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 % |
|