BXP, Inc. (BXP) vs SL Green Realty Corporation (SLG)

BXP, Inc. and SL Green Realty Corporation are both Reit Office companies. BXP, Inc. is the larger, with a market value of $11.6B against $3.9B — 2.9× the size. SL Green Realty Corporation has negative trailing earnings, so its P/E is not meaningful; BXP, Inc. trades at 18.0×. SL Green Realty Corporation grew revenue faster over the last twelve months: 9.68% against 2.67%. BXP, Inc. has the higher net margin (15.0% vs −13.4%) and the higher return on invested capital (2.98% vs 0.51%). Both pay a dividend; BXP, Inc. yields more (4.32% vs 4.16%). Across the 20 metrics below, BXP, Inc. leads on 16 and SL Green Realty Corporation on 4.

Valuation

Metric BXP SLG Reit Office median
P/E 18.00 n/m 28.35
P/S 2.91 3.57 2.77
P/B 1.33 0.94 0.82
Price to free cash flow 14.70 n/m 13.95
EV/EBITDA 13.38 24.55 12.41
EV/Sales 7.25 7.44 6.90
Earnings yield 5.56% (4.06%) (2.06%)
Free cash flow yield 6.80% (10.31%) 6.73%

Profitability

Metric BXP SLG Reit Office median
Gross margin 60.87% 47.06% 60.87%
Operating margin 31.10% 6.58% 17.78%
Net margin 14.99% (13.38%) (2.87%)
Free cash flow margin 0.00% 0.00% 14.89%
Return on equity 6.96% (3.56%) (1.07%)
Return on assets 2.04% (1.25%) (0.34%)
Return on invested capital 2.98% 0.51% 1.33%

Growth

Metric BXP SLG Reit Office median
Revenue growth (TTM) 2.67% 9.68% 2.67%
EPS growth (last fiscal year) 1,833.33% (2,112.50%) 8.85%
Revenue growth, 5-year CAGR 4.72% (0.96%) 3.91%
Net income growth, 5-year CAGR (20.33%) 0.00% 0.00%

Health

Metric BXP SLG Reit Office median
Debt to equity 2.17 1.01 1.24
Current ratio 4.93 2.92 1.98
Net debt to EBITDA 8.01 9.87 6.86

Dividend

Metric BXP SLG Reit Office median
Dividend yield 4.32% 4.16% 4.16%
Payout ratio 0.78 — 3.34

Size

Metric BXP SLG Reit Office median
Market cap 11.58b 3.94b 1.22b

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