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BXP, Inc.（BXP）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是六旗的1.3倍（$872.1M vs $650.1M），BXP, Inc.净利率更高（15.3% vs -14.2%，领先29.5%）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
BXP vs FUN — 直观对比
营收规模更大
BXP
是对方的1.3倍
$650.1M
净利率更高
BXP
高出29.5%
-14.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $650.1M |
| 净利润 | $133.0M | $-92.4M |
| 毛利率 | — | 91.4% |
| 营业利润率 | — | -3.8% |
| 净利率 | 15.3% | -14.2% |
| 营收同比 | 0.8% | — |
| 净利润同比 | 53.0% | — |
| 每股收益（稀释后） | $1.69 | $-0.93 |
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BXPFUN
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $650.1M | ||
| Q3 25 | $871.5M | $1.3B | ||
| Q2 25 | $868.5M | $930.4M | ||
| Q1 25 | $865.2M | $202.1M | ||
| Q4 24 | $858.6M | — | ||
| Q3 24 | $859.2M | $1.3B | ||
| Q2 24 | $850.5M | $571.6M |
净利润BXPFUN
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-92.4M | ||
| Q3 25 | $-121.7M | $-1.2B | ||
| Q2 25 | $89.0M | $-99.6M | ||
| Q1 25 | $61.2M | $-219.7M | ||
| Q4 24 | $-228.9M | — | ||
| Q3 24 | $83.6M | $111.0M | ||
| Q2 24 | $79.6M | $55.6M |
毛利率BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 91.4% | ||
| Q3 25 | 59.3% | 91.6% | ||
| Q2 25 | 59.2% | 91.3% | ||
| Q1 25 | 59.2% | 89.3% | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | 91.9% | ||
| Q2 24 | 59.8% | 90.7% |
营业利润率BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | -3.8% | ||
| Q3 25 | — | -83.7% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | -158.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 21.6% |
净利率BXPFUN
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -14.2% | ||
| Q3 25 | -14.0% | -90.1% | ||
| Q2 25 | 10.2% | -10.7% | ||
| Q1 25 | 7.1% | -108.7% | ||
| Q4 24 | -26.7% | — | ||
| Q3 24 | 9.7% | 8.2% | ||
| Q2 24 | 9.4% | 9.7% |
每股收益（稀释后）BXPFUN
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-0.93 | ||
| Q3 25 | $-0.77 | $-11.77 | ||
| Q2 25 | $0.56 | $-0.99 | ||
| Q1 25 | $0.39 | $-2.20 | ||
| Q4 24 | $-1.46 | — | ||
| Q3 24 | $0.53 | $1.10 | ||
| 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 | $91.1M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $7.7B | $549.8M |
| 总资产 | $25.1B | $7.8B |
| 负债/权益比越低杠杆越低 | — | 9.40× |
8季度趋势，按日历期对齐
现金及短期投资BXPFUN
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $91.1M | ||
| Q3 25 | $861.1M | $70.7M | ||
| Q2 25 | $447.0M | $107.4M | ||
| Q1 25 | $398.1M | $61.5M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $89.7M | ||
| Q2 24 | $685.4M | $52.9M |
总债务BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益BXPFUN
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $549.8M | ||
| Q3 25 | $5.0B | $614.3M | ||
| Q2 25 | $5.3B | $1.8B | ||
| Q1 25 | $5.3B | $1.8B | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.8B | $2.3B | ||
| Q2 24 | $5.8B | — |
总资产BXPFUN
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.8B | ||
| Q3 25 | $26.0B | $7.9B | ||
| Q2 25 | $25.6B | $9.5B | ||
| Q1 25 | $25.4B | $9.2B | ||
| Q4 24 | $26.1B | — | ||
| Q3 24 | $26.4B | $9.4B | ||
| Q2 24 | $25.5B | $2.3B |
负债/权益比BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| 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 | — | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-109.3M |
| 自由现金流率自由现金流/营收 | — | -16.8% |
| 资本支出强度资本支出/营收 | 1.5% | 11.0% |
| 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 | — | $-152.2M |
8季度趋势，按日历期对齐
经营现金流BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $-37.7M | ||
| Q3 25 | $274.2M | $356.2M | ||
| Q2 25 | $353.1M | $187.0M | ||
| Q1 25 | $210.0M | $-178.0M | ||
| Q4 24 | $383.7M | — | ||
| Q3 24 | $286.1M | $337.4M | ||
| Q2 24 | $367.1M | — |
自由现金流BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-109.3M | ||
| Q3 25 | $231.6M | $256.2M | ||
| Q2 25 | $281.5M | $18.8M | ||
| Q1 25 | $152.6M | $-318.0M | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $234.5M | $227.7M | ||
| Q2 24 | $332.4M | — |
自由现金流率BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -16.8% | ||
| Q3 25 | 26.6% | 19.4% | ||
| Q2 25 | 32.4% | 2.0% | ||
| Q1 25 | 17.6% | -157.4% | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 27.3% | 16.9% | ||
| Q2 24 | 39.1% | — |
资本支出强度BXPFUN
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 11.0% | ||
| Q3 25 | 4.9% | 7.6% | ||
| Q2 25 | 8.2% | 18.1% | ||
| Q1 25 | 6.6% | 69.3% | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 6.0% | 8.1% | ||
| Q2 24 | 4.1% | — |
现金转化率BXPFUN
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | 3.04× | ||
| 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% |
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
