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BXP vs VNO
Revenue, margins, valuation, and 5-year total return — side by side.
REIT - Office
BXP vs VNO — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | ||
|---|---|---|
| Industry | REIT - Office | REIT - Office |
| Market Cap | $9.29B | $5.71B |
| Revenue (TTM) | $3.48B | $1.81B |
| Net Income (TTM) | $277M | $780M |
| Gross Margin | 60.6% | 86.4% |
| Operating Margin | 42.3% | 19.9% |
| Forward P/E | 35.1x | 356.0x |
| Total Debt | $17.36B | $7.89B |
| Cash & Equiv. | $1.48B | $841M |
BXP vs VNO — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| BXP, Inc. (BXP) | 100 | 68.1 | -31.9% |
| Vornado Realty Trust (VNO) | 100 | 83.6 | -16.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: BXP vs VNO
Each card shows where this stock fits in a portfolio — not just who wins on paper.
BXP carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 0 yrs, beta 0.96, yield 6.9%
- Rev growth 2.2%, EPS growth 18.3%, 3Y rev CAGR 3.9%
- -27.7% 10Y total return vs VNO's -35.0%
VNO is the clearest fit if your priority is quality and efficiency.
- 43.1% margin vs BXP's 8.0%
- 6.3% ROA vs BXP's 1.1%, ROIC 1.4% vs 6.1%
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | 2.2% FFO/revenue growth vs VNO's 1.3% | |
| Value | Lower P/E (35.1x vs 356.0x) | |
| Quality / Margins | 43.1% margin vs BXP's 8.0% | |
| Stability / Safety | Beta 0.96 vs VNO's 1.19 | |
| Dividends | 6.9% yield, vs VNO's 2.4% | |
| Momentum (1Y) | -4.8% vs VNO's -16.2% | |
| Efficiency (ROA) | 6.3% ROA vs BXP's 1.1%, ROIC 1.4% vs 6.1% |
BXP vs VNO — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
BXP vs VNO — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
Income & Cash Flow (Last 12 Months)
Evenly matched — BXP and VNO each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
BXP is the larger business by revenue, generating $3.5B annually — 1.9x VNO's $1.8B. VNO is the more profitable business, keeping 43.1% of every revenue dollar as net income compared to BXP's 8.0%.
| Metric | ||
|---|---|---|
| RevenueTrailing 12 months | $3.5B | $1.8B |
| EBITDAEarnings before interest/tax | $2.4B | $602M |
| Net IncomeAfter-tax profit | $277M | $780M |
| Free Cash FlowCash after capex | $690M | $1.2B |
| Gross MarginGross profit ÷ Revenue | +60.6% | +86.4% |
| Operating MarginEBIT ÷ Revenue | +42.3% | +19.9% |
| Net MarginNet income ÷ Revenue | +8.0% | +43.1% |
| FCF MarginFCF ÷ Revenue | +19.8% | +66.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | +2.2% | -0.5% |
| EPS Growth (YoY)Latest quarter vs prior year | +2.1% | -127.9% |
Valuation Metrics
Evenly matched — BXP and VNO each lead in 3 of 6 comparable metrics.
Valuation Metrics
At 7.2x trailing earnings, VNO trades at a 79% valuation discount to BXP's 33.6x P/E. On an enterprise value basis, BXP's 8.8x EV/EBITDA is more attractive than VNO's 16.9x.
| Metric | ||
|---|---|---|
| Market CapShares × price | $9.3B | $5.7B |
| Enterprise ValueMkt cap + debt − cash | $25.2B | $12.7B |
| Trailing P/EPrice ÷ TTM EPS | 33.64x | 7.20x |
| Forward P/EPrice ÷ next-FY EPS est. | 35.10x | 356.00x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 8.84x | 16.92x |
| Price / SalesMarket cap ÷ Revenue | 2.67x | 3.15x |
| Price / BookPrice ÷ Book value/share | 1.21x | 0.85x |
| Price / FCFMarket cap ÷ FCF | 13.47x | 4.53x |
Profitability & Efficiency
VNO leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
VNO delivers a 11.5% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $4 for BXP. VNO carries lower financial leverage with a 1.16x debt-to-equity ratio, signaling a more conservative balance sheet compared to BXP's 2.26x. On the Piotroski fundamental quality scale (0–9), VNO scores 7/9 vs BXP's 6/9, reflecting strong financial health.
| Metric | ||
|---|---|---|
| ROE (TTM)Return on equity | +3.6% | +11.5% |
| ROA (TTM)Return on assets | +1.1% | +6.3% |
| ROICReturn on invested capital | +6.1% | +1.4% |
| ROCEReturn on capital employed | +7.8% | +1.8% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 7 |
| Debt / EquityFinancial leverage | 2.26x | 1.16x |
| Net DebtTotal debt minus cash | $15.9B | $7.0B |
| Cash & Equiv.Liquid assets | $1.5B | $841M |
| Total DebtShort + long-term debt | $17.4B | $7.9B |
| Interest CoverageEBIT ÷ Interest expense | 1.59x | 3.63x |
Total Returns (Dividends Reinvested)
VNO leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in VNO five years ago would be worth $7,818 today (with dividends reinvested), compared to $7,278 for BXP. Over the past 12 months, BXP leads with a -4.8% total return vs VNO's -16.2%. The 3-year compound annual growth rate (CAGR) favors VNO at 31.1% vs BXP's 10.2% — a key indicator of consistent wealth creation.
| Metric | ||
|---|---|---|
| YTD ReturnYear-to-date | -12.7% | -9.5% |
| 1-Year ReturnPast 12 months | -4.8% | -16.2% |
| 3-Year ReturnCumulative with dividends | +33.7% | +125.5% |
| 5-Year ReturnCumulative with dividends | -27.2% | -21.8% |
| 10-Year ReturnCumulative with dividends | -27.7% | -35.0% |
| CAGR (3Y)Annualised 3-year return | +10.2% | +31.1% |
Risk & Volatility
BXP leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
BXP is the less volatile stock with a 0.96 beta — it tends to amplify market swings less than VNO's 1.19 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BXP currently trades 73.8% from its 52-week high vs VNO's 69.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ||
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.96x | 1.19x |
| 52-Week HighHighest price in past year | $79.33 | $43.37 |
| 52-Week LowLowest price in past year | $49.72 | $24.57 |
| % of 52W HighCurrent price vs 52-week peak | +73.8% | +69.8% |
| RSI (14)Momentum oscillator 0–100 | 59.3 | 59.0 |
| Avg Volume (50D)Average daily shares traded | 2.4M | 2.0M |
Analyst Outlook
Evenly matched — BXP and VNO each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates BXP as "Buy" and VNO as "Hold". Consensus price targets imply 23.9% upside for VNO (target: $38) vs 23.2% for BXP (target: $72). For income investors, BXP offers the higher dividend yield at 6.92% vs VNO's 2.43%.
| Metric | ||
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $72.10 | $37.50 |
| # AnalystsCovering analysts | 42 | 28 |
| Dividend YieldAnnual dividend ÷ price | +6.9% | +2.4% |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| Dividend / ShareAnnual DPS | $4.05 | $0.74 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.9% |
VNO leads in 2 of 6 categories (Profitability & Efficiency, Total Returns). BXP leads in 1 (Risk & Volatility). 3 tied.
BXP vs VNO: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is BXP or VNO a better buy right now?
For growth investors, BXP, Inc.
(BXP) is the stronger pick with 2. 2% revenue growth year-over-year, versus 1. 3% for Vornado Realty Trust (VNO). Vornado Realty Trust (VNO) offers the better valuation at 7. 2x trailing P/E (356. 0x forward), making it the more compelling value choice. Analysts rate BXP, Inc. (BXP) a "Buy" — based on 42 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BXP or VNO?
On trailing P/E, Vornado Realty Trust (VNO) is the cheapest at 7.
2x versus BXP, Inc. at 33. 6x. On forward P/E, BXP, Inc. is actually cheaper at 35. 1x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — BXP or VNO?
Over the past 5 years, Vornado Realty Trust (VNO) delivered a total return of -21.
8%, compared to -27. 2% for BXP, Inc. (BXP). Over 10 years, the gap is even starker: BXP returned -27. 7% versus VNO's -35. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BXP or VNO?
By beta (market sensitivity over 5 years), BXP, Inc.
(BXP) is the lower-risk stock at 0. 96β versus Vornado Realty Trust's 1. 19β — meaning VNO is approximately 23% more volatile than BXP relative to the S&P 500. On balance sheet safety, Vornado Realty Trust (VNO) carries a lower debt/equity ratio of 116% versus 2% for BXP, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — BXP or VNO?
By revenue growth (latest reported year), BXP, Inc.
(BXP) is pulling ahead at 2. 2% versus 1. 3% for Vornado Realty Trust (VNO). On earnings-per-share growth, the picture is similar: Vornado Realty Trust grew EPS 104. 0% year-over-year, compared to 1833% for BXP, Inc.. Over a 3-year CAGR, BXP leads at 3. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — BXP or VNO?
Vornado Realty Trust (VNO) is the more profitable company, earning 50.
0% net margin versus 7. 9% for BXP, Inc. — meaning it keeps 50. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BXP leads at 55. 7% versus 15. 0% for VNO. At the gross margin level — before operating expenses — VNO leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is BXP or VNO more undervalued right now?
On forward earnings alone, BXP, Inc.
(BXP) trades at 35. 1x forward P/E versus 356. 0x for Vornado Realty Trust — 320. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for VNO: 23. 9% to $37. 50.
08Which pays a better dividend — BXP or VNO?
All stocks in this comparison pay dividends.
BXP, Inc. (BXP) offers the highest yield at 6. 9%, versus 2. 4% for Vornado Realty Trust (VNO).
09Is BXP or VNO better for a retirement portfolio?
For long-horizon retirement investors, BXP, Inc.
(BXP) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 96), 6. 9% yield). Both have compounded well over 10 years (BXP: -27. 7%, VNO: -35. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between BXP and VNO?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: BXP is a small-cap income-oriented stock; VNO is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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