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BXP, Inc.（BXP）与Paycom（PAYC）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Paycom的1.6倍（$872.1M vs $544.3M），Paycom净利率更高（20.9% vs 15.3%，领先5.7%），Paycom同比增速更快（10.2% vs 0.8%），过去两年Paycom的营收复合增速更高（4.3% 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。
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
BXP vs PAYC — 直观对比
营收规模更大
BXP
是对方的1.6倍
$544.3M
营收增速更快
PAYC
高出9.4%
0.8%
净利率更高
PAYC
高出5.7%
15.3%
两年增速更快
PAYC
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $544.3M |
| 净利润 | $133.0M | $113.8M |
| 毛利率 | — | 83.9% |
| 营业利润率 | — | 28.9% |
| 净利率 | 15.3% | 20.9% |
| 营收同比 | 0.8% | 10.2% |
| 净利润同比 | 53.0% | 0.2% |
| 每股收益（稀释后） | $1.69 | $2.06 |
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BXPPAYC
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $544.3M | ||
| Q3 25 | $871.5M | $493.3M | ||
| Q2 25 | $868.5M | $483.6M | ||
| Q1 25 | $865.2M | $530.5M | ||
| Q4 24 | $858.6M | $493.9M | ||
| Q3 24 | $859.2M | $451.9M | ||
| Q2 24 | $850.5M | $437.5M |
净利润BXPPAYC
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $113.8M | ||
| Q3 25 | $-121.7M | $110.7M | ||
| Q2 25 | $89.0M | $89.5M | ||
| Q1 25 | $61.2M | $139.4M | ||
| Q4 24 | $-228.9M | $113.6M | ||
| Q3 24 | $83.6M | $73.3M | ||
| Q2 24 | $79.6M | $68.0M |
毛利率BXPPAYC
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 83.9% | ||
| Q3 25 | 59.3% | 82.7% | ||
| Q2 25 | 59.2% | 81.9% | ||
| Q1 25 | 59.2% | 84.1% | ||
| Q4 24 | 59.7% | 83.1% | ||
| Q3 24 | 59.5% | 80.5% | ||
| Q2 24 | 59.8% | 80.8% |
营业利润率BXPPAYC
| Q1 26 | — | — | ||
| Q4 25 | — | 28.9% | ||
| Q3 25 | — | 22.8% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 34.9% | ||
| Q4 24 | — | 30.1% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.7% |
净利率BXPPAYC
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 20.9% | ||
| Q3 25 | -14.0% | 22.4% | ||
| Q2 25 | 10.2% | 18.5% | ||
| Q1 25 | 7.1% | 26.3% | ||
| Q4 24 | -26.7% | 23.0% | ||
| Q3 24 | 9.7% | 16.2% | ||
| Q2 24 | 9.4% | 15.5% |
每股收益（稀释后）BXPPAYC
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $2.06 | ||
| Q3 25 | $-0.77 | $1.96 | ||
| Q2 25 | $0.56 | $1.58 | ||
| Q1 25 | $0.39 | $2.48 | ||
| Q4 24 | $-1.46 | $2.04 | ||
| Q3 24 | $0.53 | $1.31 | ||
| Q2 24 | $0.51 | $1.20 |
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 | $370.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $1.7B |
| 总资产 | $25.1B | $7.6B |
| 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BXPPAYC
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $370.0M | ||
| Q3 25 | $861.1M | $375.0M | ||
| Q2 25 | $447.0M | $532.2M | ||
| Q1 25 | $398.1M | $520.8M | ||
| Q4 24 | $1.3B | $402.0M | ||
| Q3 24 | $1.4B | $325.8M | ||
| Q2 24 | $685.4M | $346.5M |
股东权益BXPPAYC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.7B | ||
| Q3 25 | $5.0B | $1.7B | ||
| Q2 25 | $5.3B | $1.8B | ||
| Q1 25 | $5.3B | $1.7B | ||
| Q4 24 | $5.4B | $1.6B | ||
| Q3 24 | $5.8B | $1.5B | ||
| Q2 24 | $5.8B | $1.4B |
总资产BXPPAYC
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.6B | ||
| Q3 25 | $26.0B | $4.2B | ||
| Q2 25 | $25.6B | $4.0B | ||
| Q1 25 | $25.4B | $4.6B | ||
| Q4 24 | $26.1B | $5.9B | ||
| Q3 24 | $26.4B | $3.5B | ||
| Q2 24 | $25.5B | $4.3B |
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 | — | $196.1M |
| 自由现金流经营现金流 - 资本支出 | — | $122.6M |
| 自由现金流率自由现金流/营收 | — | 22.5% |
| 资本支出强度资本支出/营收 | 1.5% | 13.5% |
| 现金转化率经营现金流/净利润 | — | 1.72× |
| 过去12个月自由现金流最近4个季度 | — | $408.0M |
8季度趋势，按日历期对齐
经营现金流BXPPAYC
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $196.1M | ||
| Q3 25 | $274.2M | $177.8M | ||
| Q2 25 | $353.1M | $122.5M | ||
| Q1 25 | $210.0M | $182.5M | ||
| Q4 24 | $383.7M | $160.4M | ||
| Q3 24 | $286.1M | $92.8M | ||
| Q2 24 | $367.1M | $132.1M |
自由现金流BXPPAYC
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $122.6M | ||
| Q3 25 | $231.6M | $79.8M | ||
| Q2 25 | $281.5M | $60.8M | ||
| Q1 25 | $152.6M | $144.8M | ||
| Q4 24 | $312.5M | $109.0M | ||
| Q3 24 | $234.5M | $44.6M | ||
| Q2 24 | $332.4M | $86.5M |
自由现金流率BXPPAYC
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 22.5% | ||
| Q3 25 | 26.6% | 16.2% | ||
| Q2 25 | 32.4% | 12.6% | ||
| Q1 25 | 17.6% | 27.3% | ||
| Q4 24 | 36.4% | 22.1% | ||
| Q3 24 | 27.3% | 9.9% | ||
| Q2 24 | 39.1% | 19.8% |
资本支出强度BXPPAYC
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 13.5% | ||
| Q3 25 | 4.9% | 19.9% | ||
| Q2 25 | 8.2% | 12.8% | ||
| Q1 25 | 6.6% | 7.1% | ||
| Q4 24 | 8.3% | 10.4% | ||
| Q3 24 | 6.0% | 10.7% | ||
| Q2 24 | 4.1% | 10.4% |
现金转化率BXPPAYC
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | 3.97× | 1.37× | ||
| Q1 25 | 3.43× | 1.31× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.42× | 1.27× | ||
| Q2 24 | 4.61× | 1.94× |
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% |
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
