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BXP, Inc.（BXP）与Life Time Group Holdings, Inc.（LTH）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Life Time Group Holdings, Inc.的1.2倍（$872.1M vs $745.1M），Life Time Group Holdings, Inc.净利率更高（16.5% vs 15.3%，领先1.3%），Life Time Group Holdings, Inc.同比增速更快（12.3% vs 0.8%），过去两年Life Time Group Holdings, Inc.的营收复合增速更高（11.7% 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。
Life Time Group Holdings是美国高端健身康养服务运营商，在全美运营连锁高端运动场馆，提供健身器材使用、团体课程、私教指导、SPA护理、营养咨询、青少年运动项目及联合办公等服务，服务于追求健康生活方式的消费群体。
BXP vs LTH — 直观对比
营收规模更大
BXP
是对方的1.2倍
$745.1M
营收增速更快
LTH
高出11.5%
0.8%
净利率更高
LTH
高出1.3%
15.3%
两年增速更快
LTH
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $745.1M |
| 净利润 | $133.0M | $123.0M |
| 毛利率 | — | 49.1% |
| 营业利润率 | — | 17.4% |
| 净利率 | 15.3% | 16.5% |
| 营收同比 | 0.8% | 12.3% |
| 净利润同比 | 53.0% | 231.0% |
| 每股收益（稀释后） | $1.69 | $0.55 |
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BXPLTH
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $745.1M | ||
| Q3 25 | $871.5M | $782.6M | ||
| Q2 25 | $868.5M | $761.5M | ||
| Q1 25 | $865.2M | $706.0M | ||
| Q4 24 | $858.6M | $663.3M | ||
| Q3 24 | $859.2M | $693.2M | ||
| Q2 24 | $850.5M | $667.8M |
净利润BXPLTH
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $123.0M | ||
| Q3 25 | $-121.7M | $102.4M | ||
| Q2 25 | $89.0M | $72.1M | ||
| Q1 25 | $61.2M | $76.1M | ||
| Q4 24 | $-228.9M | $37.2M | ||
| Q3 24 | $83.6M | $41.4M | ||
| Q2 24 | $79.6M | $52.8M |
毛利率BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 49.1% | ||
| Q3 25 | 59.3% | 47.1% | ||
| Q2 25 | 59.2% | 47.0% | ||
| Q1 25 | 59.2% | 47.5% | ||
| Q4 24 | 59.7% | 48.2% | ||
| Q3 24 | 59.5% | 46.5% | ||
| Q2 24 | 59.8% | 46.8% |
营业利润率BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 13.5% | ||
| Q2 24 | — | 15.7% |
净利率BXPLTH
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 16.5% | ||
| Q3 25 | -14.0% | 13.1% | ||
| Q2 25 | 10.2% | 9.5% | ||
| Q1 25 | 7.1% | 10.8% | ||
| Q4 24 | -26.7% | 5.6% | ||
| Q3 24 | 9.7% | 6.0% | ||
| Q2 24 | 9.4% | 7.9% |
每股收益（稀释后）BXPLTH
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.55 | ||
| Q3 25 | $-0.77 | $0.45 | ||
| Q2 25 | $0.56 | $0.32 | ||
| Q1 25 | $0.39 | $0.34 | ||
| Q4 24 | $-1.46 | $0.17 | ||
| Q3 24 | $0.53 | $0.19 | ||
| Q2 24 | $0.51 | $0.26 |
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 | $204.8M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $7.7B | $3.1B |
| 总资产 | $25.1B | $8.0B |
| 负债/权益比越低杠杆越低 | — | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资BXPLTH
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $204.8M | ||
| Q3 25 | $861.1M | $218.9M | ||
| Q2 25 | $447.0M | $175.5M | ||
| Q1 25 | $398.1M | $59.0M | ||
| Q4 24 | $1.3B | $10.9M | ||
| Q3 24 | $1.4B | $120.9M | ||
| Q2 24 | $685.4M | $34.5M |
总债务BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.8B |
股东权益BXPLTH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.1B | ||
| Q3 25 | $5.0B | $3.0B | ||
| Q2 25 | $5.3B | $2.9B | ||
| Q1 25 | $5.3B | $2.7B | ||
| Q4 24 | $5.4B | $2.6B | ||
| Q3 24 | $5.8B | $2.6B | ||
| Q2 24 | $5.8B | $2.4B |
总资产BXPLTH
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $8.0B | ||
| Q3 25 | $26.0B | $7.8B | ||
| Q2 25 | $25.6B | $7.6B | ||
| Q1 25 | $25.4B | $7.3B | ||
| Q4 24 | $26.1B | $7.2B | ||
| Q3 24 | $26.4B | $7.2B | ||
| Q2 24 | $25.5B | $7.1B |
负债/权益比BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | — | 0.48× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.59× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.78× |
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 | — | $239.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-64.6M |
| 自由现金流率自由现金流/营收 | — | -8.7% |
| 资本支出强度资本支出/营收 | 1.5% | 40.9% |
| 现金转化率经营现金流/净利润 | — | 1.95× |
| 过去12个月自由现金流最近4个季度 | — | $-21.0M |
8季度趋势，按日历期对齐
经营现金流BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $239.9M | ||
| Q3 25 | $274.2M | $251.1M | ||
| Q2 25 | $353.1M | $195.7M | ||
| Q1 25 | $210.0M | $183.9M | ||
| Q4 24 | $383.7M | $163.1M | ||
| Q3 24 | $286.1M | $151.1M | ||
| Q2 24 | $367.1M | $170.4M |
自由现金流BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-64.6M | ||
| Q3 25 | $231.6M | $28.6M | ||
| Q2 25 | $281.5M | $-26.3M | ||
| Q1 25 | $152.6M | $41.4M | ||
| Q4 24 | $312.5M | $26.8M | ||
| Q3 24 | $234.5M | $64.0M | ||
| Q2 24 | $332.4M | $26.1M |
自由现金流率BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -8.7% | ||
| Q3 25 | 26.6% | 3.7% | ||
| Q2 25 | 32.4% | -3.5% | ||
| Q1 25 | 17.6% | 5.9% | ||
| Q4 24 | 36.4% | 4.0% | ||
| Q3 24 | 27.3% | 9.2% | ||
| Q2 24 | 39.1% | 3.9% |
资本支出强度BXPLTH
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 40.9% | ||
| Q3 25 | 4.9% | 28.4% | ||
| Q2 25 | 8.2% | 29.2% | ||
| Q1 25 | 6.6% | 20.2% | ||
| Q4 24 | 8.3% | 20.6% | ||
| Q3 24 | 6.0% | 12.6% | ||
| Q2 24 | 4.1% | 21.6% |
现金转化率BXPLTH
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.95× | ||
| Q3 25 | — | 2.45× | ||
| Q2 25 | 3.97× | 2.71× | ||
| Q1 25 | 3.43× | 2.41× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | 3.42× | 3.65× | ||
| Q2 24 | 4.61× | 3.23× |
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% |
LTH
| Membership | $535.1M | 72% |
| In Center | $191.2M | 26% |
| Other | $18.8M | 3% |
