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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and BXP, Inc. (BXP). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($877.1M vs $75.6M, roughly 11.6× Armada Hoffler Properties, Inc.). BXP, Inc. runs the higher net margin — 28.3% vs 3.1%, a 25.2% gap on every dollar of revenue. On growth, BXP, Inc. posted the faster year-over-year revenue change (2.2% vs 0.8%). Over the past eight quarters, BXP, Inc.'s revenue compounded faster (2.2% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
BXP Inc., operating as Boston Properties, is a leading U.S. real estate investment trust focused on owning, managing and developing high-quality Class A commercial office properties across major U.S. metro markets, serving diverse corporate, tech and professional service tenants.
AHH vs BXP — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $877.1M |
| Net Profit | $2.4M | $248.4M |
| Gross Margin | — | 58.8% |
| Operating Margin | 31.0% | — |
| Net Margin | 3.1% | 28.3% |
| Revenue YoY | 0.8% | 2.2% |
| Net Profit YoY | -89.8% | 208.5% |
| EPS (diluted) | $0.00 | $1.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $877.1M | ||
| Q3 25 | $23.2M | $871.5M | ||
| Q2 25 | $32.0M | $868.5M | ||
| Q1 25 | $46.6M | $865.2M | ||
| Q4 24 | $75.0M | $858.6M | ||
| Q3 24 | $114.4M | $859.2M | ||
| Q2 24 | $116.8M | $850.5M | ||
| Q1 24 | $127.0M | $839.4M |
| Q4 25 | $2.4M | $248.4M | ||
| Q3 25 | $80.0K | $-121.7M | ||
| Q2 25 | $5.9M | $89.0M | ||
| Q1 25 | $-2.8M | $61.2M | ||
| Q4 24 | $23.4M | $-228.9M | ||
| Q3 24 | $-5.0M | $83.6M | ||
| Q2 24 | $3.2M | $79.6M | ||
| Q1 24 | $14.1M | $79.9M |
| Q4 25 | — | 58.8% | ||
| Q3 25 | — | 59.3% | ||
| Q2 25 | — | 59.2% | ||
| Q1 25 | — | 59.2% | ||
| Q4 24 | — | 59.7% | ||
| Q3 24 | 45.0% | 59.5% | ||
| Q2 24 | 41.8% | 59.8% | ||
| Q1 24 | 37.9% | 60.6% |
| Q4 25 | 31.0% | — | ||
| Q3 25 | 91.5% | — | ||
| Q2 25 | 63.9% | — | ||
| Q1 25 | 33.8% | — | ||
| Q4 24 | 50.1% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 15.1% | — |
| Q4 25 | 3.1% | 28.3% | ||
| Q3 25 | 0.3% | -14.0% | ||
| Q2 25 | 18.6% | 10.2% | ||
| Q1 25 | -6.0% | 7.1% | ||
| Q4 24 | 31.2% | -26.7% | ||
| Q3 24 | -4.4% | 9.7% | ||
| Q2 24 | 2.7% | 9.4% | ||
| Q1 24 | 11.1% | 9.5% |
| Q4 25 | $0.00 | $1.56 | ||
| Q3 25 | $-0.04 | $-0.77 | ||
| Q2 25 | $0.04 | $0.56 | ||
| Q1 25 | $-0.07 | $0.39 | ||
| Q4 24 | $0.28 | $-1.46 | ||
| Q3 24 | $-0.11 | $0.53 | ||
| Q2 24 | $0.00 | $0.51 | ||
| Q1 24 | $0.17 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $1.5B |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $5.1B |
| Total Assets | $2.6B | $26.2B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $1.5B | ||
| Q3 25 | $46.5M | $861.1M | ||
| Q2 25 | $52.1M | $447.0M | ||
| Q1 25 | $45.7M | $398.1M | ||
| Q4 24 | $31.9M | $1.3B | ||
| Q3 24 | $43.9M | $1.4B | ||
| Q2 24 | $20.3M | $685.4M | ||
| Q1 24 | $41.9M | $701.7M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $5.1B | ||
| Q3 25 | $638.8M | $5.0B | ||
| Q2 25 | $652.0M | $5.3B | ||
| Q1 25 | $657.4M | $5.3B | ||
| Q4 24 | $670.6M | $5.4B | ||
| Q3 24 | $663.9M | $5.8B | ||
| Q2 24 | $562.7M | $5.8B | ||
| Q1 24 | $571.4M | $5.9B |
| Q4 25 | $2.6B | $26.2B | ||
| Q3 25 | $2.6B | $26.0B | ||
| Q2 25 | $2.6B | $25.6B | ||
| Q1 25 | $2.5B | $25.4B | ||
| Q4 24 | $2.5B | $26.1B | ||
| Q3 24 | $2.6B | $26.4B | ||
| Q2 24 | $2.6B | $25.5B | ||
| Q1 24 | $2.6B | $25.5B |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $407.8M |
| Free Cash FlowOCF − Capex | — | $362.7M |
| FCF MarginFCF / Revenue | — | 41.4% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | — | 1.64× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $407.8M | ||
| Q3 25 | $26.3M | $274.2M | ||
| Q2 25 | $11.1M | $353.1M | ||
| Q1 25 | $107.0K | $210.0M | ||
| Q4 24 | $20.8M | $383.7M | ||
| Q3 24 | $27.3M | $286.1M | ||
| Q2 24 | $17.4M | $367.1M | ||
| Q1 24 | $46.5M | $197.6M |
| Q4 25 | — | $362.7M | ||
| Q3 25 | — | $231.6M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $152.6M | ||
| Q4 24 | — | $312.5M | ||
| Q3 24 | — | $234.5M | ||
| Q2 24 | — | $332.4M | ||
| Q1 24 | — | $165.5M |
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 26.6% | ||
| Q2 25 | — | 32.4% | ||
| Q1 25 | — | 17.6% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | — | 27.3% | ||
| Q2 24 | — | 39.1% | ||
| Q1 24 | — | 19.7% |
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | 8.3% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 3.8% |
| Q4 25 | — | 1.64× | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | 3.97× | ||
| Q1 25 | — | 3.43× | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | 5.48× | 4.61× | ||
| Q1 24 | 3.30× | 2.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
BXP
Segment breakdown not available.
