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BXP, Inc.（BXP）与VORNADO REALTY TRUST（VNO）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VORNADO REALTY TRUST的1.9倍（$872.1M vs $453.7M），BXP, Inc.净利率更高（15.3% vs 1.1%，领先14.2%），BXP, Inc.同比增速更快（0.8% vs -0.9%），过去两年VORNADO REALTY TRUST的营收复合增速更高（2.0% 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。
Vornado Realty Trust是1982年于美国马里兰州注册成立的房地产投资信托，总部设立在纽约市，核心业务为投资曼哈顿核心区域的优质写字楼及临街零售商业地产，是纽约当地颇具影响力的商业地产投资运营机构。
BXP vs VNO — 直观对比
营收规模更大
BXP
是对方的1.9倍
$453.7M
营收增速更快
BXP
高出1.7%
-0.9%
净利率更高
BXP
高出14.2%
1.1%
两年增速更快
VNO
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $453.7M |
| 净利润 | $133.0M | $4.9M |
| 毛利率 | — | — |
| 营业利润率 | — | 2.8% |
| 净利率 | 15.3% | 1.1% |
| 营收同比 | 0.8% | -0.9% |
| 净利润同比 | 53.0% | -14.7% |
| 每股收益（稀释后） | $1.69 | $0.01 |
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BXPVNO
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $453.7M | ||
| Q3 25 | $871.5M | $453.7M | ||
| Q2 25 | $868.5M | $441.4M | ||
| Q1 25 | $865.2M | $461.6M | ||
| Q4 24 | $858.6M | $457.8M | ||
| Q3 24 | $859.2M | $443.3M | ||
| Q2 24 | $850.5M | $450.3M |
净利润BXPVNO
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $4.9M | ||
| Q3 25 | $-121.7M | $27.1M | ||
| Q2 25 | $89.0M | $759.3M | ||
| Q1 25 | $61.2M | $102.4M | ||
| Q4 24 | $-228.9M | $5.8M | ||
| Q3 24 | $83.6M | $-3.6M | ||
| Q2 24 | $79.6M | $50.8M |
毛利率BXPVNO
| 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BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | -3.3% | ||
| Q2 24 | — | 10.1% |
净利率BXPVNO
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 1.1% | ||
| Q3 25 | -14.0% | 6.0% | ||
| Q2 25 | 10.2% | 172.0% | ||
| Q1 25 | 7.1% | 22.2% | ||
| Q4 24 | -26.7% | 1.3% | ||
| Q3 24 | 9.7% | -0.8% | ||
| Q2 24 | 9.4% | 11.3% |
每股收益（稀释后）BXPVNO
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.01 | ||
| Q3 25 | $-0.77 | $0.06 | ||
| Q2 25 | $0.56 | $3.70 | ||
| Q1 25 | $0.39 | $0.43 | ||
| Q4 24 | $-1.46 | $0.01 | ||
| Q3 24 | $0.53 | $-0.10 | ||
| Q2 24 | $0.51 | $0.18 |
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 | $840.9M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $7.7B | $6.0B |
| 总资产 | $25.1B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资BXPVNO
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $840.9M | ||
| Q3 25 | $861.1M | $1.0B | ||
| Q2 25 | $447.0M | $1.2B | ||
| Q1 25 | $398.1M | $568.9M | ||
| Q4 24 | $1.3B | $733.9M | ||
| Q3 24 | $1.4B | $783.6M | ||
| Q2 24 | $685.4M | $872.6M |
总债务BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B |
股东权益BXPVNO
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $6.0B | ||
| Q3 25 | $5.0B | $6.1B | ||
| Q2 25 | $5.3B | $6.1B | ||
| Q1 25 | $5.3B | $5.3B | ||
| Q4 24 | $5.4B | $5.2B | ||
| Q3 24 | $5.8B | $5.3B | ||
| Q2 24 | $5.8B | $5.6B |
总资产BXPVNO
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $15.5B | ||
| Q3 25 | $26.0B | $15.7B | ||
| Q2 25 | $25.6B | $15.6B | ||
| Q1 25 | $25.4B | $15.6B | ||
| Q4 24 | $26.1B | $16.0B | ||
| Q3 24 | $26.4B | $16.1B | ||
| Q2 24 | $25.5B | $16.2B |
负债/权益比BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.46× |
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 | — | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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 | — | 256.08× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $1.3B | ||
| Q3 25 | $274.2M | $33.2M | ||
| Q2 25 | $353.1M | $1.0B | ||
| Q1 25 | $210.0M | $52.0M | ||
| Q4 24 | $383.7M | $537.7M | ||
| Q3 24 | $286.1M | $105.4M | ||
| Q2 24 | $367.1M | $194.7M |
自由现金流BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | — | ||
| Q3 25 | $231.6M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $152.6M | — | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $234.5M | — | ||
| Q2 24 | $332.4M | — |
自由现金流率BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | — | ||
| Q3 25 | 26.6% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 39.1% | — |
资本支出强度BXPVNO
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 6.0% | — | ||
| Q2 24 | 4.1% | — |
现金转化率BXPVNO
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 256.08× | ||
| Q3 25 | — | 1.22× | ||
| Q2 25 | 3.97× | 1.35× | ||
| Q1 25 | 3.43× | 0.51× | ||
| Q4 24 | — | 93.39× | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | 3.83× |
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% |
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
