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BXP, Inc.（BXP）与Camping World Holdings, Inc.（CWH）财务数据对比。点击上方公司名可切换其他公司
Camping World Holdings, Inc.的季度营收约是BXP, Inc.的1.3倍（$1.2B vs $872.1M），BXP, Inc.净利率更高（15.3% vs -9.3%，领先24.5%），BXP, Inc.同比增速更快（0.8% vs -2.6%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -7.2%）
BXP是美国头部商业地产投资信托企业，核心业务为持有、运营及开发A级高端写字楼资产，项目覆盖纽约、波士顿、旧金山等美国核心都市圈，服务企业、科技、专业服务等领域的多元租户。
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
BXP vs CWH — 直观对比
营收规模更大
CWH
是对方的1.3倍
$872.1M
营收增速更快
BXP
高出3.4%
-2.6%
净利率更高
BXP
高出24.5%
-9.3%
两年增速更快
BXP
近两年复合增速
-7.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.2B |
| 净利润 | $133.0M | $-109.1M |
| 毛利率 | — | 28.8% |
| 营业利润率 | — | -4.3% |
| 净利率 | 15.3% | -9.3% |
| 营收同比 | 0.8% | -2.6% |
| 净利润同比 | 53.0% | -83.3% |
| 每股收益（稀释后） | $1.69 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BXPCWH
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.2B | ||
| Q3 25 | $871.5M | $1.8B | ||
| Q2 25 | $868.5M | $2.0B | ||
| Q1 25 | $865.2M | $1.4B | ||
| Q4 24 | $858.6M | $1.2B | ||
| Q3 24 | $859.2M | $1.7B | ||
| Q2 24 | $850.5M | $1.8B |
净利润BXPCWH
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-109.1M | ||
| Q3 25 | $-121.7M | $-40.4M | ||
| Q2 25 | $89.0M | $30.2M | ||
| Q1 25 | $61.2M | $-12.3M | ||
| Q4 24 | $-228.9M | $-59.5M | ||
| Q3 24 | $83.6M | $5.5M | ||
| Q2 24 | $79.6M | $9.8M |
毛利率BXPCWH
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 28.8% | ||
| Q3 25 | 59.3% | 28.6% | ||
| Q2 25 | 59.2% | 30.0% | ||
| Q1 25 | 59.2% | 30.4% | ||
| Q4 24 | 59.7% | 31.3% | ||
| Q3 24 | 59.5% | 28.9% | ||
| Q2 24 | 59.8% | 30.3% |
营业利润率BXPCWH
| Q1 26 | — | — | ||
| Q4 25 | — | -4.3% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 5.3% |
净利率BXPCWH
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -9.3% | ||
| Q3 25 | -14.0% | -2.2% | ||
| Q2 25 | 10.2% | 1.5% | ||
| Q1 25 | 7.1% | -0.9% | ||
| Q4 24 | -26.7% | -4.9% | ||
| Q3 24 | 9.7% | 0.3% | ||
| Q2 24 | 9.4% | 0.5% |
每股收益（稀释后）BXPCWH
| 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 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $512.8M | $215.0M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $7.7B | $228.6M |
| 总资产 | $25.1B | $5.0B |
| 负债/权益比越低杠杆越低 | — | 6.44× |
8季度趋势，按日历期对齐
现金及短期投资BXPCWH
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $215.0M | ||
| Q3 25 | $861.1M | $230.5M | ||
| Q2 25 | $447.0M | $118.1M | ||
| Q1 25 | $398.1M | $20.9M | ||
| Q4 24 | $1.3B | $208.4M | ||
| Q3 24 | $1.4B | $28.4M | ||
| Q2 24 | $685.4M | $23.7M |
总债务BXPCWH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B |
股东权益BXPCWH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $228.6M | ||
| Q3 25 | $5.0B | $296.2M | ||
| Q2 25 | $5.3B | $340.5M | ||
| Q1 25 | $5.3B | $310.5M | ||
| Q4 24 | $5.4B | $326.6M | ||
| Q3 24 | $5.8B | $151.6M | ||
| Q2 24 | $5.8B | $149.7M |
总资产BXPCWH
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.0B | ||
| Q3 25 | $26.0B | $5.0B | ||
| Q2 25 | $25.6B | $5.2B | ||
| Q1 25 | $25.4B | $5.1B | ||
| Q4 24 | $26.1B | $4.9B | ||
| Q3 24 | $26.4B | $4.7B | ||
| Q2 24 | $25.5B | $5.0B |
负债/权益比BXPCWH
| Q1 26 | — | — | ||
| Q4 25 | — | 6.44× | ||
| Q3 25 | — | 5.00× | ||
| Q2 25 | — | 4.42× | ||
| Q1 25 | — | 4.87× | ||
| Q4 24 | — | 4.64× | ||
| Q3 24 | — | 10.09× | ||
| Q2 24 | — | 10.28× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $-227.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BXPCWH
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $-227.2M | ||
| Q3 25 | $274.2M | $139.8M | ||
| Q2 25 | $353.1M | $187.9M | ||
| Q1 25 | $210.0M | $-232.5M | ||
| Q4 24 | $383.7M | $-163.4M | ||
| Q3 24 | $286.1M | $324.2M | ||
| Q2 24 | $367.1M | $152.3M |
自由现金流BXPCWH
| 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 | — |
自由现金流率BXPCWH
| 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% | — |
资本支出强度BXPCWH
| 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% | — |
现金转化率BXPCWH
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | 6.22× | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | 58.93× | ||
| Q2 24 | 4.61× | 15.59× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
