BXP
BXP on NYSE. BXP leases office space in buildings to companies and organizations. Market value $9.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.49 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 45 of 100. Our list needs 70 on quality and 60 on price.
$59.37 a share, 19% above its 1-year low
Over the past year the price has ranged from $49.72 to $75.94.
Dividend: 5.8% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.9bn | $3.1bn | $3.3bn | $3.4bn | $3.5bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.61 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.16bn | 0.16bn | 0.16bn | 0.16bn | 0.16bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 4.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $896 million last quarter, up 3% on a year ago.
- Profit: $69 million, down 23% on a year ago.
- Spare cash over the past 12 months: $331 million, down from $365 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $859m |
| December 2024 | $859m |
| March 2025 | $865m |
| June 2025 | $868m |
| September 2025 | $872m |
| December 2025 | $877m |
| March 2026 | $872m |
| June 2026 | $896m |
| Quarter to | Amount |
|---|---|
| September 2024 | $84m |
| December 2024 | -$229m |
| March 2025 | $61m |
| June 2025 | $89m |
| September 2025 | -$122m |
| December 2025 | $248m |
| March 2026 | $102m |
| June 2026 | $69m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
6 long-term investors we follow own it, down from 7 last quarter. 548 funds in all.
- Causeway Capital ManagementSarah Ketterer
- Value
- $25m
- Share of fund
- 0.3%
- First Manhattan Co.First Manhattan partners
- Value
- $23m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $371,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $1.3bn | 1.0% | Added |
| Gotham Asset ManagementJoel Greenblatt | $28m | <0.1% | Added |
| Causeway Capital ManagementSarah Ketterer | $25m | 0.3% | |
| First Manhattan Co.First Manhattan partners | $23m | <0.1% | |
| Davis Selected AdvisersChris Davis | $15m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $371,000 | <0.1% |
Sold out this quarter
Largest holders overall
- Cohen & Steers$1.5bnAdded
- First Eagle Investment Management$1.3bnAdded
- BlackRock$1.2bnAdded
- Vanguard Portfolio Management$860m
- Vanguard Capital Management$667m
- State Street$660m
- APG Asset Management US$490m
- Norges Bank$430mNew
- Invesco$385mCut
- Geode Capital Management$291m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Cohen & Steers, Inc.Passive investorat least 14.3%+1.1 pts(filed with 4 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor10.0%Since 30 September 2025
- Vanguard Portfolio ManagementPassive investor8.1%Since 31 March 2026
- Vanguard Capital ManagementPassive investor7.2%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor6.2%Since 31 March 2026
- First Eagle Investment ManagementPassive investor6.0%Since 31 March 2026
- Norges BankPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Cohen & Steers, Inc. Passive investor | at least 14.3%+1.1 pts (filed with 4 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 10.0% | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 8.1% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 7.2% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 6.2% | 31 March 2026 | |
First Eagle Investment Management Passive investor | 6.0% | 31 March 2026 | |
Norges Bank Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $8m.
- LABELLE MICHAEL EEVP and CFOSold
- Date
- 9 June 2026
- Shares
- 26,113
- Price
- $66.35
- Value
- $2m
- Kevorkian Eric GSVP, CLO and SecretarySold
- Date
- 22 May 2026
- Shares
- 2,000
- Price
- $59.85
- Value
- $119,700
- Kevorkian Eric GSVP, CLO and SecretarySold
- Date
- 21 May 2026
- Shares
- 200
- Price
- $60.23
- Value
- $12,046
- Otteni Peter VExecutive Vice PresidentSold
- Date
- 20 May 2026
- Shares
- 4,863
- Price
- $59.06
- Value
- $287,209
- Spann Hilary J.Executive Vice PresidentSold
- Date
- 27 February 2026
- Shares
- 5,495
- Price
- $59.69
- Value
- $327,997
- THOMAS OWEN DChief Executive Officer, DirectorSold
- Date
- 13 February 2026
- Shares
- 1,198
- Price
- $61.22
- Value
- $73,342
- Spann Hilary J.Executive Vice PresidentSold
- Date
- 5 February 2026
- Shares
- 1,194
- Price
- $63.31
- Value
- $75,592
- RITCHEY RAYMOND ASenior EVPSold
- Date
- 1 December 2025
- Shares
- 36,314
- Price
- $72.18
- Value
- $3m
- Otteni Peter VExecutive Vice PresidentSold
- Date
- 25 November 2025
- Shares
- 4,136
- Price
- $72.65
- Value
- $300,480
- Stroman John JExecutive Vice PresidentSold
- Date
- 12 November 2025
- Shares
- 16,838
- Price
- $72.17
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 June 2026 | LABELLE MICHAEL E EVP and CFO | Sold | 26,113 | $66.35 | $2m |
| 22 May 2026 | Kevorkian Eric G SVP, CLO and Secretary | Sold | 2,000 | $59.85 | $119,700 |
| 21 May 2026 | Kevorkian Eric G SVP, CLO and Secretary | Sold | 200 | $60.23 | $12,046 |
| 20 May 2026 | Otteni Peter V Executive Vice President | Sold | 4,863 | $59.06 | $287,209 |
| 27 February 2026 | Spann Hilary J. Executive Vice President | Sold | 5,495 | $59.69 | $327,997 |
| 13 February 2026 | THOMAS OWEN D Chief Executive Officer, Director | Sold | 1,198 | $61.22 | $73,342 |
| 5 February 2026 | Spann Hilary J. Executive Vice President | Sold | 1,194 | $63.31 | $75,592 |
| 1 December 2025 | RITCHEY RAYMOND A Senior EVP | Sold | 36,314 | $72.18 | $3m |
| 25 November 2025 | Otteni Peter V Executive Vice President | Sold | 4,136 | $72.65 | $300,480 |
| 12 November 2025 | Stroman John J Executive Vice President | Sold | 16,838 | $72.17 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.