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BXP, Inc.（BXP）与Howard Hughes Holdings Inc.（HHH）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Howard Hughes Holdings Inc.的1.4倍（$872.1M vs $624.4M），BXP, Inc.净利率更高（15.3% vs 1.0%，领先14.3%），BXP, Inc.同比增速更快（0.8% vs -33.2%），过去两年Howard Hughes Holdings Inc.的营收复合增速更高（91.0% 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。
霍华德·休斯控股有限公司是总部位于美国得克萨斯州伍德兰兹的房地产开发与管理企业，前身为霍华德·休斯公司，2010年从通用增长物业（GGP）分拆独立成立，核心资产集中于多个整体规划社区项目，公司名称源自最初的霍华德·休斯公司，后者曾开发内华达州萨姆林规划社区，后成为GGP子公司。
BXP vs HHH — 直观对比
营收规模更大
BXP
是对方的1.4倍
$624.4M
营收增速更快
BXP
高出34.0%
-33.2%
净利率更高
BXP
高出14.3%
1.0%
两年增速更快
HHH
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $624.4M |
| 净利润 | $133.0M | $6.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 4.2% |
| 净利率 | 15.3% | 1.0% |
| 营收同比 | 0.8% | -33.2% |
| 净利润同比 | 53.0% | -96.2% |
| 每股收益（稀释后） | $1.69 | $0.20 |
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BXPHHH
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $624.4M | ||
| Q3 25 | $871.5M | $390.2M | ||
| Q2 25 | $868.5M | $260.9M | ||
| Q1 25 | $865.2M | $199.3M | ||
| Q4 24 | $858.6M | $935.0M | ||
| Q3 24 | $859.2M | $327.1M | ||
| Q2 24 | $850.5M | $317.4M |
净利润BXPHHH
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $6.0M | ||
| Q3 25 | $-121.7M | $119.5M | ||
| Q2 25 | $89.0M | $-12.1M | ||
| Q1 25 | $61.2M | $10.5M | ||
| Q4 24 | $-228.9M | $156.3M | ||
| Q3 24 | $83.6M | $72.8M | ||
| Q2 24 | $79.6M | $21.1M |
毛利率BXPHHH
| 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BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 48.6% | ||
| Q2 25 | — | 26.0% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 33.5% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 20.4% |
净利率BXPHHH
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 1.0% | ||
| Q3 25 | -14.0% | 30.6% | ||
| Q2 25 | 10.2% | -4.7% | ||
| Q1 25 | 7.1% | 5.3% | ||
| Q4 24 | -26.7% | 16.7% | ||
| Q3 24 | 9.7% | 22.2% | ||
| Q2 24 | 9.4% | 6.6% |
每股收益（稀释后）BXPHHH
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.20 | ||
| Q3 25 | $-0.77 | $2.02 | ||
| Q2 25 | $0.56 | $-0.22 | ||
| Q1 25 | $0.39 | $0.21 | ||
| Q4 24 | $-1.46 | $3.14 | ||
| Q3 24 | $0.53 | $1.46 | ||
| Q2 24 | $0.51 | $0.42 |
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 | $1.5B |
| 总债务越低越好 | — | $5.1B |
| 股东权益账面价值 | $7.7B | $3.8B |
| 总资产 | $25.1B | $10.6B |
| 负债/权益比越低杠杆越低 | — | 1.35× |
8季度趋势，按日历期对齐
现金及短期投资BXPHHH
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $861.1M | $1.5B | ||
| Q2 25 | $447.0M | $1.4B | ||
| Q1 25 | $398.1M | $493.7M | ||
| Q4 24 | $1.3B | $596.1M | ||
| Q3 24 | $1.4B | $400.7M | ||
| Q2 24 | $685.4M | $436.8M |
总债务BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益BXPHHH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.8B | ||
| Q3 25 | $5.0B | $3.8B | ||
| Q2 25 | $5.3B | $3.6B | ||
| Q1 25 | $5.3B | $2.8B | ||
| Q4 24 | $5.4B | $2.8B | ||
| Q3 24 | $5.8B | $2.6B | ||
| Q2 24 | $5.8B | $3.0B |
总资产BXPHHH
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $10.6B | ||
| Q3 25 | $26.0B | $10.7B | ||
| Q2 25 | $25.6B | $10.3B | ||
| Q1 25 | $25.4B | $9.3B | ||
| Q4 24 | $26.1B | $9.2B | ||
| Q3 24 | $26.4B | $9.4B | ||
| Q2 24 | $25.5B | $9.9B |
负债/权益比BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| 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 | — | $360.3M |
| 自由现金流经营现金流 - 资本支出 | — | $348.6M |
| 自由现金流率自由现金流/营收 | — | 55.8% |
| 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 | — | 60.04× |
| 过去12个月自由现金流最近4个季度 | — | $417.6M |
8季度趋势，按日历期对齐
经营现金流BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $360.3M | ||
| Q3 25 | $274.2M | $149.8M | ||
| Q2 25 | $353.1M | $177.3M | ||
| Q1 25 | $210.0M | $-224.9M | ||
| Q4 24 | $383.7M | $337.1M | ||
| Q3 24 | $286.1M | $248.3M | ||
| Q2 24 | $367.1M | $-17.5M |
自由现金流BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $348.6M | ||
| Q3 25 | $231.6M | $137.7M | ||
| Q2 25 | $281.5M | $169.7M | ||
| Q1 25 | $152.6M | $-238.4M | ||
| Q4 24 | $312.5M | $317.1M | ||
| Q3 24 | $234.5M | $238.7M | ||
| Q2 24 | $332.4M | $-25.1M |
自由现金流率BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 55.8% | ||
| Q3 25 | 26.6% | 35.3% | ||
| Q2 25 | 32.4% | 65.1% | ||
| Q1 25 | 17.6% | -119.6% | ||
| Q4 24 | 36.4% | 33.9% | ||
| Q3 24 | 27.3% | 73.0% | ||
| Q2 24 | 39.1% | -7.9% |
资本支出强度BXPHHH
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.9% | ||
| Q3 25 | 4.9% | 3.1% | ||
| Q2 25 | 8.2% | 2.9% | ||
| Q1 25 | 6.6% | 6.8% | ||
| Q4 24 | 8.3% | 2.1% | ||
| Q3 24 | 6.0% | 2.9% | ||
| Q2 24 | 4.1% | 2.4% |
现金转化率BXPHHH
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 60.04× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | -21.35× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | 3.42× | 3.41× | ||
| Q2 24 | 4.61× | -0.83× |
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% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
