Upside case
Bull case
$164+173.8%
BXP would need investors to value it at roughly 98x earnings — about 62x more generous than today's 36x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
BXP, Inc. (BXP) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
42
analysts
23 bullish · 1 bearish · 42 covering BXP
Strong Buy
0
Buy
23
Hold
18
Sell
1
Strong Sell
0
Consensus Target
$72
+20.5% vs today
Scenario Range
$68 – $164
Model bear to bull value window
Coverage
42
Published analyst ratings
Valuation Context
35.9x
Forward P/E · Market cap $9.5B
BXP price targets
Three scenarios for where BXP stock could go
Current
~$60
Confidence
51 / 100
Updated
May 1, 2026
Where we are now
Current · $60
Bear
$68
Base
$47
Bull
$164
Market caseClosest to today
Base case
$47-20.7%
At 28x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$68+14.4%
The bear case assumes sentiment or fundamentals disappoint enough to push BXP down roughly 14% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
BXP, Inc.
BXP · NYSEReal EstateREIT - OfficeDecember year-end
BXP is a premier office real estate investment trust that develops, owns, and operates Class A office properties in major U.S. markets like Boston, New York, and San Francisco. It generates revenue primarily through office leasing — collecting rent from tenants in its high-quality portfolio — with additional income from property management and development services. The company's competitive advantage lies in its concentration in supply-constrained, high-barrier-to-entry urban markets and its reputation as a top-tier landlord for blue-chip corporate tenants.
Market Cap
$9.5B
Revenue TTM
$3.5B
Net Income TTM
$277M
Net Margin
8.0%
BXP Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
-21.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$1.71/$1.67
Revenue
$868M/$859M
Q4 2025
EPS
$1.74/$1.72
Revenue
$872M/$881M
Q1 2026
EPS
$1.76/$1.80
Revenue
$877M/$861M
Q2 2026
EPS
$0.64/$0.28
Revenue
$872M/$843M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.71/$1.67 | +2.4% | $868M/$859M | +1.1% |
| Q4 2025 | $1.74/$1.72 | +1.2% | $872M/$881M | -1.1% |
| Q1 2026 | $1.76/$1.80 | -2.2% | $877M/$861M | +1.8% |
| Q2 2026 | $0.64/$0.28 | +131.8% | $872M/$843M | +3.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.6B
+2.5% YoY
FY2
$3.7B
+3.2% YoY
EPS Outlook
FY1
$1.54
-11.7% YoY
FY2
$1.38
-10.2% YoY
Trailing FCF (TTM)$690M
FCF Margin: 19.8%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
BXP beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
BXP Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $246M
Product Mix
Latest annual revenue by segment or product family
Parking and Other
58.2%
+6.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Boston
37.5%
+4.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Parking and Other is the largest disclosed segment at 58.2% of FY 2025 revenue, up 6.0% YoY.
Boston is the largest reported region at 37.5%, up 4.7% YoY.
BXP Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $85 — implies +44.0% from today's price.
Upside to Fair Value
44.0%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BXP
34.4x
vs
S&P 500
25.2x
+36% premium
vs Real Estate Trailing P/E
BXP
34.4x
vs
Real Estate
24.3x
+41% premium
vs BXP 5Y Avg P/E
Today
34.4x
vs
5Y Average
36.4x
6% discount
Forward PE
35.9x
S&P 500
19.1x
+88%
Real Estate
26.5x
+35%
5Y Avg
—
—
Trailing PE
34.4x
S&P 500
25.2x
+36%
Real Estate
24.3x
+41%
5Y Avg
36.4x
-6%
PEG Ratio
—
S&P 500
1.75x
—
Real Estate
1.22x
—
5Y Avg
—
—
EV/EBITDA
8.9x
S&P 500
15.3x
-42%
Real Estate
16.7x
-47%
5Y Avg
13.9x
-36%
Price/FCF
13.8x
S&P 500
21.3x
-35%
Real Estate
15.7x
-13%
5Y Avg
14.4x
-4%
Price/Sales
2.7x
S&P 500
3.1x
-13%
Real Estate
3.0x
-10%
5Y Avg
3.9x
-30%
Dividend Yield
6.76%
S&P 500
1.88%
+260%
Real Estate
4.67%
+45%
5Y Avg
5.67%
+19%
| Metric | BXP | S&P 500 | Real Estate | 5Y Avg BXP |
|---|---|---|---|---|
| Forward PE | 35.9x | 19.1x+88% | 26.5x+35% | — |
| Trailing PE | 34.4x | 25.2x+36% | 24.3x+41% | 36.4x |
| PEG Ratio | — | 1.75x | 1.22x | — |
| EV/EBITDA | 8.9x | 15.3x-42% | 16.7x-47% | 13.9x-36% |
| Price/FCF | 13.8x | 21.3x-35% | 15.7x-13% | 14.4x |
| Price/Sales | 2.7x | 3.1x-13% | 3.0x-10% | 3.9x-30% |
| Dividend Yield | 6.76% | 1.88% | 4.67% | 5.67% |
BXP trades above S&P 500 benchmarks on 2 of 5 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBXP Financial Health
Verdict
Exceptional
BXP pays 6.8% total shareholder yield with 42.3% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$3.5B
Revenue Growth
TTM vs prior year
+2.2%
Gross Margin
Gross profit as a share of revenue
60.6%
Operating Margin
Operating income divided by revenue
42.3%
Net Margin
Net income divided by revenue
8.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.74
Operating Margin
NOI-equivalent margin — key for REIT property economics
42.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.1%
ROA
Return on assets, trailing twelve months
1.1%
Cash & Equivalents
Liquid assets on the balance sheet
$1.5B
Net Debt
Total debt minus cash
$15.9B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
23.0× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
3.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
6.8%
Dividend
6.8%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$4.05
Payout Ratio
Share of earnings distributed as dividends
232.3%
Shares Outstanding
Current diluted share count
159M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageBXP Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Office Real Estate Sector Weakness
BXP is heavily concentrated in premier office assets, which are currently facing occupancy pressures due to remote work trends and potential economic downturns. The overall office real estate market has seen significant headwinds, with commercial mortgage-backed securities delinquency rates reaching an all-time high.
High Risk
High Debt Load and Interest Rate Sensitivity
The company carries an above-average debt load, making it sensitive to interest rate fluctuations. As debt matures and is refinanced, BXP's interest costs are likely to increase, potentially pressuring its Funds From Operations (FFO).
Medium
Development Pipeline Execution and Funding
BXP has a material development pipeline that presents execution and funding challenges. Significant capital spending is required for these projects, and securing partners and managing asset sales are crucial to funding these developments without taking on additional debt.
Medium
Market Conditions and Economic Uncertainty
Changes in market conditions, including investor sentiment and potential recessions, can adversely affect BXP's stock price and financial performance. A recession could further diminish office-using employment, impacting rental rates and space absorption.
Medium
Profitability and Growth Concerns
BXP has shown modest revenue growth and negative profit margins in some analyses, raising questions about earnings sustainability. Projected FFO growth is constrained by debt refinancing and repayment activities.
Lower
Dividend Sustainability
While BXP has a dividend, its high payout ratio has raised sustainability concerns, and further increases are unlikely until leverage normalizes.
Lower
Valuation
BXP's current P/E ratio is relatively high compared to historical averages and industry peers, suggesting the stock may be priced at a premium.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BXP Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Portfolio Strength and Strategic Location
BXP owns and manages a substantial portfolio of 179 properties, totaling approximately 52.6 million rentable square feet, concentrated in dynamic gateway markets like Boston, New York, San Francisco, Los Angeles, Seattle, and Washington, D.C. These locations are characterized by growing corporate earnings, which enhances the potential for increased leasing activity and tenant demand.
Robust Leasing Activity and Occupancy Gains
The company has demonstrated strong leasing momentum, completing significant leasing in its first quarter of 2026, exceeding 1.1 million square feet. BXP has raised its full-year 2026 FFO guidance, citing improved portfolio performance and a target of achieving four percentage points of total occupancy improvement over 2026 and 2027.
Strategic Asset Sales and Capital Optimization
BXP is actively executing a plan to sell non-core assets, including land, residential, and non-strategic office properties. The company has generated substantial proceeds from these sales, enhancing its balance sheet flexibility and providing capital for growth.
Positive Financial Outlook and Guidance
BXP reported first-quarter 2026 results that exceeded expectations, with FFO per share of $1.59, surpassing analyst consensus. The company has raised its full-year 2026 FFO guidance, reflecting confidence in its business plan and market conditions.
Demand from AI and Tech Sectors
There are indications of accelerated leasing demand from AI-driven tenants, contributing to positive absorption in core submarkets.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BXP Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$59.84
52W Range Position
34%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$49.72
+20.4% from the low
52-Week High
$79.33
-24.6% from the high
1 Month
+15.30%
3 Month
-7.54%
YTD
-11.8%
1 Year
-6.5%
3Y CAGR
+5.5%
5Y CAGR
-11.1%
10Y CAGR
-7.5%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BXP vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
35.9x
vs 69.5x median
-48% below peer median
Revenue Growth
+2.5%
vs +3.3% median
-24% below peer median
Net Margin
8.0%
vs 4.3% median
+86% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BXP BXP BXP, Inc. | $9.5B | 35.9x | +2.5% | 8.0% | Buy | +20.5% |
SLG SLG SL Green Realty Corp. | $3.2B | — | +14.4% | -9.0% | Hold | +12.9% |
VNO VNO Vornado Realty Trust | $5.9B | 371.3x | +1.9% | 44.0% | Hold | +18.8% |
HIW HIW Highwoods Properties, Inc. | $2.8B | 40.0x | -0.5% | 11.4% | Hold | +4.6% |
PDM PDM Piedmont Office Realty Trust, Inc. | $1.1B | — | +3.3% | -20.5% | Hold | +18.3% |
DEA DEA Easterly Government Properties, Inc. | $1.1B | 69.5x | +7.6% | 4.3% | Hold | -29.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
BXP Dividend and Capital Return
BXP returns 6.9% total yield, led by a 6.92% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
6.9%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
6.92%
Payout Ratio
2.3%
How BXP Splits Its Return
Div 6.92%
Dividend 6.92%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$4.05
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
-5.0%
5Y Div CAGR
-3.0%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
159M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.70 | — | — | — |
| 2025 | $3.36 | -14.3% | 0.0% | 6.0% |
| 2024 | $3.92 | 0.0% | 0.0% | 5.9% |
| 2023 | $3.92 | 0.0% | 0.0% | 6.2% |
| 2022 | $3.92 | 0.0% | 0.0% | 6.5% |
FAQ
7 questionsBXP Investor Questions
Common questions answered from live analyst data and company financials.
01Is BXP, Inc. (BXP) stock a buy or sell in 2026?
BXP, Inc. (BXP) is rated Buy by Wall Street analysts as of 2026. Of 42 analysts covering the stock, 23 rate it Buy or Strong Buy, 18 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $72, implying +20.5% from the current price of $60. The bear case scenario is $68 and the bull case is $164.
02What is the BXP stock price target for 2026?
The Wall Street consensus price target for BXP is $72 based on 42 analyst estimates. The high-end target is $81 (+35.4% from today), and the low-end target is $62 (+3.6%). The base case model target is $47.
03Is BXP, Inc. (BXP) stock overvalued in 2026?
BXP trades at 35.9x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for BXP, Inc. (BXP) stock in 2026?
The primary risks for BXP in 2026 are: (1) Office Real Estate Sector Weakness — BXP is heavily concentrated in premier office assets, which are currently facing occupancy pressures due to remote work trends and potential economic downturns. (2) High Debt Load and Interest Rate Sensitivity — The company carries an above-average debt load, making it sensitive to interest rate fluctuations. (3) Development Pipeline Execution and Funding — BXP has a material development pipeline that presents execution and funding challenges. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is BXP, Inc.'s revenue and earnings forecast?
Analyst consensus estimates BXP will report consensus revenue of $3.6B (+2.5% year-over-year) and EPS of $1.54 (-11.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $3.7B in revenue.
06When does BXP, Inc. (BXP) report its next earnings?
A confirmed upcoming earnings date for BXP is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does BXP, Inc. generate?
BXP, Inc. (BXP) generated $690M in free cash flow over the trailing twelve months — a free cash flow margin of 19.8%. BXP returns capital to shareholders through dividends (6.9% yield) and share repurchases ($0 TTM).