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BXP, Inc.（BXP）与Unity Software Inc.（U）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Unity Software Inc.的1.7倍（$872.1M vs $503.1M），BXP, Inc.净利率更高（15.3% vs -17.9%，领先33.1%），Unity Software Inc.同比增速更快（10.1% vs 0.8%），过去两年Unity Software Inc.的营收复合增速更高（4.5% 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。
Unity Software Inc.是总部位于美国旧金山的游戏软件开发企业，2004年于丹麦成立时原名为Over the Edge Entertainment，2007年更为现名。公司核心产品Unity游戏引擎全球应用广泛，可用于开发各类电子游戏及其他互动应用，商业化授权服务覆盖全球客户。
BXP vs U — 直观对比
营收规模更大
BXP
是对方的1.7倍
$503.1M
营收增速更快
U
高出9.3%
0.8%
净利率更高
BXP
高出33.1%
-17.9%
两年增速更快
U
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $503.1M |
| 净利润 | $133.0M | $-90.0M |
| 毛利率 | — | 74.3% |
| 营业利润率 | — | -21.2% |
| 净利率 | 15.3% | -17.9% |
| 营收同比 | 0.8% | 10.1% |
| 净利润同比 | 53.0% | 26.7% |
| 每股收益（稀释后） | $1.69 | $-0.21 |
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BXPU
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $503.1M | ||
| Q3 25 | $871.5M | $470.6M | ||
| Q2 25 | $868.5M | $440.9M | ||
| Q1 25 | $865.2M | $435.0M | ||
| Q4 24 | $858.6M | $457.1M | ||
| Q3 24 | $859.2M | $446.5M | ||
| Q2 24 | $850.5M | $449.3M |
净利润BXPU
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $-90.0M | ||
| Q3 25 | $-121.7M | $-126.4M | ||
| Q2 25 | $89.0M | $-108.8M | ||
| Q1 25 | $61.2M | $-77.6M | ||
| Q4 24 | $-228.9M | $-122.7M | ||
| Q3 24 | $83.6M | $-124.7M | ||
| Q2 24 | $79.6M | $-125.6M |
毛利率BXPU
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 74.3% | ||
| Q3 25 | 59.3% | 74.4% | ||
| Q2 25 | 59.2% | 74.1% | ||
| Q1 25 | 59.2% | 73.8% | ||
| Q4 24 | 59.7% | 74.7% | ||
| Q3 24 | 59.5% | 74.9% | ||
| Q2 24 | 59.8% | 75.8% |
营业利润率BXPU
| Q1 26 | — | — | ||
| Q4 25 | — | -21.2% | ||
| Q3 25 | — | -26.7% | ||
| Q2 25 | — | -26.9% | ||
| Q1 25 | — | -29.4% | ||
| Q4 24 | — | -27.1% | ||
| Q3 24 | — | -28.5% | ||
| Q2 24 | — | -28.8% |
净利率BXPU
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | -17.9% | ||
| Q3 25 | -14.0% | -26.9% | ||
| Q2 25 | 10.2% | -24.7% | ||
| Q1 25 | 7.1% | -17.8% | ||
| Q4 24 | -26.7% | -26.8% | ||
| Q3 24 | 9.7% | -27.9% | ||
| Q2 24 | 9.4% | -28.0% |
每股收益（稀释后）BXPU
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $-0.21 | ||
| Q3 25 | $-0.77 | $-0.30 | ||
| Q2 25 | $0.56 | $-0.26 | ||
| Q1 25 | $0.39 | $-0.19 | ||
| Q4 24 | $-1.46 | $-0.30 | ||
| Q3 24 | $0.53 | $-0.31 | ||
| Q2 24 | $0.51 | $-0.32 |
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 | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $3.2B |
| 总资产 | $25.1B | $6.8B |
| 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BXPU
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $861.1M | $1.9B | ||
| Q2 25 | $447.0M | $1.7B | ||
| Q1 25 | $398.1M | $1.5B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $685.4M | $1.3B |
股东权益BXPU
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.2B | ||
| Q3 25 | $5.0B | $3.2B | ||
| Q2 25 | $5.3B | $3.2B | ||
| Q1 25 | $5.3B | $3.2B | ||
| Q4 24 | $5.4B | $3.2B | ||
| Q3 24 | $5.8B | $3.2B | ||
| Q2 24 | $5.8B | $3.2B |
总资产BXPU
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $6.8B | ||
| Q3 25 | $26.0B | $6.8B | ||
| Q2 25 | $25.6B | $6.7B | ||
| Q1 25 | $25.4B | $6.6B | ||
| Q4 24 | $26.1B | $6.7B | ||
| Q3 24 | $26.4B | $6.7B | ||
| Q2 24 | $25.5B | $6.7B |
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 | — | $121.4M |
| 自由现金流经营现金流 - 资本支出 | — | $118.7M |
| 自由现金流率自由现金流/营收 | — | 23.6% |
| 资本支出强度资本支出/营收 | 1.5% | 0.5% |
| 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 | — | $403.9M |
8季度趋势，按日历期对齐
经营现金流BXPU
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $121.4M | ||
| Q3 25 | $274.2M | $155.4M | ||
| Q2 25 | $353.1M | $133.1M | ||
| Q1 25 | $210.0M | $13.0M | ||
| Q4 24 | $383.7M | $112.2M | ||
| Q3 24 | $286.1M | $122.4M | ||
| Q2 24 | $367.1M | $88.4M |
自由现金流BXPU
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $118.7M | ||
| Q3 25 | $231.6M | $151.3M | ||
| Q2 25 | $281.5M | $126.7M | ||
| Q1 25 | $152.6M | $7.3M | ||
| Q4 24 | $312.5M | $105.8M | ||
| Q3 24 | $234.5M | $115.2M | ||
| Q2 24 | $332.4M | $79.6M |
自由现金流率BXPU
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 23.6% | ||
| Q3 25 | 26.6% | 32.1% | ||
| Q2 25 | 32.4% | 28.7% | ||
| Q1 25 | 17.6% | 1.7% | ||
| Q4 24 | 36.4% | 23.1% | ||
| Q3 24 | 27.3% | 25.8% | ||
| Q2 24 | 39.1% | 17.7% |
资本支出强度BXPU
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 0.5% | ||
| Q3 25 | 4.9% | 0.9% | ||
| Q2 25 | 8.2% | 1.5% | ||
| Q1 25 | 6.6% | 1.3% | ||
| Q4 24 | 8.3% | 1.4% | ||
| Q3 24 | 6.0% | 1.6% | ||
| Q2 24 | 4.1% | 2.0% |
现金转化率BXPU
| 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% |
U
| Grow Solutions | $338.2M | 67% |
| Create Solutions | $164.9M | 33% |
