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BXP, Inc.(BXP)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
3-STAR RATING
PASS
LAST CLOSE
$62.27
09/24/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for BXP

09/24/2026: BXP (3-star) is currently NOT-A-BUY. Pass it for now.

BXP, Inc. is a major US REIT focusing on high-end Class A office properties and life science facilities in key gateway cities. The company has a leading position in the premium office market, supported by a strong balance sheet and high-credit tenants. Its primary growth story revolves around diversifying into the resilient life science sector and urban mixed-use development. However, the business faces material risks from the structural shift toward hybrid work, which threatens office demand, and sensitivity to interest rates. BXP may best suit income-focused investors looking for established, institutional-grade real estate, though they should monitor occupancy trends and debt management developments closely.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorWeak fitThe office REIT sector currently faces significant structural headwinds limiting high-growth prospects.
Momentum investorWeak fitThe stock has not demonstrated sustained upward price momentum relative to broader market indices.
Value investorMixed fitThe stock may appear attractively valued on a NAV basis, but market sentiment regarding office space remains cautious.
Dividend investorStrong fitBXP provides a consistent income stream typical of established REITs, which may appeal to income-focused investors.
Low-risk investorMixed fitWhile assets are high-quality, the office sector's current volatility introduces moderate-to-high risk profiles.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityMedium / highGeneral market sentiment toward office real estate creates significant share price swings.
Valuation riskMediumChanges in capitalization rates and interest rate environments directly impact property valuations.
Competition risk (office space demand)HighChanging work models reduce aggregate demand for traditional urban office footprints.
Business qualityStrongBXP manages a premier portfolio of Tier-1 assets that attract the highest quality corporate tenants.
Dividend incomeMediumDividend sustainability depends on stable occupancy rates and sufficient funds from operations.
Execution riskMediumTimely delivery and leasing of large-scale development projects are critical to meeting financial targets.

Price Behavior

Rolling Over
PRICE PATH

Rolling Over

The price momentum is slowing down and beginning to turn downward.

Smooth
PRICE STABILITY

Smooth

The stock has moved along a generally orderly path with only modest fluctuations.

Analysis of Past Performance

Type Stock
Historic Profit 34.29%
Avg. Invested days 59
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 4.0
Stock Returns Performance Upturn Returns Performance icon 3.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/24/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
BXP receives a 4-star rating, supported by strong unit economics, solid company fundamentals, and solid analyst coverage. The rating is constrained by weak price momentum.

Company Fundamentals

★★★★★
BXP has solid overall fundamentals (4 stars), with solid financial health, solid growth momentum, and solid ownership. In FY2025 versus FY2024, strong earnings growth (+1839.5%) and strong cash generation (FCF margin 19.8%) are partially offset by moderate revenue growth (+2.2%), soft profitability (net margin 7.9%), very low insider ownership of 0.38%.

Financial Health Rating

★★★★★
BXP's financial health is supported by solid efficiency, including operating-expense and cost-of-revenue discipline (opex 4.8% of revenue). Liquidity is moderate (3 stars), which helps explain the 4-star overall score.

Growth Momentum Score

★★★★★
Earnings growth is BXP's strongest growth driver at +1839.5% FY2025 versus FY2024 (strong, 5 stars). By comparison, while revenue growth (+2.2%, moderate) and free-cash-flow growth (-12.3%, negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 113.3% and approximately 99.1% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership is only 0.38%, which materially reduces the ownership score.

Top 5 Institutional Investors

Cohen & Steers Inc 14.27%
Arnhold & S. Bleichroeder Advisers, LLC 11.86%
BlackRock Inc 10.31%
Vanguard Portfolio Management, LLC 8.03%
Vanguard Capital Management, LLC 6.24%

Unit Economics (Per $1K Revenue)

★★★★★
BXP generates approximately $606 of gross profit, $557 of operating income, and $198 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

★★★★★
Effective Tax Rate: 0.00%

Quantitative Style Profile

★★★★★
BXP has a large-cap, liquid profile. Weak momentum is the primary drawback, while valuation that is moderately attractive rather than deeply discounted.

Style Classification

Quality Focused

Large / Mega Cap StabilityShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Large-Cap Stock
Market Capitalization 11.28B USD
Price to earnings Ratio 34.64
1Y Target Price 76.35
Price to earnings Ratio 34.64
1Y Target Price 76.35
Volume (30-day avg) 1.3M shares
Beta 1.03
52 Weeks Range 48.54 - 74.94
Updated Date 09/24/2026
52 Weeks Range 48.54 - 74.94
Updated Date 09/24/2026
Dividends yield (FY) 4.35%
Basic EPS (TTM) 1.8

How Company Makes Money

Business areaWhat it includesRetail investor read
Office LeasingRental income from Class A office properties in gateway cities.Most revenue comes from long-term leases with major companies.
Life Science/ResearchRental income from specialized lab space for biotechnology and R&D firms.This is a specialized, high-demand niche of the business.
Mixed-Use/OtherIncome from retail, residential, and hotel components integrated into projects.Diversifies income beyond standard office work.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE 34.64
Forward PE 28.17
Enterprise Value 25.82B
Price to Sales(TTM) 3.54
Enterprise Value 25.82B
Price to Sales(TTM) 3.54
Enterprise Value to Revenue 7.43
Enterprise Value to EBITDA 13.21
Shares Outstanding 159.66M
Shares Floating 158.23M
Shares Outstanding 159.66M
Shares Floating 158.23M
Percent Insiders 0.38
Percent Institutions 113.33

Icon representing Upturn AI-generated SWOT analysis summary Upturn AI Summary

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About BXP, Inc.

Exchange NYSE
Headquarters Boston, MA, United States
IPO Launch date 1997-06-18
CEO & Chairman of the Board Mr. Owen David Thomas
Sector Real Estate
Industry REIT - Office
Full time employees 826
Full time employees 826

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.