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BXP, Inc.（BXP）与Frontier Group Holdings, Inc.（ULCC）财务数据对比。点击上方公司名可切换其他公司
Frontier Group Holdings, Inc.的季度营收约是BXP, Inc.的1.1倍（$997.0M vs $872.1M），BXP, Inc.净利率更高（15.3% vs 5.3%，领先9.9%），BXP, Inc.同比增速更快（0.8% vs -0.5%），过去两年Frontier Group Holdings, Inc.的营收复合增速更高（7.4% 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。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
BXP vs ULCC — 直观对比
营收规模更大
ULCC
是对方的1.1倍
$872.1M
营收增速更快
BXP
高出1.3%
-0.5%
净利率更高
BXP
高出9.9%
5.3%
两年增速更快
ULCC
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $997.0M |
| 净利润 | $133.0M | $53.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 4.9% |
| 净利率 | 15.3% | 5.3% |
| 营收同比 | 0.8% | -0.5% |
| 净利润同比 | 53.0% | -1.9% |
| 每股收益（稀释后） | $1.69 | $0.24 |
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BXPULCC
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $997.0M | ||
| Q3 25 | $871.5M | $886.0M | ||
| Q2 25 | $868.5M | $929.0M | ||
| Q1 25 | $865.2M | $912.0M | ||
| Q4 24 | $858.6M | $1.0B | ||
| Q3 24 | $859.2M | $935.0M | ||
| Q2 24 | $850.5M | $973.0M |
净利润BXPULCC
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $53.0M | ||
| Q3 25 | $-121.7M | $-77.0M | ||
| Q2 25 | $89.0M | $-70.0M | ||
| Q1 25 | $61.2M | $-43.0M | ||
| Q4 24 | $-228.9M | $54.0M | ||
| Q3 24 | $83.6M | $26.0M | ||
| Q2 24 | $79.6M | $31.0M |
毛利率BXPULCC
| 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BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | -8.7% | ||
| Q2 25 | — | -8.1% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.6% |
净利率BXPULCC
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 5.3% | ||
| Q3 25 | -14.0% | -8.7% | ||
| Q2 25 | 10.2% | -7.5% | ||
| Q1 25 | 7.1% | -4.7% | ||
| Q4 24 | -26.7% | 5.4% | ||
| Q3 24 | 9.7% | 2.8% | ||
| Q2 24 | 9.4% | 3.2% |
每股收益（稀释后）BXPULCC
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.24 | ||
| Q3 25 | $-0.77 | $-0.34 | ||
| Q2 25 | $0.56 | $-0.31 | ||
| Q1 25 | $0.39 | $-0.19 | ||
| Q4 24 | $-1.46 | $0.24 | ||
| Q3 24 | $0.53 | $0.11 | ||
| Q2 24 | $0.51 | $0.14 |
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 | $671.0M |
| 总债务越低越好 | — | $620.0M |
| 股东权益账面价值 | $7.7B | $491.0M |
| 总资产 | $25.1B | $7.2B |
| 负债/权益比越低杠杆越低 | — | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资BXPULCC
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $671.0M | ||
| Q3 25 | $861.1M | $566.0M | ||
| Q2 25 | $447.0M | $563.0M | ||
| Q1 25 | $398.1M | $686.0M | ||
| Q4 24 | $1.3B | $740.0M | ||
| Q3 24 | $1.4B | $576.0M | ||
| Q2 24 | $685.4M | $658.0M |
总债务BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M |
股东权益BXPULCC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $491.0M | ||
| Q3 25 | $5.0B | $434.0M | ||
| Q2 25 | $5.3B | $506.0M | ||
| Q1 25 | $5.3B | $570.0M | ||
| Q4 24 | $5.4B | $604.0M | ||
| Q3 24 | $5.8B | $549.0M | ||
| Q2 24 | $5.8B | $520.0M |
总资产BXPULCC
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.2B | ||
| Q3 25 | $26.0B | $6.7B | ||
| Q2 25 | $25.6B | $6.5B | ||
| Q1 25 | $25.4B | $6.5B | ||
| Q4 24 | $26.1B | $6.2B | ||
| Q3 24 | $26.4B | $5.8B | ||
| Q2 24 | $25.5B | $5.7B |
负债/权益比BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× |
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 | — | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-113.0M |
| 自由现金流率自由现金流/营收 | — | -11.3% |
| 资本支出强度资本支出/营收 | 1.5% | 2.2% |
| 现金转化率经营现金流/净利润 | — | -1.72× |
| 过去12个月自由现金流最近4个季度 | — | $-600.0M |
8季度趋势，按日历期对齐
经营现金流BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $-91.0M | ||
| Q3 25 | $274.2M | $-215.0M | ||
| Q2 25 | $353.1M | $-133.0M | ||
| Q1 25 | $210.0M | $-86.0M | ||
| Q4 24 | $383.7M | $87.0M | ||
| Q3 24 | $286.1M | $-156.0M | ||
| Q2 24 | $367.1M | $9.0M |
自由现金流BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $-113.0M | ||
| Q3 25 | $231.6M | $-217.0M | ||
| Q2 25 | $281.5M | $-166.0M | ||
| Q1 25 | $152.6M | $-104.0M | ||
| Q4 24 | $312.5M | $73.0M | ||
| Q3 24 | $234.5M | $-170.0M | ||
| Q2 24 | $332.4M | $-22.0M |
自由现金流率BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | -11.3% | ||
| Q3 25 | 26.6% | -24.5% | ||
| Q2 25 | 32.4% | -17.9% | ||
| Q1 25 | 17.6% | -11.4% | ||
| Q4 24 | 36.4% | 7.3% | ||
| Q3 24 | 27.3% | -18.2% | ||
| Q2 24 | 39.1% | -2.3% |
资本支出强度BXPULCC
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 2.2% | ||
| Q3 25 | 4.9% | 0.2% | ||
| Q2 25 | 8.2% | 3.6% | ||
| Q1 25 | 6.6% | 2.0% | ||
| Q4 24 | 8.3% | 1.4% | ||
| Q3 24 | 6.0% | 1.5% | ||
| Q2 24 | 4.1% | 3.2% |
现金转化率BXPULCC
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | — | ||
| Q1 25 | 3.43× | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 3.42× | -6.00× | ||
| Q2 24 | 4.61× | 0.29× |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
