BXP vs Kilroy Realty
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KIRAβs take AI analyst
I put BXP and Kilroy Realty side by side, using each oneβs latest annual report. Here is what stands out:
- BXP is the larger business, with $3.5B of revenue in fiscal 2025 against $1.1B for Kilroy Realty, about 3.1 times as much.
- BXP grew revenue faster (2.2%, against β2.0%).
- Investors pay more for each dollar of BXPβs earnings: a P/E of 33.5x against 20.4x for Kilroy Realty.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
BXP
BXP
2/5
Revenue growth5-year growth
Kilroy Realty
KRC
3/5
Net marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | BXP FY25 | KRC FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $4.4B |
| Revenue | $3.5B | $1.1B |
| Free cash flow | β | $450M |
| Net income | $277M | $303M |
| Growth | ||
| Revenue growth | 2.2% | β2.0% |
| 5-year growth | 4.7% | 4.4% |
| Share count change | 0.7% | 0.6% |
| Profitability | ||
| Gross margin | 59.1% | β |
| Operating margin | β | β |
| Net margin | 8.0% | 27.2% |
| FCF margin | β | 40.5% |
| Return on capital | β | β |
| Return on equity | 5.2% | 5.6% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $643M | $258M |
| Valuation & quality | ||
| P/E | 33.5x | 20.4x |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
BXP $2.6B
KRC $643M
FY17
BXP $2.6B
KRC $719M
FY18
BXP $2.7B
KRC $747M
FY19
BXP $3.0B
KRC $838M
FY20
BXP $2.8B
KRC $898M
FY21
BXP $2.9B
KRC $955M
FY22
BXP $3.1B
KRC $1.1B
FY23
BXP $3.3B
KRC $1.1B
FY24
BXP $3.4B
KRC $1.1B
FY25
BXP $3.5B
KRC $1.1B
BXP
KRC
Operating margin
FY16
BXP 32.4%
KRC β
FY17
BXP 34.9%
KRC β
FY18
BXP β
KRC β
FY19
BXP β
KRC β
FY20
BXP β
KRC β
FY21
BXP β
KRC β
FY22
BXP β
KRC β
FY23
BXP β
KRC β
FY24
BXP β
KRC β
FY25
BXP β
KRC β
BXP
KRC
Free cash flow
FY16
BXP β
KRC $233M
FY17
BXP β
KRC $259M
FY18
BXP β
KRC $244M
FY19
BXP β
KRC $239M
FY20
BXP β
KRC $326M
FY21
BXP β
KRC $396M
FY22
BXP β
KRC $499M
FY23
BXP β
KRC $505M
FY24
BXP β
KRC $441M
FY25
BXP β
KRC $450M
BXP
KRC
Return on capital
FY16
BXP β
KRC β
FY17
BXP β
KRC β
FY18
BXP β
KRC β
FY19
BXP β
KRC β
FY20
BXP β
KRC β
FY21
BXP β
KRC β
FY22
BXP β
KRC β
FY23
BXP β
KRC β
FY24
BXP β
KRC β
FY25
BXP β
KRC β
BXP
KRC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.