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BXP, Inc.（BXP）与STARWOOD PROPERTY TRUST, INC.（STWD）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STARWOOD PROPERTY TRUST, INC.的1.8倍（$872.1M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 15.3%，领先4.4%），STARWOOD PROPERTY TRUST, INC.同比增速更快（8.5% vs 0.8%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
BXP vs STWD — 直观对比
营收规模更大
BXP
是对方的1.8倍
$492.9M
营收增速更快
STWD
高出7.7%
0.8%
净利率更高
STWD
高出4.4%
15.3%
两年增速更快
BXP
近两年复合增速
-2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $492.9M |
| 净利润 | $133.0M | $96.9M |
| 毛利率 | — | — |
| 营业利润率 | — | 26.6% |
| 净利率 | 15.3% | 19.7% |
| 营收同比 | 0.8% | 8.5% |
| 净利润同比 | 53.0% | 87.7% |
| 每股收益（稀释后） | $1.69 | $0.25 |
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BXPSTWD
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $492.9M | ||
| Q3 25 | $871.5M | $488.9M | ||
| Q2 25 | $868.5M | $444.3M | ||
| Q1 25 | $865.2M | $418.2M | ||
| Q4 24 | $858.6M | $454.4M | ||
| Q3 24 | $859.2M | $479.5M | ||
| Q2 24 | $850.5M | $489.8M |
净利润BXPSTWD
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $96.9M | ||
| Q3 25 | $-121.7M | $72.6M | ||
| Q2 25 | $89.0M | $129.8M | ||
| Q1 25 | $61.2M | $112.3M | ||
| Q4 24 | $-228.9M | $51.6M | ||
| Q3 24 | $83.6M | $76.1M | ||
| Q2 24 | $79.6M | $77.9M |
毛利率BXPSTWD
| 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BXPSTWD
| Q1 26 | — | — | ||
| Q4 25 | — | 26.6% | ||
| Q3 25 | — | 19.1% | ||
| Q2 25 | — | 30.5% | ||
| Q1 25 | — | 28.7% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 17.2% | ||
| Q2 24 | — | 19.1% |
净利率BXPSTWD
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 19.7% | ||
| Q3 25 | -14.0% | 14.8% | ||
| Q2 25 | 10.2% | 29.2% | ||
| Q1 25 | 7.1% | 26.8% | ||
| Q4 24 | -26.7% | 11.4% | ||
| Q3 24 | 9.7% | 15.9% | ||
| Q2 24 | 9.4% | 15.9% |
每股收益（稀释后）BXPSTWD
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.25 | ||
| Q3 25 | $-0.77 | $0.19 | ||
| Q2 25 | $0.56 | $0.38 | ||
| Q1 25 | $0.39 | $0.33 | ||
| Q4 24 | $-1.46 | $0.15 | ||
| Q3 24 | $0.53 | $0.23 | ||
| Q2 24 | $0.51 | $0.24 |
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 | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $6.8B |
| 总资产 | $25.1B | $63.2B |
| 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BXPSTWD
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $499.5M | ||
| Q3 25 | $861.1M | $301.1M | ||
| Q2 25 | $447.0M | $259.9M | ||
| Q1 25 | $398.1M | $440.6M | ||
| Q4 24 | $1.3B | $377.8M | ||
| Q3 24 | $1.4B | $357.9M | ||
| Q2 24 | $685.4M | $259.3M |
股东权益BXPSTWD
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $6.8B | ||
| Q3 25 | $5.0B | $6.9B | ||
| Q2 25 | $5.3B | $6.4B | ||
| Q1 25 | $5.3B | $6.4B | ||
| Q4 24 | $5.4B | $6.4B | ||
| Q3 24 | $5.8B | $6.5B | ||
| Q2 24 | $5.8B | $6.2B |
总资产BXPSTWD
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $63.2B | ||
| Q3 25 | $26.0B | $62.4B | ||
| Q2 25 | $25.6B | $62.4B | ||
| Q1 25 | $25.4B | $62.2B | ||
| Q4 24 | $26.1B | $62.6B | ||
| Q3 24 | $26.4B | $64.2B | ||
| Q2 24 | $25.5B | $64.1B |
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 | — | $488.8M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | — | 5.04× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BXPSTWD
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $488.8M | ||
| Q3 25 | $274.2M | $337.6M | ||
| Q2 25 | $353.1M | $-87.4M | ||
| Q1 25 | $210.0M | $238.9M | ||
| Q4 24 | $383.7M | $295.6M | ||
| Q3 24 | $286.1M | $241.8M | ||
| Q2 24 | $367.1M | $53.3M |
自由现金流BXPSTWD
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | — | ||
| Q3 25 | $231.6M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $152.6M | — | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $234.5M | — | ||
| Q2 24 | $332.4M | — |
自由现金流率BXPSTWD
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | — | ||
| Q3 25 | 26.6% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 39.1% | — |
资本支出强度BXPSTWD
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 4.1% | — |
现金转化率BXPSTWD
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | 3.97× | -0.67× | ||
| Q1 25 | 3.43× | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | 3.42× | 3.18× | ||
| Q2 24 | 4.61× | 0.68× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
