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BXP, Inc.（BXP）与M/I HOMES, INC.（MHO）财务数据对比。点击上方公司名可切换其他公司
M/I HOMES, INC.的季度营收约是BXP, Inc.的1.3倍（$1.1B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 5.6%，领先9.7%），BXP, Inc.同比增速更快（0.8% vs -4.8%），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% 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。
M/I Homes是美国领先的住宅建筑企业，主要设计、建造及销售独栋住宅、联排住宅与复式公寓，业务覆盖美国多州，面向首次置业、改善型及高端置业群体，提供节能住宅产品与个性化定制服务。
BXP vs MHO — 直观对比
营收规模更大
MHO
是对方的1.3倍
$872.1M
营收增速更快
BXP
高出5.6%
-4.8%
净利率更高
BXP
高出9.7%
5.6%
两年增速更快
MHO
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.1B |
| 净利润 | $133.0M | $64.0M |
| 毛利率 | — | 17.4% |
| 营业利润率 | — | 6.5% |
| 净利率 | 15.3% | 5.6% |
| 营收同比 | 0.8% | -4.8% |
| 净利润同比 | 53.0% | -52.1% |
| 每股收益（稀释后） | $1.69 | $2.42 |
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BXPMHO
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.1B | ||
| Q3 25 | $871.5M | $1.1B | ||
| Q2 25 | $868.5M | $1.2B | ||
| Q1 25 | $865.2M | $976.1M | ||
| Q4 24 | $858.6M | $1.2B | ||
| Q3 24 | $859.2M | $1.1B | ||
| Q2 24 | $850.5M | $1.1B |
净利润BXPMHO
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $64.0M | ||
| Q3 25 | $-121.7M | $106.5M | ||
| Q2 25 | $89.0M | $121.2M | ||
| Q1 25 | $61.2M | $111.2M | ||
| Q4 24 | $-228.9M | $133.5M | ||
| Q3 24 | $83.6M | $145.4M | ||
| Q2 24 | $79.6M | $146.7M |
毛利率BXPMHO
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 17.4% | ||
| Q3 25 | 59.3% | 24.5% | ||
| Q2 25 | 59.2% | 24.7% | ||
| Q1 25 | 59.2% | 25.9% | ||
| Q4 24 | 59.7% | 24.6% | ||
| Q3 24 | 59.5% | 27.1% | ||
| Q2 24 | 59.8% | 27.9% |
营业利润率BXPMHO
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 16.8% |
净利率BXPMHO
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 5.6% | ||
| Q3 25 | -14.0% | 9.4% | ||
| Q2 25 | 10.2% | 10.4% | ||
| Q1 25 | 7.1% | 11.4% | ||
| Q4 24 | -26.7% | 11.1% | ||
| Q3 24 | 9.7% | 12.7% | ||
| Q2 24 | 9.4% | 13.2% |
每股收益（稀释后）BXPMHO
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $2.42 | ||
| Q3 25 | $-0.77 | $3.92 | ||
| Q2 25 | $0.56 | $4.42 | ||
| Q1 25 | $0.39 | $3.98 | ||
| Q4 24 | $-1.46 | $4.71 | ||
| Q3 24 | $0.53 | $5.10 | ||
| Q2 24 | $0.51 | $5.12 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $3.2B |
| 总资产 | $25.1B | $4.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BXPMHO
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $861.1M | — | ||
| Q2 25 | $447.0M | — | ||
| Q1 25 | $398.1M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $685.4M | — |
股东权益BXPMHO
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.2B | ||
| Q3 25 | $5.0B | $3.1B | ||
| Q2 25 | $5.3B | $3.1B | ||
| Q1 25 | $5.3B | $3.0B | ||
| Q4 24 | $5.4B | $2.9B | ||
| Q3 24 | $5.8B | $2.8B | ||
| Q2 24 | $5.8B | $2.7B |
总资产BXPMHO
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $4.8B | ||
| Q3 25 | $26.0B | $4.8B | ||
| Q2 25 | $25.6B | $4.7B | ||
| Q1 25 | $25.4B | $4.6B | ||
| Q4 24 | $26.1B | $4.5B | ||
| Q3 24 | $26.4B | $4.5B | ||
| Q2 24 | $25.5B | $4.3B |
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 | — | $-8.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-13.0M |
| 自由现金流率自由现金流/营收 | — | -1.1% |
| 资本支出强度资本支出/营收 | 1.5% | 0.4% |
| 现金转化率经营现金流/净利润 | — | -0.14× |
| 过去12个月自由现金流最近4个季度 | — | $127.7M |
8季度趋势，按日历期对齐
经营现金流BXPMHO
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $-8.7M | ||
| Q3 25 | $274.2M | $43.4M | ||
| Q2 25 | $353.1M | $37.8M | ||
| Q1 25 | $210.0M | $64.9M | ||
| Q4 24 | $383.7M | $104.4M | ||
| Q3 24 | $286.1M | $-67.9M | ||
| Q2 24 | $367.1M | $27.5M |
自由现金流BXPMHO
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-13.0M | ||
| Q3 25 | $231.6M | $42.0M | ||
| Q2 25 | $281.5M | $35.1M | ||
| Q1 25 | $152.6M | $63.5M | ||
| Q4 24 | $312.5M | $102.3M | ||
| Q3 24 | $234.5M | $-68.5M | ||
| Q2 24 | $332.4M | $22.0M |
自由现金流率BXPMHO
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -1.1% | ||
| Q3 25 | 26.6% | 3.7% | ||
| Q2 25 | 32.4% | 3.0% | ||
| Q1 25 | 17.6% | 6.5% | ||
| Q4 24 | 36.4% | 8.5% | ||
| Q3 24 | 27.3% | -6.0% | ||
| Q2 24 | 39.1% | 2.0% |
资本支出强度BXPMHO
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.4% | ||
| Q3 25 | 4.9% | 0.1% | ||
| Q2 25 | 8.2% | 0.2% | ||
| Q1 25 | 6.6% | 0.1% | ||
| Q4 24 | 8.3% | 0.2% | ||
| Q3 24 | 6.0% | 0.1% | ||
| Q2 24 | 4.1% | 0.5% |
现金转化率BXPMHO
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | -0.14× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | 3.97× | 0.31× | ||
| Q1 25 | 3.43× | 0.58× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | 3.42× | -0.47× | ||
| Q2 24 | 4.61× | 0.19× |
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% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
