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BXP, Inc.（BXP）与必能宝（PBI）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是必能宝的1.8倍（$872.1M vs $477.6M），BXP, Inc.净利率更高（15.3% vs 5.7%，领先9.5%），BXP, Inc.同比增速更快（0.8% vs -7.5%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -4.3%）
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。
必能宝（Pitney Bowes）是全球知名科技与物流服务商，提供电商配送、邮寄处理、订单履约及客户信息管理解决方案，服务零售、金融、医疗、政府等领域的各类大中小企业客户，助力企业优化物流配送与客户运营效率。
BXP vs PBI — 直观对比
营收规模更大
BXP
是对方的1.8倍
$477.6M
营收增速更快
BXP
高出8.3%
-7.5%
净利率更高
BXP
高出9.5%
5.7%
两年增速更快
BXP
近两年复合增速
-4.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $477.6M |
| 净利润 | $133.0M | $27.3M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.0% |
| 净利率 | 15.3% | 5.7% |
| 营收同比 | 0.8% | -7.5% |
| 净利润同比 | 53.0% | 173.1% |
| 每股收益（稀释后） | $1.69 | $0.18 |
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BXPPBI
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $477.6M | ||
| Q3 25 | $871.5M | $459.7M | ||
| Q2 25 | $868.5M | $461.9M | ||
| Q1 25 | $865.2M | $493.4M | ||
| Q4 24 | $858.6M | $516.1M | ||
| Q3 24 | $859.2M | $499.5M | ||
| Q2 24 | $850.5M | $489.7M |
净利润BXPPBI
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $27.3M | ||
| Q3 25 | $-121.7M | $52.0M | ||
| Q2 25 | $89.0M | $30.0M | ||
| Q1 25 | $61.2M | $35.4M | ||
| Q4 24 | $-228.9M | $-37.4M | ||
| Q3 24 | $83.6M | $-138.5M | ||
| Q2 24 | $79.6M | $-24.9M |
毛利率BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | 53.8% | ||
| Q3 24 | 59.5% | 52.4% | ||
| Q2 24 | 59.8% | 51.1% |
营业利润率BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | — | 8.0% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | — | 8.5% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | -9.3% | ||
| Q3 24 | — | -8.8% | ||
| Q2 24 | — | -1.6% |
净利率BXPPBI
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 5.7% | ||
| Q3 25 | -14.0% | 11.3% | ||
| Q2 25 | 10.2% | 6.5% | ||
| Q1 25 | 7.1% | 7.2% | ||
| Q4 24 | -26.7% | -7.2% | ||
| Q3 24 | 9.7% | -27.7% | ||
| Q2 24 | 9.4% | -5.1% |
每股收益（稀释后）BXPPBI
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.18 | ||
| Q3 25 | $-0.77 | $0.30 | ||
| Q2 25 | $0.56 | $0.17 | ||
| Q1 25 | $0.39 | $0.19 | ||
| Q4 24 | $-1.46 | $-0.21 | ||
| Q3 24 | $0.53 | $-0.75 | ||
| Q2 24 | $0.51 | $-0.14 |
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 | $297.1M |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $7.7B | $-802.4M |
| 总资产 | $25.1B | $3.2B |
| 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BXPPBI
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $297.1M | ||
| Q3 25 | $861.1M | $336.0M | ||
| Q2 25 | $447.0M | $300.8M | ||
| Q1 25 | $398.1M | $340.0M | ||
| Q4 24 | $1.3B | $486.1M | ||
| Q3 24 | $1.4B | $575.5M | ||
| Q2 24 | $685.4M | $612.0M |
总债务BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B |
股东权益BXPPBI
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $-802.4M | ||
| Q3 25 | $5.0B | $-661.5M | ||
| Q2 25 | $5.3B | $-536.8M | ||
| Q1 25 | $5.3B | $-535.9M | ||
| Q4 24 | $5.4B | $-578.4M | ||
| Q3 24 | $5.8B | $-518.9M | ||
| Q2 24 | $5.8B | $-427.9M |
总资产BXPPBI
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $3.2B | ||
| Q3 25 | $26.0B | $3.3B | ||
| Q2 25 | $25.6B | $3.2B | ||
| Q1 25 | $25.4B | $3.3B | ||
| Q4 24 | $26.1B | $3.4B | ||
| Q3 24 | $26.4B | $3.6B | ||
| Q2 24 | $25.5B | $4.1B |
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 | — | $221.7M |
| 自由现金流经营现金流 - 资本支出 | — | $201.4M |
| 自由现金流率自由现金流/营收 | — | 42.2% |
| 资本支出强度资本支出/营收 | 1.5% | 4.2% |
| 现金转化率经营现金流/净利润 | — | 8.11× |
| 过去12个月自由现金流最近4个季度 | — | $317.0M |
8季度趋势，按日历期对齐
经营现金流BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $221.7M | ||
| Q3 25 | $274.2M | $66.8M | ||
| Q2 25 | $353.1M | $111.4M | ||
| Q1 25 | $210.0M | $-16.7M | ||
| Q4 24 | $383.7M | $134.5M | ||
| Q3 24 | $286.1M | $14.7M | ||
| Q2 24 | $367.1M | $92.6M |
自由现金流BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $201.4M | ||
| Q3 25 | $231.6M | $51.1M | ||
| Q2 25 | $281.5M | $98.0M | ||
| Q1 25 | $152.6M | $-33.6M | ||
| Q4 24 | $312.5M | $112.3M | ||
| Q3 24 | $234.5M | $-4.7M | ||
| Q2 24 | $332.4M | $76.1M |
自由现金流率BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 42.2% | ||
| Q3 25 | 26.6% | 11.1% | ||
| Q2 25 | 32.4% | 21.2% | ||
| Q1 25 | 17.6% | -6.8% | ||
| Q4 24 | 36.4% | 21.8% | ||
| Q3 24 | 27.3% | -0.9% | ||
| Q2 24 | 39.1% | 15.5% |
资本支出强度BXPPBI
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 4.2% | ||
| Q3 25 | 4.9% | 3.4% | ||
| Q2 25 | 8.2% | 2.9% | ||
| Q1 25 | 6.6% | 3.4% | ||
| Q4 24 | 8.3% | 4.3% | ||
| Q3 24 | 6.0% | 3.9% | ||
| Q2 24 | 4.1% | 3.4% |
现金转化率BXPPBI
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 8.11× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | 3.97× | 3.72× | ||
| Q1 25 | 3.43× | -0.47× | ||
| 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% |
PBI
| Sales And Services | $218.4M | 46% |
| Presort Services | $159.7M | 33% |
| Financing And Other | $79.0M | 17% |
| Other | $20.5M | 4% |
