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BXP, Inc.（BXP）与Tradeweb Markets Inc.（TW）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Tradeweb Markets Inc.的1.4倍（$872.1M vs $617.8M），Tradeweb Markets Inc.净利率更高（37.7% vs 15.3%，领先22.5%），Tradeweb Markets Inc.同比增速更快（21.2% vs 0.8%），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% 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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
BXP vs TW — 直观对比
营收规模更大
BXP
是对方的1.4倍
$617.8M
营收增速更快
TW
高出20.4%
0.8%
净利率更高
TW
高出22.5%
15.3%
两年增速更快
TW
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $617.8M |
| 净利润 | $133.0M | $233.2M |
| 毛利率 | — | — |
| 营业利润率 | — | 46.5% |
| 净利率 | 15.3% | 37.7% |
| 营收同比 | 0.8% | 21.2% |
| 净利润同比 | 53.0% | 38.5% |
| 每股收益（稀释后） | $1.69 | $0.96 |
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BXPTW
| Q1 26 | $872.1M | $617.8M | ||
| Q4 25 | $877.1M | $521.2M | ||
| Q3 25 | $871.5M | $508.6M | ||
| Q2 25 | $868.5M | $513.0M | ||
| Q1 25 | $865.2M | $509.7M | ||
| Q4 24 | $858.6M | $463.3M | ||
| Q3 24 | $859.2M | $448.9M | ||
| Q2 24 | $850.5M | $405.0M |
净利润BXPTW
| Q1 26 | $133.0M | $233.2M | ||
| Q4 25 | $248.4M | $325.0M | ||
| Q3 25 | $-121.7M | $185.6M | ||
| Q2 25 | $89.0M | $153.8M | ||
| Q1 25 | $61.2M | $148.4M | ||
| Q4 24 | $-228.9M | $142.2M | ||
| Q3 24 | $83.6M | $113.9M | ||
| Q2 24 | $79.6M | $119.2M |
毛利率BXPTW
| 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BXPTW
| Q1 26 | — | 46.5% | ||
| Q4 25 | — | 42.4% | ||
| Q3 25 | — | 41.4% | ||
| Q2 25 | — | 39.0% | ||
| Q1 25 | — | 40.0% | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | — | 35.5% | ||
| Q2 24 | — | 40.1% |
净利率BXPTW
| Q1 26 | 15.3% | 37.7% | ||
| Q4 25 | 28.3% | 62.4% | ||
| Q3 25 | -14.0% | 36.5% | ||
| Q2 25 | 10.2% | 30.0% | ||
| Q1 25 | 7.1% | 29.1% | ||
| Q4 24 | -26.7% | 30.7% | ||
| Q3 24 | 9.7% | 25.4% | ||
| Q2 24 | 9.4% | 29.4% |
每股收益（稀释后）BXPTW
| Q1 26 | $1.69 | $0.96 | ||
| Q4 25 | $1.56 | $1.52 | ||
| Q3 25 | $-0.77 | $0.86 | ||
| Q2 25 | $0.56 | $0.71 | ||
| Q1 25 | $0.39 | $0.69 | ||
| Q4 24 | $-1.46 | $0.66 | ||
| Q3 24 | $0.53 | $0.53 | ||
| Q2 24 | $0.51 | $0.55 |
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 | — | — |
| 股东权益账面价值 | $7.7B | — |
| 总资产 | $25.1B | — |
| 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BXPTW
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $861.1M | $1.9B | ||
| Q2 25 | $447.0M | $1.6B | ||
| Q1 25 | $398.1M | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $685.4M | $1.7B |
股东权益BXPTW
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $6.5B | ||
| Q3 25 | $5.0B | $6.3B | ||
| Q2 25 | $5.3B | $6.1B | ||
| Q1 25 | $5.3B | $5.9B | ||
| Q4 24 | $5.4B | $5.8B | ||
| Q3 24 | $5.8B | $5.7B | ||
| Q2 24 | $5.8B | $5.6B |
总资产BXPTW
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $8.2B | ||
| Q3 25 | $26.0B | $8.0B | ||
| Q2 25 | $25.6B | $8.1B | ||
| Q1 25 | $25.4B | $7.4B | ||
| Q4 24 | $26.1B | $7.3B | ||
| Q3 24 | $26.4B | $7.3B | ||
| Q2 24 | $25.5B | $7.3B |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $2.0M |
| 自由现金流率自由现金流/营收 | — | 0.3% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流BXPTW
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $355.9M | ||
| Q3 25 | $274.2M | $342.3M | ||
| Q2 25 | $353.1M | $409.2M | ||
| Q1 25 | $210.0M | $60.2M | ||
| Q4 24 | $383.7M | $282.0M | ||
| Q3 24 | $286.1M | $292.1M | ||
| Q2 24 | $367.1M | $285.7M |
自由现金流BXPTW
| Q1 26 | — | $2.0M | ||
| Q4 25 | $362.7M | $336.5M | ||
| Q3 25 | $231.6M | $328.3M | ||
| Q2 25 | $281.5M | $403.7M | ||
| Q1 25 | $152.6M | $58.6M | ||
| Q4 24 | $312.5M | $256.8M | ||
| Q3 24 | $234.5M | $287.8M | ||
| Q2 24 | $332.4M | $280.8M |
自由现金流率BXPTW
| Q1 26 | — | 0.3% | ||
| Q4 25 | 41.4% | 64.6% | ||
| Q3 25 | 26.6% | 64.5% | ||
| Q2 25 | 32.4% | 78.7% | ||
| Q1 25 | 17.6% | 11.5% | ||
| Q4 24 | 36.4% | 55.4% | ||
| Q3 24 | 27.3% | 64.1% | ||
| Q2 24 | 39.1% | 69.4% |
资本支出强度BXPTW
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 3.7% | ||
| Q3 25 | 4.9% | 2.8% | ||
| Q2 25 | 8.2% | 1.1% | ||
| Q1 25 | 6.6% | 0.3% | ||
| Q4 24 | 8.3% | 5.4% | ||
| Q3 24 | 6.0% | 1.0% | ||
| Q2 24 | 4.1% | 1.2% |
现金转化率BXPTW
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | 3.97× | 2.66× | ||
| Q1 25 | 3.43× | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | 3.42× | 2.56× | ||
| Q2 24 | 4.61× | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
