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BXP, Inc.（BXP）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.4倍（$872.1M vs $614.5M），BXP, Inc.净利率更高（15.3% vs -2.0%，领先17.2%），Cloudflare, Inc.同比增速更快（33.6% vs 0.8%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
BXP vs NET — 直观对比
营收规模更大
BXP
是对方的1.4倍
$614.5M
营收增速更快
NET
高出32.8%
0.8%
净利率更高
BXP
高出17.2%
-2.0%
两年增速更快
NET
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $614.5M |
| 净利润 | $133.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | — | -8.0% |
| 净利率 | 15.3% | -2.0% |
| 营收同比 | 0.8% | 33.6% |
| 净利润同比 | 53.0% | 6.0% |
| 每股收益（稀释后） | $1.69 | $-0.03 |
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BXPNET
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $614.5M | ||
| Q3 25 | $871.5M | $562.0M | ||
| Q2 25 | $868.5M | $512.3M | ||
| Q1 25 | $865.2M | $479.1M | ||
| Q4 24 | $858.6M | $459.9M | ||
| Q3 24 | $859.2M | $430.1M | ||
| Q2 24 | $850.5M | $401.0M |
净利润BXPNET
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-12.1M | ||
| Q3 25 | $-121.7M | $-1.3M | ||
| Q2 25 | $89.0M | $-50.4M | ||
| Q1 25 | $61.2M | $-38.5M | ||
| Q4 24 | $-228.9M | $-12.8M | ||
| Q3 24 | $83.6M | $-15.3M | ||
| Q2 24 | $79.6M | $-15.1M |
毛利率BXPNET
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 73.6% | ||
| Q3 25 | 59.3% | 74.0% | ||
| Q2 25 | 59.2% | 74.9% | ||
| Q1 25 | 59.2% | 75.9% | ||
| Q4 24 | 59.7% | 76.4% | ||
| Q3 24 | 59.5% | 77.7% | ||
| Q2 24 | 59.8% | 77.8% |
营业利润率BXPNET
| Q1 26 | — | — | ||
| Q4 25 | — | -8.0% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -7.2% | ||
| Q2 24 | — | -8.7% |
净利率BXPNET
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -2.0% | ||
| Q3 25 | -14.0% | -0.2% | ||
| Q2 25 | 10.2% | -9.8% | ||
| Q1 25 | 7.1% | -8.0% | ||
| Q4 24 | -26.7% | -2.8% | ||
| Q3 24 | 9.7% | -3.6% | ||
| Q2 24 | 9.4% | -3.8% |
每股收益（稀释后）BXPNET
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-0.03 | ||
| Q3 25 | $-0.77 | $0.00 | ||
| Q2 25 | $0.56 | $-0.15 | ||
| Q1 25 | $0.39 | $-0.11 | ||
| Q4 24 | $-1.46 | $-0.05 | ||
| Q3 24 | $0.53 | $-0.04 | ||
| Q2 24 | $0.51 | $-0.04 |
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 | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $1.5B |
| 总资产 | $25.1B | $6.0B |
| 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BXPNET
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $943.5M | ||
| Q3 25 | $861.1M | $1.1B | ||
| Q2 25 | $447.0M | $1.5B | ||
| Q1 25 | $398.1M | $204.5M | ||
| Q4 24 | $1.3B | $147.7M | ||
| Q3 24 | $1.4B | $182.9M | ||
| Q2 24 | $685.4M | $157.0M |
股东权益BXPNET
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $5.0B | $1.3B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.3B | $1.4B | ||
| Q4 24 | $5.4B | $1.0B | ||
| Q3 24 | $5.8B | $973.1M | ||
| Q2 24 | $5.8B | $881.5M |
总资产BXPNET
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $6.0B | ||
| Q3 25 | $26.0B | $5.8B | ||
| Q2 25 | $25.6B | $5.6B | ||
| Q1 25 | $25.4B | $3.7B | ||
| Q4 24 | $26.1B | $3.3B | ||
| Q3 24 | $26.4B | $3.1B | ||
| Q2 24 | $25.5B | $2.9B |
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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | 1.5% | 13.9% |
| 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流BXPNET
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $190.4M | ||
| Q3 25 | $274.2M | $167.1M | ||
| Q2 25 | $353.1M | $99.8M | ||
| Q1 25 | $210.0M | $145.8M | ||
| Q4 24 | $383.7M | $127.3M | ||
| Q3 24 | $286.1M | $104.7M | ||
| Q2 24 | $367.1M | $74.8M |
自由现金流BXPNET
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $105.2M | ||
| Q3 25 | $231.6M | $82.5M | ||
| Q2 25 | $281.5M | $39.9M | ||
| Q1 25 | $152.6M | $59.9M | ||
| Q4 24 | $312.5M | $54.2M | ||
| Q3 24 | $234.5M | $54.5M | ||
| Q2 24 | $332.4M | $45.2M |
自由现金流率BXPNET
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 17.1% | ||
| Q3 25 | 26.6% | 14.7% | ||
| Q2 25 | 32.4% | 7.8% | ||
| Q1 25 | 17.6% | 12.5% | ||
| Q4 24 | 36.4% | 11.8% | ||
| Q3 24 | 27.3% | 12.7% | ||
| Q2 24 | 39.1% | 11.3% |
资本支出强度BXPNET
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 13.9% | ||
| Q3 25 | 4.9% | 15.1% | ||
| Q2 25 | 8.2% | 11.7% | ||
| Q1 25 | 6.6% | 17.9% | ||
| Q4 24 | 8.3% | 15.9% | ||
| Q3 24 | 6.0% | 11.7% | ||
| Q2 24 | 4.1% | 7.4% |
现金转化率BXPNET
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
