BXP, Inc. (BXP) vs Highwoods Properties, Inc. (HIW)

BXP, Inc. and Highwoods Properties, Inc. are both Reit Office companies. BXP, Inc. is the larger, with a market value of $10.4B against $3.2B — 3.2× the size. Highwoods Properties, Inc. trades at the lower P/E: 19.0× against 31.7×. Highwoods Properties, Inc. grew revenue faster over the last twelve months: 3.05% against 1.88%. Highwoods Properties, Inc. has the higher net margin (19.9% vs 8.44%) and the lower return on invested capital (2.17% vs 2.68%). Both pay a dividend; Highwoods Properties, Inc. yields more (6.91% vs 4.74%). Across the 22 metrics below, Highwoods Properties, Inc. leads on 12 and BXP, Inc. on 10.

Valuation

Metric BXP HIW Reit Office median
P/E 31.73 19.03 36.91
P/S 2.67 3.82 2.70
P/B 1.22 1.24 0.78
Price to free cash flow 13.34 n/m 13.79
EV/EBITDA 12.88 12.55 12.55
EV/Sales 7.06 7.83 6.97
Earnings yield 3.15% 5.25% (3.58%)
Free cash flow yield 7.50% (3.38%) 5.98%

Profitability

Metric BXP HIW Reit Office median
Gross margin 60.54% 67.21% 60.53%
Operating margin 28.26% 24.71% 16.84%
Net margin 8.44% 19.91% (8.23%)
Free cash flow margin 20.03% (12.92%) 16.39%
Return on equity 3.81% 6.77% (2.66%)
Return on assets 1.17% 2.66% (0.95%)
Return on invested capital 2.68% 2.17% 1.32%

Growth

Metric BXP HIW Reit Office median
Revenue growth (TTM) 1.88% 3.05% 1.08%
EPS growth (last fiscal year) 1,833.33% 54.26% 8.90%
Revenue growth, 5-year CAGR 4.72% 1.81% 4.37%
Net income growth, 5-year CAGR (20.33%) (14.54%) 0.00%

Health

Metric BXP HIW Reit Office median
Debt to equity 2.07 1.36 1.20
Current ratio 3.91 1.68 2.43
Net debt to EBITDA 8.01 6.97 6.91

Dividend

Metric BXP HIW Reit Office median
Dividend yield 4.74% 6.91% 4.82%
Payout ratio 1.51 1.32 1.67

Size

Metric BXP HIW Reit Office median
Market cap 10.35b 3.22b 1.40b

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