WallStSmart

BXP, Inc. (BXP)vsVornado Realty Trust (VNO)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

BXP, Inc. generates 74% more annual revenue ($3.23B vs $1.85B). VNO leads profitability with a 42.9% profit margin vs 9.2%. VNO appears more attractively valued with a PEG of 2.20. VNO earns a higher WallStSmart Score of 61/100 (C+).

BXP

Hold

48

out of 100

Grade: D+

Growth: 3.3Profit: 6.0Value: 5.3Quality: 2.5
Piotroski: 3/9Altman Z: 0.51

VNO

Buy

61

out of 100

Grade: C+

Growth: 5.3Profit: 6.5Value: 8.0Quality: 5.0
Piotroski: 5/9Altman Z: 0.61
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BXPUndervalued (+47.0%)

Margin of Safety

+47.0%

Fair Value

$116.65

Current Price

$69.71

$46.94 discount

UndervaluedFair: $116.65Overvalued
VNOUndervalued (+33.2%)

Margin of Safety

+33.2%

Fair Value

$45.30

Current Price

$39.50

$5.80 discount

UndervaluedFair: $45.30Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BXP2 strengths · Avg: 8.0/10
Price/BookValuation
2.2x8/10

Reasonable price relative to book value

Operating MarginProfitability
28.8%8/10

Strong operational efficiency at 28.8%

VNO4 strengths · Avg: 9.5/10
P/E RatioValuation
10.8x10/10

Attractively priced relative to earnings

Profit MarginProfitability
42.9%10/10

Keeps 43 of every $100 in revenue as profit

EPS GrowthGrowth
1263.0%10/10

Earnings expanding 1263.0% YoY

Price/BookValuation
1.5x8/10

Reasonable price relative to book value

Areas to Watch

BXP4 concerns · Avg: 3.5/10
P/E RatioValuation
37.7x4/10

Premium valuation, high expectations priced in

Revenue GrowthGrowth
3.8%4/10

3.8% revenue growth

Return on EquityProfitability
6.2%3/10

ROE of 6.2% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

VNO4 concerns · Avg: 2.8/10
PEG RatioValuation
2.204/10

Expensive relative to growth rate

Debt/EquityHealth
1.403/10

Elevated debt levels

Revenue GrowthGrowth
-2.2%2/10

Revenue declined 2.2%

Altman Z-ScoreHealth
0.612/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : BXP

The strongest argument for BXP centers on Price/Book, Operating Margin.

Bull Case : VNO

The strongest argument for VNO centers on P/E Ratio, Profit Margin, EPS Growth. Profitability is solid with margins at 42.9% and operating margin at 13.7%.

Bear Case : BXP

The primary concerns for BXP are P/E Ratio, Revenue Growth, Return on Equity. Debt-to-equity of 3.10 is elevated, increasing financial risk.

Bear Case : VNO

The primary concerns for VNO are PEG Ratio, Debt/Equity, Revenue Growth.

Key Dynamics to Monitor

BXP profiles as a value stock while VNO is a declining play — different risk/reward profiles.

VNO carries more volatility with a beta of 1.53 — expect wider price swings.

BXP is growing revenue faster at 3.8% — sustainability is the question.

VNO generates stronger free cash flow (48M), providing more financial flexibility.

Bottom Line

VNO scores higher overall (61/100 vs 48/100), backed by strong 42.9% margins. BXP offers better value entry with a 47.0% margin of safety. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

BXP, Inc.

REAL ESTATE · REIT - OFFICE · USA

Boston Properties, Inc. is a publicly traded real estate investment trust that invests in office buildings in Boston, Los Angeles, New York City, San Francisco, and Washington, D.C.

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Vornado Realty Trust

REAL ESTATE · REIT - OFFICE · USA

Vornado Realty Trust is a real estate investment trust formed in Maryland, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.

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