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Side-by-side financial comparison of BXP, Inc. (BXP) and North American Construction Group Ltd. (NOA). Click either name above to swap in a different company.
BXP, Inc. is the larger business by last-quarter revenue ($872.1M vs $860.2M, roughly 1.0× North American Construction Group Ltd.). BXP, Inc. runs the higher net margin — 15.3% vs 4.7%, a 10.5% gap on every dollar of revenue. Over the past eight quarters, North American Construction Group Ltd.'s revenue compounded faster (58.0% CAGR vs 1.3%).
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.
Shanghai Construction (Group) Corporation (SCG) is a Chinese construction and engineering company, ranked as the 16th largest construction company in the world based on 2011 revenues.
BXP vs NOA — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $872.1M | $860.2M |
| Net Profit | $133.0M | $40.5M |
| Gross Margin | — | 19.7% |
| Operating Margin | — | 15.4% |
| Net Margin | 15.3% | 4.7% |
| Revenue YoY | 0.8% | — |
| Net Profit YoY | 53.0% | — |
| EPS (diluted) | $1.69 | — |
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.
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | — | ||
| Q3 25 | $871.5M | $860.2M | ||
| Q2 25 | $868.5M | $573.3M | ||
| Q1 25 | $865.2M | $297.0M | ||
| Q4 24 | $858.6M | — | ||
| Q3 24 | $859.2M | $636.4M | ||
| Q2 24 | $850.5M | $439.5M |
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | — | ||
| Q3 25 | $-121.7M | $40.5M | ||
| Q2 25 | $89.0M | $26.0M | ||
| Q1 25 | $61.2M | $11.5M | ||
| Q4 24 | $-228.9M | — | ||
| Q3 24 | $83.6M | $45.5M | ||
| Q2 24 | $79.6M | $34.1M |
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | 19.7% | ||
| Q2 25 | 59.2% | 18.1% | ||
| Q1 25 | 59.2% | 18.0% | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | 14.0% | ||
| Q2 24 | 59.8% | 14.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 13.6% | ||
| Q1 25 | — | 13.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | — | ||
| Q3 25 | -14.0% | 4.7% | ||
| Q2 25 | 10.2% | 4.5% | ||
| Q1 25 | 7.1% | 3.9% | ||
| Q4 24 | -26.7% | — | ||
| Q3 24 | 9.7% | 7.1% | ||
| Q2 24 | 9.4% | 7.8% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | — | ||
| Q3 25 | $-0.77 | — | ||
| Q2 25 | $0.56 | — | ||
| Q1 25 | $0.39 | — | ||
| Q4 24 | $-1.46 | — | ||
| Q3 24 | $0.53 | — | ||
| Q2 24 | $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 | $512.8M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.7B | — |
| Total Assets | $25.1B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $861.1M | — | ||
| Q2 25 | $447.0M | — | ||
| Q1 25 | $398.1M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $685.4M | — |
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.3B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.8B | — |
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | — | ||
| Q3 25 | $26.0B | $1.7B | ||
| Q2 25 | $25.6B | $1.7B | ||
| Q1 25 | $25.4B | $1.7B | ||
| Q4 24 | $26.1B | — | ||
| Q3 24 | $26.4B | $1.5B | ||
| Q2 24 | $25.5B | $1.5B |
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 | — | $140.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | — | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | — | ||
| Q3 25 | $274.2M | $140.7M | ||
| Q2 25 | $353.1M | $85.4M | ||
| Q1 25 | $210.0M | $19.0M | ||
| Q4 24 | $383.7M | — | ||
| Q3 24 | $286.1M | $109.5M | ||
| Q2 24 | $367.1M | $72.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | 1.5% | — | ||
| 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 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | 3.47× | ||
| Q2 25 | 3.97× | 3.28× | ||
| Q1 25 | 3.43× | 1.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | 2.41× | ||
| Q2 24 | 4.61× | 2.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
NOA
Segment breakdown not available.
