Boston Properties, Inc. (NYSE:BXP) Signals Rebound As Momentum Indicators Turn Supportive

Short-term momentum shows improving buying pressure against a longer-term valuation overhang; technical signals point to a tactical rebound while fundamentals continue to reflect heavy leverage and muted top-line growth.

Recent News

Feb 17–19, 2026: A Connecticut-based manager disclosed a new ~$18 million position in Boston Properties. Jan 15, 2026: Reports indicate the company moved more than $1.0 billion of asset sales as part of an active disposition pipeline. Mar 4, 2026: Coverage noted insider selling and a new one-year low in the one-year range. Early March 2026 filings disclosed a replacement shelf/ATM program and a dividend reinvestment plan.

Technical Analysis

ADX / DI+ / DI-: ADX at 45.21 indicates a very strong trending environment; DI+ shows a peak-and-reversal pattern (bearish), while DI- sits above DI+ but is decreasing (bearish pressure easing). Together, the directional indicators imply a dominant downtrend that has begun to lose momentum, creating scope for a short-term countertrend move against the longer directional bias.

MACD: MACD at -2.06 has turned higher and sits above its signal line (-2.36), a bullish momentum crossover that signals short-term momentum has shifted from falling to rising despite negative absolute MACD levels.

MRO (Momentum/Regression Oscillator): MRO = -37.55 (negative and decreasing) indicates price sits materially below the target and that upside mean-reversion potential increased as MRO moved further negative; this supports a price rebound thesis from current levels.

RSI: RSI 38.31 with a dip-and-reversal pattern signals the indicator recently bottomed and began recovering, consistent with an incipient short-term bounce after oversold conditions.

Price vs. Averages & Other Bands: Last close $53.16 sits below the 50-day ($59.55) and 200-day ($67.54) averages but near the 20-day average ($52.78) and the upper Bollinger 1σ band ($53.35). Ichimoku cloud (Senkou A $62.72 / Senkou B $65.38) keeps the longer-term bias bearish, and SuperTrend upper at $56.31 represents nearby resistance for any rally. The technical picture favors a tactical recovery while significant overhead resistance remains intact.

 


Fundamental Analysis

Profitability & margins: EBIT $457.4M yields an EBIT margin of 52.15%; QoQ change +8.58% and YoY change -7.64%. Operating margin stands at 29.03% (QoQ -0.41%, YoY -4.70%). Net income for the period reached $248.35M. The company delivered EPS $0.68 versus an estimate $0.51, an EPS surprise of +33.33%.

Top line & cash flow: Total revenue $877.10M with revenue growth QoQ +82.10% and revenue growth YoY -9.43%. Operating cash flow $407.75M and free cash flow $407.75M produce a free cash flow yield of 3.73% (YoY +16.01%, QoQ +54.62%), and cash plus short-term investments $1,478.21M supports near-term liquidity.

Capital structure: Total debt $17.36B and net debt ~$15.13B produce debt-to-assets 66.34% (YoY +33.61%) and debt-to-equity 3.37 (YoY +35.46%); interest expense $162.61M with interest coverage ≈2.81x (QoQ +873.77%, YoY -810.82%). The company’s enterprise value $26.81B versus market cap $10.93B produces an enterprise multiple ~38.89 and EVR 30.56, reflecting elevated valuation relative to near-term cash flow.

Valuation metrics vs. industry peers: P/B about 2.12, above the industry peer mean of 0.96 and close to the industry peer high of 2.20. P/E about 101.36 while the industry peer mean sits materially lower; forward P/E ~121.74. Free cash flow yield (3.73%) sits above the industry peer mean of 2.23%. Dividend yield ~1.13% with dividend payout ~49.68% and dividend coverage ≈2.01x.

Operational signals: Portfolio scale remains large—53.0M sq ft across 184 properties—with ongoing construction/redevelopment exposure. Asset turnover 0.03363 slightly above the industry peer mean of 0.0257; current ratio 2.21 well above the industry peer mean of 1.02, indicating short-term liquidity strength. Revenue and earnings show mixed direction: QoQ improvements contrast with negative YoY comparatives.

Valuation conclusion: The current valuation, as determined by WMDST, classifies the stock as over-valued. Elevated EV multiples, high P/E and forward P/E, and heavy leverage weigh on valuation despite solid cash balances and positive free cash flow trends.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2025-12-31
REPORT DATE: 2026-01-27
NEXT REPORT DATE: 2026-04-28
CASH FLOW  Begin Period Cash Flow $ 938.7 M
 Operating Cash Flow $ 407.8 M
 Capital Expenditures $ -519.95 M
 Change In Working Capital $ 47.0 M
 Dividends Paid $ -123.39 M
 Cash Flow Delta $ 618.5 M
 End Period Cash Flow $ 1.6 B
 
INCOME STATEMENT REVENUE
 Total Revenue $ 877.1 M
 Forward Revenue $ 73.0 M
COSTS
 Cost Of Revenue $ 348.7 M
 Depreciation $ 232.0 M
 Depreciation and Amortization $ 232.0 M
 Research and Development —
 Total Operating Expenses $ 622.5 M
PROFITABILITY
 Gross Profit $ 528.4 M
 EBITDA $ 689.4 M
 EBIT $ 457.4 M
 Operating Income $ 254.6 M
 Interest Income $ 12.4 M
 Interest Expense $ 162.6 M
 Net Interest Income $ -150.26 M
 Income Before Tax $ 294.8 M
 Tax Provision —
 Tax Rate 21.0 %
 Net Income $ 248.3 M
 Net Income From Continuing Operations $ 294.8 M
EARNINGS
 EPS Estimate $ 0.51
 EPS Actual $ 0.68
 EPS Difference $ 0.17
 EPS Surprise 33.333 %
 Forward EPS $ 0.52
 
BALANCE SHEET ASSETS
 Total Assets $ 26.2 B
 Intangible Assets —
 Net Tangible Assets $ 5.2 B
 Total Current Assets $ 3.3 B
 Cash and Short-Term Investments $ 1.5 B
 Cash $ 1.5 B
 Net Receivables $ 92.6 M
 Inventory —
 Long-Term Investments $ 108.1 M
LIABILITIES
 Accounts Payable $ 480.0 M
 Short-Term Debt $ 750.0 M
 Total Current Liabilities $ 1.5 B
 Net Debt $ 15.1 B
 Total Debt $ 17.4 B
 Total Liabilities $ 18.5 B
EQUITY
 Total Equity $ 5.2 B
 Retained Earnings $ -1.67 B
VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
 Book Value Per-Share $ 32.51
 Shares Outstanding 158.548 M
 Revenue Per-Share $ 5.53
VALUATION
 Market Capitalization $ 10.9 B
 Enterprise Value $ 26.8 B
 Enterprise Multiple 38.886
Enterprise Multiple QoQ -60.404 %
Enterprise Multiple YoY -43.245 %
Enterprise Multiple IPRWA high: 166.619
median: 52.943
BXP: 38.886
mean: 28.461
low: -35.881
 EV/R 30.565
CAPITAL STRUCTURE
 Asset To Equity 5.076
 Asset To Liability 1.416
 Debt To Capital 0.771
 Debt To Assets 0.663
Debt To Assets QoQ -0.574 %
Debt To Assets YoY 3360.616 %
Debt To Assets IPRWA high: 0.72
BXP: 0.663
mean: 0.46
median: 0.432
low: 0.374
 Debt To Equity 3.368
Debt To Equity QoQ -2.793 %
Debt To Equity YoY 3546.102 %
Debt To Equity IPRWA high: 4.95
BXP: 3.368
mean: 1.247
median: 0.87
low: 0.725
PRICE-BASED VALUATION
 Price To Book (P/B) 2.12
Price To Book QoQ -6.601 %
Price To Book YoY -3.831 %
Price To Book IPRWA high: 2.204
BXP: 2.12
mean: 0.964
median: 0.83
low: 0.209
 Price To Earnings (P/E) 101.359
Price To Earnings QoQ -150.852 %
Price To Earnings YoY -5.953 %
Price To Earnings IPRWA high: 432.421
mean: 157.115
BXP: 101.359
median: 89.365
low: -35.378
 PE/G Ratio -0.351
 Price To Sales (P/S) 12.459
Price To Sales QoQ -4.468 %
Price To Sales YoY -10.358 %
Price To Sales IPRWA high: 17.089
mean: 13.931
median: 13.157
BXP: 12.459
low: 2.084
FORWARD MULTIPLES
Forward P/E 121.744
Forward PE/G -0.421
Forward P/S 134.302
EFFICIENCY OPERATIONAL
 Operating Leverage 1347.403
ASSET & SALES
 Asset Turnover Ratio 0.034
Asset Turnover Ratio QoQ -0.415 %
Asset Turnover Ratio YoY 2.813 %
Asset Turnover Ratio IPRWA high: 0.036
BXP: 0.034
mean: 0.026
median: 0.025
low: 0.02
 Receivables Turnover 7.648
Receivables Turnover Ratio QoQ 8.126 %
Receivables Turnover Ratio YoY -7.734 %
Receivables Turnover Ratio IPRWA high: 20.973
mean: 10.281
BXP: 7.648
median: 6.94
low: 0.628
 Inventory Turnover —
Inventory Turnover Ratio QoQ —
Inventory Turnover Ratio YoY —
Inventory Turnover Ratio IPRWA —
 Days Sales Outstanding (DSO) 11.931
CASH CYCLE
 Cash Conversion Cycle Days (CCC) —
Cash Conversion Cycle Days QoQ —
Cash Conversion Cycle Days YoY —
Cash Conversion Cycle Days IPRWA —
CAPITAL DEPLOYMENT
 Cash Conversion Ratio 0.491
 CapEx To Revenue -0.593
 CapEx To Depreciation -2.241
 
CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital $ 21.0 B
 Net Invested Capital $ 21.8 B
 Invested Capital $ 21.8 B
 Net Tangible Assets $ 5.2 B
 Net Working Capital $ 1.8 B
LIQUIDITY
 Cash Ratio 0.999
 Current Ratio 2.208
Current Ratio QoQ 19.971 %
Current Ratio YoY -11.987 %
Current Ratio IPRWA BXP: 2.208
high: 1.829
mean: 1.022
median: 0.787
low: 0.226
 Quick Ratio —
Quick Ratio QoQ —
Quick Ratio YoY —
Quick Ratio IPRWA —
COVERAGE & LEVERAGE
 Debt To EBITDA 25.179
 Cost Of Debt 0.765 %
 Interest Coverage Ratio 2.813
Interest Coverage Ratio QoQ 873.773 %
Interest Coverage Ratio YoY -810.816 %
Interest Coverage Ratio IPRWA BXP: 2.813
high: 2.725
median: 1.264
mean: 0.886
low: -6.236
 Operating Cash Flow Ratio 0.351
TIMING / LIQUIDITY
 Days Payables Outstanding (DPO) 128.952
DIVIDENDS
 Dividend Coverage Ratio 2.013
 Dividend Payout Ratio 0.497
 Dividend Rate $ 0.78
 Dividend Yield 0.011
PERFORMANCE GROWTH
 Asset Growth Rate 0.641 %
 Revenue Growth 0.641 %
Revenue Growth QoQ 82.102 %
Revenue Growth YoY -943.421 %
Revenue Growth IPRWA high: 11.805 %
mean: 1.5 %
BXP: 0.641 %
median: -0.385 %
low: -2.701 %
 Earnings Growth -288.889 %
Earnings Growth QoQ 75.845 %
Earnings Growth YoY -1000.667 %
Earnings Growth IPRWA high: 413.095 %
median: -5.714 %
mean: -41.803 %
BXP: -288.889 %
low: -372.0 %
MARGINS
 Gross Margin 60.24 %
Gross Margin QoQ -0.972 %
Gross Margin YoY -1.599 %
Gross Margin IPRWA high: 79.775 %
median: 67.17 %
mean: 60.722 %
BXP: 60.24 %
low: 35.492 %
 EBIT Margin 52.149 %
EBIT Margin QoQ 857.565 %
EBIT Margin YoY -764.065 %
EBIT Margin IPRWA BXP: 52.149 %
high: 40.031 %
median: 15.362 %
mean: -28.817 %
low: -127.551 %
 Return On Sales (ROS) 29.026 %
Return On Sales QoQ -0.405 %
Return On Sales YoY -469.617 %
Return On Sales IPRWA high: 39.106 %
BXP: 29.026 %
median: 22.007 %
mean: 20.845 %
low: 1.282 %
CASH FLOW
 Free Cash Flow (FCF) $ 407.8 M
 Free Cash Flow Yield 3.731 %
Free Cash Flow Yield QoQ 54.621 %
Free Cash Flow Yield YoY 16.014 %
Free Cash Flow Yield IPRWA high: 9.952 %
BXP: 3.731 %
median: 3.257 %
mean: 2.23 %
low: -3.899 %
 Free Cash Growth 48.693 %
Free Cash Growth QoQ -317.885 %
Free Cash Growth YoY 42.661 %
Free Cash Growth IPRWA high: 90.662 %
BXP: 48.693 %
median: -27.937 %
mean: -105.155 %
low: -520.271 %
 Free Cash To Net Income 1.642
 Cash Flow Margin 59.249 %
 Cash Flow To Earnings 2.092
VALUE & RETURNS
 Economic Value Added $ 0.02
 Return On Assets (ROA) 0.952 %
Return On Assets QoQ -301.695 %
Return On Assets YoY -209.174 %
Return On Assets IPRWA BXP: 0.952 %
high: 0.471 %
median: -0.888 %
mean: -1.171 %
low: -3.67 %
 Return On Capital Employed (ROCE) 1.853 %
 Return On Equity (ROE) 0.048
Return On Equity QoQ -298.19 %
Return On Equity YoY -213.955 %
Return On Equity IPRWA BXP: 0.048
high: 0.031
median: -0.001
mean: -0.024
low: -0.109
 DuPont ROE 4.888 %
 Return On Invested Capital (ROIC) 1.66 %
Return On Invested Capital QoQ —
Return On Invested Capital YoY —
Return On Invested Capital IPRWA BXP: 1.66 %
high: 1.453 %
mean: 0.715 %
median: 0.604 %
low: -0.692 %

Six-Week Outlook

Expect a tactical, swing-oriented recovery window driven by momentum crossovers and oversold RSI conditions, with upside capped by the SuperTrend near $56.31 and the 50-day average around $59.55. Core risks that could reassert the downtrend include renewed selling pressure from high leverage metrics and continued YoY revenue contraction. A measured rebound appears probable in the next six weeks if MACD momentum and MRO mean-reversion persist, but constructive moves will face structural resistance that may limit follow-through beyond the short term.

About Boston Properties, Inc.

Boston Properties, Inc. (NYSE:BXP) develops, owns, and manages premier workplace environments across the United States. Concentrating its efforts in key gateway markets such as Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC, the company delivers high-quality office spaces that meet the needs of its clients and communities. As a fully integrated real estate investment trust (REIT), Boston Properties maintains a substantial portfolio that includes 53.0 million square feet across 184 properties, with additional projects under construction or redevelopment. The company’s strategic approach combines real estate expertise with a focus on sustainability and innovation, ensuring the creation of efficient and modern workspaces. Boston Properties’ commitment to excellence and its extensive market presence make it a leader in the commercial real estate sector.



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