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BXP, Inc.（BXP）与SPIRE INC（SR）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SPIRE INC的1.1倍（$872.1M vs $762.2M），BXP, Inc.净利率更高（15.3% vs 12.5%，领先2.8%），SPIRE INC同比增速更快（13.9% vs 0.8%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -17.8%）
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。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
BXP vs SR — 直观对比
营收规模更大
BXP
是对方的1.1倍
$762.2M
营收增速更快
SR
高出13.1%
0.8%
净利率更高
BXP
高出2.8%
12.5%
两年增速更快
BXP
近两年复合增速
-17.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $762.2M |
| 净利润 | $133.0M | $95.0M |
| 毛利率 | — | 55.1% |
| 营业利润率 | — | 22.8% |
| 净利率 | 15.3% | 12.5% |
| 营收同比 | 0.8% | 13.9% |
| 净利润同比 | 53.0% | 16.9% |
| 每股收益（稀释后） | $1.69 | $1.54 |
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BXPSR
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $762.2M | ||
| Q3 25 | $871.5M | $334.1M | ||
| Q2 25 | $868.5M | $421.9M | ||
| Q1 25 | $865.2M | $1.1B | ||
| Q4 24 | $858.6M | $669.1M | ||
| Q3 24 | $859.2M | $293.8M | ||
| Q2 24 | $850.5M | $414.1M |
净利润BXPSR
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $95.0M | ||
| Q3 25 | $-121.7M | $-39.8M | ||
| Q2 25 | $89.0M | $20.9M | ||
| Q1 25 | $61.2M | $209.3M | ||
| Q4 24 | $-228.9M | $81.3M | ||
| Q3 24 | $83.6M | $-25.9M | ||
| Q2 24 | $79.6M | $-12.6M |
毛利率BXPSR
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 55.1% | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | 55.6% | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — |
营业利润率BXPSR
| Q1 26 | — | — | ||
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | -0.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 29.1% | ||
| Q4 24 | — | 22.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 7.4% |
净利率BXPSR
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 12.5% | ||
| Q3 25 | -14.0% | -11.9% | ||
| Q2 25 | 10.2% | 5.0% | ||
| Q1 25 | 7.1% | 19.9% | ||
| Q4 24 | -26.7% | 12.2% | ||
| Q3 24 | 9.7% | -8.8% | ||
| Q2 24 | 9.4% | -3.0% |
每股收益（稀释后）BXPSR
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.54 | ||
| Q3 25 | $-0.77 | $-0.77 | ||
| Q2 25 | $0.56 | $0.29 | ||
| Q1 25 | $0.39 | $3.51 | ||
| Q4 24 | $-1.46 | $1.34 | ||
| Q3 24 | $0.53 | $-0.63 | ||
| Q2 24 | $0.51 | $-0.28 |
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 | $4.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $3.4B |
| 总资产 | $25.1B | $11.9B |
| 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BXPSR
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $4.1M | ||
| Q3 25 | $861.1M | $5.7M | ||
| Q2 25 | $447.0M | $13.1M | ||
| Q1 25 | $398.1M | $15.2M | ||
| Q4 24 | $1.3B | $11.5M | ||
| Q3 24 | $1.4B | $4.5M | ||
| Q2 24 | $685.4M | $7.4M |
股东权益BXPSR
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.4B | ||
| Q3 25 | $5.0B | $3.4B | ||
| Q2 25 | $5.3B | $3.5B | ||
| Q1 25 | $5.3B | $3.5B | ||
| Q4 24 | $5.4B | $3.3B | ||
| Q3 24 | $5.8B | $3.2B | ||
| Q2 24 | $5.8B | $3.3B |
总资产BXPSR
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $11.9B | ||
| Q3 25 | $26.0B | $11.6B | ||
| Q2 25 | $25.6B | $11.4B | ||
| Q1 25 | $25.4B | $11.3B | ||
| Q4 24 | $26.1B | $11.3B | ||
| Q3 24 | $26.4B | $10.9B | ||
| Q2 24 | $25.5B | $10.7B |
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 | — | $81.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-121.8M |
| 自由现金流率自由现金流/营收 | — | -16.0% |
| 资本支出强度资本支出/营收 | 1.5% | 26.6% |
| 现金转化率经营现金流/净利润 | — | 0.85× |
| 过去12个月自由现金流最近4个季度 | — | $-286.7M |
8季度趋势，按日历期对齐
经营现金流BXPSR
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $81.0M | ||
| Q3 25 | $274.2M | $-4.9M | ||
| Q2 25 | $353.1M | $129.1M | ||
| Q1 25 | $210.0M | $372.7M | ||
| Q4 24 | $383.7M | $81.1M | ||
| Q3 24 | $286.1M | $82.9M | ||
| Q2 24 | $367.1M | $270.1M |
自由现金流BXPSR
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-121.8M | ||
| Q3 25 | $231.6M | $-227.6M | ||
| Q2 25 | $281.5M | $-91.4M | ||
| Q1 25 | $152.6M | $154.1M | ||
| Q4 24 | $312.5M | $-179.5M | ||
| Q3 24 | $234.5M | $-146.9M | ||
| Q2 24 | $332.4M | $47.9M |
自由现金流率BXPSR
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -16.0% | ||
| Q3 25 | 26.6% | -68.1% | ||
| Q2 25 | 32.4% | -21.7% | ||
| Q1 25 | 17.6% | 14.7% | ||
| Q4 24 | 36.4% | -26.8% | ||
| Q3 24 | 27.3% | -50.0% | ||
| Q2 24 | 39.1% | 11.6% |
资本支出强度BXPSR
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 26.6% | ||
| Q3 25 | 4.9% | 66.7% | ||
| Q2 25 | 8.2% | 52.3% | ||
| Q1 25 | 6.6% | 20.8% | ||
| Q4 24 | 8.3% | 38.9% | ||
| Q3 24 | 6.0% | 78.2% | ||
| Q2 24 | 4.1% | 53.7% |
现金转化率BXPSR
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.85× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | 6.18× | ||
| Q1 25 | 3.43× | 1.78× | ||
| Q4 24 | — | 1.00× | ||
| 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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
