Stock

BXP

BXP
40
REIT - Office · Real Estate
Also trades as: 0HOX.L GBP 0.62 (+1.98%)
Price
$62.10
+0.61 (+0.99%)
Market Cap
$9.91B
Exchange
New York Stock Exchange
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Mixed
9/20
Cash Flow
Strong
8/10
Stability
Weak
1/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Good
3/5

40 of 100 counted points = Winston Score 40.

Share count rising — dilution

+1.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 156.4M (2021) → 158.9M (2025)

§Winston Score History

The full picture

BXP, Inc. is one of the largest owners and managers of office buildings in the United States. The company buys, builds, and rents out workspace to businesses — mostly large corporations, law firms, tech companies, and government tenants. It focuses on premier office properties in a small number of high-demand cities, including Boston, New York, San Francisco, Seattle, and Washington, D.C.

BXP makes money by collecting rent from tenants who sign long-term leases, typically lasting several years. It operates as a Real Estate Investment Trust (REIT), which means it is required to pay out most of its profits to shareholders as dividends. With roughly $9.8 billion in market value and a portfolio concentrated in expensive, supply-constrained urban markets, BXP's main competitive edge is owning high-quality buildings in locations that are hard to replicate. The biggest risk the company faces is the ongoing shift toward remote and hybrid work, which has reduced demand for office space across the industry.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.1% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-23.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.56

30 Jun 2026: $0.43

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$22.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

BXP is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
8.1%
Thin — 8.1% gross margin
Profit after running costs
Operating Margin
28.9%
Excellent — 28.9% operating margin
Return on the money invested
ROCE
5.7%
Weak — 5.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+1.9%
Nearly flat sales (+1.9% YoY)
Profit growth
EPS YoY
>+1,000%
Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
433%
Turns 433% of profit into real cash
Spare cash per sale
FCF Margin
10.3%
Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
3.17
Heavy debt load (3.17)
Covers its interest
Interest Cover
1.99x
Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
33.4x
Pricey — P/E 33.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+7.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (33.4 → 26.0)

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Dividends

Dividend
Dividend Yield
4.77%
Healthy income — 4.77% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-23.1%
Dividend cut (-23.1% YoY) — warning sign
Payout Ratio
184%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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