BXP vs Vornado Realty Trust
BXP is the larger business, with $3.48bn of revenue in fiscal 2025 against $1.81bn for Vornado Realty Trust (1.9 times as much). BXP grew faster (2.2% against 1.3%). Vornado Realty Trust kept more of each dollar of sales as profit: a net margin of 50.0% against 7.9%. Vornado Realty Trust carries less debt relative to equity (37.8% against 97.7%).
| Latest fiscal year | BXPBXP, 2025 | Vornado Realty TrustVNO, 2025 |
|---|---|---|
| Revenue | $3.48bn | $1.81bn |
| Revenue growth | 2.2% | 1.3% |
| Net income | $277m | $905m |
| Operating margin | — | — |
| Net margin | 7.9% | 50.0% |
| Return on equity | 5.2% | 16.2% |
| Free cash flow | $1.03bn | $962m |
| Cash | $1.48bn | $841m |
| Total debt | $5.03bn | $2.26bn |
| Debt to equity | 97.7% | 37.8% |
| Dividend per share | — | $0.74 |
| Dividend yield | 5.4% | — |
| Share buybacks | — | $51.0m |
| Employees | 743 | 3,145 |
| Market value | $9.99bn | $6.40bn |
| Price vs our value range | — | — |
| Moat score | 77 (Strong) | 46 (Moderate) |
| Insider trades, 12 months | 0 buys, 12 sales | 9 buys, 3 sales |