BXP vs KRC: Boston Properties and Kilroy Realty compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Boston Properties is the larger company, worth $10.5B, about 2.7 times Kilroy Realty.
- Boston Properties grew revenue faster over the last year (+3.1% vs +2.7%).
- On earnings, Kilroy Realty is the cheaper stock (18.2x vs 29.7x).
- Boston Properties's price assumes faster free cash flow growth: about -4% a year, against -6% for Kilroy Realty (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BXP | KRC |
|---|---|---|
| Market cap | $10.5B | $3.9B |
| Share price | $59.05 | $34.25 |
| Revenue (last fiscal year) | $3.5B | $19M |
| Free cash flow (last fiscal year) | $1.0B | $450M |
| Revenue growth, last year | +3.1% | +2.7% |
| Revenue growth per year, last 5 fiscal years | +4.8% | +33.3% |
| Operating margin | 28.3% | — |
| Net margin | 8.4% | 1134.4% |
| Return on equity | 5.8% | 4.1% |
| P/E (trailing) | 29.7x | 18.2x |
| Price / free cash flow | 15.3x | — |
| EV / EBITDA | 12.7x | 11.5x |
| FCF growth the price implies | -3.8% | -6.1% |
| Dividend yield | 5.2% | 6.4% |
| Debt / equity | 3.38x | 1.00x |
| Fundamental grade | C | D |
| Superinvestors holding it | 4 | 3 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Boston Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.9B | $982M | 33.5% |
| 2022 | $3.1B | $1.1B | 34.1% |
| 2023 | $3.3B | $1.1B | 31.6% |
| 2024 | $3.4B | $1.0B | 29.9% |
| 2025 | $3.5B | $1.0B | 29.1% |
Kilroy Realty
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6M | $396M | — |
| 2022 | $11M | $499M | — |
| 2023 | $12M | $505M | — |
| 2024 | $18M | $441M | — |
| 2025 | $19M | $450M | — |
Where the revenue comes from
Boston Properties
No segment breakdown reported.
Kilroy Realty · by products, 2019
Rental$826M99%
Other property income$11M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BXP in InvestinglyQuestions
Which is bigger, Boston Properties or Kilroy Realty?
Boston Properties (BXP), at $10.5B against $3.9B.
Is BXP or KRC cheaper?
By trailing P/E, Kilroy Realty (18.2x) is cheaper than Boston Properties (29.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BXP or KRC?
Boston Properties: revenue grew +3.1% over the last year, against +2.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.