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BXP, Inc.（BXP）与PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.3倍（$872.1M vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 15.3%，领先1.8%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 0.8%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% 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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
BXP vs PIPR — 直观对比
营收规模更大
BXP
是对方的1.3倍
$667.0M
营收增速更快
PIPR
高出36.6%
0.8%
净利率更高
PIPR
高出1.8%
15.3%
两年增速更快
PIPR
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $667.0M |
| 净利润 | $133.0M | $114.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 28.3% |
| 净利率 | 15.3% | 17.1% |
| 营收同比 | 0.8% | 37.4% |
| 净利润同比 | 53.0% | 65.0% |
| 每股收益（稀释后） | $1.69 | $6.41 |
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BXPPIPR
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $667.0M | ||
| Q3 25 | $871.5M | $480.1M | ||
| Q2 25 | $868.5M | $398.6M | ||
| Q1 25 | $865.2M | $358.6M | ||
| Q4 24 | $858.6M | $485.4M | ||
| Q3 24 | $859.2M | $360.9M | ||
| Q2 24 | $850.5M | $340.8M |
净利润BXPPIPR
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $114.0M | ||
| Q3 25 | $-121.7M | $60.3M | ||
| Q2 25 | $89.0M | $42.2M | ||
| Q1 25 | $61.2M | $64.9M | ||
| Q4 24 | $-228.9M | $69.1M | ||
| Q3 24 | $83.6M | $34.8M | ||
| Q2 24 | $79.6M | $34.8M |
毛利率BXPPIPR
| 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BXPPIPR
| Q1 26 | — | — | ||
| Q4 25 | — | 28.3% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 15.4% | ||
| Q2 24 | — | 8.3% |
净利率BXPPIPR
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 17.1% | ||
| Q3 25 | -14.0% | 12.6% | ||
| Q2 25 | 10.2% | 10.6% | ||
| Q1 25 | 7.1% | 18.1% | ||
| Q4 24 | -26.7% | 14.2% | ||
| Q3 24 | 9.7% | 9.6% | ||
| Q2 24 | 9.4% | 10.2% |
每股收益（稀释后）BXPPIPR
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $6.41 | ||
| Q3 25 | $-0.77 | $3.38 | ||
| Q2 25 | $0.56 | $2.38 | ||
| Q1 25 | $0.39 | $3.65 | ||
| Q4 24 | $-1.46 | $3.88 | ||
| Q3 24 | $0.53 | $1.96 | ||
| Q2 24 | $0.51 | $1.97 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $1.4B |
| 总资产 | $25.1B | $2.6B |
| 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BXPPIPR
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $861.1M | — | ||
| Q2 25 | $447.0M | — | ||
| Q1 25 | $398.1M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $685.4M | — |
股东权益BXPPIPR
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.4B | ||
| Q3 25 | $5.0B | $1.3B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.3B | $1.2B | ||
| Q4 24 | $5.4B | $1.2B | ||
| Q3 24 | $5.8B | $1.2B | ||
| Q2 24 | $5.8B | $1.1B |
总资产BXPPIPR
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $2.6B | ||
| Q3 25 | $26.0B | $2.2B | ||
| Q2 25 | $25.6B | $2.0B | ||
| Q1 25 | $25.4B | $1.8B | ||
| Q4 24 | $26.1B | $2.3B | ||
| Q3 24 | $26.4B | $2.0B | ||
| Q2 24 | $25.5B | $1.9B |
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 | — | $729.8M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | — | 6.40× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BXPPIPR
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $729.8M | ||
| Q3 25 | $274.2M | $31.9M | ||
| Q2 25 | $353.1M | $32.1M | ||
| Q1 25 | $210.0M | $-207.2M | ||
| Q4 24 | $383.7M | $163.8M | ||
| Q3 24 | $286.1M | $80.1M | ||
| Q2 24 | $367.1M | $266.5M |
自由现金流BXPPIPR
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | — | ||
| Q3 25 | $231.6M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $152.6M | — | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $234.5M | — | ||
| Q2 24 | $332.4M | — |
自由现金流率BXPPIPR
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | — | ||
| Q3 25 | 26.6% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 39.1% | — |
资本支出强度BXPPIPR
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 4.1% | — |
现金转化率BXPPIPR
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 6.40× | ||
| Q3 25 | — | 0.53× | ||
| Q2 25 | 3.97× | 0.76× | ||
| Q1 25 | 3.43× | -3.19× | ||
| Q4 24 | — | 2.37× | ||
| Q3 24 | 3.42× | 2.30× | ||
| Q2 24 | 4.61× | 7.66× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
