| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 3 | 1 | — | 3 | — | — | 2 | 1 | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 2.80 |
—
—
—
|
| 2025 | 3.36 |
—
—
—
—
|
| 2024 | 3.92 |
—
—
—
—
|
| 2023 | 3.92 |
—
—
—
—
|
| 2022 | 3.92 |
—
—
—
—
|
| 2021 | 3.92 |
—
—
—
—
|
| 2020 | 3.92 |
—
—
—
—
|
| 2019 | 3.83 |
—
—
—
—
|
| 2018 | 3.50 |
—
—
—
—
|
| 2017 | 3.05 |
—
—
—
—
|
| 2016 | 2.70 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 1,612.57 | 1,335.20 | 1,557.27 | 553.46 |
| Receivables | 1,491.32 | 1,588.33 | 1,646.81 | 1,680.81 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 3,194.38 | 3,017.25 | 3,241.80 | 2,281.79 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 458.33 | 401.87 | 480.02 | 474.14 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 592.01 | 529.97 | 605.36 | 583.66 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 872.15 | 895.70 | — | — |
—
|
| ’25 | 865.22 | 868.46 | 871.51 | 877.10 |
3,482.28
|
| ’24 | 839.44 | 850.48 | 859.23 | 858.57 |
3,407.72
|
| ’23 | 803.20 | 817.15 | 824.28 | 828.93 |
3,273.57
|
| ’22 | 754.31 | 773.93 | 790.52 | 789.82 |
3,108.58
|
| ’21 | 713.70 | 713.81 | 730.06 | 731.06 |
2,888.62
|
| ’20 | 752.56 | 654.77 | 693.27 | 665.09 |
2,765.69
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 156.47 | 446.06 | — | — |
—
|
| ’25 | 210.04 | 353.15 | 274.22 | 407.75 |
1,245.16
|
| ’24 | 197.60 | 367.06 | 286.10 | 383.75 |
1,234.50
|
| ’23 | 234.01 | 379.17 | 301.19 | 387.15 |
1,301.52
|
| ’22 | 219.49 | 397.15 | 295.76 | 370.00 |
1,282.40
|
| ’21 | 152.06 | 408.41 | 226.38 | 346.37 |
1,133.23
|
| ’20 | 175.20 | 379.08 | 228.15 | 374.42 |
1,156.84
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (7.17) | 116.60 | — | — |
—
|
| ’25 | (46.49) | 84.07 | (93.72) | 688.71 |
632.56
|
| ’24 | (63.42) | 135.92 | 17.67 | 16.33 |
106.50
|
| ’23 | 8.05 | 155.71 | 27.27 | 89.54 |
280.57
|
| ’22 | 69.02 | (421.17) | 2.69 | 250.40 |
(99.07)
|
| ’21 | (93.35) | 90.42 | (132.71) | 297.67 |
162.03
|
| ’20 | 188.20 | 304.10 | 11.99 | 147.03 |
651.31
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.64 | 0.43 | — | — |
—
|
| ’25 | 0.39 | 0.56 | (0.77) | 1.56 |
1.74
|
| ’24 | 0.51 | 0.51 | 0.53 | (1.45) |
0.09
|
| ’23 | 0.50 | 0.66 | (0.71) | 0.76 |
1.21
|
| ’22 | 0.91 | 1.42 | 2.29 | 0.78 |
5.40
|
| ’21 | 0.59 | 0.71 | 0.69 | 1.18 |
3.17
|
| ’20 | 3.20 | 1.71 | 0.58 | 0.05 |
5.54
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 64.43 | 46.18 | 56.46 | 54.22 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 133.11 | 79.42 | 90.11 | 79.33 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 780 | 727 | 710 | 714 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.99 | 4.50 | 4.80 | 4.88 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,108.58 | 3,273.57 | 3,407.72 | 3,482.28 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 63.47% | 62.85% | 61.20% | 60.64% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,020.58 | 291.42 | 84.19 | 384.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 32.83% | 8.90% | 2.47% | 11.03% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,020.58 | 291.42 | 84.19 | 384.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 752.20 | 832.75 | 888.46 | 911.36 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.83 | 20.87 | 21.64 | 21.99 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.41 | 1.21 | 0.09 | 1.74 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.18 | 8.30 | 7.84 | 7.86 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (8.81) | (6.51) | (7.16) | (3.87) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.63) | 1.79 | 0.68 | 4.00 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53.37 | 52.17 | 50.41 | 48.54 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 156.73 | 156.86 | 157.47 | 158.33 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.31 | 59.10 | 743.60 | 38.78 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.36 | 3.45 | 3.44 | 3.07 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.25 | 1.38 | 1.48 | 1.39 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.79 | 8.09 | 8.06 | 7.64 | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (244.31) | 94.34 | 257.87 | 42.04 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,282.40 | 1,301.52 | 1,234.50 | 1,245.16 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,381.46) | (1,020.95) | (1,128.00) | (612.59) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (99.07) | 280.57 | 106.50 | 632.56 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,664.85 | 2,602.37 | 2,487.28 | 2,636.44 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14,498.67 | 16,274.26 | 16,591.38 | 16,969.52 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13,761.86 | 14,661.69 | 15,256.18 | 15,412.25 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8,363.82 | 8,183.98 | 7,938.12 | 7,684.70 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.65% | 0.76% | 0.05% | 1.06% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.99% | 2.83% | 2.75% | 2.74% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.35% | 2.30% | 0.18% | 3.54% | ‡‡‡‡‡ | — | — |
ROE
|
Boston Properties (BXP), a premier office REIT with trophy assets in key gateway markets, boasts resilient revenue growth—up 4% CAGR to $3.41 billion in 2023—driven by rent escalations and developments. Yet this masks a brutal profitability collapse: net income plummeted 92% to $84 million in 2023, EBT margins shriveled from 32.8% to 2.5%, and ROA evaporated to near-zero amid soaring interest expenses on debt that ballooned 48% to $16.6 billion. High rates, entrenched remote work, and office vacancies exacerbate the strain, decoupling the stock’s 50% plunge from highs from its top-line stability.
Insider selling—$5.3 million in shares dumped by executives with zero buys—signals leadership’s doubt, while book value erodes and leverage spikes, threatening refinancings amid $2 trillion in looming commercial mortgages industry-wide. Analyst targets imply 6-42% upside on hopes of rate cuts and occupancy recovery, but skeptics see structural decay in an asset class under siege by hybrid work and AI efficiencies.
This tension between revenue grit and eroding fundamentals raises red flags on consensus optimism—dive into the full analysis for data correlations, capex risks, and why BXP’s reckoning could drag on.
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