Is Boston Properties, Inc. overvalued or undervalued?

As of 29 April 2025, Boston Properties, Inc. has moved from a valuation grade of very attractive to risky. The company is currently considered overvalued, particularly given its P/E ratio is not applicable due to losses, while its Price to Book Value stands at 2.42, and its EV to EBITDA is at 6.50. The ROCE is a strong 21.09%, but the negative ROE of -0.10% raises concerns about profitability.
In comparison to its peers, Boston Properties significantly lags behind Kimco Realty Corp., which has a P/E ratio of 25.49, and W.P. Carey, Inc., with a P/E of 29.18. The company's recent stock performance shows a decline of 4.53% year-to-date, contrasting with the S&P 500's gain of 2.44%, further supporting the view that it is overvalued in the current market context.