# BXP, Inc. (BXP)

> Source: Nexqual · https://nexqual.com/BXP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BXP, Inc. (BXP), nexqual.com/BXP" · informational, not investment advice.

**Price:** USD 61.49 (+4.86% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 58.64 · day 58.38–61.54 · 52w 49.72–74.96 · market cap $11.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.52B, net income $297M (8.4% margin), free cash flow $1.14B (SEC filings).
- Valuation: P/E 37.5x (avg 306.3x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold BXP (13F, Q2 2026): 0 new, 1 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $2.2M; 3 not under a Rule 10b5-1 plan ($2.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.32 on a 1–5 scale) (22 analysts), mean target USD 73.3 (range 54–95).
- Total return with dividends: 1Y -12.7% vs S&P 500 +14.9%; 5Y -32.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.52, revenue estimate $894M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.89B | $3.11B | $3.27B | $3.41B | $3.48B | $3.52B |
| Gross profit | $1.81B | $1.93B | $2.00B | $2.04B | $2.06B | — |
| Net income | $505M | $849M | $190M | $14.3M | $277M | $297M |
| EPS (diluted) | $3.17 | $5.40 | $1.21 | $0.09 | $1.74 | — |
| Free cash flow | $982M | $1.11B | $1.13B | $1.04B | $1.03B | $1.14B |
| Gross margin | 62.8% | 62.1% | 61.1% | 59.9% | 59.1% | — |
| Net margin | 17.5% | 27.3% | 5.8% | 0.4% | 7.9% | 8.4% |
| Revenue growth | +4.4% | +7.6% | +5.3% | +4.1% | +2.2% | — |
| Cash + short-term investments | $453M | $690M | $1.53B | $1.25B | $1.48B | — |
| Total debt | $3.30B | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 37.5x · P/S 3.2x · P/FCF 9.7x · P/B 2.2x · FCF yield 10.26% · Earnings yield 2.67% · Dividend yield (paid, TTM) 4.90%
P/E at fiscal year-ends: Dec 2025 38.7x, Dec 2024 822.1x, Dec 2023 58.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold BXP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 1.05% | $628M | Added +1.3% |
| Sarah Ketterer | Causeway Capital Management | 0.27% | $25.1M | Reduced -0.6% |
| Christopher Davis | Davis Advisors | 0.07% | $15.4M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-09 | Labelle Michael E | EVP and CFO | 26,113 | $1.7M | 81.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21…2026-05-22 | Kevorkian Eric G | SVP, CLO and Secretary | 2,200 | $132K | 87.6% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-20 | Otteni Peter V | Executive Vice President | 4,863 | $287K | 100% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.32 on a 1–5 scale), 22 analysts; mean target USD 73.3 (low 54, high 95).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Downgrade | Overweight → Neutral | $72 → $64 |
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $88 → $72 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $71 → $67 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Outperform | $76 → $73 |
| 2026-09-09 | Truist Securities | Target raised | Hold | $64 → $68 |
| 2026-09-01 | Wells Fargo | Target raised | Overweight | $77 → $82 |
| 2026-08-27 | Piper Sandler | Target lowered | Overweight | $90 → $88 |
| 2026-08-25 | UBS | Target raised | Neutral | $61 → $70 |
| 2026-08-25 | JP Morgan | Target raised | Overweight | $79 → $87 |
| 2026-08-05 | Scotiabank | Target raised | Sector Outperform | $74 → $76 |
| 2026-08-04 | Citigroup | Target raised | Neutral | $58 → $69 |
| 2026-07-21 | Scotiabank | Target raised | Sector Outperform | $70 → $74 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.7% | -32.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.8% | -7.4% |
| Volatility (annualized) | 28.0% | 32.9% |
| Max drawdown | -30.3% (Oct 2025→Mar 2026) | -61.2% (Mar 2022→May 2023) |

## Peers (REIT - Office)
ARE (Alexandria Real Estate Equities) USD 43.33 +2.53% · VNO (Vornado Realty Trust) USD 34.34 +4.41% · CUZ (Cousins Properties Incorporated) USD 28.67 +3.39% · KRC (Kilroy Realty Corporation) USD 35.96 +4.44% · CDP (COPT Defense Properties) USD 33.83 +2.24% · SLG (SL Green Realty Corp) USD 49.19 +5.38%

## More
Full page: https://nexqual.com/BXP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BXP's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Boston Properties | "We use NOI internally as a performance measure and believe it provides useful information to investors regarding our results of operations and financial condition because, when compared across periods, it reflects the im…" |
| Partner | ExxonMobil (XOM) | "For example, in February 1999, we (through a joint venture) acquired from Exxon Corporation a property in Massachusetts that was formerly used as a petroleum bulk storage and distribution facility and was known by the st…" |
| Partner | Linde (LIN) | "Thomas, Linde and LaBelle are important to our success is that each has a national reputation, which attracts business and investment opportunities and assists us in negotiations with lenders, joint venture partners and …" |
| Partner | IXP | "We also currently carry nuclear, biological, chemical and radiological terrorism insurance coverage for acts of terrorism certified under the Federal Terrorism Risk Insurance Act (as amended, "TRIA") ("NBCR Coverage"), w…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Parking and Other | $37.6M | 4.2% | +8.0% |
| Hotel | $14.9M | 1.7% | +0.9% |
| Management Service | $7.6M | 0.9% | -13.7% |
| Real Estate, Other | $3.9M | 0.4% | -4.9% |
| Total revenue | $895.7M | 100% | — |
The lines above cover 7.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.52 | $0.50 | +4.5% | $894.3M | 3 |
| Next quarter (ends 2026-12-31) | $0.56 | $0.54 | +3.8% | $903.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $2.09 | $2.01 | +3.8% | $3.59B | 2 |
| Next fiscal year (ends 2027-12-31) | $2.09 | $2.05 | +1.8% | $3.67B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±7.7%; last 8 reports averaged ±4.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.5% | ±7.7% |
| 2026-12-18 | 56 | 31.2% | ±10.0% |
| 2027-01-15 | 84 | 30.8% | ±12.2% |
| 2027-04-16 | 175 | 28.5% | ±16.0% |