vs
BXP, Inc.（BXP）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是BXP, Inc.的1.4倍（$1.2B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 9.1%，领先6.1%），利氏兄弟拍卖行同比增速更快（5.4% vs 0.8%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
BXP vs RBA — 直观对比
营收规模更大
RBA
是对方的1.4倍
$872.1M
营收增速更快
RBA
高出4.6%
0.8%
净利率更高
BXP
高出6.1%
9.1%
两年增速更快
RBA
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.2B |
| 净利润 | $133.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | — | 14.7% |
| 净利率 | 15.3% | 9.1% |
| 营收同比 | 0.8% | 5.4% |
| 净利润同比 | 53.0% | -7.4% |
| 每股收益（稀释后） | $1.69 | $0.53 |
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BXPRBA
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.2B | ||
| Q3 25 | $871.5M | $1.1B | ||
| Q2 25 | $868.5M | $1.2B | ||
| Q1 25 | $865.2M | $1.1B | ||
| Q4 24 | $858.6M | $1.1B | ||
| Q3 24 | $859.2M | $981.8M | ||
| Q2 24 | $850.5M | $1.1B |
净利润BXPRBA
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $109.7M | ||
| Q3 25 | $-121.7M | $95.5M | ||
| Q2 25 | $89.0M | $109.8M | ||
| Q1 25 | $61.2M | $113.4M | ||
| Q4 24 | $-228.9M | $118.5M | ||
| Q3 24 | $83.6M | $76.1M | ||
| Q2 24 | $79.6M | $111.1M |
毛利率BXPRBA
| 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BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 18.4% |
净利率BXPRBA
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 9.1% | ||
| Q3 25 | -14.0% | 8.7% | ||
| Q2 25 | 10.2% | 9.3% | ||
| Q1 25 | 7.1% | 10.2% | ||
| Q4 24 | -26.7% | 10.4% | ||
| Q3 24 | 9.7% | 7.8% | ||
| Q2 24 | 9.4% | 10.1% |
每股收益（稀释后）BXPRBA
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.53 | ||
| Q3 25 | $-0.77 | $0.43 | ||
| Q2 25 | $0.56 | $0.53 | ||
| Q1 25 | $0.39 | $0.55 | ||
| Q4 24 | $-1.46 | $0.58 | ||
| Q3 24 | $0.53 | $0.36 | ||
| Q2 24 | $0.51 | $0.54 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $7.7B | $5.6B |
| 总资产 | $25.1B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BXPRBA
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $531.5M | ||
| Q3 25 | $861.1M | $674.7M | ||
| Q2 25 | $447.0M | $710.2M | ||
| Q1 25 | $398.1M | $578.1M | ||
| Q4 24 | $1.3B | $533.9M | ||
| Q3 24 | $1.4B | $650.7M | ||
| Q2 24 | $685.4M | $599.5M |
总债务BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B |
股东权益BXPRBA
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $5.6B | ||
| Q3 25 | $5.0B | $5.5B | ||
| Q2 25 | $5.3B | $5.5B | ||
| Q1 25 | $5.3B | $5.3B | ||
| Q4 24 | $5.4B | $5.2B | ||
| Q3 24 | $5.8B | $5.2B | ||
| Q2 24 | $5.8B | $5.2B |
总资产BXPRBA
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $12.1B | ||
| Q3 25 | $26.0B | $12.2B | ||
| Q2 25 | $25.6B | $12.2B | ||
| Q1 25 | $25.4B | $11.9B | ||
| Q4 24 | $26.1B | $11.8B | ||
| Q3 24 | $26.4B | $11.9B | ||
| Q2 24 | $25.5B | $12.1B |
负债/权益比BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× |
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 | — | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | 1.5% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $255.2M | ||
| Q3 25 | $274.2M | $239.7M | ||
| Q2 25 | $353.1M | $326.5M | ||
| Q1 25 | $210.0M | $156.8M | ||
| Q4 24 | $383.7M | $184.5M | ||
| Q3 24 | $286.1M | $285.4M | ||
| Q2 24 | $367.1M | $337.3M |
自由现金流BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $186.5M | ||
| Q3 25 | $231.6M | $188.5M | ||
| Q2 25 | $281.5M | $241.7M | ||
| Q1 25 | $152.6M | $102.5M | ||
| Q4 24 | $312.5M | $127.9M | ||
| Q3 24 | $234.5M | $248.5M | ||
| Q2 24 | $332.4M | $308.6M |
自由现金流率BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 15.5% | ||
| Q3 25 | 26.6% | 17.3% | ||
| Q2 25 | 32.4% | 20.4% | ||
| Q1 25 | 17.6% | 9.2% | ||
| Q4 24 | 36.4% | 11.2% | ||
| Q3 24 | 27.3% | 25.3% | ||
| Q2 24 | 39.1% | 28.2% |
资本支出强度BXPRBA
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 5.7% | ||
| Q3 25 | 4.9% | 4.7% | ||
| Q2 25 | 8.2% | 7.2% | ||
| Q1 25 | 6.6% | 4.9% | ||
| Q4 24 | 8.3% | 5.0% | ||
| Q3 24 | 6.0% | 3.8% | ||
| Q2 24 | 4.1% | 2.6% |
现金转化率BXPRBA
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | 3.97× | 2.97× | ||
| Q1 25 | 3.43× | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 3.42× | 3.75× | ||
| Q2 24 | 4.61× | 3.04× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
