vs
BXP, Inc.（BXP）与Dream Finders Homes, Inc.（DFH）财务数据对比。点击上方公司名可切换其他公司
Dream Finders Homes, Inc.的季度营收约是BXP, Inc.的1.4倍（$1.2B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 4.8%，领先10.4%），BXP, Inc.同比增速更快（0.8% vs -22.3%），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs 1.3%）
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。
美国住宅建筑商Dream Finders Homes主要建造并销售独栋住宅、联排别墅等覆盖入门级到高端档次的居住物业，业务布局美国多个高速增长区域，同时为购房者提供按揭融资、产权保险、房屋保修等配套服务，覆盖各类客户群体。
BXP vs DFH — 直观对比
营收规模更大
DFH
是对方的1.4倍
$872.1M
营收增速更快
BXP
高出23.1%
-22.3%
净利率更高
BXP
高出10.4%
4.8%
两年增速更快
DFH
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.2B |
| 净利润 | $133.0M | $58.8M |
| 毛利率 | — | — |
| 营业利润率 | — | 6.4% |
| 净利率 | 15.3% | 4.8% |
| 营收同比 | 0.8% | -22.3% |
| 净利润同比 | 53.0% | -54.9% |
| 每股收益（稀释后） | $1.69 | $0.57 |
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BXPDFH
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.2B | ||
| Q3 25 | $871.5M | $969.8M | ||
| Q2 25 | $868.5M | $1.2B | ||
| Q1 25 | $865.2M | $989.9M | ||
| Q4 24 | $858.6M | $1.6B | ||
| Q3 24 | $859.2M | $1.0B | ||
| Q2 24 | $850.5M | $1.1B |
净利润BXPDFH
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $58.8M | ||
| Q3 25 | $-121.7M | $47.0M | ||
| Q2 25 | $89.0M | $56.6M | ||
| Q1 25 | $61.2M | $54.9M | ||
| Q4 24 | $-228.9M | $130.5M | ||
| Q3 24 | $83.6M | $70.7M | ||
| Q2 24 | $79.6M | $80.9M |
毛利率BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | 19.2% |
营业利润率BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 9.2% | ||
| Q2 24 | — | 10.0% |
净利率BXPDFH
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 4.8% | ||
| Q3 25 | -14.0% | 4.8% | ||
| Q2 25 | 10.2% | 4.9% | ||
| Q1 25 | 7.1% | 5.5% | ||
| Q4 24 | -26.7% | 8.4% | ||
| Q3 24 | 9.7% | 7.0% | ||
| Q2 24 | 9.4% | 7.7% |
每股收益（稀释后）BXPDFH
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.57 | ||
| Q3 25 | $-0.77 | $0.47 | ||
| Q2 25 | $0.56 | $0.56 | ||
| Q1 25 | $0.39 | $0.54 | ||
| Q4 24 | $-1.46 | $1.28 | ||
| Q3 24 | $0.53 | $0.70 | ||
| Q2 24 | $0.51 | $0.81 |
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 | $234.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $7.7B | $1.4B |
| 总资产 | $25.1B | $3.7B |
| 负债/权益比越低杠杆越低 | — | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资BXPDFH
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $234.8M | ||
| Q3 25 | $861.1M | $251.0M | ||
| Q2 25 | $447.0M | $210.3M | ||
| Q1 25 | $398.1M | $297.5M | ||
| Q4 24 | $1.3B | $274.4M | ||
| Q3 24 | $1.4B | $204.9M | ||
| Q2 24 | $685.4M | $274.8M |
总债务BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益BXPDFH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.4B | ||
| Q3 25 | $5.0B | $1.4B | ||
| Q2 25 | $5.3B | $1.3B | ||
| Q1 25 | $5.3B | $1.3B | ||
| Q4 24 | $5.4B | $1.2B | ||
| Q3 24 | $5.8B | $1.1B | ||
| Q2 24 | $5.8B | $1.0B |
总资产BXPDFH
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $3.7B | ||
| Q3 25 | $26.0B | $3.8B | ||
| Q2 25 | $25.6B | $3.7B | ||
| Q1 25 | $25.4B | $3.5B | ||
| Q4 24 | $26.1B | $3.3B | ||
| Q3 24 | $26.4B | $3.3B | ||
| Q2 24 | $25.5B | $3.0B |
负债/权益比BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $143.6M |
| 自由现金流经营现金流 - 资本支出 | — | $136.0M |
| 自由现金流率自由现金流/营收 | — | 11.2% |
| 资本支出强度资本支出/营收 | 1.5% | 0.6% |
| 现金转化率经营现金流/净利润 | — | 2.44× |
| 过去12个月自由现金流最近4个季度 | — | $-126.4M |
8季度趋势，按日历期对齐
经营现金流BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $143.6M | ||
| Q3 25 | $274.2M | $-131.0M | ||
| Q2 25 | $353.1M | $-68.5M | ||
| Q1 25 | $210.0M | $-44.7M | ||
| Q4 24 | $383.7M | $306.5M | ||
| Q3 24 | $286.1M | $-205.0M | ||
| Q2 24 | $367.1M | $-110.6M |
自由现金流BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $136.0M | ||
| Q3 25 | $231.6M | $-135.7M | ||
| Q2 25 | $281.5M | $-78.8M | ||
| Q1 25 | $152.6M | $-47.9M | ||
| Q4 24 | $312.5M | $302.6M | ||
| Q3 24 | $234.5M | $-222.5M | ||
| Q2 24 | $332.4M | $-112.4M |
自由现金流率BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 11.2% | ||
| Q3 25 | 26.6% | -14.0% | ||
| Q2 25 | 32.4% | -6.8% | ||
| Q1 25 | 17.6% | -4.8% | ||
| Q4 24 | 36.4% | 19.4% | ||
| Q3 24 | 27.3% | -22.1% | ||
| Q2 24 | 39.1% | -10.6% |
资本支出强度BXPDFH
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.6% | ||
| Q3 25 | 4.9% | 0.5% | ||
| Q2 25 | 8.2% | 0.9% | ||
| Q1 25 | 6.6% | 0.3% | ||
| Q4 24 | 8.3% | 0.3% | ||
| Q3 24 | 6.0% | 1.7% | ||
| Q2 24 | 4.1% | 0.2% |
现金转化率BXPDFH
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.44× | ||
| Q3 25 | — | -2.79× | ||
| Q2 25 | 3.97× | -1.21× | ||
| Q1 25 | 3.43× | -0.81× | ||
| Q4 24 | — | 2.35× | ||
| Q3 24 | 3.42× | -2.90× | ||
| Q2 24 | 4.61× | -1.37× |
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% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
