---
title: BXP (BXP) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/bxp
ticker: BXP
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Office
---
# BXP (BXP)

BXP (BXP) closed at $59.20 on Oct 16, 2026, undervalued by 16% vs its model value of $70.18 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $59.20 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $70.18 |
| Price vs model | undervalued by 16% vs model |
| Range of that model | $65.24 – $78.47 |
| Market value | $9.5B |
| P/E (fiscal 2025) | 34.0 |
| Net margin (fiscal 2025) | 7.9% |
| Free cash flow (fiscal 2025) | $344.7M |
| Dividend yield (trailing twelve months) | 4.73% |
| Beta | 1.05 |
| Cost of capital (WACC) | 7.01% |
| Business classification | Dividend Payer (Low/slowing growth (~3% recent), Moderate margins (8% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 2.1x)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Highest dividend yield | #32 | 4.73% | https://sweetvaluelab.com/lists/highest-dividend-yield |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 4.73% |
| Dividends per share, last 12 months | $2.80 |
| Dividends / FFO (fiscal 2025) | 54.1% |
| Raised | — |
| Growth over 5 years | -6.5% a year |
| Latest payment | $0.70, ex-date Sep 30, 2026, paid Oct 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 29, 2021 | $3.92 |
| To Sep 29, 2022 | $3.92 |
| To Sep 28, 2023 | $3.92 |
| To Sep 30, 2024 | $3.92 |
| To Sep 30, 2025 | $3.64 |
| Trailing twelve months (to Sep 30, 2026) | $2.80 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $70.18 | $65.24 | $78.47 |
| P/E · peers | cross check | $33.45 | $31.03 | $187.15 |
| P/E · own history | cross check | $72.63 | $41.13 | $125.35 |
| PEG | sanity check | $30.07 | $30.07 | $30.07 |
| EV/EBITDA · peers | cross check | $93.60 | $76.95 | $109.15 |
| EV/Revenue · peers | cross check | $24.74 | $0.00 | $32.61 |
| Dividend discount | cross check | $44.92 | $34.93 | $69.02 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | West Tony | Director | Grant / award | 388.64 | $23,749.8 |
| Sep 30, 2026 | KLEIN JOEL | Director | Grant / award | 552.28 | $33,749.8 |
| Sep 30, 2026 | Richardson Julie | Director | Grant / award | 409.1 | $25,000.1 |
| Sep 30, 2026 | DUNCAN BRUCE W | Director | Grant / award | 572.74 | $35,000.1 |
| Sep 30, 2026 | WALTON WILLIAM H III | Director | Grant / award | 388.64 | $23,749.8 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 31, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1037540/000103754026000037/bxp-20260831.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1037540/000103754026000034/bxp-20260630.htm |
| Jul 28, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1037540/000103754026000031/bxp-20260728.htm |
| May 29, 2026 | 8-K | 2.06 Material Impairments; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1037540/000103754026000026/bxp-20260527.htm |
| May 22, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1037540/000103754026000022/bxp-20260521.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Eagle | 2026-06-30 | 9,467,247 | $627.8M |
| Sarah Ketterer | 2026-06-30 | 378,480 | $25.1M |
| Christopher Davis | 2026-06-30 | 232,050 | $15.4M |

3 tracked managers in all.

## About

BXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a Real Estate Investment Trust (REIT), the company operates as a comprehensive real estate entity, involved in the full spectrum of activities from developing and acquiring to managing and operating a diverse collection of primarily Class A office assets. Its current property holdings consist of 196 assets, collectively spanning 51.2 million square feet, which includes six properties actively undergoing construction or significant redevelopment.

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Source: https://sweetvaluelab.com/stocks/bxp (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.