BXP vs Vornado Realty Trust
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The short version
- BXP is the larger business, with $3.5B of revenue in fiscal 2025 against $1.8B for Vornado Realty Trust, about 1.9 times as much.
- BXP grew revenue faster (2.2%, against 1.3%).
| Latest fiscal year | BXP Β· FY25 | VNO Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $6.8B |
| Revenue | $3.5B | $1.8B |
| Free cash flow | β | $962M |
| Net income | $277M | $905M |
| Growth | ||
| Revenue growth | 2.2% | 1.3% |
| 5-year growth | 4.7% | 3.5% |
| Share count change | 0.7% | 2.3% |
| Profitability | ||
| Gross margin | 59.1% | β |
| Operating margin | β | β |
| Net margin | 8.0% | 50.0% |
| FCF margin | β | 53.1% |
| Return on capital | β | 17.4% |
| Return on equity | 5.2% | 16.2% |
| Balance sheet | ||
| Net debt | β | $1.4B |
| Net debt / EBITDA | β | 0.8x |
| Dividends and buybacks | $643M | $192M |
| Valuation & quality | ||
| P/E | 33.4x | β |
| Piotroski F-score | β | β |
FY16
BXP $2.6B
VNO $2.0B
FY17
BXP $2.6B
VNO $2.1B
FY18
BXP $2.7B
VNO $2.2B
FY19
BXP $3.0B
VNO $1.9B
FY20
BXP $2.8B
VNO $1.5B
FY21
BXP $2.9B
VNO $1.6B
FY22
BXP $3.1B
VNO $1.8B
FY23
BXP $3.3B
VNO $1.8B
FY24
BXP $3.4B
VNO $1.8B
FY25
BXP $3.5B
VNO $1.8B
BXP
VNO
FY16
BXP 32.4%
VNO 28.9%
FY17
BXP 34.9%
VNO 29.2%
FY18
BXP β
VNO 26.9%
FY19
BXP β
VNO β
FY20
BXP β
VNO β
FY21
BXP β
VNO β
FY22
BXP β
VNO β
FY23
BXP β
VNO β
FY24
BXP β
VNO β
FY25
BXP β
VNO β
BXP
VNO
FY16
BXP β
VNO $608M
FY17
BXP β
VNO $589M
FY18
BXP β
VNO $568M
FY19
BXP β
VNO $593M
FY20
BXP β
VNO $423M
FY21
BXP β
VNO $759M
FY22
BXP β
VNO $796M
FY23
BXP β
VNO $615M
FY24
BXP β
VNO $538M
FY25
BXP β
VNO $962M
BXP
VNO
FY16
BXP β
VNO 7.8%
FY17
BXP β
VNO 8.6%
FY18
BXP β
VNO 9.7%
FY19
BXP β
VNO 52.5%
FY20
BXP β
VNO β2.1%
FY21
BXP β
VNO 5.9%
FY22
BXP β
VNO β0.9%
FY23
BXP β
VNO 3.0%
FY24
BXP β
VNO 3.0%
FY25
BXP β
VNO 17.4%
BXP
VNO
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.