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BXP, Inc.（BXP）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是BXP, Inc.的1.4倍（$1.3B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 8.7%，领先6.6%），BXP, Inc.同比增速更快（0.8% vs 0.4%），过去两年Graham Holdings Co的营收复合增速更高（4.2% 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。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
BXP vs GHC — 直观对比
营收规模更大
GHC
是对方的1.4倍
$872.1M
营收增速更快
BXP
高出0.4%
0.4%
净利率更高
BXP
高出6.6%
8.7%
两年增速更快
GHC
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.3B |
| 净利润 | $133.0M | $108.7M |
| 毛利率 | — | — |
| 营业利润率 | — | 3.8% |
| 净利率 | 15.3% | 8.7% |
| 营收同比 | 0.8% | 0.4% |
| 净利润同比 | 53.0% | -80.2% |
| 每股收益（稀释后） | $1.69 | $24.76 |
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BXPGHC
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.3B | ||
| Q3 25 | $871.5M | $1.3B | ||
| Q2 25 | $868.5M | $1.2B | ||
| Q1 25 | $865.2M | $1.2B | ||
| Q4 24 | $858.6M | $1.2B | ||
| Q3 24 | $859.2M | $1.2B | ||
| Q2 24 | $850.5M | $1.2B |
净利润BXPGHC
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $108.7M | ||
| Q3 25 | $-121.7M | $122.9M | ||
| Q2 25 | $89.0M | $36.7M | ||
| Q1 25 | $61.2M | $23.9M | ||
| Q4 24 | $-228.9M | $548.8M | ||
| Q3 24 | $83.6M | $72.5M | ||
| Q2 24 | $79.6M | $-21.0M |
毛利率BXPGHC
| 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BXPGHC
| Q1 26 | — | — | ||
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 2.2% |
净利率BXPGHC
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 8.7% | ||
| Q3 25 | -14.0% | 9.6% | ||
| Q2 25 | 10.2% | 3.0% | ||
| Q1 25 | 7.1% | 2.0% | ||
| Q4 24 | -26.7% | 44.1% | ||
| Q3 24 | 9.7% | 6.0% | ||
| Q2 24 | 9.4% | -1.8% |
每股收益（稀释后）BXPGHC
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $24.76 | ||
| Q3 25 | $-0.77 | $27.91 | ||
| Q2 25 | $0.56 | $8.35 | ||
| Q1 25 | $0.39 | $5.45 | ||
| Q4 24 | $-1.46 | $124.05 | ||
| Q3 24 | $0.53 | $16.42 | ||
| Q2 24 | $0.51 | $-4.79 |
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 | $267.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $4.8B |
| 总资产 | $25.1B | $8.4B |
| 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BXPGHC
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $267.0M | ||
| Q3 25 | $861.1M | $190.8M | ||
| Q2 25 | $447.0M | $176.2M | ||
| Q1 25 | $398.1M | $156.7M | ||
| Q4 24 | $1.3B | $260.9M | ||
| Q3 24 | $1.4B | $244.4M | ||
| Q2 24 | $685.4M | $140.7M |
股东权益BXPGHC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $4.8B | ||
| Q3 25 | $5.0B | $4.5B | ||
| Q2 25 | $5.3B | $4.4B | ||
| Q1 25 | $5.3B | $4.3B | ||
| Q4 24 | $5.4B | $4.3B | ||
| Q3 24 | $5.8B | $4.0B | ||
| Q2 24 | $5.8B | $4.0B |
总资产BXPGHC
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $8.4B | ||
| Q3 25 | $26.0B | $7.9B | ||
| Q2 25 | $25.6B | $7.6B | ||
| Q1 25 | $25.4B | $7.6B | ||
| Q4 24 | $26.1B | $7.7B | ||
| Q3 24 | $26.4B | $7.4B | ||
| Q2 24 | $25.5B | $7.2B |
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 | — | $28.3M |
| 自由现金流经营现金流 - 资本支出 | — | $5.0M |
| 自由现金流率自由现金流/营收 | — | 0.4% |
| 资本支出强度资本支出/营收 | 1.5% | 1.9% |
| 现金转化率经营现金流/净利润 | — | 0.26× |
| 过去12个月自由现金流最近4个季度 | — | $275.3M |
8季度趋势，按日历期对齐
经营现金流BXPGHC
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $28.3M | ||
| Q3 25 | $274.2M | $178.1M | ||
| Q2 25 | $353.1M | $94.8M | ||
| Q1 25 | $210.0M | $46.0M | ||
| Q4 24 | $383.7M | $116.3M | ||
| Q3 24 | $286.1M | $237.6M | ||
| Q2 24 | $367.1M | $52.0M |
自由现金流BXPGHC
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $5.0M | ||
| Q3 25 | $231.6M | $161.8M | ||
| Q2 25 | $281.5M | $78.0M | ||
| Q1 25 | $152.6M | $30.5M | ||
| Q4 24 | $312.5M | $91.1M | ||
| Q3 24 | $234.5M | $219.4M | ||
| Q2 24 | $332.4M | $33.7M |
自由现金流率BXPGHC
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 0.4% | ||
| Q3 25 | 26.6% | 12.6% | ||
| Q2 25 | 32.4% | 6.4% | ||
| Q1 25 | 17.6% | 2.6% | ||
| Q4 24 | 36.4% | 7.3% | ||
| Q3 24 | 27.3% | 18.2% | ||
| Q2 24 | 39.1% | 2.8% |
资本支出强度BXPGHC
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.9% | ||
| Q3 25 | 4.9% | 1.3% | ||
| Q2 25 | 8.2% | 1.4% | ||
| Q1 25 | 6.6% | 1.3% | ||
| Q4 24 | 8.3% | 2.0% | ||
| Q3 24 | 6.0% | 1.5% | ||
| Q2 24 | 4.1% | 1.5% |
现金转化率BXPGHC
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.26× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | 3.97× | 2.58× | ||
| Q1 25 | 3.43× | 1.93× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | 3.42× | 3.28× | ||
| 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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
