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BXP, Inc.（BXP）与MSA Safety Inc（MSA）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MSA Safety Inc的1.7倍（$872.1M vs $510.9M），MSA Safety Inc净利率更高（17.0% vs 15.3%，领先1.8%），MSA Safety Inc同比增速更快（2.2% vs 0.8%），过去两年MSA Safety Inc的营收复合增速更高（11.2% 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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
BXP vs MSA — 直观对比
营收规模更大
BXP
是对方的1.7倍
$510.9M
营收增速更快
MSA
高出1.4%
0.8%
净利率更高
MSA
高出1.8%
15.3%
两年增速更快
MSA
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $510.9M |
| 净利润 | $133.0M | $86.9M |
| 毛利率 | — | 46.9% |
| 营业利润率 | — | 22.3% |
| 净利率 | 15.3% | 17.0% |
| 营收同比 | 0.8% | 2.2% |
| 净利润同比 | 53.0% | -1.2% |
| 每股收益（稀释后） | $1.69 | $2.22 |
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BXPMSA
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $510.9M | ||
| Q3 25 | $871.5M | $468.4M | ||
| Q2 25 | $868.5M | $474.1M | ||
| Q1 25 | $865.2M | $421.3M | ||
| Q4 24 | $858.6M | $499.7M | ||
| Q3 24 | $859.2M | $432.7M | ||
| Q2 24 | $850.5M | $462.5M |
净利润BXPMSA
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $86.9M | ||
| Q3 25 | $-121.7M | $69.6M | ||
| Q2 25 | $89.0M | $62.8M | ||
| Q1 25 | $61.2M | $59.6M | ||
| Q4 24 | $-228.9M | $87.9M | ||
| Q3 24 | $83.6M | $66.6M | ||
| Q2 24 | $79.6M | $72.2M |
毛利率BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 46.9% | ||
| Q3 25 | 59.3% | 46.5% | ||
| Q2 25 | 59.2% | 46.6% | ||
| Q1 25 | 59.2% | 45.9% | ||
| Q4 24 | 59.7% | 46.9% | ||
| Q3 24 | 59.5% | 47.9% | ||
| Q2 24 | 59.8% | 48.2% |
营业利润率BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | — | 22.3% | ||
| Q3 25 | — | 20.1% | ||
| Q2 25 | — | 18.1% | ||
| Q1 25 | — | 18.5% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | 21.6% |
净利率BXPMSA
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 17.0% | ||
| Q3 25 | -14.0% | 14.9% | ||
| Q2 25 | 10.2% | 13.2% | ||
| Q1 25 | 7.1% | 14.1% | ||
| Q4 24 | -26.7% | 17.6% | ||
| Q3 24 | 9.7% | 15.4% | ||
| Q2 24 | 9.4% | 15.6% |
每股收益（稀释后）BXPMSA
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $2.22 | ||
| Q3 25 | $-0.77 | $1.77 | ||
| Q2 25 | $0.56 | $1.59 | ||
| Q1 25 | $0.39 | $1.51 | ||
| Q4 24 | $-1.46 | $2.22 | ||
| Q3 24 | $0.53 | $1.69 | ||
| Q2 24 | $0.51 | $1.83 |
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 | $165.1M |
| 总债务越低越好 | — | $580.9M |
| 股东权益账面价值 | $7.7B | $1.4B |
| 总资产 | $25.1B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BXPMSA
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $165.1M | ||
| Q3 25 | $861.1M | $170.0M | ||
| Q2 25 | $447.0M | $147.0M | ||
| Q1 25 | $398.1M | $170.6M | ||
| Q4 24 | $1.3B | $164.6M | ||
| Q3 24 | $1.4B | $154.4M | ||
| Q2 24 | $685.4M | $146.8M |
总债务BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | — | $580.9M | ||
| Q3 25 | — | $628.6M | ||
| Q2 25 | — | $679.3M | ||
| Q1 25 | — | $502.1M | ||
| Q4 24 | — | $508.0M | ||
| Q3 24 | — | $554.7M | ||
| Q2 24 | — | $588.2M |
股东权益BXPMSA
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.4B | ||
| Q3 25 | $5.0B | $1.3B | ||
| Q2 25 | $5.3B | $1.3B | ||
| Q1 25 | $5.3B | $1.2B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.8B | $1.1B | ||
| Q2 24 | $5.8B | $1.0B |
总资产BXPMSA
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $2.6B | ||
| Q3 25 | $26.0B | $2.6B | ||
| Q2 25 | $25.6B | $2.6B | ||
| Q1 25 | $25.4B | $2.2B | ||
| Q4 24 | $26.1B | $2.2B | ||
| Q3 24 | $26.4B | $2.2B | ||
| Q2 24 | $25.5B | $2.2B |
负债/权益比BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.57× |
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 | — | $122.4M |
| 自由现金流经营现金流 - 资本支出 | — | $106.0M |
| 自由现金流率自由现金流/营收 | — | 20.8% |
| 资本支出强度资本支出/营收 | 1.5% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.41× |
| 过去12个月自由现金流最近4个季度 | — | $295.4M |
8季度趋势，按日历期对齐
经营现金流BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $122.4M | ||
| Q3 25 | $274.2M | $112.5M | ||
| Q2 25 | $353.1M | $67.2M | ||
| Q1 25 | $210.0M | $61.8M | ||
| Q4 24 | $383.7M | $107.9M | ||
| Q3 24 | $286.1M | $84.3M | ||
| Q2 24 | $367.1M | $53.3M |
自由现金流BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $106.0M | ||
| Q3 25 | $231.6M | $100.5M | ||
| Q2 25 | $281.5M | $37.9M | ||
| Q1 25 | $152.6M | $51.0M | ||
| Q4 24 | $312.5M | $93.5M | ||
| Q3 24 | $234.5M | $70.1M | ||
| Q2 24 | $332.4M | $39.0M |
自由现金流率BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 20.8% | ||
| Q3 25 | 26.6% | 21.4% | ||
| Q2 25 | 32.4% | 8.0% | ||
| Q1 25 | 17.6% | 12.1% | ||
| Q4 24 | 36.4% | 18.7% | ||
| Q3 24 | 27.3% | 16.2% | ||
| Q2 24 | 39.1% | 8.4% |
资本支出强度BXPMSA
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 3.2% | ||
| Q3 25 | 4.9% | 2.6% | ||
| Q2 25 | 8.2% | 6.2% | ||
| Q1 25 | 6.6% | 2.6% | ||
| Q4 24 | 8.3% | 2.9% | ||
| Q3 24 | 6.0% | 3.3% | ||
| Q2 24 | 4.1% | 3.1% |
现金转化率BXPMSA
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.41× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | 3.97× | 1.07× | ||
| Q1 25 | 3.43× | 1.04× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | 3.42× | 1.27× | ||
| Q2 24 | 4.61× | 0.74× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
