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BXP, Inc.（BXP）与FIRST HORIZON CORP（FHN）财务数据对比。点击上方公司名可切换其他公司
FIRST HORIZON CORP的季度营收约是BXP, Inc.的1.0倍（$888.0M vs $872.1M），FIRST HORIZON CORP净利率更高（29.4% vs 15.3%，领先14.1%），FIRST HORIZON CORP同比增速更快（21.8% vs 0.8%），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% 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。
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
BXP vs FHN — 直观对比
营收规模更大
FHN
是对方的1.0倍
$872.1M
营收增速更快
FHN
高出21.0%
0.8%
净利率更高
FHN
高出14.1%
15.3%
两年增速更快
FHN
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $888.0M |
| 净利润 | $133.0M | $261.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 38.5% |
| 净利率 | 15.3% | 29.4% |
| 营收同比 | 0.8% | 21.8% |
| 净利润同比 | 53.0% | 57.2% |
| 每股收益（稀释后） | $1.69 | $0.51 |
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BXPFHN
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $888.0M | ||
| Q3 25 | $871.5M | $889.0M | ||
| Q2 25 | $868.5M | $830.0M | ||
| Q1 25 | $865.2M | $812.0M | ||
| Q4 24 | $858.6M | $729.0M | ||
| Q3 24 | $859.2M | $827.0M | ||
| Q2 24 | $850.5M | — |
净利润BXPFHN
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $261.0M | ||
| Q3 25 | $-121.7M | $262.0M | ||
| Q2 25 | $89.0M | $241.0M | ||
| Q1 25 | $61.2M | $218.0M | ||
| Q4 24 | $-228.9M | $166.0M | ||
| Q3 24 | $83.6M | $218.0M | ||
| Q2 24 | $79.6M | — |
毛利率BXPFHN
| 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% | — |
营业利润率BXPFHN
| Q1 26 | — | — | ||
| Q4 25 | — | 38.5% | ||
| Q3 25 | — | 38.7% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.1% | ||
| Q4 24 | — | 28.8% | ||
| Q3 24 | — | 34.0% | ||
| Q2 24 | — | — |
净利率BXPFHN
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 29.4% | ||
| Q3 25 | -14.0% | 29.5% | ||
| Q2 25 | 10.2% | 29.0% | ||
| Q1 25 | 7.1% | 26.8% | ||
| Q4 24 | -26.7% | 22.8% | ||
| Q3 24 | 9.7% | 26.4% | ||
| Q2 24 | 9.4% | — |
每股收益（稀释后）BXPFHN
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.51 | ||
| Q3 25 | $-0.77 | $0.50 | ||
| Q2 25 | $0.56 | $0.45 | ||
| Q1 25 | $0.39 | $0.41 | ||
| Q4 24 | $-1.46 | $0.29 | ||
| Q3 24 | $0.53 | $0.40 | ||
| 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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $8.8B |
| 总资产 | $25.1B | $83.9B |
| 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BXPFHN
| 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 | — |
股东权益BXPFHN
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $8.8B | ||
| Q3 25 | $5.0B | $8.9B | ||
| Q2 25 | $5.3B | $9.0B | ||
| Q1 25 | $5.3B | $8.7B | ||
| Q4 24 | $5.4B | $8.8B | ||
| Q3 24 | $5.8B | $9.0B | ||
| Q2 24 | $5.8B | — |
总资产BXPFHN
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $83.9B | ||
| Q3 25 | $26.0B | $83.2B | ||
| Q2 25 | $25.6B | $82.1B | ||
| Q1 25 | $25.4B | $81.5B | ||
| Q4 24 | $26.1B | $82.2B | ||
| Q3 24 | $26.4B | $82.6B | ||
| Q2 24 | $25.5B | — |
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 | — | $396.0M |
| 自由现金流经营现金流 - 资本支出 | — | $389.0M |
| 自由现金流率自由现金流/营收 | — | 43.8% |
| 资本支出强度资本支出/营收 | 1.5% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 1.52× |
| 过去12个月自由现金流最近4个季度 | — | $595.0M |
8季度趋势，按日历期对齐
经营现金流BXPFHN
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $396.0M | ||
| Q3 25 | $274.2M | $-200.0M | ||
| Q2 25 | $353.1M | $83.0M | ||
| Q1 25 | $210.0M | $349.0M | ||
| Q4 24 | $383.7M | $191.0M | ||
| Q3 24 | $286.1M | $389.0M | ||
| Q2 24 | $367.1M | — |
自由现金流BXPFHN
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $389.0M | ||
| Q3 25 | $231.6M | $-208.0M | ||
| Q2 25 | $281.5M | $74.0M | ||
| Q1 25 | $152.6M | $340.0M | ||
| Q4 24 | $312.5M | $174.0M | ||
| Q3 24 | $234.5M | $383.0M | ||
| Q2 24 | $332.4M | — |
自由现金流率BXPFHN
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 43.8% | ||
| Q3 25 | 26.6% | -23.4% | ||
| Q2 25 | 32.4% | 8.9% | ||
| Q1 25 | 17.6% | 41.9% | ||
| Q4 24 | 36.4% | 23.9% | ||
| Q3 24 | 27.3% | 46.3% | ||
| Q2 24 | 39.1% | — |
资本支出强度BXPFHN
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.8% | ||
| Q3 25 | 4.9% | 0.9% | ||
| Q2 25 | 8.2% | 1.1% | ||
| Q1 25 | 6.6% | 1.1% | ||
| Q4 24 | 8.3% | 2.3% | ||
| Q3 24 | 6.0% | 0.7% | ||
| Q2 24 | 4.1% | — |
现金转化率BXPFHN
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.52× | ||
| Q3 25 | — | -0.76× | ||
| Q2 25 | 3.97× | 0.34× | ||
| Q1 25 | 3.43× | 1.60× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | 3.42× | 1.78× | ||
| Q2 24 | 4.61× | — |
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% |
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
