MeritValue

BXP, Inc.

BXPdata completeness 100%19 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.89B1$3.11B2$3.27B3$3.41B3$3.48B3
Net income$505.2M4$848.9M5$190.2M6$14.3M6$276.8M6
Operating cash flow$1.13B7$1.28B8$1.3B9$1.23B9$1.25B9
Capital expenditure$151M10$177M11$171.4M12$189.7M12$216.7M12
Free cash flow (derived)$982.2M7$1.11B8$1.13B9$1.04B9$1.03B9
Total debt$3.3B13—$014$500M15$750M15
Cash & equivalents$452.7M16$690.3M17$1.53B17$1.25B17$1.48B17
Diluted shares156.4M157.1M157.2M157.8M158.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000063%
of the whole company
Your share of last year’s profit
$17.42
Your share of its debt
$47.21
Your share of free cash flow
$64.74
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$104.8
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth1.6%
  • fcfBase$1.04B
DCF · Growth Exit 5Y
$107.78
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth1.6%
  • fcfBase$1.04B
Earnings Power Value
$18.36
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$276.8M
  • growthAssumed0.0%
Graham Number
$35.61
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years1.6%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $107.78

Default growth 1.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001656423-24-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001656423-25-000009 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001037540-26-000006 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001656423-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001656423-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001037540-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001656423-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001656423-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001037540-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001656423-24-000007 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001656423-25-000009 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001037540-26-000006 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001656423-22-000013 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001656423-25-000009 (CommercialPaper)
  15. 10-K · period ending 2024-12-31 · accession 0001037540-26-000006 (CommercialPaper)
  16. 10-K · period ending 2021-12-31 · accession 0001656423-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001037540-26-000006 (CashAndCashEquivalentsAtCarryingValue)