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BXP, Inc.（BXP）与INSPERITY, INC.（NSP）财务数据对比。点击上方公司名可切换其他公司
INSPERITY, INC.的季度营收约是BXP, Inc.的1.9倍（$1.7B vs $872.1M），INSPERITY, INC.同比增速更快（3.4% vs 0.8%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -3.8%）
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。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
BXP vs NSP — 直观对比
营收规模更大
NSP
是对方的1.9倍
$872.1M
营收增速更快
NSP
高出2.6%
0.8%
两年增速更快
BXP
近两年复合增速
-3.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.7B |
| 净利润 | $133.0M | — |
| 毛利率 | — | 10.3% |
| 营业利润率 | — | -2.8% |
| 净利率 | 15.3% | — |
| 营收同比 | 0.8% | 3.4% |
| 净利润同比 | 53.0% | — |
| 每股收益（稀释后） | $1.69 | $-0.87 |
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BXPNSP
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.7B | ||
| Q3 25 | $871.5M | $1.6B | ||
| Q2 25 | $868.5M | $1.7B | ||
| Q1 25 | $865.2M | $1.9B | ||
| Q4 24 | $858.6M | $1.6B | ||
| Q3 24 | $859.2M | $1.6B | ||
| Q2 24 | $850.5M | $1.6B |
净利润BXPNSP
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | — | ||
| Q3 25 | $-121.7M | $-20.0M | ||
| Q2 25 | $89.0M | $-5.0M | ||
| Q1 25 | $61.2M | $51.0M | ||
| Q4 24 | $-228.9M | — | ||
| Q3 24 | $83.6M | $3.0M | ||
| Q2 24 | $79.6M | $18.0M |
毛利率BXPNSP
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 10.3% | ||
| Q3 25 | 59.3% | 12.0% | ||
| Q2 25 | 59.2% | 13.4% | ||
| Q1 25 | 59.2% | 16.6% | ||
| Q4 24 | 59.7% | 13.5% | ||
| Q3 24 | 59.5% | 14.7% | ||
| Q2 24 | 59.8% | 16.2% |
营业利润率BXPNSP
| Q1 26 | — | — | ||
| Q4 25 | — | -2.8% | ||
| Q3 25 | — | -1.5% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 1.4% |
净利率BXPNSP
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | — | ||
| Q3 25 | -14.0% | -1.2% | ||
| Q2 25 | 10.2% | -0.3% | ||
| Q1 25 | 7.1% | 2.7% | ||
| Q4 24 | -26.7% | — | ||
| Q3 24 | 9.7% | 0.2% | ||
| Q2 24 | 9.4% | 1.1% |
每股收益（稀释后）BXPNSP
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-0.87 | ||
| Q3 25 | $-0.77 | $-0.53 | ||
| Q2 25 | $0.56 | $-0.14 | ||
| Q1 25 | $0.39 | $1.35 | ||
| Q4 24 | $-1.46 | $-0.21 | ||
| Q3 24 | $0.53 | $0.07 | ||
| Q2 24 | $0.51 | $0.48 |
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 | $682.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $46.0M |
| 总资产 | $25.1B | $2.2B |
| 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BXPNSP
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $682.0M | ||
| Q3 25 | $861.1M | $521.0M | ||
| Q2 25 | $447.0M | $511.0M | ||
| Q1 25 | $398.1M | $684.0M | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.4B | $596.0M | ||
| Q2 24 | $685.4M | $850.0M |
股东权益BXPNSP
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $46.0M | ||
| Q3 25 | $5.0B | $87.0M | ||
| Q2 25 | $5.3B | $112.0M | ||
| Q1 25 | $5.3B | $119.0M | ||
| Q4 24 | $5.4B | $97.0M | ||
| Q3 24 | $5.8B | $125.0M | ||
| Q2 24 | $5.8B | $142.0M |
总资产BXPNSP
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $2.2B | ||
| Q3 25 | $26.0B | $2.0B | ||
| Q2 25 | $25.6B | $2.0B | ||
| Q1 25 | $25.4B | $2.1B | ||
| Q4 24 | $26.1B | $2.6B | ||
| Q3 24 | $26.4B | $1.9B | ||
| Q2 24 | $25.5B | $2.1B |
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 | — | $255.0M |
| 自由现金流经营现金流 - 资本支出 | — | $246.0M |
| 自由现金流率自由现金流/营收 | — | 14.7% |
| 资本支出强度资本支出/营收 | 1.5% | 0.5% |
| 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 | — | $-309.0M |
8季度趋势，按日历期对齐
经营现金流BXPNSP
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $255.0M | ||
| Q3 25 | $274.2M | $-11.0M | ||
| Q2 25 | $353.1M | $-79.0M | ||
| Q1 25 | $210.0M | $-443.0M | ||
| Q4 24 | $383.7M | $619.0M | ||
| Q3 24 | $286.1M | $-150.0M | ||
| Q2 24 | $367.1M | $20.0M |
自由现金流BXPNSP
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $246.0M | ||
| Q3 25 | $231.6M | $-20.0M | ||
| Q2 25 | $281.5M | $-86.0M | ||
| Q1 25 | $152.6M | $-449.0M | ||
| Q4 24 | $312.5M | $606.0M | ||
| Q3 24 | $234.5M | $-164.0M | ||
| Q2 24 | $332.4M | $14.0M |
自由现金流率BXPNSP
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 14.7% | ||
| Q3 25 | 26.6% | -1.2% | ||
| Q2 25 | 32.4% | -5.2% | ||
| Q1 25 | 17.6% | -24.1% | ||
| Q4 24 | 36.4% | 37.6% | ||
| Q3 24 | 27.3% | -10.5% | ||
| Q2 24 | 39.1% | 0.9% |
资本支出强度BXPNSP
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.5% | ||
| Q3 25 | 4.9% | 0.6% | ||
| Q2 25 | 8.2% | 0.4% | ||
| Q1 25 | 6.6% | 0.3% | ||
| Q4 24 | 8.3% | 0.8% | ||
| Q3 24 | 6.0% | 0.9% | ||
| Q2 24 | 4.1% | 0.4% |
现金转化率BXPNSP
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | -8.69× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | -50.00× | ||
| Q2 24 | 4.61× | 1.11× |
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% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
