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BXP, Inc.（BXP）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是明晟的1.1倍（$872.1M vs $822.5M），明晟净利率更高（34.6% vs 15.3%，领先19.4%），明晟同比增速更快（10.6% vs 0.8%），过去两年明晟的营收复合增速更高（10.0% 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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
BXP vs MSCI — 直观对比
营收规模更大
BXP
是对方的1.1倍
$822.5M
营收增速更快
MSCI
高出9.8%
0.8%
净利率更高
MSCI
高出19.4%
15.3%
两年增速更快
MSCI
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $822.5M |
| 净利润 | $133.0M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | — | 56.4% |
| 净利率 | 15.3% | 34.6% |
| 营收同比 | 0.8% | 10.6% |
| 净利润同比 | 53.0% | -6.8% |
| 每股收益（稀释后） | $1.69 | $3.81 |
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BXPMSCI
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $822.5M | ||
| Q3 25 | $871.5M | $793.4M | ||
| Q2 25 | $868.5M | $772.7M | ||
| Q1 25 | $865.2M | $745.8M | ||
| Q4 24 | $858.6M | $743.5M | ||
| Q3 24 | $859.2M | $724.7M | ||
| Q2 24 | $850.5M | $707.9M |
净利润BXPMSCI
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $284.7M | ||
| Q3 25 | $-121.7M | $325.4M | ||
| Q2 25 | $89.0M | $303.6M | ||
| Q1 25 | $61.2M | $288.6M | ||
| Q4 24 | $-228.9M | $305.5M | ||
| Q3 24 | $83.6M | $280.9M | ||
| Q2 24 | $79.6M | $266.8M |
毛利率BXPMSCI
| 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BXPMSCI
| Q1 26 | — | — | ||
| Q4 25 | — | 56.4% | ||
| Q3 25 | — | 56.4% | ||
| Q2 25 | — | 55.0% | ||
| Q1 25 | — | 50.6% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | — | 54.0% |
净利率BXPMSCI
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 34.6% | ||
| Q3 25 | -14.0% | 41.0% | ||
| Q2 25 | 10.2% | 39.3% | ||
| Q1 25 | 7.1% | 38.7% | ||
| Q4 24 | -26.7% | 41.1% | ||
| Q3 24 | 9.7% | 38.8% | ||
| Q2 24 | 9.4% | 37.7% |
每股收益（稀释后）BXPMSCI
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $3.81 | ||
| Q3 25 | $-0.77 | $4.25 | ||
| Q2 25 | $0.56 | $3.92 | ||
| Q1 25 | $0.39 | $3.71 | ||
| Q4 24 | $-1.46 | $3.89 | ||
| Q3 24 | $0.53 | $3.57 | ||
| Q2 24 | $0.51 | $3.37 |
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 | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $7.7B | $-2.7B |
| 总资产 | $25.1B | $5.7B |
| 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BXPMSCI
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $515.3M | ||
| Q3 25 | $861.1M | $400.1M | ||
| Q2 25 | $447.0M | $347.3M | ||
| Q1 25 | $398.1M | $360.7M | ||
| Q4 24 | $1.3B | $409.4M | ||
| Q3 24 | $1.4B | $501.0M | ||
| Q2 24 | $685.4M | $451.4M |
总债务BXPMSCI
| Q1 26 | — | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
股东权益BXPMSCI
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $-2.7B | ||
| Q3 25 | $5.0B | $-1.9B | ||
| Q2 25 | $5.3B | $-886.2M | ||
| Q1 25 | $5.3B | $-958.6M | ||
| Q4 24 | $5.4B | $-940.0M | ||
| Q3 24 | $5.8B | $-751.0M | ||
| Q2 24 | $5.8B | $-734.5M |
总资产BXPMSCI
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.7B | ||
| Q3 25 | $26.0B | $5.4B | ||
| Q2 25 | $25.6B | $5.4B | ||
| Q1 25 | $25.4B | $5.3B | ||
| Q4 24 | $26.1B | $5.4B | ||
| Q3 24 | $26.4B | $5.4B | ||
| Q2 24 | $25.5B | $5.5B |
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 | — | $501.1M |
| 自由现金流经营现金流 - 资本支出 | — | $488.7M |
| 自由现金流率自由现金流/营收 | — | 59.4% |
| 资本支出强度资本支出/营收 | 1.5% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流BXPMSCI
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $501.1M | ||
| Q3 25 | $274.2M | $449.4M | ||
| Q2 25 | $353.1M | $336.1M | ||
| Q1 25 | $210.0M | $301.7M | ||
| Q4 24 | $383.7M | $430.6M | ||
| Q3 24 | $286.1M | $421.6M | ||
| Q2 24 | $367.1M | $349.2M |
自由现金流BXPMSCI
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $488.7M | ||
| Q3 25 | $231.6M | $445.5M | ||
| Q2 25 | $281.5M | $324.7M | ||
| Q1 25 | $152.6M | $290.2M | ||
| Q4 24 | $312.5M | $416.4M | ||
| Q3 24 | $234.5M | $415.0M | ||
| Q2 24 | $332.4M | $340.6M |
自由现金流率BXPMSCI
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 59.4% | ||
| Q3 25 | 26.6% | 56.2% | ||
| Q2 25 | 32.4% | 42.0% | ||
| Q1 25 | 17.6% | 38.9% | ||
| Q4 24 | 36.4% | 56.0% | ||
| Q3 24 | 27.3% | 57.3% | ||
| Q2 24 | 39.1% | 48.1% |
资本支出强度BXPMSCI
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.5% | ||
| Q3 25 | 4.9% | 0.5% | ||
| Q2 25 | 8.2% | 1.5% | ||
| Q1 25 | 6.6% | 1.5% | ||
| Q4 24 | 8.3% | 1.9% | ||
| Q3 24 | 6.0% | 0.9% | ||
| Q2 24 | 4.1% | 1.2% |
现金转化率BXPMSCI
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 3.97× | 1.11× | ||
| Q1 25 | 3.43× | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.42× | 1.50× | ||
| Q2 24 | 4.61× | 1.31× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
