Latest Ratios: P/E Ratio 34.6x · EV/EBITDA 9.0x · ROE 3.5%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.6B | $10.7B | $11.7B | $11.0B | $10.6B | $18.0B | $14.7B | $21.4B | $17.4B | $20.1B | $19.4B |
| Enterprise Value | $25.5B | $26.6B | $27.8B | $26.1B | $24.6B | $30.9B | $26.5B | $32.9B | $27.9B | $29.9B | $28.8B |
| P/E Ratio → | 34.62 | 38.78 | 826.22 | 57.99 | 12.51 | 36.33 | 17.06 | 344.65 | 29.85 | 44.38 | 38.58 |
| P/S Ratio | 2.76 | 3.08 | 3.44 | 3.37 | 3.42 | 6.24 | 5.32 | 7.21 | 6.41 | 7.72 | 7.59 |
| P/B Ratio | 1.25 | 1.40 | 1.48 | 1.35 | 1.27 | 2.24 | 1.76 | 2.66 | 2.12 | 2.48 | 2.44 |
| P/FCF | 13.93 | 15.54 | 14.92 | 13.47 | 12.01 | 16.09 | 12.74 | 28.52 | 23.20 | 41.86 | 86.29 |
| P/OCF | 7.72 | 8.61 | 9.50 | 8.48 | 8.28 | 15.89 | 12.71 | 18.08 | 15.14 | 22.12 | 18.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.64 | 8.16 | 7.98 | 7.92 | 10.70 | 9.59 | 11.13 | 10.26 | 11.50 | 11.29 |
| EV / EBITDA | 8.95 | 9.34 | 14.55 | 13.96 | 13.58 | 18.24 | 16.65 | 19.07 | 10.30 | 11.50 | 11.31 |
| EV / EBIT | 13.14 | 25.78 | 38.12 | 29.99 | 16.89 | 29.29 | 18.28 | 30.94 | 25.56 | 31.92 | 29.31 |
| EV / FCF | — | 38.57 | 35.35 | 31.89 | 27.84 | 27.60 | 22.97 | 44.00 | 37.14 | 62.36 | 128.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.6% | 60.6% | 61.2% | 62.8% | 63.5% | 64.2% | 62.7% | 63.4% | 62.4% | 63.0% | 63.9% |
| Operating Margin | 55.7% | 55.7% | 30.0% | 31.7% | 34.1% | 33.7% | 32.8% | 35.4% | 33.6% | 34.9% | 32.3% |
| Net Profit Margin | 7.9% | 7.9% | 0.4% | 5.8% | 27.3% | 17.5% | 31.6% | 17.6% | 21.5% | 17.8% | 20.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | 0.2% | 2.3% | 10.3% | 6.2% | 10.7% | 6.4% | 7.1% | 5.8% | 6.5% |
| ROA | 1.1% | 1.1% | 0.1% | 0.8% | 3.6% | 2.2% | 4.0% | 2.5% | 2.9% | 2.4% | 2.7% |
| ROIC | 6.1% | 6.1% | 3.2% | 3.4% | 3.7% | 3.6% | 3.4% | 4.1% | 3.7% | 3.9% | 3.7% |
| ROCE | 7.8% | 7.8% | 4.1% | 4.3% | 4.7% | 4.4% | 4.2% | 5.2% | 4.7% | 4.9% | 4.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.26 | 2.26 | 2.18 | 2.03 | 1.76 | 1.66 | 1.62 | 1.53 | 1.34 | 1.27 | 1.24 |
| Debt / EBITDA | 6.10 | 6.10 | 9.06 | 8.88 | 8.10 | 7.88 | 8.47 | 7.08 | 4.07 | 3.95 | 3.85 |
| Net Debt / Equity | — | 2.07 | 2.02 | 1.84 | 1.67 | 1.60 | 1.42 | 1.45 | 1.27 | 1.21 | 1.19 |
| Net Debt / EBITDA | 5.58 | 5.58 | 8.41 | 8.07 | 7.72 | 7.61 | 7.42 | 6.71 | 3.87 | 3.78 | 3.71 |
| Debt / FCF | — | 23.03 | 20.43 | 18.42 | 15.84 | 11.52 | 10.24 | 15.48 | 13.94 | 20.51 | 42.06 |
| Interest Coverage | 1.59 | 1.59 | 1.13 | 1.52 | 3.33 | 2.49 | 3.36 | 2.58 | 2.88 | 2.50 | 2.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.28 | 2.28 | 2.56 | 4.19 | 3.16 | 2.58 | 4.73 | 3.10 | 3.31 | 2.44 | 1.95 |
| Quick Ratio | 2.28 | 2.28 | 2.56 | 4.19 | 3.16 | 2.58 | 4.73 | 3.10 | 3.47 | 2.57 | 2.14 |
| Cash Ratio | 1.00 | 1.00 | 1.04 | 2.01 | 1.00 | 0.62 | 2.59 | 1.01 | 1.02 | 0.73 | 0.53 |
| Asset Turnover | — | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.12 | 0.14 | 0.13 | 0.13 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.7% | 6.0% | 5.9% | 6.2% | 6.5% | 3.8% | 4.7% | 3.1% | 3.4% | 2.6% | 3.5% |
| Payout Ratio | 232.3% | 232.3% | 4833.7% | 361.6% | 80.7% | 135.3% | 78.9% | 127.8% | 100.8% | 113.9% | 131.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.6% | 0.1% | 1.7% | 8.0% | 2.8% | 5.9% | 0.3% | 3.3% | 2.3% | 2.6% |
| FCF Yield | 7.2% | 6.4% | 6.7% | 7.4% | 8.3% | 6.2% | 7.9% | 3.5% | 4.3% | 2.4% | 1.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.7% | 6.0% | 5.9% | 6.2% | 6.5% | 4.9% | 4.7% | 3.1% | 3.4% | 2.6% | 3.5% |
| Shares Outstanding | — | $159M | $158M | $157M | $157M | $156M | $156M | $155M | $155M | $154M | $154M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying BXP stock.
BXP, Inc.'s current P/E ratio is 34.6x. The historical average is 32.0x. This places it at the 56th percentile of its historical range.
BXP, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
BXP, Inc.'s return on equity (ROE) is 3.5%. The historical average is 8.7%.
Based on historical data, BXP, Inc. is trading at a P/E of 34.6x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BXP, Inc.'s current dividend yield is 6.72% with a payout ratio of 232.3%.
BXP, Inc. has 60.6% gross margin and 55.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BXP, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
San Francisco concentration and occupancy
Metrics are mathematically derived from official filings.
Premium Multiple Hinges on Trophy Assets
BXP trades at a P/FFO near 48, a premium to office peers, reflecting its trophy portfolio, but the implied cap rate and earnings yield warrant scrutiny given occupancy pressures.
With P/FFO around 48.5 in recent quarters, BXP commands a substantial premium to the broader office REIT group, where peers like SLG and VNO trade at lower or negative multiples. This premium appears justified by the quality of the coastal portfolio, yet it leaves little room for error if same-store NOI growth remains flat. The implied cap rate, derived from NOI relative to enterprise value, likely sits below 6%, which is tight against rising interest rates and suggests the market is paying up for stability that may be eroding.
NOI Margin Stability Masks Underlying Pressure
NOI margin held near 60% in most quarters, but the 8.1% print in 2026Q2 and flat same-store growth indicate that property-level profitability is not expanding, per reported figures.
Excluding the anomalous 8.1% in 2026Q2, NOI margin has been remarkably stable around 60%, reflecting efficient operations and the pricing power of trophy assets. However, revenue growth of only 2.19% year-over-year and minimal same-store NOI gains suggest that organic growth is stagnant. The volatility in FFO per share, swinging from $0.72 to $3.05, points to non-cash items or one-time gains that obscure the underlying earnings power, and investors should monitor whether margin stability can persist if occupancy continues to soften.
AFFO Coverage Thins, Dividend at Risk
FFO payout ratio averaged 40.8% in 2026Q2, but AFFO coverage fell to 0.41x, indicating that recurring capital expenditures are consuming cash flow and threatening dividend sustainability.
While the FFO payout ratio appears conservative at roughly 40%, the AFFO payout ratio tells a different story: AFFO per share of $0.11 in 2026Q2 versus a dividend of approximately $0.27 implies a payout ratio above 200%, far exceeding sustainable levels. This divergence suggests that maintenance capex and tenant improvements are heavily burdening distributable cash, and the company may be funding dividends through debt or cash reserves. The $1.478B cash balance provides a temporary cushion, but if AFFO remains depressed, the dividend could face cuts unless cash flows improve.
Leverage Creeps Higher Despite Cash Buffer
Debt-to-equity rose to 2.11 in 2026Q2, with total debt at $16.4B, while cash fell to $553.5M, reducing the liquidity cushion and increasing refinancing risk.
The reported D/E of 2.11 is elevated for a REIT, and while the $1.478B cash balance reported earlier provided comfort, the latest quarter shows cash down to $553.5M, indicating that the buffer is being consumed. Interest coverage of 1.67x in 2026Q2 is thin, leaving little room for further rate hikes or earnings deterioration. The debt maturity profile and the six-property development pipeline suggest significant capital needs, and with cash declining, BXP may need to access capital markets at unfavorable terms if conditions persist.
Occupancy and Concentration Risks Persist
BXP's portfolio remains concentrated in San Francisco and other coastal markets, where occupancy pressures and remote-work trends continue to weigh on leasing, as evidenced by flat revenue growth.
The trophy asset strategy has historically supported premium rents, but the persistent weakness in San Francisco and Seattle, key markets for tech tenants, is a structural overhang. Revenue growth of only 2.19% year-over-year and a widening gap between physical and leased occupancy suggest that tenants may be downsizing or not renewing. G&A efficiency appears adequate, but the geographic concentration amplifies the impact of any single-market downturn, and the company's ability to adapt to hybrid work remains unproven.
P/E Misleads; AFFO Is the True Gauge
Standard P/E of 38.89 is distorted by depreciation and one-time items, obscuring BXP's cash-generative ability; AFFO per share is the more reliable metric for valuation.
For REITs, P/E is deeply misleading because net income includes large non-cash depreciation charges that do not reflect property value changes. BXP's P/E of 38.89 appears expensive, but FFO and AFFO provide a clearer picture of earnings power. However, AFFO has been volatile and even negative in some quarters, suggesting that maintenance capex is substantial and may be understated. Investors should focus on AFFO yield and the sustainability of that metric, rather than P/E, to assess whether the premium valuation is justified.