vs
BXP, Inc.（BXP）与PennyMac Financial Services, Inc.（PFSI）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PennyMac Financial Services, Inc.的1.6倍（$872.1M vs $538.0M），PennyMac Financial Services, Inc.净利率更高（1752.5% vs 15.3%，领先1737.2%），PennyMac Financial Services, Inc.同比增速更快（14.4% vs 0.8%），过去两年PennyMac Financial Services, Inc.的营收复合增速更高（32.7% 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。
PennyMac Financial Services是总部位于美国加利福尼亚州西湖村的住宅抵押贷款企业，核心业务涵盖美国抵押贷款的发放、贷后服务，以及抵押贷款市场相关投资管理。公司下设两家子公司，其中PNMAC资本管理有限公司负责运营旗下的抵押贷款不动产投资信托（REIT）PennyMac Mortgage Investment Trust。
BXP vs PFSI — 直观对比
营收规模更大
BXP
是对方的1.6倍
$538.0M
营收增速更快
PFSI
高出13.6%
0.8%
净利率更高
PFSI
高出1737.2%
15.3%
两年增速更快
PFSI
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $538.0M |
| 净利润 | $133.0M | $106.8M |
| 毛利率 | — | — |
| 营业利润率 | — | 25.0% |
| 净利率 | 15.3% | 1752.5% |
| 营收同比 | 0.8% | 14.4% |
| 净利润同比 | 53.0% | 2.2% |
| 每股收益（稀释后） | $1.69 | $1.97 |
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BXPPFSI
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $538.0M | ||
| Q3 25 | $871.5M | $632.9M | ||
| Q2 25 | $868.5M | $444.7M | ||
| Q1 25 | $865.2M | $430.9M | ||
| Q4 24 | $858.6M | $470.1M | ||
| Q3 24 | $859.2M | $411.8M | ||
| Q2 24 | $850.5M | $406.1M |
净利润BXPPFSI
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $106.8M | ||
| Q3 25 | $-121.7M | $181.5M | ||
| Q2 25 | $89.0M | $136.5M | ||
| Q1 25 | $61.2M | $76.3M | ||
| Q4 24 | $-228.9M | $104.5M | ||
| Q3 24 | $83.6M | $69.4M | ||
| Q2 24 | $79.6M | $98.3M |
毛利率BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — |
营业利润率BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | — | 25.0% | ||
| Q3 25 | — | 37.3% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 24.2% | ||
| Q4 24 | — | 27.5% | ||
| Q3 24 | — | 22.8% | ||
| Q2 24 | — | 33.0% |
净利率BXPPFSI
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 1752.5% | ||
| Q3 25 | -14.0% | 28.7% | ||
| Q2 25 | 10.2% | 30.7% | ||
| Q1 25 | 7.1% | 17.7% | ||
| Q4 24 | -26.7% | 2559.8% | ||
| Q3 24 | 9.7% | 16.8% | ||
| Q2 24 | 9.4% | 24.2% |
每股收益（稀释后）BXPPFSI
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.97 | ||
| Q3 25 | $-0.77 | $3.37 | ||
| Q2 25 | $0.56 | $2.54 | ||
| Q1 25 | $0.39 | $1.42 | ||
| Q4 24 | $-1.46 | $1.95 | ||
| Q3 24 | $0.53 | $1.30 | ||
| Q2 24 | $0.51 | $1.85 |
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 | $410.0M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $7.7B | $4.3B |
| 总资产 | $25.1B | $29.4B |
| 负债/权益比越低杠杆越低 | — | 1.45× |
8季度趋势，按日历期对齐
现金及短期投资BXPPFSI
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $410.0M | ||
| Q3 25 | $861.1M | $62.2M | ||
| Q2 25 | $447.0M | $462.3M | ||
| Q1 25 | $398.1M | $443.4M | ||
| Q4 24 | $1.3B | $420.6M | ||
| Q3 24 | $1.4B | $667.9M | ||
| Q2 24 | $685.4M | $188.8M |
总债务BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.9B |
股东权益BXPPFSI
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $4.3B | ||
| Q3 25 | $5.0B | $4.2B | ||
| Q2 25 | $5.3B | $4.0B | ||
| Q1 25 | $5.3B | $3.9B | ||
| Q4 24 | $5.4B | $3.8B | ||
| Q3 24 | $5.8B | $3.7B | ||
| Q2 24 | $5.8B | $3.7B |
总资产BXPPFSI
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $29.4B | ||
| Q3 25 | $26.0B | $25.4B | ||
| Q2 25 | $25.6B | $24.2B | ||
| Q1 25 | $25.4B | $23.9B | ||
| Q4 24 | $26.1B | $26.1B | ||
| Q3 24 | $26.4B | $22.9B | ||
| Q2 24 | $25.5B | $21.6B |
负债/权益比BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.45× | ||
| Q3 25 | — | 1.48× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.35× |
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 | — | $-1.7B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.7B |
| 自由现金流率自由现金流/营收 | — | -309.3% |
| 资本支出强度资本支出/营收 | 1.5% | 2.2% |
| 现金转化率经营现金流/净利润 | — | -15.46× |
| 过去12个月自由现金流最近4个季度 | — | $-1.4B |
8季度趋势，按日历期对齐
经营现金流BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $-1.7B | ||
| Q3 25 | $274.2M | $-697.4M | ||
| Q2 25 | $353.1M | $-131.3M | ||
| Q1 25 | $210.0M | $1.1B | ||
| Q4 24 | $383.7M | $-4.5B | ||
| Q3 24 | $286.1M | $-393.7M | ||
| Q2 24 | $367.1M | $-1.1B |
自由现金流BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-1.7B | ||
| Q3 25 | $231.6M | $-699.4M | ||
| Q2 25 | $281.5M | $-132.6M | ||
| Q1 25 | $152.6M | $1.1B | ||
| Q4 24 | $312.5M | $-4.5B | ||
| Q3 24 | $234.5M | $-393.9M | ||
| Q2 24 | $332.4M | $-1.1B |
自由现金流率BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -309.3% | ||
| Q3 25 | 26.6% | -110.5% | ||
| Q2 25 | 32.4% | -29.8% | ||
| Q1 25 | 17.6% | 247.3% | ||
| Q4 24 | 36.4% | -964.7% | ||
| Q3 24 | 27.3% | -95.6% | ||
| Q2 24 | 39.1% | -269.2% |
资本支出强度BXPPFSI
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 2.2% | ||
| Q3 25 | 4.9% | 0.3% | ||
| Q2 25 | 8.2% | 0.3% | ||
| Q1 25 | 6.6% | 0.1% | ||
| Q4 24 | 8.3% | 0.4% | ||
| Q3 24 | 6.0% | 0.0% | ||
| Q2 24 | 4.1% | 0.1% |
现金转化率BXPPFSI
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | -15.46× | ||
| Q3 25 | — | -3.84× | ||
| Q2 25 | 3.97× | -0.96× | ||
| Q1 25 | 3.43× | 13.97× | ||
| Q4 24 | — | -43.39× | ||
| Q3 24 | 3.42× | -5.68× | ||
| Q2 24 | 4.61× | -11.12× |
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% |
PFSI
暂无分部数据
