

- 2017-05: $121.32 per share

- 2017-06: $123.02 per share

- 2017-07: $120.91 per share

- 2017-08: $120.60 per share

- 2017-09: $122.88 per share

- 2017-10: $121.18 per share

- 2017-11: $125.38 per share

- 2017-12: $130.03 per share

- 2018-01: $123.71 per share

- 2018-02: $118.87 per share

- 2018-03: $123.22 per share

- 2018-04: $121.41 per share

- 2018-05: $121.77 per share

- 2018-06: $125.42 per share

- 2018-07: $125.53 per share

- 2018-08: $130.45 per share

- 2018-09: $123.09 per share

- 2018-10: $120.76 per share

- 2018-11: $131.20 per share

- 2018-12: $112.55 per share

- 2019-01: $131.87 per share

- 2019-02: $132.69 per share

- 2019-03: $133.88 per share

- 2019-04: $137.62 per share

- 2019-05: $130.83 per share

- 2019-06: $129.00 per share

- 2019-07: $132.95 per share

- 2019-08: $128.42 per share

- 2019-09: $129.66 per share

- 2019-10: $137.20 per share

- 2019-11: $138.54 per share

- 2019-12: $137.86 per share

- 2020-01: $143.35 per share

- 2020-02: $128.94 per share

- 2020-03: $92.23 per share

- 2020-04: $97.18 per share

- 2020-05: $85.98 per share

- 2020-06: $90.38 per share

- 2020-07: $89.09 per share

- 2020-08: $86.87 per share

- 2020-09: $80.30 per share

- 2020-10: $72.41 per share

- 2020-11: $98.16 per share

- 2020-12: $94.53 per share

- 2021-01: $91.27 per share

- 2021-02: $99.13 per share

- 2021-03: $101.26 per share

- 2021-04: $109.35 per share

- 2021-05: $117.56 per share

- 2021-06: $114.59 per share

- 2021-07: $117.38 per share

- 2021-08: $112.99 per share

- 2021-09: $108.35 per share

- 2021-10: $113.64 per share

- 2021-11: $107.84 per share

- 2021-12: $115.18 per share

- 2022-01: $112.08 per share

- 2022-02: $122.31 per share

- 2022-03: $128.80 per share

- 2022-04: $117.60 per share

- 2022-05: $111.18 per share

- 2022-06: $88.98 per share

- 2022-07: $91.16 per share

- 2022-08: $79.43 per share

- 2022-09: $74.97 per share

- 2022-10: $72.70 per share

- 2022-11: $72.08 per share

- 2022-12: $67.58 per share

- 2023-01: $74.54 per share

- 2023-02: $65.48 per share

- 2023-03: $54.12 per share

- 2023-04: $53.36 per share

- 2023-05: $48.67 per share

- 2023-06: $57.59 per share

- 2023-07: $66.63 per share

- 2023-08: $66.77 per share

- 2023-09: $59.48 per share

- 2023-10: $53.57 per share

- 2023-11: $56.93 per share

- 2023-12: $70.17 per share

- 2024-01: $66.50 per share

- 2024-02: $64.72 per share

- 2024-03: $65.31 per share

- 2024-04: $61.89 per share

- 2024-05: $60.67 per share

- 2024-06: $61.56 per share

- 2024-07: $71.31 per share

- 2024-08: $75.22 per share

- 2024-09: $80.46 per share

- 2024-10: $80.56 per share

- 2024-11: $81.99 per share

- 2024-12: $74.36 per share

- 2025-01: $73.14 per share

- 2025-02: $70.93 per share

- 2025-03: $67.19 per share

- 2025-04: $63.73 per share

- 2025-05: $67.33 per share

- 2025-06: $67.47 per share

- 2025-07: $65.43 per share

- 2025-08: $72.51 per share

- 2025-09: $74.34 per share

- 2025-10: $71.19 per share

- 2025-11: $72.36 per share

- 2025-12: $67.48 per share

- 2026-01: $64.67 per share

- 2026-02: $57.58 per share

- 2026-03: $51.90 per share

- 2026-04: $58.46 per share

- 2026-05: $60.01 per share

- 2026-06: $66.31 per share

- 2026-07: $70.12 per share

- 2026-08: $67.99 per share

- 2026-09: $61.11 per share

- 2026-10: $59.69 per share

## Annual estimated value (USD per share)

- FY2016: low $38.06 per share, central $43.07 per share, high $49.72 per share

- FY2017: low $45.82 per share, central $51.86 per share, high $59.89 per share

- FY2018: low $53.00 per share, central $66.29 per share, high $76.98 per share

- FY2019: low $64.68 per share, central $84.57 per share, high $98.59 per share

- FY2020: low $63.16 per share, central $77.70 per share, high $89.47 per share

- FY2021: low $60.27 per share, central $68.31 per share, high $79.00 per share

- FY2022: low $82.87 per share, central $93.83 per share, high $108.43 per share

- FY2023: low $89.76 per share, central $101.31 per share, high $116.67 per share

- FY2024: low $88.11 per share, central $100.08 per share, high $116.02 per share

- FY2025: low $43.12 per share, central $48.18 per share, high $54.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.