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BXP, Inc.（BXP）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
达美乐的季度营收约是BXP, Inc.的1.3倍（$1.2B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 12.2%，领先3.1%），达美乐同比增速更快（3.5% vs 0.8%），过去两年达美乐的营收复合增速更高（2.4% 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。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
BXP vs DPZ — 直观对比
营收规模更大
DPZ
是对方的1.3倍
$872.1M
营收增速更快
DPZ
高出2.7%
0.8%
净利率更高
BXP
高出3.1%
12.2%
两年增速更快
DPZ
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.2B |
| 净利润 | $133.0M | $139.8M |
| 毛利率 | — | 40.4% |
| 营业利润率 | — | 20.0% |
| 净利率 | 15.3% | 12.2% |
| 营收同比 | 0.8% | 3.5% |
| 净利润同比 | 53.0% | -6.6% |
| 每股收益（稀释后） | $1.69 | $4.13 |
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BXPDPZ
| Q1 26 | $872.1M | $1.2B | ||
| Q4 25 | $877.1M | — | ||
| Q3 25 | $871.5M | $1.1B | ||
| Q2 25 | $868.5M | $1.1B | ||
| Q1 25 | $865.2M | $1.1B | ||
| Q4 24 | $858.6M | $1.4B | ||
| Q3 24 | $859.2M | $1.1B | ||
| Q2 24 | $850.5M | $1.1B |
净利润BXPDPZ
| Q1 26 | $133.0M | $139.8M | ||
| Q4 25 | $248.4M | — | ||
| Q3 25 | $-121.7M | $139.3M | ||
| Q2 25 | $89.0M | $131.1M | ||
| Q1 25 | $61.2M | $149.7M | ||
| Q4 24 | $-228.9M | $169.4M | ||
| Q3 24 | $83.6M | $146.9M | ||
| Q2 24 | $79.6M | $142.0M |
毛利率BXPDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | 40.1% | ||
| Q2 25 | 59.2% | 40.3% | ||
| Q1 25 | 59.2% | 39.8% | ||
| Q4 24 | 59.7% | 39.2% | ||
| Q3 24 | 59.5% | 39.2% | ||
| Q2 24 | 59.8% | 39.8% |
营业利润率BXPDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 19.5% | ||
| Q2 25 | — | 19.7% | ||
| Q1 25 | — | 18.9% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 17.9% |
净利率BXPDPZ
| Q1 26 | 15.3% | 12.2% | ||
| Q4 25 | 28.3% | — | ||
| Q3 25 | -14.0% | 12.1% | ||
| Q2 25 | 10.2% | 11.4% | ||
| Q1 25 | 7.1% | 13.5% | ||
| Q4 24 | -26.7% | 11.7% | ||
| Q3 24 | 9.7% | 13.6% | ||
| Q2 24 | 9.4% | 12.9% |
每股收益（稀释后）BXPDPZ
| Q1 26 | $1.69 | $4.13 | ||
| Q4 25 | $1.56 | — | ||
| Q3 25 | $-0.77 | $4.08 | ||
| Q2 25 | $0.56 | $3.81 | ||
| Q1 25 | $0.39 | $4.33 | ||
| Q4 24 | $-1.46 | $4.89 | ||
| Q3 24 | $0.53 | $4.19 | ||
| Q2 24 | $0.51 | $4.03 |
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 | $232.9M |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $7.7B | — |
| 总资产 | $25.1B | $1.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BXPDPZ
| Q1 26 | $512.8M | $232.9M | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $861.1M | $139.7M | ||
| Q2 25 | $447.0M | $272.9M | ||
| Q1 25 | $398.1M | $304.3M | ||
| Q4 24 | $1.3B | $186.1M | ||
| Q3 24 | $1.4B | $189.1M | ||
| Q2 24 | $685.4M | $283.7M |
总债务BXPDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B |
股东权益BXPDPZ
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | $-4.0B | ||
| Q2 25 | $5.3B | $-4.0B | ||
| Q1 25 | $5.3B | $-3.9B | ||
| Q4 24 | $5.4B | $-4.0B | ||
| Q3 24 | $5.8B | $-4.0B | ||
| Q2 24 | $5.8B | $-3.9B |
总资产BXPDPZ
| Q1 26 | $25.1B | $1.8B | ||
| Q4 25 | $26.2B | — | ||
| Q3 25 | $26.0B | $1.7B | ||
| Q2 25 | $25.6B | $1.8B | ||
| Q1 25 | $25.4B | $1.9B | ||
| Q4 24 | $26.1B | $1.7B | ||
| Q3 24 | $26.4B | $1.8B | ||
| Q2 24 | $25.5B | $1.9B |
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 | — | $162.0M |
| 自由现金流经营现金流 - 资本支出 | — | $147.0M |
| 自由现金流率自由现金流/营收 | — | 12.8% |
| 资本支出强度资本支出/营收 | 1.5% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.16× |
| 过去12个月自由现金流最近4个季度 | — | $625.3M |
8季度趋势，按日历期对齐
经营现金流BXPDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $407.8M | — | ||
| Q3 25 | $274.2M | $185.4M | ||
| Q2 25 | $353.1M | $187.8M | ||
| Q1 25 | $210.0M | $179.1M | ||
| Q4 24 | $383.7M | $178.0M | ||
| Q3 24 | $286.1M | $172.7M | ||
| Q2 24 | $367.1M | $150.7M |
自由现金流BXPDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $362.7M | — | ||
| Q3 25 | $231.6M | $164.0M | ||
| Q2 25 | $281.5M | $167.3M | ||
| Q1 25 | $152.6M | $164.3M | ||
| Q4 24 | $312.5M | $135.9M | ||
| Q3 24 | $234.5M | $145.6M | ||
| Q2 24 | $332.4M | $127.2M |
自由现金流率BXPDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 41.4% | — | ||
| Q3 25 | 26.6% | 14.3% | ||
| Q2 25 | 32.4% | 14.6% | ||
| Q1 25 | 17.6% | 14.8% | ||
| Q4 24 | 36.4% | 9.4% | ||
| Q3 24 | 27.3% | 13.5% | ||
| Q2 24 | 39.1% | 11.6% |
资本支出强度BXPDPZ
| Q1 26 | 1.5% | 1.3% | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | 1.9% | ||
| Q2 25 | 8.2% | 1.8% | ||
| Q1 25 | 6.6% | 1.3% | ||
| Q4 24 | 8.3% | 2.9% | ||
| Q3 24 | 6.0% | 2.5% | ||
| Q2 24 | 4.1% | 2.1% |
现金转化率BXPDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | 3.97× | 1.43× | ||
| Q1 25 | 3.43× | 1.20× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 3.42× | 1.18× | ||
| Q2 24 | 4.61× | 1.06× |
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% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
