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BXP, Inc.（BXP）与MDU RESOURCES GROUP INC（MDU）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MDU RESOURCES GROUP INC的1.7倍（$872.1M vs $522.6M），BXP, Inc.净利率更高（15.3% vs 14.6%，领先0.6%），BXP, Inc.同比增速更快（0.8% vs -1.6%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -5.7%）
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。
MDU资源集团是一家总部位于美国北达科他州俾斯麦的企业，业务涵盖受监管的能源输送供应，以及公用事业相关的建筑材料与服务，业务范围覆盖美国48个州，是当地能源及基建服务领域的重要参与者。
BXP vs MDU — 直观对比
营收规模更大
BXP
是对方的1.7倍
$522.6M
营收增速更快
BXP
高出2.4%
-1.6%
净利率更高
BXP
高出0.6%
14.6%
两年增速更快
BXP
近两年复合增速
-5.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $522.6M |
| 净利润 | $133.0M | $76.3M |
| 毛利率 | — | — |
| 营业利润率 | — | 20.5% |
| 净利率 | 15.3% | 14.6% |
| 营收同比 | 0.8% | -1.6% |
| 净利润同比 | 53.0% | 38.4% |
| 每股收益（稀释后） | $1.69 | $0.37 |
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BXPMDU
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $522.6M | ||
| Q3 25 | $871.5M | $313.6M | ||
| Q2 25 | $868.5M | $348.7M | ||
| Q1 25 | $865.2M | $678.0M | ||
| Q4 24 | $858.6M | $531.0M | ||
| Q3 24 | $859.2M | $290.7M | ||
| Q2 24 | $850.5M | $343.1M |
净利润BXPMDU
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $76.3M | ||
| Q3 25 | $-121.7M | $18.3M | ||
| Q2 25 | $89.0M | $13.8M | ||
| Q1 25 | $61.2M | $82.0M | ||
| Q4 24 | $-228.9M | $55.2M | ||
| Q3 24 | $83.6M | $64.6M | ||
| Q2 24 | $79.6M | $60.4M |
毛利率BXPMDU
| 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BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | — | 20.5% | ||
| Q3 25 | — | 12.7% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.5% |
净利率BXPMDU
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 14.6% | ||
| Q3 25 | -14.0% | 5.8% | ||
| Q2 25 | 10.2% | 4.0% | ||
| Q1 25 | 7.1% | 12.1% | ||
| Q4 24 | -26.7% | 10.4% | ||
| Q3 24 | 9.7% | 22.2% | ||
| Q2 24 | 9.4% | 17.6% |
每股收益（稀释后）BXPMDU
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.37 | ||
| Q3 25 | $-0.77 | $0.09 | ||
| Q2 25 | $0.56 | $0.07 | ||
| Q1 25 | $0.39 | $0.40 | ||
| Q4 24 | $-1.46 | $0.26 | ||
| Q3 24 | $0.53 | $0.32 | ||
| Q2 24 | $0.51 | $0.30 |
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 | $28.2M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $7.7B | $2.8B |
| 总资产 | $25.1B | $7.6B |
| 负债/权益比越低杠杆越低 | — | 0.97× |
8季度趋势，按日历期对齐
现金及短期投资BXPMDU
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $28.2M | ||
| Q3 25 | $861.1M | $75.9M | ||
| Q2 25 | $447.0M | $58.8M | ||
| Q1 25 | $398.1M | $59.5M | ||
| Q4 24 | $1.3B | $66.9M | ||
| Q3 24 | $1.4B | $88.3M | ||
| Q2 24 | $685.4M | $78.8M |
总债务BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
股东权益BXPMDU
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $2.8B | ||
| Q3 25 | $5.0B | $2.7B | ||
| Q2 25 | $5.3B | $2.7B | ||
| Q1 25 | $5.3B | $2.7B | ||
| Q4 24 | $5.4B | $2.7B | ||
| Q3 24 | $5.8B | $3.1B | ||
| Q2 24 | $5.8B | $3.0B |
总资产BXPMDU
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.6B | ||
| Q3 25 | $26.0B | $7.2B | ||
| Q2 25 | $25.6B | $6.9B | ||
| Q1 25 | $25.4B | $7.0B | ||
| Q4 24 | $26.1B | $7.0B | ||
| Q3 24 | $26.4B | $8.2B | ||
| Q2 24 | $25.5B | $8.0B |
负债/权益比BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | — | 0.97× | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.85× | ||
| Q3 24 | — | 0.76× | ||
| Q2 24 | — | 0.75× |
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 | — | $80.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-336.0M |
| 自由现金流率自由现金流/营收 | — | -64.3% |
| 资本支出强度资本支出/营收 | 1.5% | 79.7% |
| 现金转化率经营现金流/净利润 | — | 1.06× |
| 过去12个月自由现金流最近4个季度 | — | $-297.0M |
8季度趋势，按日历期对齐
经营现金流BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $80.6M | ||
| Q3 25 | $274.2M | $57.9M | ||
| Q2 25 | $353.1M | $117.4M | ||
| Q1 25 | $210.0M | $217.5M | ||
| Q4 24 | $383.7M | $60.5M | ||
| Q3 24 | $286.1M | $140.2M | ||
| Q2 24 | $367.1M | $136.5M |
自由现金流BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-336.0M | ||
| Q3 25 | $231.6M | $-121.9M | ||
| Q2 25 | $281.5M | $36.5M | ||
| Q1 25 | $152.6M | $124.4M | ||
| Q4 24 | $312.5M | $-95.8M | ||
| Q3 24 | $234.5M | $673.0K | ||
| Q2 24 | $332.4M | $26.5M |
自由现金流率BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -64.3% | ||
| Q3 25 | 26.6% | -38.9% | ||
| Q2 25 | 32.4% | 10.5% | ||
| Q1 25 | 17.6% | 18.4% | ||
| Q4 24 | 36.4% | -18.0% | ||
| Q3 24 | 27.3% | 0.2% | ||
| Q2 24 | 39.1% | 7.7% |
资本支出强度BXPMDU
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 79.7% | ||
| Q3 25 | 4.9% | 57.3% | ||
| Q2 25 | 8.2% | 23.2% | ||
| Q1 25 | 6.6% | 13.7% | ||
| Q4 24 | 8.3% | 29.4% | ||
| Q3 24 | 6.0% | 48.0% | ||
| Q2 24 | 4.1% | 32.0% |
现金转化率BXPMDU
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.06× | ||
| Q3 25 | — | 3.16× | ||
| Q2 25 | 3.97× | 8.52× | ||
| Q1 25 | 3.43× | 2.65× | ||
| Q4 24 | — | 1.10× | ||
| Q3 24 | 3.42× | 2.17× | ||
| Q2 24 | 4.61× | 2.26× |
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% |
MDU
| Natural Gas Distribution | $382.8M | 73% |
| Commercial Utility Sales | $42.7M | 8% |
| Residential Utility Sales | $33.7M | 6% |
| Pipelineand Midstream | $31.1M | 6% |
| Natural Gas Transportation | $17.2M | 3% |
| Industrial Utility Sales | $10.1M | 2% |
| Natural Gas Storage | $6.4M | 1% |
| Other Utility Sales | $1.9M | 0% |
