BXP, Inc. (BXP) vs Douglas Emmett, Inc. (DEI)

BXP, Inc. and Douglas Emmett, Inc. are both Reit Office companies. BXP, Inc. is the larger, with a market value of $10.4B against $1.7B — 6.2× the size. Douglas Emmett, Inc. has negative trailing earnings, so its P/E is not meaningful; BXP, Inc. trades at 31.7×. BXP, Inc. grew revenue faster over the last twelve months: 1.88% against 0.78%. BXP, Inc. has the higher net margin (8.44% vs −2.28%) and the higher return on invested capital (2.68% vs 1.35%). Both pay a dividend; Douglas Emmett, Inc. yields more (7.80% vs 4.74%). Across the 22 metrics below, BXP, Inc. leads on 14 and Douglas Emmett, Inc. on 8.

Valuation

Metric BXP DEI Reit Office median
P/E 31.73 n/m 36.91
P/S 2.67 1.62 2.70
P/B 1.22 0.46 0.78
Price to free cash flow 13.34 25.33 13.79
EV/EBITDA 12.88 11.71 12.55
EV/Sales 7.06 6.95 6.97
Earnings yield 3.15% (1.54%) (3.58%)
Free cash flow yield 7.50% 3.95% 5.98%

Profitability

Metric BXP DEI Reit Office median
Gross margin 60.54% 63.18% 60.53%
Operating margin 28.26% 19.00% 16.84%
Net margin 8.44% (2.28%) (8.23%)
Free cash flow margin 20.03% 6.39% 16.39%
Return on equity 3.81% (0.65%) (2.66%)
Return on assets 1.17% (0.24%) (0.95%)
Return on invested capital 2.68% 1.35% 1.32%

Growth

Metric BXP DEI Reit Office median
Revenue growth (TTM) 1.88% 0.78% 1.08%
EPS growth (last fiscal year) 1,833.33% (30.77%) 8.90%
Revenue growth, 5-year CAGR 4.72% 2.40% 4.37%
Net income growth, 5-year CAGR (20.33%) (20.25%) 0.00%

Health

Metric BXP DEI Reit Office median
Debt to equity 2.07 1.63 1.20
Current ratio 3.91 2.60 2.43
Net debt to EBITDA 8.01 8.73 6.91

Dividend

Metric BXP DEI Reit Office median
Dividend yield 4.74% 7.80% 4.82%
Payout ratio 1.51 — 1.67

Size

Metric BXP DEI Reit Office median
Market cap 10.35b 1.66b 1.40b

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