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BXP, Inc.（BXP）与Ryman Hospitality Properties, Inc.（RHP）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Ryman Hospitality Properties, Inc.的1.2倍（$872.1M vs $737.8M），BXP, Inc.净利率更高（15.3% vs 10.1%，领先5.2%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 0.8%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
BXP vs RHP — 直观对比
营收规模更大
BXP
是对方的1.2倍
$737.8M
营收增速更快
RHP
高出13.1%
0.8%
净利率更高
BXP
高出5.2%
10.1%
两年增速更快
RHP
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $737.8M |
| 净利润 | $133.0M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | — | 19.4% |
| 净利率 | 15.3% | 10.1% |
| 营收同比 | 0.8% | 13.9% |
| 净利润同比 | 53.0% | 3.0% |
| 每股收益（稀释后） | $1.69 | $1.12 |
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BXPRHP
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $737.8M | ||
| Q3 25 | $871.5M | $592.5M | ||
| Q2 25 | $868.5M | $659.5M | ||
| Q1 25 | $865.2M | $587.3M | ||
| Q4 24 | $858.6M | $647.6M | ||
| Q3 24 | $859.2M | $550.0M | ||
| Q2 24 | $850.5M | $613.3M |
净利润BXPRHP
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $74.5M | ||
| Q3 25 | $-121.7M | $34.9M | ||
| Q2 25 | $89.0M | $71.8M | ||
| Q1 25 | $61.2M | $63.0M | ||
| Q4 24 | $-228.9M | $72.3M | ||
| Q3 24 | $83.6M | $59.0M | ||
| Q2 24 | $79.6M | $100.8M |
毛利率BXPRHP
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 41.4% | ||
| Q3 25 | 59.3% | 40.9% | ||
| Q2 25 | 59.2% | 49.7% | ||
| Q1 25 | 59.2% | 44.4% | ||
| Q4 24 | 59.7% | 40.4% | ||
| Q3 24 | 59.5% | 43.1% | ||
| Q2 24 | 59.8% | 48.4% |
营业利润率BXPRHP
| Q1 26 | — | — | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | — | 15.0% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 19.8% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 27.4% |
净利率BXPRHP
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 10.1% | ||
| Q3 25 | -14.0% | 5.9% | ||
| Q2 25 | 10.2% | 10.9% | ||
| Q1 25 | 7.1% | 10.7% | ||
| Q4 24 | -26.7% | 11.2% | ||
| Q3 24 | 9.7% | 10.7% | ||
| Q2 24 | 9.4% | 16.4% |
每股收益（稀释后）BXPRHP
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.12 | ||
| Q3 25 | $-0.77 | $0.53 | ||
| Q2 25 | $0.56 | $1.12 | ||
| Q1 25 | $0.39 | $1.00 | ||
| Q4 24 | $-1.46 | $1.12 | ||
| Q3 24 | $0.53 | $0.94 | ||
| Q2 24 | $0.51 | $1.65 |
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 | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $750.2M |
| 总资产 | $25.1B | $6.2B |
| 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BXPRHP
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $471.4M | ||
| Q3 25 | $861.1M | $483.3M | ||
| Q2 25 | $447.0M | $420.6M | ||
| Q1 25 | $398.1M | $413.9M | ||
| Q4 24 | $1.3B | $477.7M | ||
| Q3 24 | $1.4B | $534.9M | ||
| Q2 24 | $685.4M | $498.4M |
股东权益BXPRHP
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $750.2M | ||
| Q3 25 | $5.0B | $758.5M | ||
| Q2 25 | $5.3B | $800.4M | ||
| Q1 25 | $5.3B | $531.5M | ||
| Q4 24 | $5.4B | $549.0M | ||
| Q3 24 | $5.8B | $551.9M | ||
| Q2 24 | $5.8B | $562.6M |
总资产BXPRHP
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $6.2B | ||
| Q3 25 | $26.0B | $6.2B | ||
| Q2 25 | $25.6B | $6.1B | ||
| Q1 25 | $25.4B | $5.2B | ||
| Q4 24 | $26.1B | $5.2B | ||
| Q3 24 | $26.4B | $5.2B | ||
| Q2 24 | $25.5B | $5.1B |
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 | — | $164.7M |
| 自由现金流经营现金流 - 资本支出 | — | $58.5M |
| 自由现金流率自由现金流/营收 | — | 7.9% |
| 资本支出强度资本支出/营收 | 1.5% | 14.4% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | — | $232.4M |
8季度趋势，按日历期对齐
经营现金流BXPRHP
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $164.7M | ||
| Q3 25 | $274.2M | $205.2M | ||
| Q2 25 | $353.1M | $122.5M | ||
| Q1 25 | $210.0M | $98.2M | ||
| Q4 24 | $383.7M | $166.6M | ||
| Q3 24 | $286.1M | $218.1M | ||
| Q2 24 | $367.1M | $184.3M |
自由现金流BXPRHP
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $58.5M | ||
| Q3 25 | $231.6M | $135.4M | ||
| Q2 25 | $281.5M | $53.0M | ||
| Q1 25 | $152.6M | $-14.5M | ||
| Q4 24 | $312.5M | $76.0M | ||
| Q3 24 | $234.5M | $85.7M | ||
| Q2 24 | $332.4M | $78.8M |
自由现金流率BXPRHP
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 7.9% | ||
| Q3 25 | 26.6% | 22.9% | ||
| Q2 25 | 32.4% | 8.0% | ||
| Q1 25 | 17.6% | -2.5% | ||
| Q4 24 | 36.4% | 11.7% | ||
| Q3 24 | 27.3% | 15.6% | ||
| Q2 24 | 39.1% | 12.9% |
资本支出强度BXPRHP
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 14.4% | ||
| Q3 25 | 4.9% | 11.8% | ||
| Q2 25 | 8.2% | 10.5% | ||
| Q1 25 | 6.6% | 19.2% | ||
| Q4 24 | 8.3% | 14.0% | ||
| Q3 24 | 6.0% | 24.1% | ||
| Q2 24 | 4.1% | 17.2% |
现金转化率BXPRHP
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | 3.97× | 1.71× | ||
| Q1 25 | 3.43× | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 3.42× | 3.70× | ||
| Q2 24 | 4.61× | 1.83× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
