BXP vs VNO: Boston Properties and Vornado Realty Trust 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 1.5 times Vornado Realty Trust.
- Vornado Realty Trust grew revenue faster over the last year (+4.7% vs +3.1%).
- Vornado Realty Trust keeps more of each dollar of revenue as operating profit (48.3% vs 28.3%).
- On earnings, Vornado Realty Trust is the cheaper stock (9.1x vs 29.7x).
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 | VNO |
|---|---|---|
| Market cap | $10.5B | $6.8B |
| Share price | $59.05 | $33.78 |
| Revenue (last fiscal year) | $3.5B | $1.8B |
| Free cash flow (last fiscal year) | $1.0B | — |
| Revenue growth, last year | +3.1% | +4.7% |
| Revenue growth per year, last 5 fiscal years | +4.8% | +3.3% |
| Operating margin | 28.3% | 48.3% |
| Net margin | 8.4% | 3.7% |
| Return on equity | 5.8% | 1.2% |
| P/E (trailing) | 29.7x | 9.14x |
| Price / free cash flow | 15.3x | 5.43x |
| EV / EBITDA | 12.7x | 16.1x |
| FCF growth the price implies | -3.8% | — |
| Dividend yield | 5.2% | 2.1% |
| Debt / equity | 3.38x | 1.54x |
| 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% |
Vornado Realty Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | — | 49.8% |
| 2022 | $1.8B | — | 51.4% |
| 2023 | $1.8B | — | 50.0% |
| 2024 | $1.8B | — | 48.1% |
| 2025 | $1.8B | — | 49.2% |
Where the revenue comes from
Boston Properties
No segment breakdown reported.
Vornado Realty Trust · by segments, 2025
New York$1.5B82%
Other$334M18%
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 Vornado Realty Trust?
Boston Properties (BXP), at $10.5B against $6.8B.
Is BXP or VNO cheaper?
By trailing P/E, Vornado Realty Trust (9.14x) is cheaper than Boston Properties (29.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BXP or VNO?
Vornado Realty Trust: revenue grew +4.7% over the last year, against +3.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.