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BXP, Inc.（BXP）与Pinnacle West Capital（PNW）财务数据对比。点击上方公司名可切换其他公司
Pinnacle West Capital的季度营收约是BXP, Inc.的1.3倍（$1.1B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 1.6%，领先13.7%），Pinnacle West Capital同比增速更快（3.0% vs 0.8%），过去两年Pinnacle West Capital的营收复合增速更高（8.9% 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。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
BXP vs PNW — 直观对比
营收规模更大
PNW
是对方的1.3倍
$872.1M
营收增速更快
PNW
高出2.2%
0.8%
净利率更高
BXP
高出13.7%
1.6%
两年增速更快
PNW
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.1B |
| 净利润 | $133.0M | $17.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 10.7% |
| 净利率 | 15.3% | 1.6% |
| 营收同比 | 0.8% | 3.0% |
| 净利润同比 | 53.0% | 798.0% |
| 每股收益（稀释后） | $1.69 | $0.12 |
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BXPPNW
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.1B | ||
| Q3 25 | $871.5M | $1.8B | ||
| Q2 25 | $868.5M | $1.4B | ||
| Q1 25 | $865.2M | $1.0B | ||
| Q4 24 | $858.6M | $1.1B | ||
| Q3 24 | $859.2M | $1.8B | ||
| Q2 24 | $850.5M | $1.3B |
净利润BXPPNW
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $17.6M | ||
| Q3 25 | $-121.7M | $417.5M | ||
| Q2 25 | $89.0M | $196.9M | ||
| Q1 25 | $61.2M | $-338.0K | ||
| Q4 24 | $-228.9M | $-2.5M | ||
| Q3 24 | $83.6M | $399.3M | ||
| Q2 24 | $79.6M | $208.1M |
毛利率BXPPNW
| 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BXPPNW
| Q1 26 | — | — | ||
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 32.0% | ||
| Q2 25 | — | 22.6% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 7.7% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 24.0% |
净利率BXPPNW
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 1.6% | ||
| Q3 25 | -14.0% | 22.9% | ||
| Q2 25 | 10.2% | 14.5% | ||
| Q1 25 | 7.1% | -0.0% | ||
| Q4 24 | -26.7% | -0.2% | ||
| Q3 24 | 9.7% | 22.6% | ||
| Q2 24 | 9.4% | 15.9% |
每股收益（稀释后）BXPPNW
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.12 | ||
| Q3 25 | $-0.77 | $3.39 | ||
| Q2 25 | $0.56 | $1.58 | ||
| Q1 25 | $0.39 | $-0.04 | ||
| Q4 24 | $-1.46 | $-0.04 | ||
| Q3 24 | $0.53 | $3.37 | ||
| Q2 24 | $0.51 | $1.76 |
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 | $6.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $7.0B |
| 总资产 | $25.1B | $30.0B |
| 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BXPPNW
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $6.6M | ||
| Q3 25 | $861.1M | $30.9M | ||
| Q2 25 | $447.0M | $18.8M | ||
| Q1 25 | $398.1M | $10.0M | ||
| Q4 24 | $1.3B | $3.8M | ||
| Q3 24 | $1.4B | $49.2M | ||
| Q2 24 | $685.4M | $4.0M |
股东权益BXPPNW
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $7.0B | ||
| Q3 25 | $5.0B | $7.2B | ||
| Q2 25 | $5.3B | $6.7B | ||
| Q1 25 | $5.3B | $6.7B | ||
| Q4 24 | $5.4B | $6.8B | ||
| Q3 24 | $5.8B | $6.6B | ||
| Q2 24 | $5.8B | $6.2B |
总资产BXPPNW
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $30.0B | ||
| Q3 25 | $26.0B | $29.9B | ||
| Q2 25 | $25.6B | $29.2B | ||
| Q1 25 | $25.4B | $27.2B | ||
| Q4 24 | $26.1B | $26.1B | ||
| Q3 24 | $26.4B | $26.3B | ||
| Q2 24 | $25.5B | $25.7B |
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 | — | $476.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-192.7M |
| 自由现金流率自由现金流/营收 | — | -17.1% |
| 资本支出强度资本支出/营收 | 1.5% | 59.3% |
| 现金转化率经营现金流/净利润 | — | 27.09× |
| 过去12个月自由现金流最近4个季度 | — | $-819.5M |
8季度趋势，按日历期对齐
经营现金流BXPPNW
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $476.8M | ||
| Q3 25 | $274.2M | $665.0M | ||
| Q2 25 | $353.1M | $261.4M | ||
| Q1 25 | $210.0M | $401.9M | ||
| Q4 24 | $383.7M | $439.5M | ||
| Q3 24 | $286.1M | $633.2M | ||
| Q2 24 | $367.1M | $189.8M |
自由现金流BXPPNW
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-192.7M | ||
| Q3 25 | $231.6M | $42.0M | ||
| Q2 25 | $281.5M | $-448.1M | ||
| Q1 25 | $152.6M | $-220.7M | ||
| Q4 24 | $312.5M | $-92.1M | ||
| Q3 24 | $234.5M | $-32.7M | ||
| Q2 24 | $332.4M | $-344.2M |
自由现金流率BXPPNW
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -17.1% | ||
| Q3 25 | 26.6% | 2.3% | ||
| Q2 25 | 32.4% | -33.0% | ||
| Q1 25 | 17.6% | -21.4% | ||
| Q4 24 | 36.4% | -8.4% | ||
| Q3 24 | 27.3% | -1.8% | ||
| Q2 24 | 39.1% | -26.3% |
资本支出强度BXPPNW
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 59.3% | ||
| Q3 25 | 4.9% | 34.2% | ||
| Q2 25 | 8.2% | 52.2% | ||
| Q1 25 | 6.6% | 60.3% | ||
| Q4 24 | 8.3% | 48.5% | ||
| Q3 24 | 6.0% | 37.6% | ||
| Q2 24 | 4.1% | 40.8% |
现金转化率BXPPNW
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 27.09× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | 3.97× | 1.33× | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | 1.59× | ||
| Q2 24 | 4.61× | 0.91× |
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% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
