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BXP, Inc.（BXP）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是罗塞塔石碑的1.5倍（$872.1M vs $586.5M），BXP, Inc.净利率更高（15.3% vs -21.0%，领先36.3%），罗塞塔石碑同比增速更快（73.0% vs 0.8%），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
BXP vs STEP — 直观对比
营收规模更大
BXP
是对方的1.5倍
$586.5M
营收增速更快
STEP
高出72.2%
0.8%
净利率更高
BXP
高出36.3%
-21.0%
两年增速更快
STEP
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $586.5M |
| 净利润 | $133.0M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | — | -33.2% |
| 净利率 | 15.3% | -21.0% |
| 营收同比 | 0.8% | 73.0% |
| 净利润同比 | 53.0% | 35.7% |
| 每股收益（稀释后） | $1.69 | $-1.55 |
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BXPSTEP
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $586.5M | ||
| Q3 25 | $871.5M | $454.2M | ||
| Q2 25 | $868.5M | $364.3M | ||
| Q1 25 | $865.2M | $377.7M | ||
| Q4 24 | $858.6M | $339.0M | ||
| Q3 24 | $859.2M | $271.7M | ||
| Q2 24 | $850.5M | $186.4M |
净利润BXPSTEP
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-123.5M | ||
| Q3 25 | $-121.7M | $-366.1M | ||
| Q2 25 | $89.0M | $-38.4M | ||
| Q1 25 | $61.2M | $-18.5M | ||
| Q4 24 | $-228.9M | $-192.0M | ||
| Q3 24 | $83.6M | $17.6M | ||
| Q2 24 | $79.6M | $13.3M |
毛利率BXPSTEP
| 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BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | -33.2% | ||
| Q3 25 | — | -148.8% | ||
| Q2 25 | — | -5.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | — | 29.4% |
净利率BXPSTEP
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -21.0% | ||
| Q3 25 | -14.0% | -80.6% | ||
| Q2 25 | 10.2% | -10.5% | ||
| Q1 25 | 7.1% | -4.9% | ||
| Q4 24 | -26.7% | -56.6% | ||
| Q3 24 | 9.7% | 6.5% | ||
| Q2 24 | 9.4% | 7.2% |
每股收益（稀释后）BXPSTEP
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-1.55 | ||
| Q3 25 | $-0.77 | $-4.66 | ||
| Q2 25 | $0.56 | $-0.49 | ||
| Q1 25 | $0.39 | $-0.37 | ||
| Q4 24 | $-1.46 | $-2.61 | ||
| Q3 24 | $0.53 | $0.26 | ||
| 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 | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $7.7B | $-378.8M |
| 总资产 | $25.1B | $5.2B |
| 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BXPSTEP
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $861.1M | — | ||
| Q2 25 | $447.0M | — | ||
| Q1 25 | $398.1M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $685.4M | — |
总债务BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M |
股东权益BXPSTEP
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $-378.8M | ||
| Q3 25 | $5.0B | $-233.5M | ||
| Q2 25 | $5.3B | $153.9M | ||
| Q1 25 | $5.3B | $179.4M | ||
| Q4 24 | $5.4B | $209.8M | ||
| Q3 24 | $5.8B | $397.5M | ||
| Q2 24 | $5.8B | $366.9M |
总资产BXPSTEP
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.2B | ||
| Q3 25 | $26.0B | $5.3B | ||
| Q2 25 | $25.6B | $4.8B | ||
| Q1 25 | $25.4B | $4.6B | ||
| Q4 24 | $26.1B | $4.3B | ||
| Q3 24 | $26.4B | $4.0B | ||
| Q2 24 | $25.5B | $3.8B |
负债/权益比BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× |
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 | — | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | 1.5% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $27.2M | ||
| Q3 25 | $274.2M | $16.2M | ||
| Q2 25 | $353.1M | $46.3M | ||
| Q1 25 | $210.0M | $-66.5M | ||
| Q4 24 | $383.7M | $27.6M | ||
| Q3 24 | $286.1M | $53.7M | ||
| Q2 24 | $367.1M | $50.2M |
自由现金流BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $26.7M | ||
| Q3 25 | $231.6M | $15.9M | ||
| Q2 25 | $281.5M | $45.2M | ||
| Q1 25 | $152.6M | $-69.2M | ||
| Q4 24 | $312.5M | $27.0M | ||
| Q3 24 | $234.5M | $52.4M | ||
| Q2 24 | $332.4M | $49.6M |
自由现金流率BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 4.6% | ||
| Q3 25 | 26.6% | 3.5% | ||
| Q2 25 | 32.4% | 12.4% | ||
| Q1 25 | 17.6% | -18.3% | ||
| Q4 24 | 36.4% | 8.0% | ||
| Q3 24 | 27.3% | 19.3% | ||
| Q2 24 | 39.1% | 26.6% |
资本支出强度BXPSTEP
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.1% | ||
| Q3 25 | 4.9% | 0.1% | ||
| Q2 25 | 8.2% | 0.3% | ||
| Q1 25 | 6.6% | 0.7% | ||
| Q4 24 | 8.3% | 0.2% | ||
| Q3 24 | 6.0% | 0.5% | ||
| Q2 24 | 4.1% | 0.3% |
现金转化率BXPSTEP
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | 3.05× | ||
| Q2 24 | 4.61× | 3.76× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
