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BXP, Inc.（BXP）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.1倍（$872.1M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 15.3%，领先30.9%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 0.8%），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% 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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
BXP vs UTHR — 直观对比
营收规模更大
BXP
是对方的1.1倍
$790.2M
营收增速更快
UTHR
高出6.6%
0.8%
净利率更高
UTHR
高出30.9%
15.3%
两年增速更快
UTHR
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $790.2M |
| 净利润 | $133.0M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | — | 45.1% |
| 净利率 | 15.3% | 46.1% |
| 营收同比 | 0.8% | 7.4% |
| 净利润同比 | 53.0% | 20.9% |
| 每股收益（稀释后） | $1.69 | $7.66 |
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BXPUTHR
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $790.2M | ||
| Q3 25 | $871.5M | $799.5M | ||
| Q2 25 | $868.5M | $798.6M | ||
| Q1 25 | $865.2M | $794.4M | ||
| Q4 24 | $858.6M | $735.9M | ||
| Q3 24 | $859.2M | $748.9M | ||
| Q2 24 | $850.5M | $714.9M |
净利润BXPUTHR
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $364.3M | ||
| Q3 25 | $-121.7M | $338.7M | ||
| Q2 25 | $89.0M | $309.5M | ||
| Q1 25 | $61.2M | $322.2M | ||
| Q4 24 | $-228.9M | $301.3M | ||
| Q3 24 | $83.6M | $309.1M | ||
| Q2 24 | $79.6M | $278.1M |
毛利率BXPUTHR
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 86.9% | ||
| Q3 25 | 59.3% | 87.4% | ||
| Q2 25 | 59.2% | 89.0% | ||
| Q1 25 | 59.2% | 88.4% | ||
| Q4 24 | 59.7% | 89.7% | ||
| Q3 24 | 59.5% | 88.9% | ||
| Q2 24 | 59.8% | 89.1% |
营业利润率BXPUTHR
| Q1 26 | — | — | ||
| Q4 25 | — | 45.1% | ||
| Q3 25 | — | 48.6% | ||
| Q2 25 | — | 45.6% | ||
| Q1 25 | — | 48.2% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 44.7% |
净利率BXPUTHR
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 46.1% | ||
| Q3 25 | -14.0% | 42.4% | ||
| Q2 25 | 10.2% | 38.8% | ||
| Q1 25 | 7.1% | 40.6% | ||
| Q4 24 | -26.7% | 40.9% | ||
| Q3 24 | 9.7% | 41.3% | ||
| Q2 24 | 9.4% | 38.9% |
每股收益（稀释后）BXPUTHR
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $7.66 | ||
| Q3 25 | $-0.77 | $7.16 | ||
| Q2 25 | $0.56 | $6.41 | ||
| Q1 25 | $0.39 | $6.63 | ||
| Q4 24 | $-1.46 | $6.23 | ||
| Q3 24 | $0.53 | $6.39 | ||
| Q2 24 | $0.51 | $5.85 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $7.1B |
| 总资产 | $25.1B | $7.9B |
| 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BXPUTHR
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $861.1M | $2.8B | ||
| Q2 25 | $447.0M | $3.0B | ||
| Q1 25 | $398.1M | $3.3B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | $1.4B | $3.3B | ||
| Q2 24 | $685.4M | $3.0B |
股东权益BXPUTHR
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $7.1B | ||
| Q3 25 | $5.0B | $6.6B | ||
| Q2 25 | $5.3B | $7.2B | ||
| Q1 25 | $5.3B | $6.8B | ||
| Q4 24 | $5.4B | $6.4B | ||
| Q3 24 | $5.8B | $6.1B | ||
| Q2 24 | $5.8B | $5.7B |
总资产BXPUTHR
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $7.9B | ||
| Q3 25 | $26.0B | $7.4B | ||
| Q2 25 | $25.6B | $7.9B | ||
| Q1 25 | $25.4B | $7.7B | ||
| Q4 24 | $26.1B | $7.4B | ||
| Q3 24 | $26.4B | $7.1B | ||
| 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 | — | $346.2M |
| 自由现金流经营现金流 - 资本支出 | — | $173.3M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | 1.5% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流BXPUTHR
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $346.2M | ||
| Q3 25 | $274.2M | $562.1M | ||
| Q2 25 | $353.1M | $191.7M | ||
| Q1 25 | $210.0M | $461.2M | ||
| Q4 24 | $383.7M | $341.2M | ||
| Q3 24 | $286.1M | $377.2M | ||
| Q2 24 | $367.1M | $232.2M |
自由现金流BXPUTHR
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $173.3M | ||
| Q3 25 | $231.6M | $351.6M | ||
| Q2 25 | $281.5M | $129.5M | ||
| Q1 25 | $152.6M | $386.3M | ||
| Q4 24 | $312.5M | $254.5M | ||
| Q3 24 | $234.5M | $300.7M | ||
| Q2 24 | $332.4M | $187.1M |
自由现金流率BXPUTHR
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 21.9% | ||
| Q3 25 | 26.6% | 44.0% | ||
| Q2 25 | 32.4% | 16.2% | ||
| Q1 25 | 17.6% | 48.6% | ||
| Q4 24 | 36.4% | 34.6% | ||
| Q3 24 | 27.3% | 40.2% | ||
| Q2 24 | 39.1% | 26.2% |
资本支出强度BXPUTHR
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 21.9% | ||
| Q3 25 | 4.9% | 26.3% | ||
| Q2 25 | 8.2% | 7.8% | ||
| Q1 25 | 6.6% | 9.4% | ||
| Q4 24 | 8.3% | 11.8% | ||
| Q3 24 | 6.0% | 10.2% | ||
| Q2 24 | 4.1% | 6.3% |
现金转化率BXPUTHR
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.95× | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | 3.97× | 0.62× | ||
| Q1 25 | 3.43× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 3.42× | 1.22× | ||
| Q2 24 | 4.61× | 0.83× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
