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BXP, Inc.（BXP）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是BXP, Inc.的2.0倍（$1.7B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 2.6%，领先12.6%），Snap Inc同比增速更快（10.2% vs 0.8%），过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
BXP vs SNAP — 直观对比
营收规模更大
SNAP
是对方的2.0倍
$872.1M
营收增速更快
SNAP
高出9.4%
0.8%
净利率更高
BXP
高出12.6%
2.6%
两年增速更快
SNAP
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.7B |
| 净利润 | $133.0M | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | — | 2.9% |
| 净利率 | 15.3% | 2.6% |
| 营收同比 | 0.8% | 10.2% |
| 净利润同比 | 53.0% | 396.7% |
| 每股收益（稀释后） | $1.69 | $0.03 |
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BXPSNAP
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.7B | ||
| Q3 25 | $871.5M | $1.5B | ||
| Q2 25 | $868.5M | $1.3B | ||
| Q1 25 | $865.2M | $1.4B | ||
| Q4 24 | $858.6M | $1.6B | ||
| Q3 24 | $859.2M | $1.4B | ||
| Q2 24 | $850.5M | $1.2B |
净利润BXPSNAP
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $45.2M | ||
| Q3 25 | $-121.7M | $-103.5M | ||
| Q2 25 | $89.0M | $-262.6M | ||
| Q1 25 | $61.2M | $-139.6M | ||
| Q4 24 | $-228.9M | $9.1M | ||
| Q3 24 | $83.6M | $-153.2M | ||
| Q2 24 | $79.6M | $-248.6M |
毛利率BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 59.1% | ||
| Q3 25 | 59.3% | 55.3% | ||
| Q2 25 | 59.2% | 51.4% | ||
| Q1 25 | 59.2% | 53.1% | ||
| Q4 24 | 59.7% | 56.9% | ||
| Q3 24 | 59.5% | 53.5% | ||
| Q2 24 | 59.8% | 52.4% |
营业利润率BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | -8.5% | ||
| Q2 25 | — | -19.3% | ||
| Q1 25 | — | -14.2% | ||
| Q4 24 | — | -1.7% | ||
| Q3 24 | — | -12.6% | ||
| Q2 24 | — | -20.5% |
净利率BXPSNAP
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 2.6% | ||
| Q3 25 | -14.0% | -6.9% | ||
| Q2 25 | 10.2% | -19.5% | ||
| Q1 25 | 7.1% | -10.2% | ||
| Q4 24 | -26.7% | 0.6% | ||
| Q3 24 | 9.7% | -11.2% | ||
| Q2 24 | 9.4% | -20.1% |
每股收益（稀释后）BXPSNAP
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.03 | ||
| Q3 25 | $-0.77 | $-0.06 | ||
| Q2 25 | $0.56 | $-0.16 | ||
| Q1 25 | $0.39 | $-0.08 | ||
| Q4 24 | $-1.46 | $0.01 | ||
| Q3 24 | $0.53 | $-0.09 | ||
| Q2 24 | $0.51 | $-0.15 |
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 | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $7.7B | $2.3B |
| 总资产 | $25.1B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资BXPSNAP
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $861.1M | $3.0B | ||
| Q2 25 | $447.0M | $2.9B | ||
| Q1 25 | $398.1M | $3.2B | ||
| Q4 24 | $1.3B | $3.4B | ||
| Q3 24 | $1.4B | $3.2B | ||
| Q2 24 | $685.4M | $3.1B |
总债务BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B |
股东权益BXPSNAP
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $2.3B | ||
| Q3 25 | $5.0B | $2.2B | ||
| Q2 25 | $5.3B | $2.1B | ||
| Q1 25 | $5.3B | $2.3B | ||
| Q4 24 | $5.4B | $2.5B | ||
| Q3 24 | $5.8B | $2.2B | ||
| Q2 24 | $5.8B | $2.1B |
总资产BXPSNAP
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.7B | ||
| Q3 25 | $26.0B | $7.6B | ||
| Q2 25 | $25.6B | $7.4B | ||
| Q1 25 | $25.4B | $7.6B | ||
| Q4 24 | $26.1B | $7.9B | ||
| Q3 24 | $26.4B | $7.6B | ||
| Q2 24 | $25.5B | $7.4B |
负债/权益比BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× |
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 | — | $269.6M |
| 自由现金流经营现金流 - 资本支出 | — | $205.6M |
| 自由现金流率自由现金流/营收 | — | 12.0% |
| 资本支出强度资本支出/营收 | 1.5% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | — | $437.2M |
8季度趋势，按日历期对齐
经营现金流BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $269.6M | ||
| Q3 25 | $274.2M | $146.5M | ||
| Q2 25 | $353.1M | $88.5M | ||
| Q1 25 | $210.0M | $151.6M | ||
| Q4 24 | $383.7M | $230.6M | ||
| Q3 24 | $286.1M | $115.9M | ||
| Q2 24 | $367.1M | $-21.4M |
自由现金流BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $205.6M | ||
| Q3 25 | $231.6M | $93.4M | ||
| Q2 25 | $281.5M | $23.8M | ||
| Q1 25 | $152.6M | $114.4M | ||
| Q4 24 | $312.5M | $182.4M | ||
| Q3 24 | $234.5M | $71.8M | ||
| Q2 24 | $332.4M | $-73.4M |
自由现金流率BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 12.0% | ||
| Q3 25 | 26.6% | 6.2% | ||
| Q2 25 | 32.4% | 1.8% | ||
| Q1 25 | 17.6% | 8.4% | ||
| Q4 24 | 36.4% | 11.7% | ||
| Q3 24 | 27.3% | 5.2% | ||
| Q2 24 | 39.1% | -5.9% |
资本支出强度BXPSNAP
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 3.7% | ||
| Q3 25 | 4.9% | 3.5% | ||
| Q2 25 | 8.2% | 4.8% | ||
| Q1 25 | 6.6% | 2.7% | ||
| Q4 24 | 8.3% | 3.1% | ||
| Q3 24 | 6.0% | 3.2% | ||
| Q2 24 | 4.1% | 4.2% |
现金转化率BXPSNAP
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 5.96× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | 3.42× | — | ||
| 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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
