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BXP, Inc.（BXP）与盛思阳（TSE）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是盛思阳的1.3倍（$872.1M vs $662.6M），BXP, Inc.净利率更高（15.3% vs -37.9%，领先53.2%），BXP, Inc.同比增速更快（0.8% vs -19.3%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
BXP vs TSE — 直观对比
营收规模更大
BXP
是对方的1.3倍
$662.6M
营收增速更快
BXP
高出20.1%
-19.3%
净利率更高
BXP
高出53.2%
-37.9%
两年增速更快
BXP
近两年复合增速
-14.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $662.6M |
| 净利润 | $133.0M | $-251.4M |
| 毛利率 | — | 4.2% |
| 营业利润率 | — | -24.7% |
| 净利率 | 15.3% | -37.9% |
| 营收同比 | 0.8% | -19.3% |
| 净利润同比 | 53.0% | -113.2% |
| 每股收益（稀释后） | $1.69 | $-7.02 |
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BXPTSE
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $662.6M | ||
| Q3 25 | $871.5M | $743.2M | ||
| Q2 25 | $868.5M | $784.3M | ||
| Q1 25 | $865.2M | $784.8M | ||
| Q4 24 | $858.6M | $821.5M | ||
| Q3 24 | $859.2M | $867.7M | ||
| Q2 24 | $850.5M | $920.0M |
净利润BXPTSE
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-251.4M | ||
| Q3 25 | $-121.7M | $-109.7M | ||
| Q2 25 | $89.0M | $-105.5M | ||
| Q1 25 | $61.2M | $-79.0M | ||
| Q4 24 | $-228.9M | $-117.9M | ||
| Q3 24 | $83.6M | $-87.3M | ||
| Q2 24 | $79.6M | $-67.8M |
毛利率BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 4.2% | ||
| Q3 25 | 59.3% | 5.0% | ||
| Q2 25 | 59.2% | 4.7% | ||
| Q1 25 | 59.2% | 8.1% | ||
| Q4 24 | 59.7% | 6.8% | ||
| Q3 24 | 59.5% | 9.3% | ||
| Q2 24 | 59.8% | 7.4% |
营业利润率BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | — | -24.7% | ||
| Q3 25 | — | -3.8% | ||
| Q2 25 | — | -4.2% | ||
| Q1 25 | — | -3.7% | ||
| Q4 24 | — | -5.4% | ||
| Q3 24 | — | -1.4% | ||
| Q2 24 | — | 1.5% |
净利率BXPTSE
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -37.9% | ||
| Q3 25 | -14.0% | -14.8% | ||
| Q2 25 | 10.2% | -13.5% | ||
| Q1 25 | 7.1% | -10.1% | ||
| Q4 24 | -26.7% | -14.4% | ||
| Q3 24 | 9.7% | -10.1% | ||
| Q2 24 | 9.4% | -7.4% |
每股收益（稀释后）BXPTSE
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-7.02 | ||
| Q3 25 | $-0.77 | $-3.05 | ||
| Q2 25 | $0.56 | $-2.95 | ||
| Q1 25 | $0.39 | $-2.22 | ||
| Q4 24 | $-1.46 | $-3.33 | ||
| Q3 24 | $0.53 | $-2.47 | ||
| Q2 24 | $0.51 | $-1.92 |
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 | $146.7M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $7.7B | $-1.1B |
| 总资产 | $25.1B | $2.3B |
| 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BXPTSE
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $146.7M | ||
| Q3 25 | $861.1M | $112.1M | ||
| Q2 25 | $447.0M | $137.0M | ||
| Q1 25 | $398.1M | $126.1M | ||
| Q4 24 | $1.3B | $209.8M | ||
| Q3 24 | $1.4B | $165.3M | ||
| Q2 24 | $685.4M | $105.6M |
总债务BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B |
股东权益BXPTSE
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $-1.1B | ||
| Q3 25 | $5.0B | $-861.6M | ||
| Q2 25 | $5.3B | $-750.3M | ||
| Q1 25 | $5.3B | $-679.2M | ||
| Q4 24 | $5.4B | $-619.9M | ||
| Q3 24 | $5.8B | $-480.0M | ||
| Q2 24 | $5.8B | $-413.8M |
总资产BXPTSE
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $2.3B | ||
| Q3 25 | $26.0B | $2.5B | ||
| Q2 25 | $25.6B | $2.6B | ||
| Q1 25 | $25.4B | $2.7B | ||
| Q4 24 | $26.1B | $2.6B | ||
| Q3 24 | $26.4B | $2.9B | ||
| Q2 24 | $25.5B | $2.8B |
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 | — | $22.6M |
| 自由现金流经营现金流 - 资本支出 | — | $6.6M |
| 自由现金流率自由现金流/营收 | — | 1.0% |
| 资本支出强度资本支出/营收 | 1.5% | 2.4% |
| 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 | — | $-153.4M |
8季度趋势，按日历期对齐
经营现金流BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $22.6M | ||
| Q3 25 | $274.2M | $-21.6M | ||
| Q2 25 | $353.1M | $6.8M | ||
| Q1 25 | $210.0M | $-110.2M | ||
| Q4 24 | $383.7M | $85.1M | ||
| Q3 24 | $286.1M | $8.8M | ||
| Q2 24 | $367.1M | $-41.9M |
自由现金流BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $6.6M | ||
| Q3 25 | $231.6M | $-38.1M | ||
| Q2 25 | $281.5M | $-3.0M | ||
| Q1 25 | $152.6M | $-118.9M | ||
| Q4 24 | $312.5M | $63.9M | ||
| Q3 24 | $234.5M | $-3.4M | ||
| Q2 24 | $332.4M | $-56.1M |
自由现金流率BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 1.0% | ||
| Q3 25 | 26.6% | -5.1% | ||
| Q2 25 | 32.4% | -0.4% | ||
| Q1 25 | 17.6% | -15.2% | ||
| Q4 24 | 36.4% | 7.8% | ||
| Q3 24 | 27.3% | -0.4% | ||
| Q2 24 | 39.1% | -6.1% |
资本支出强度BXPTSE
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 2.4% | ||
| Q3 25 | 4.9% | 2.2% | ||
| Q2 25 | 8.2% | 1.2% | ||
| Q1 25 | 6.6% | 1.1% | ||
| Q4 24 | 8.3% | 2.6% | ||
| Q3 24 | 6.0% | 1.4% | ||
| Q2 24 | 4.1% | 1.5% |
现金转化率BXPTSE
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | — | ||
| 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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
