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BXP, Inc.（BXP）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是美世的1.9倍（$872.1M vs $449.5M），BXP, Inc.净利率更高（15.3% vs -68.7%，领先83.9%），BXP, Inc.同比增速更快（0.8% vs -8.0%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
BXP vs MERC — 直观对比
营收规模更大
BXP
是对方的1.9倍
$449.5M
营收增速更快
BXP
高出8.8%
-8.0%
净利率更高
BXP
高出83.9%
-68.7%
两年增速更快
BXP
近两年复合增速
-9.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $449.5M |
| 净利润 | $133.0M | $-308.7M |
| 毛利率 | — | — |
| 营业利润率 | — | -62.0% |
| 净利率 | 15.3% | -68.7% |
| 营收同比 | 0.8% | -8.0% |
| 净利润同比 | 53.0% | -1947.7% |
| 每股收益（稀释后） | $1.69 | $-4.61 |
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BXPMERC
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $449.5M | ||
| Q3 25 | $871.5M | $458.1M | ||
| Q2 25 | $868.5M | $453.5M | ||
| Q1 25 | $865.2M | $507.0M | ||
| Q4 24 | $858.6M | $488.4M | ||
| Q3 24 | $859.2M | $502.1M | ||
| Q2 24 | $850.5M | $499.4M |
净利润BXPMERC
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-308.7M | ||
| Q3 25 | $-121.7M | $-80.8M | ||
| Q2 25 | $89.0M | $-86.1M | ||
| Q1 25 | $61.2M | $-22.3M | ||
| Q4 24 | $-228.9M | $16.7M | ||
| Q3 24 | $83.6M | $-17.6M | ||
| Q2 24 | $79.6M | $-67.6M |
毛利率BXPMERC
| 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BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | — | -62.0% | ||
| Q3 25 | — | -14.8% | ||
| Q2 25 | — | -12.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | -8.8% |
净利率BXPMERC
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -68.7% | ||
| Q3 25 | -14.0% | -17.6% | ||
| Q2 25 | 10.2% | -19.0% | ||
| Q1 25 | 7.1% | -4.4% | ||
| Q4 24 | -26.7% | 3.4% | ||
| Q3 24 | 9.7% | -3.5% | ||
| Q2 24 | 9.4% | -13.5% |
每股收益（稀释后）BXPMERC
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-4.61 | ||
| Q3 25 | $-0.77 | $-1.21 | ||
| Q2 25 | $0.56 | $-1.29 | ||
| Q1 25 | $0.39 | $-0.33 | ||
| Q4 24 | $-1.46 | $0.25 | ||
| Q3 24 | $0.53 | $-0.26 | ||
| Q2 24 | $0.51 | $-1.01 |
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 | $186.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $7.7B | $68.1M |
| 总资产 | $25.1B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资BXPMERC
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $186.8M | ||
| Q3 25 | $861.1M | $98.1M | ||
| Q2 25 | $447.0M | $146.5M | ||
| Q1 25 | $398.1M | $181.5M | ||
| Q4 24 | $1.3B | $184.9M | ||
| Q3 24 | $1.4B | $239.0M | ||
| Q2 24 | $685.4M | $263.2M |
总债务BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
股东权益BXPMERC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $68.1M | ||
| Q3 25 | $5.0B | $359.5M | ||
| Q2 25 | $5.3B | $446.5M | ||
| Q1 25 | $5.3B | $437.4M | ||
| Q4 24 | $5.4B | $429.8M | ||
| Q3 24 | $5.8B | $516.8M | ||
| Q2 24 | $5.8B | $487.7M |
总资产BXPMERC
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $2.0B | ||
| Q3 25 | $26.0B | $2.3B | ||
| Q2 25 | $25.6B | $2.4B | ||
| Q1 25 | $25.4B | $2.3B | ||
| Q4 24 | $26.1B | $2.3B | ||
| Q3 24 | $26.4B | $2.5B | ||
| Q2 24 | $25.5B | $2.5B |
负债/权益比BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× |
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 | — | $46.2M |
| 自由现金流经营现金流 - 资本支出 | — | $32.0M |
| 自由现金流率自由现金流/营收 | — | 7.1% |
| 资本支出强度资本支出/营收 | 1.5% | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $46.2M | ||
| Q3 25 | $274.2M | $-30.1M | ||
| Q2 25 | $353.1M | $-4.5M | ||
| Q1 25 | $210.0M | $-3.0M | ||
| Q4 24 | $383.7M | $71.2M | ||
| Q3 24 | $286.1M | $-13.9M | ||
| Q2 24 | $367.1M | $62.2M |
自由现金流BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $32.0M | ||
| Q3 25 | $231.6M | $-60.1M | ||
| Q2 25 | $281.5M | $-28.9M | ||
| Q1 25 | $152.6M | $-23.1M | ||
| Q4 24 | $312.5M | $50.4M | ||
| Q3 24 | $234.5M | $-41.2M | ||
| Q2 24 | $332.4M | $44.3M |
自由现金流率BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 7.1% | ||
| Q3 25 | 26.6% | -13.1% | ||
| Q2 25 | 32.4% | -6.4% | ||
| Q1 25 | 17.6% | -4.6% | ||
| Q4 24 | 36.4% | 10.3% | ||
| Q3 24 | 27.3% | -8.2% | ||
| Q2 24 | 39.1% | 8.9% |
资本支出强度BXPMERC
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 3.1% | ||
| Q3 25 | 4.9% | 6.6% | ||
| Q2 25 | 8.2% | 5.4% | ||
| Q1 25 | 6.6% | 4.0% | ||
| Q4 24 | 8.3% | 4.2% | ||
| Q3 24 | 6.0% | 5.4% | ||
| Q2 24 | 4.1% | 3.6% |
现金转化率BXPMERC
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 3.42× | — | ||
| 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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
