BXP, Inc. (BXP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+101.7%

$128.70

vs $63.80 price

Levered DCF

$65.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.51

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	38.78×	820.75×	57.99×	12.47×	36.22×	17.06×	344.65×	29.85×
P/B	2.08×	2.16×	1.87×	1.73×	3.08×	2.45×	3.75×	2.95×
P/S	3.08×	3.44×	3.37×	3.41×	6.22×	5.31×	7.2×	6.4×
EV / EBITDA	13.69×	17.16×	15.33×	11.13×	17.38×	12.41×	18.86×	16.04×
Gross margin	60.6%	61.2%	62.8%	63.5%	64.2%	62.7%	63.4%	62.4%
Operating margin	55.7%	30.0%	31.7%	34.1%	33.7%	32.8%	35.4%	33.6%
Net margin	7.9%	0.4%	5.8%	27.3%	17.5%	31.6%	17.6%	21.5%
Current ratio	2.28×	2.56×	4.19×	3.16×	2.58×	4.73×	3.1×	3.31×
Debt / equity	3.37×	3.2×	2.82×	2.4×	2.28×	2.25×	2.15×	1.87×
Interest coverage	3×	1.58×	1.81×	2.43×	2.3×	2.1×	2.54×	2.42×
Dividend yield	6.0%	5.9%	6.2%	6.5%	3.8%	4.7%	3.1%	3.4%
Payout ratio	232.3%	4833.7%	361.6%	80.7%	135.3%	78.9%	127.8%	100.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.4%	0.3%	3.2%	13.8%	8.6%	14.6%	9.2%	9.9%
Return on invested capital	7.6%	4.0%	4.1%	4.5%	4.5%	4.1%	5.1%	3.3%
Return on assets	1.1%	0.1%	0.7%	3.5%	2.3%	3.8%	2.5%	2.9%
Free cash flow yield	6.4%	6.7%	7.4%	8.3%	6.2%	7.9%	3.5%	4.3%
Earnings yield	2.6%	0.1%	1.7%	8.0%	2.8%	5.9%	2.4%	3.4%
Enterprise value	$26.6B	$27.8B	$26.1B	$24.6B	$30.9B	$26.5B	$32.9B	$27.8B
Net debt / EBITDA	8.17×	9.93×	8.86×	6.34×	7.26×	5.53×	6.64×	6.03×
Cash conversion cycle (days)	45	69	39	36	62	39	15	10