vs
BXP, Inc.（BXP）与Loews Corporation（L）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Loews Corporation的1.1倍（$872.1M vs $827.0M），Loews Corporation净利率更高（48.6% vs 15.3%，领先33.4%），Loews Corporation同比增速更快（4.8% vs 0.8%），过去两年Loews Corporation的营收复合增速更高（7.9% 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。
Loews Corporation是一家总部位于美国的多元化综合企业集团，旗下子公司业务覆盖财产保险、天然气管道运输、酒店运营、油气勘探生产等核心领域，主要服务北美市场的商业、消费者及工业客户。
BXP vs L — 直观对比
营收规模更大
BXP
是对方的1.1倍
$827.0M
营收增速更快
L
高出4.0%
0.8%
净利率更高
L
高出33.4%
15.3%
两年增速更快
L
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $827.0M |
| 净利润 | $133.0M | $402.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 65.4% |
| 净利率 | 15.3% | 48.6% |
| 营收同比 | 0.8% | 4.8% |
| 净利润同比 | 53.0% | 115.0% |
| 每股收益（稀释后） | $1.69 | $1.93 |
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BXPL
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $827.0M | ||
| Q3 25 | $871.5M | $732.0M | ||
| Q2 25 | $868.5M | $769.0M | ||
| Q1 25 | $865.2M | $846.0M | ||
| Q4 24 | $858.6M | $789.0M | ||
| Q3 24 | $859.2M | $683.0M | ||
| Q2 24 | $850.5M | $711.0M |
净利润BXPL
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $402.0M | ||
| Q3 25 | $-121.7M | $504.0M | ||
| Q2 25 | $89.0M | $391.0M | ||
| Q1 25 | $61.2M | $370.0M | ||
| Q4 24 | $-228.9M | $187.0M | ||
| Q3 24 | $83.6M | $401.0M | ||
| Q2 24 | $79.6M | $369.0M |
毛利率BXPL
| 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BXPL
| Q1 26 | — | — | ||
| Q4 25 | — | 65.4% | ||
| Q3 25 | — | 94.1% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 60.8% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 71.3% |
净利率BXPL
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 48.6% | ||
| Q3 25 | -14.0% | 68.9% | ||
| Q2 25 | 10.2% | 50.8% | ||
| Q1 25 | 7.1% | 43.7% | ||
| Q4 24 | -26.7% | 23.7% | ||
| Q3 24 | 9.7% | 58.7% | ||
| Q2 24 | 9.4% | 51.9% |
每股收益（稀释后）BXPL
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.93 | ||
| Q3 25 | $-0.77 | $2.43 | ||
| Q2 25 | $0.56 | $1.87 | ||
| Q1 25 | $0.39 | $1.74 | ||
| Q4 24 | $-1.46 | $0.87 | ||
| Q3 24 | $0.53 | $1.82 | ||
| Q2 24 | $0.51 | $1.67 |
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 | $6.0B |
| 总债务越低越好 | — | $8.4B |
| 股东权益账面价值 | $7.7B | $18.7B |
| 总资产 | $25.1B | $86.3B |
| 负债/权益比越低杠杆越低 | — | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资BXPL
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $861.1M | $5.4B | ||
| Q2 25 | $447.0M | $4.5B | ||
| Q1 25 | $398.1M | $4.4B | ||
| Q4 24 | $1.3B | $4.6B | ||
| Q3 24 | $1.4B | $5.2B | ||
| Q2 24 | $685.4M | $4.9B |
总债务BXPL
| Q1 26 | — | — | ||
| Q4 25 | — | $8.4B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.8B | ||
| Q2 24 | — | $8.6B |
股东权益BXPL
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $18.7B | ||
| Q3 25 | $5.0B | $18.3B | ||
| Q2 25 | $5.3B | $17.5B | ||
| Q1 25 | $5.3B | $17.2B | ||
| Q4 24 | $5.4B | $17.1B | ||
| Q3 24 | $5.8B | $17.4B | ||
| Q2 24 | $5.8B | $16.4B |
总资产BXPL
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $86.3B | ||
| Q3 25 | $26.0B | $85.9B | ||
| Q2 25 | $25.6B | $84.7B | ||
| Q1 25 | $25.4B | $83.1B | ||
| Q4 24 | $26.1B | $81.9B | ||
| Q3 24 | $26.4B | $83.6B | ||
| Q2 24 | $25.5B | $81.1B |
负债/权益比BXPL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.52× |
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 | — | $617.0M |
| 自由现金流经营现金流 - 资本支出 | — | $426.0M |
| 自由现金流率自由现金流/营收 | — | 51.5% |
| 资本支出强度资本支出/营收 | 1.5% | 23.1% |
| 现金转化率经营现金流/净利润 | — | 1.53× |
| 过去12个月自由现金流最近4个季度 | — | $2.7B |
8季度趋势，按日历期对齐
经营现金流BXPL
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $617.0M | ||
| Q3 25 | $274.2M | $920.0M | ||
| Q2 25 | $353.1M | $1.0B | ||
| Q1 25 | $210.0M | $736.0M | ||
| Q4 24 | $383.7M | $941.0M | ||
| Q3 24 | $286.1M | $934.0M | ||
| Q2 24 | $367.1M | $952.0M |
自由现金流BXPL
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $426.0M | ||
| Q3 25 | $231.6M | $764.0M | ||
| Q2 25 | $281.5M | $872.0M | ||
| Q1 25 | $152.6M | $638.0M | ||
| Q4 24 | $312.5M | $767.0M | ||
| Q3 24 | $234.5M | $794.0M | ||
| Q2 24 | $332.4M | $793.0M |
自由现金流率BXPL
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 51.5% | ||
| Q3 25 | 26.6% | 104.4% | ||
| Q2 25 | 32.4% | 113.4% | ||
| Q1 25 | 17.6% | 75.4% | ||
| Q4 24 | 36.4% | 97.2% | ||
| Q3 24 | 27.3% | 116.3% | ||
| Q2 24 | 39.1% | 111.5% |
资本支出强度BXPL
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 23.1% | ||
| Q3 25 | 4.9% | 21.3% | ||
| Q2 25 | 8.2% | 17.4% | ||
| Q1 25 | 6.6% | 11.6% | ||
| Q4 24 | 8.3% | 22.1% | ||
| Q3 24 | 6.0% | 20.5% | ||
| Q2 24 | 4.1% | 22.4% |
现金转化率BXPL
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.53× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | 3.97× | 2.57× | ||
| Q1 25 | 3.43× | 1.99× | ||
| Q4 24 | — | 5.03× | ||
| Q3 24 | 3.42× | 2.33× | ||
| Q2 24 | 4.61× | 2.58× |
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% |
L
| Transportation And Storage Of Natural Gas And NG Ls And Ethane Supply And Transportation Services | $601.0M | 73% |
| Lodging And Related Services | $226.0M | 27% |
