Boston Properties - Public Comps and Valuation Multiples

Boston Properties Overview

About Boston Properties

BXP Inc. owns over 180 properties consisting of approximately 53 million rentable square feet of space. The portfolio is dominated by office buildings and is spread across major cities such as New York, Boston, San Francisco, Los Angeles, Seattle, and the Washington, D.C., region. The real estate investment trust also owns limited retail, hotel, and residential properties.

Founded

1997

HQ

Employees

816

Website

bxp.com

Sectors

Buildings & Property

Financials

LTM Revenue $3.4B

LTM EBITDA $1.9B

EV

$28.6B

Valuation Multiples

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Boston Properties Financials

As of August 2025, Boston Properties reported last 12-month revenue of $3.4B and EBITDA of $1.9B.

In the same period, Boston Properties generated $2.1B in LTM gross profit and $236M in net income.

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Boston Properties P&L

In the most recent fiscal year, Boston Properties reported revenue of $3.4B and EBITDA of $1.6B.

Boston Properties expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.4B	XXX	$3.4B	XXX	XXX	XXX
Gross Profit	$2.1B	XXX	$2.1B	XXX	XXX	XXX
Gross Margin	61%	XXX	61%	XXX	XXX	XXX
EBITDA	$1.9B	XXX	$1.6B	XXX	XXX	XXX
EBITDA Margin	56%	XXX	48%	XXX	XXX	XXX
EBIT	$1.0B	XXX	$1.0B	XXX	XXX	XXX
EBIT Margin	31%	XXX	30%	XXX	XXX	XXX
Net Profit	$236M	XXX	$14.3M	XXX	XXX	XXX
Net Margin	7%	XXX	0%	XXX	XXX	XXX
Net Debt	XXX	XXX	$15.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Boston Properties including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.4B. EBITDA for the last twelve months was $1.9B. In the most recent fiscal year, Boston Properties achieved $3.4B in revenue and $1.6B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.4B	Analyst estimates available to subscribers	$3.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.1B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	60.6% gross margin	Analyst estimates available to subscribers	61.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.9B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	56.3% EBITDA margin	Analyst estimates available to subscribers	47.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.0B	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	30.6% EBIT margin	Analyst estimates available to subscribers	30.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$236M	Analyst estimates available to subscribers	$14.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.9% net profit margin	Analyst estimates available to subscribers	0.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$15.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Boston Properties

This financial data table provides comprehensive performance metrics for Boston Properties, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Boston Properties generated $3.4B in revenue over the last twelve months.
The company achieved $1.9B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.1B.
Net income over the last twelve months reached $236M.

Fiscal Year Performance

In the most recent fiscal year, Boston Properties reported $3.4B in total revenue.
Fiscal year EBITDA was $1.6B.
The company maintained a gross profit margin of 61.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 47.5%.
Net profit margin reached 0.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Boston Properties. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Boston Properties Stock Performance

Boston Properties has current market cap of $12.5B, and EV of $28.6B.

Market Cap Evolution

Boston Properties Stock Data

As of September 17, 2025, Boston Properties's stock price is $79.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$28.6B	$12.5B	XXX	XXX	XXX	XXX	$1.34

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Boston Properties Valuation Multiples

Boston Properties's trades at 8.4x EV/Revenue multiple, and 17.7x EV/EBITDA.

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Boston Properties Financial Valuation Multiples

As of September 17, 2025, Boston Properties has market cap of $12.5B and EV of $28.6B.

Equity research analysts estimate Boston Properties's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Boston Properties has a P/E ratio of 53.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$12.5B	XXX	$12.5B	XXX	XXX	XXX
EV (current)	$28.6B	XXX	$28.6B	XXX	XXX	XXX
EV/Revenue	8.4x	XXX	8.4x	XXX	XXX	XXX
EV/EBITDA	14.8x	XXX	17.7x	XXX	XXX	XXX
EV/EBIT	27.3x	XXX	28.0x	XXX	XXX	XXX
EV/Gross Profit	13.8x	XXX	n/a	XXX	XXX	XXX
P/E	53.0x	XXX	875.9x	XXX	XXX	XXX
EV/FCF	-1259.2x	XXX	23.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Boston Properties Margins & Growth Rates

Boston Properties's last 12 month revenue growth is 2%

Boston Properties's revenue per employee in the last FY averaged $4.2M, while opex per employee averaged $1.3M for the same period.

Boston Properties's rule of 40 is 54% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Boston Properties's rule of X is 61% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Boston Properties Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	2%	XXX	XXX	XXX
EBITDA Margin	56%	XXX	48%	XXX	XXX	XXX
EBITDA Growth	3%	XXX	7%	XXX	XXX	XXX
Rule of 40	54%	XXX	49%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	61%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$4.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	31%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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