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BXP, Inc.（BXP）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是BXP, Inc.的1.0倍（$909.8M vs $872.1M），BXP, Inc.净利率更高（15.3% vs 5.2%，领先10.1%），BXP, Inc.同比增速更快（0.8% vs -41.3%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
BXP vs NGL — 直观对比
营收规模更大
NGL
是对方的1.0倍
$872.1M
营收增速更快
BXP
高出42.1%
-41.3%
净利率更高
BXP
高出10.1%
5.2%
两年增速更快
BXP
近两年复合增速
-6.4%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $909.8M |
| 净利润 | $133.0M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | — | 12.1% |
| 净利率 | 15.3% | 5.2% |
| 营收同比 | 0.8% | -41.3% |
| 净利润同比 | 53.0% | 249.3% |
| 每股收益（稀释后） | $1.69 | — |
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BXPNGL
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $909.8M | ||
| Q3 25 | $871.5M | $674.7M | ||
| Q2 25 | $868.5M | $622.2M | ||
| Q1 25 | $865.2M | $971.1M | ||
| Q4 24 | $858.6M | $982.4M | ||
| Q3 24 | $859.2M | $756.5M | ||
| Q2 24 | $850.5M | $759.2M |
净利润BXPNGL
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $47.2M | ||
| Q3 25 | $-121.7M | $29.3M | ||
| Q2 25 | $89.0M | $68.9M | ||
| Q1 25 | $61.2M | $13.7M | ||
| Q4 24 | $-228.9M | $13.5M | ||
| Q3 24 | $83.6M | $2.5M | ||
| Q2 24 | $79.6M | $9.7M |
毛利率BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 29.0% | ||
| Q3 25 | 59.3% | 37.6% | ||
| Q2 25 | 59.2% | 38.5% | ||
| Q1 25 | 59.2% | 26.9% | ||
| Q4 24 | 59.7% | 25.1% | ||
| Q3 24 | 59.5% | 30.9% | ||
| Q2 24 | 59.8% | 29.0% |
营业利润率BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | — | 12.1% | ||
| Q3 25 | — | 14.0% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 8.4% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 10.8% |
净利率BXPNGL
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 5.2% | ||
| Q3 25 | -14.0% | 4.3% | ||
| Q2 25 | 10.2% | 11.1% | ||
| Q1 25 | 7.1% | 1.4% | ||
| Q4 24 | -26.7% | 1.4% | ||
| Q3 24 | 9.7% | 0.3% | ||
| Q2 24 | 9.4% | 1.3% |
每股收益（稀释后）BXPNGL
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | — | ||
| Q3 25 | $-0.77 | — | ||
| Q2 25 | $0.56 | — | ||
| Q1 25 | $0.39 | — | ||
| Q4 24 | $-1.46 | — | ||
| Q3 24 | $0.53 | — | ||
| Q2 24 | $0.51 | — |
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 | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $7.7B | — |
| 总资产 | $25.1B | $4.4B |
| 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BXPNGL
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $6.5M | ||
| Q3 25 | $861.1M | $8.7M | ||
| Q2 25 | $447.0M | $5.4M | ||
| Q1 25 | $398.1M | $13.5M | ||
| Q4 24 | $1.3B | $5.7M | ||
| Q3 24 | $1.4B | $4.5M | ||
| Q2 24 | $685.4M | $5.3M |
总债务BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B |
股东权益BXPNGL
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.3B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.8B | — |
总资产BXPNGL
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $4.4B | ||
| Q3 25 | $26.0B | $4.3B | ||
| Q2 25 | $25.6B | $4.2B | ||
| Q1 25 | $25.4B | $4.6B | ||
| Q4 24 | $26.1B | $4.8B | ||
| Q3 24 | $26.4B | $4.9B | ||
| Q2 24 | $25.5B | $4.8B |
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 | — | $182.3M |
| 自由现金流经营现金流 - 资本支出 | — | $45.7M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | 1.5% | 15.0% |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | — | $126.7M |
8季度趋势，按日历期对齐
经营现金流BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $182.3M | ||
| Q3 25 | $274.2M | $40.5M | ||
| Q2 25 | $353.1M | $33.2M | ||
| Q1 25 | $210.0M | $155.0M | ||
| Q4 24 | $383.7M | $153.8M | ||
| Q3 24 | $286.1M | $6.7M | ||
| Q2 24 | $367.1M | $-18.1M |
自由现金流BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $45.7M | ||
| Q3 25 | $231.6M | $9.5M | ||
| Q2 25 | $281.5M | $11.1M | ||
| Q1 25 | $152.6M | $60.4M | ||
| Q4 24 | $312.5M | $152.1M | ||
| Q3 24 | $234.5M | $-82.9M | ||
| Q2 24 | $332.4M | $-78.0M |
自由现金流率BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 5.0% | ||
| Q3 25 | 26.6% | 1.4% | ||
| Q2 25 | 32.4% | 1.8% | ||
| Q1 25 | 17.6% | 6.2% | ||
| Q4 24 | 36.4% | 15.5% | ||
| Q3 24 | 27.3% | -11.0% | ||
| Q2 24 | 39.1% | -10.3% |
资本支出强度BXPNGL
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 15.0% | ||
| Q3 25 | 4.9% | 4.6% | ||
| Q2 25 | 8.2% | 3.6% | ||
| Q1 25 | 6.6% | 9.7% | ||
| Q4 24 | 8.3% | 0.2% | ||
| Q3 24 | 6.0% | 11.8% | ||
| Q2 24 | 4.1% | 7.9% |
现金转化率BXPNGL
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 3.86× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 3.97× | 0.48× | ||
| Q1 25 | 3.43× | 11.29× | ||
| Q4 24 | — | 11.39× | ||
| Q3 24 | 3.42× | 2.74× | ||
| Q2 24 | 4.61× | -1.87× |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
