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BXP, Inc.（BXP）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是BXP, Inc.的1.0倍（$883.8M vs $872.1M），BXP, Inc.净利率更高（15.3% vs 4.1%，领先11.1%），RH同比增速更快（8.9% vs 0.8%），过去两年RH的营收复合增速更高（9.4% 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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
BXP vs RH — 直观对比
营收规模更大
RH
是对方的1.0倍
$872.1M
营收增速更快
RH
高出8.1%
0.8%
净利率更高
BXP
高出11.1%
4.1%
两年增速更快
RH
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $883.8M |
| 净利润 | $133.0M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | — | 12.0% |
| 净利率 | 15.3% | 4.1% |
| 营收同比 | 0.8% | 8.9% |
| 净利润同比 | 53.0% | 9.3% |
| 每股收益（稀释后） | $1.69 | $1.83 |
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BXPRH
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $883.8M | ||
| Q3 25 | $871.5M | $899.2M | ||
| Q2 25 | $868.5M | $814.0M | ||
| Q1 25 | $865.2M | $812.4M | ||
| Q4 24 | $858.6M | $811.7M | ||
| Q3 24 | $859.2M | $829.7M | ||
| Q2 24 | $850.5M | $727.0M |
净利润BXPRH
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $36.3M | ||
| Q3 25 | $-121.7M | $51.7M | ||
| Q2 25 | $89.0M | $8.0M | ||
| Q1 25 | $61.2M | $13.9M | ||
| Q4 24 | $-228.9M | $33.2M | ||
| Q3 24 | $83.6M | $29.0M | ||
| Q2 24 | $79.6M | $-3.6M |
毛利率BXPRH
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 44.1% | ||
| Q3 25 | 59.3% | 45.5% | ||
| Q2 25 | 59.2% | 43.7% | ||
| Q1 25 | 59.2% | 44.7% | ||
| Q4 24 | 59.7% | 44.5% | ||
| Q3 24 | 59.5% | 45.2% | ||
| Q2 24 | 59.8% | 43.5% |
营业利润率BXPRH
| Q1 26 | — | — | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 6.9% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 7.5% |
净利率BXPRH
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 4.1% | ||
| Q3 25 | -14.0% | 5.8% | ||
| Q2 25 | 10.2% | 1.0% | ||
| Q1 25 | 7.1% | 1.7% | ||
| Q4 24 | -26.7% | 4.1% | ||
| Q3 24 | 9.7% | 3.5% | ||
| Q2 24 | 9.4% | -0.5% |
每股收益（稀释后）BXPRH
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.83 | ||
| Q3 25 | $-0.77 | $2.62 | ||
| Q2 25 | $0.56 | $0.40 | ||
| Q1 25 | $0.39 | $0.71 | ||
| Q4 24 | $-1.46 | $1.66 | ||
| Q3 24 | $0.53 | $1.45 | ||
| Q2 24 | $0.51 | $-0.20 |
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 | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $3.3M |
| 总资产 | $25.1B | $4.8B |
| 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BXPRH
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $43.1M | ||
| Q3 25 | $861.1M | $34.6M | ||
| Q2 25 | $447.0M | $46.1M | ||
| Q1 25 | $398.1M | $30.4M | ||
| Q4 24 | $1.3B | $87.0M | ||
| Q3 24 | $1.4B | $78.3M | ||
| Q2 24 | $685.4M | $101.8M |
股东权益BXPRH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.3M | ||
| Q3 25 | $5.0B | $-40.9M | ||
| Q2 25 | $5.3B | $-110.8M | ||
| Q1 25 | $5.3B | $-163.6M | ||
| Q4 24 | $5.4B | $-183.0M | ||
| Q3 24 | $5.8B | $-234.7M | ||
| Q2 24 | $5.8B | $-289.9M |
总资产BXPRH
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $4.8B | ||
| Q3 25 | $26.0B | $4.7B | ||
| Q2 25 | $25.6B | $4.7B | ||
| Q1 25 | $25.4B | $4.6B | ||
| Q4 24 | $26.1B | $4.5B | ||
| Q3 24 | $26.4B | $4.4B | ||
| Q2 24 | $25.5B | $4.2B |
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 | — | $131.9M |
| 自由现金流经营现金流 - 资本支出 | — | $83.0M |
| 自由现金流率自由现金流/营收 | — | 9.4% |
| 资本支出强度资本支出/营收 | 1.5% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | — | $128.1M |
8季度趋势，按日历期对齐
经营现金流BXPRH
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $131.9M | ||
| Q3 25 | $274.2M | $137.7M | ||
| Q2 25 | $353.1M | $86.6M | ||
| Q1 25 | $210.0M | $-18.8M | ||
| Q4 24 | $383.7M | $-31.4M | ||
| Q3 24 | $286.1M | $11.2M | ||
| Q2 24 | $367.1M | $56.1M |
自由现金流BXPRH
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $83.0M | ||
| Q3 25 | $231.6M | $80.7M | ||
| Q2 25 | $281.5M | $34.1M | ||
| Q1 25 | $152.6M | $-69.7M | ||
| Q4 24 | $312.5M | $-96.0M | ||
| Q3 24 | $234.5M | $-37.9M | ||
| Q2 24 | $332.4M | $-10.1M |
自由现金流率BXPRH
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 9.4% | ||
| Q3 25 | 26.6% | 9.0% | ||
| Q2 25 | 32.4% | 4.2% | ||
| Q1 25 | 17.6% | -8.6% | ||
| Q4 24 | 36.4% | -11.8% | ||
| Q3 24 | 27.3% | -4.6% | ||
| Q2 24 | 39.1% | -1.4% |
资本支出强度BXPRH
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 5.5% | ||
| Q3 25 | 4.9% | 6.3% | ||
| Q2 25 | 8.2% | 6.5% | ||
| Q1 25 | 6.6% | 6.3% | ||
| Q4 24 | 8.3% | 8.0% | ||
| Q3 24 | 6.0% | 5.9% | ||
| Q2 24 | 4.1% | 9.1% |
现金转化率BXPRH
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | 3.97× | 10.78× | ||
| Q1 25 | 3.43× | -1.35× | ||
| Q4 24 | — | -0.95× | ||
| Q3 24 | 3.42× | 0.39× | ||
| 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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
