Alexandria Real Estate Equities, Inc. (ARE) vs BXP, Inc. (BXP)

Alexandria Real Estate Equities, Inc. and BXP, Inc. are both Reit Office companies. BXP, Inc. is the larger, with a market value of $10.9B against $9.1B — 1.2× the size. Alexandria Real Estate Equities, Inc. has negative trailing earnings, so its P/E is not meaningful; BXP, Inc. trades at 34.1×. BXP, Inc. grew revenue faster over the last twelve months: 1.88% against −8.40%. BXP, Inc. has the higher net margin (8.44% vs −36.3%) and the higher return on invested capital (2.68% vs 1.06%). Both pay a dividend; BXP, Inc. yields more (6.11% vs 4.37%). Across the 22 metrics below, BXP, Inc. leads on 12 and Alexandria Real Estate Equities, Inc. on 10.

Valuation

Metric ARE BXP Reit Office median
P/E n/m 34.08 38.94
P/S 3.00 2.87 2.92
P/B 0.44 1.31 0.78
Price to free cash flow 4.96 14.32 14.22
EV/EBITDA 11.58 13.24 12.77
EV/Sales 7.35 7.25 7.03
Earnings yield (12.14%) 2.93% (3.43%)
Free cash flow yield 20.14% 6.98% 5.85%

Profitability

Metric ARE BXP Reit Office median
Gross margin 68.20% 60.54% 60.53%
Operating margin 18.87% 28.26% 16.84%
Net margin (36.32%) 8.44% (8.23%)
Free cash flow margin 60.45% 20.03% 16.39%
Return on equity (5.05%) 3.81% (2.66%)
Return on assets (2.86%) 1.17% (0.95%)
Return on invested capital 1.06% 2.68% 1.32%

Growth

Metric ARE BXP Reit Office median
Revenue growth (TTM) (8.40%) 1.88% 1.08%
EPS growth (last fiscal year) (568.89%) 1,833.33% —
Revenue growth, 5-year CAGR 9.93% 4.72% 4.37%
Net income growth, 5-year CAGR 0.00% (20.33%) 0.00%

Health

Metric ARE BXP Reit Office median
Debt to equity 0.67 2.07 1.20
Current ratio 0.19 3.91 2.43
Net debt to EBITDA 6.02 8.01 6.91

Dividend

Metric ARE BXP Reit Office median
Dividend yield 4.37% 6.11% 6.16%
Payout ratio 1.43 0.93 1.38

Size

Metric ARE BXP Reit Office median
Market cap 9.08b 10.87b 1.39b

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