Latest Ratios: P/E Ratio 39.4x · EV/EBITDA 9.4x · 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 | $10.9B | $10.7B | $11.7B | $11.0B | $10.6B | $18.0B | $14.7B | $21.4B | $17.4B | $20.1B | $19.4B |
| Enterprise Value | $26.8B | $26.6B | $27.8B | $26.1B | $24.6B | $30.9B | $26.5B | $32.9B | $27.9B | $29.9B | $28.8B |
| P/E Ratio → | 39.42 | 38.78 | 826.22 | 57.99 | 12.51 | 36.33 | 17.06 | 344.65 | 29.85 | 44.38 | 38.58 |
| P/S Ratio | 3.14 | 3.08 | 3.44 | 3.37 | 3.42 | 6.24 | 5.32 | 7.21 | 6.41 | 7.72 | 7.59 |
| P/B Ratio | 1.42 | 1.40 | 1.48 | 1.35 | 1.27 | 2.24 | 1.76 | 2.66 | 2.12 | 2.48 | 2.44 |
| P/FCF | 15.86 | 15.54 | 14.92 | 13.47 | 12.01 | 16.09 | 12.74 | 28.52 | 23.20 | 41.86 | 86.29 |
| P/OCF | 8.78 | 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 | 9.42 | 9.34 | 14.55 | 13.96 | 13.58 | 18.24 | 16.65 | 19.07 | 10.30 | 11.50 | 11.31 |
| EV / EBIT | 13.82 | 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 | 5.9% | 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 | 2.5% | 2.6% | 0.1% | 1.7% | 8.0% | 2.8% | 5.9% | 0.3% | 3.3% | 2.3% | 2.6% |
| FCF Yield | 6.3% | 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 | 5.9% | 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 |
Office demand recovery uncertainty
As reported in recent financial data, BXP's P/FFO multiple of 48.63 in 2026Q1 suggests that the market continues to apply a significant discount to the company's trophy office portfolio, likely pricing in long-term structural headwinds rather than the immediate cash-generating capacity of its core assets.
The elevated P/FFO multiple, when viewed alongside the 6.0% dividend yield, indicates that investors are demanding a substantial risk premium for exposure to the office sector. This valuation appears to reflect a market-wide skepticism regarding the long-term terminal value of urban office space, despite BXP's historical ability to maintain high-quality tenant rosters.
Based on quarterly filings, BXP maintained a 59.1% NOI margin in 2026Q1, which suggests that the company's premium asset strategy remains effective at preserving property-level profitability despite the broader cyclical pressures currently impacting the office real estate market across its primary coastal gateway cities.
The stability of the NOI margin indicates that BXP's management has successfully controlled operating expenses, preventing the margin erosion often seen in lower-tier office portfolios. However, investors should monitor whether future capital requirements for tenant improvements begin to weigh on these margins as lease renewals become more competitive.
According to historical financial statements, BXP's FFO payout ratio reached 37.7% in 2026Q1, yet the volatility observed in previous quarters, such as the 151.4% ratio in 2025Q3, suggests that dividend coverage remains highly sensitive to non-recurring accounting adjustments and fluctuations in quarterly cash flow generation.
While the current payout ratio appears manageable, the historical variance warrants caution regarding the long-term sustainability of the dividend. The reliance on non-recurring items to support FFO suggests that investors should prioritize AFFO-based coverage metrics to better assess the true cash cushion available for shareholder distributions.
As indicated by the reported debt-to-equity ratio of 2.07 in 2026Q1, BXP maintains a relatively disciplined leverage profile, which appears to provide the company with the necessary balance sheet flexibility to navigate ongoing development commitments and potential refinancing risks in a higher interest rate environment.
The company's ability to maintain this leverage level while funding large-scale developments suggests a conservative approach to capital structure management. Nevertheless, the interest coverage ratio of 1.18 in 2026Q1 warrants close monitoring, as it indicates a narrowing margin of safety for servicing debt obligations if property-level cash flows face further pressure.
The P/E ratio of 38.74 is fundamentally misapplied to BXP, as it fails to account for the massive non-cash depreciation charges inherent in real estate accounting, which artificially depress net income and obscure the company's actual cash-generating capacity and operational performance relative to its peers.
Investors should instead utilize P/FFO or P/AFFO, as these metrics adjust for depreciation and provide a more accurate reflection of the cash available for distribution. Relying on the P/E ratio leads to a distorted view of valuation, as it treats essential property maintenance as a permanent loss rather than a necessary reinvestment in the asset base.
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 39.4x. The historical average is 32.0x. This places it at the 74th percentile of its historical range.
BXP, Inc.'s current EV/EBITDA is 9.4x. 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 39.4x. This is at the 74th 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 5.90% 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.