vs
BXP, Inc.（BXP）与Wendy's Co（WEN）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Wendy's Co的1.6倍（$872.1M vs $543.0M），BXP, Inc.净利率更高（15.3% vs 4.9%，领先10.4%），BXP, Inc.同比增速更快（0.8% vs -5.5%），过去两年BXP, Inc.的营收复合增速更高（1.3% vs 0.8%）
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。
温蒂公司是美国知名快餐企业，是温蒂汉堡及First Kitchen的母公司，前身为Deisel-Wemmer公司，总部位于俄亥俄州都柏林。旗下核心子公司温蒂国际是温蒂汉堡餐厅的特许经营授权方，在全球快餐市场拥有较高的品牌辨识度。
BXP vs WEN — 直观对比
营收规模更大
BXP
是对方的1.6倍
$543.0M
营收增速更快
BXP
高出6.3%
-5.5%
净利率更高
BXP
高出10.4%
4.9%
两年增速更快
BXP
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $543.0M |
| 净利润 | $133.0M | $26.5M |
| 毛利率 | — | 62.7% |
| 营业利润率 | — | 11.8% |
| 净利率 | 15.3% | 4.9% |
| 营收同比 | 0.8% | -5.5% |
| 净利润同比 | 53.0% | -44.2% |
| 每股收益（稀释后） | $1.69 | $0.14 |
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BXPWEN
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $543.0M | ||
| Q3 25 | $871.5M | $549.5M | ||
| Q2 25 | $868.5M | $560.9M | ||
| Q1 25 | $865.2M | $523.5M | ||
| Q4 24 | $858.6M | $574.3M | ||
| Q3 24 | $859.2M | $566.7M | ||
| Q2 24 | $850.5M | $570.7M |
净利润BXPWEN
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $26.5M | ||
| Q3 25 | $-121.7M | $44.3M | ||
| Q2 25 | $89.0M | $55.1M | ||
| Q1 25 | $61.2M | $39.2M | ||
| Q4 24 | $-228.9M | $47.5M | ||
| Q3 24 | $83.6M | $50.2M | ||
| Q2 24 | $79.6M | $54.6M |
毛利率BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 62.7% | ||
| Q3 25 | 59.3% | 62.8% | ||
| Q2 25 | 59.2% | 65.0% | ||
| Q1 25 | 59.2% | 64.1% | ||
| Q4 24 | 59.7% | 65.9% | ||
| Q3 24 | 59.5% | 65.5% | ||
| Q2 24 | 59.8% | 65.0% |
营业利润率BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | — | 11.8% | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | — | 18.6% | ||
| Q1 25 | — | 15.9% | ||
| Q4 24 | — | 16.7% | ||
| Q3 24 | — | 16.7% | ||
| Q2 24 | — | 17.4% |
净利率BXPWEN
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 4.9% | ||
| Q3 25 | -14.0% | 8.1% | ||
| Q2 25 | 10.2% | 9.8% | ||
| Q1 25 | 7.1% | 7.5% | ||
| Q4 24 | -26.7% | 8.3% | ||
| Q3 24 | 9.7% | 8.9% | ||
| Q2 24 | 9.4% | 9.6% |
每股收益（稀释后）BXPWEN
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.14 | ||
| Q3 25 | $-0.77 | $0.23 | ||
| Q2 25 | $0.56 | $0.29 | ||
| Q1 25 | $0.39 | $0.19 | ||
| Q4 24 | $-1.46 | $0.23 | ||
| Q3 24 | $0.53 | $0.25 | ||
| Q2 24 | $0.51 | $0.27 |
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 | $300.8M |
| 总债务越低越好 | — | $2.8B |
| 股东权益账面价值 | $7.7B | $117.4M |
| 总资产 | $25.1B | $5.0B |
| 负债/权益比越低杠杆越低 | — | 23.51× |
8季度趋势，按日历期对齐
现金及短期投资BXPWEN
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $300.8M | ||
| Q3 25 | $861.1M | $291.4M | ||
| Q2 25 | $447.0M | $281.2M | ||
| Q1 25 | $398.1M | $335.3M | ||
| Q4 24 | $1.3B | $450.5M | ||
| Q3 24 | $1.4B | $482.2M | ||
| Q2 24 | $685.4M | $465.5M |
总债务BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益BXPWEN
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $117.4M | ||
| Q3 25 | $5.0B | $109.2M | ||
| Q2 25 | $5.3B | $112.9M | ||
| Q1 25 | $5.3B | $130.2M | ||
| Q4 24 | $5.4B | $259.4M | ||
| Q3 24 | $5.8B | $259.9M | ||
| Q2 24 | $5.8B | $273.8M |
总资产BXPWEN
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.0B | ||
| Q3 25 | $26.0B | $5.0B | ||
| Q2 25 | $25.6B | $4.9B | ||
| Q1 25 | $25.4B | $4.9B | ||
| Q4 24 | $26.1B | $5.0B | ||
| Q3 24 | $26.4B | $5.1B | ||
| Q2 24 | $25.5B | $5.1B |
负债/权益比BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | — | 23.51× | ||
| Q3 25 | — | 24.95× | ||
| Q2 25 | — | 24.18× | ||
| Q1 25 | — | 21.00× | ||
| Q4 24 | — | 10.57× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $69.3M |
| 自由现金流经营现金流 - 资本支出 | — | $31.4M |
| 自由现金流率自由现金流/营收 | — | 5.8% |
| 资本支出强度资本支出/营收 | 1.5% | 7.0% |
| 现金转化率经营现金流/净利润 | — | 2.62× |
| 过去12个月自由现金流最近4个季度 | — | $242.6M |
8季度趋势，按日历期对齐
经营现金流BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $69.3M | ||
| Q3 25 | $274.2M | $129.3M | ||
| Q2 25 | $353.1M | $60.6M | ||
| Q1 25 | $210.0M | $85.4M | ||
| Q4 24 | $383.7M | $68.6M | ||
| Q3 24 | $286.1M | $141.2M | ||
| Q2 24 | $367.1M | $45.5M |
自由现金流BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $31.4M | ||
| Q3 25 | $231.6M | $104.3M | ||
| Q2 25 | $281.5M | $39.2M | ||
| Q1 25 | $152.6M | $67.7M | ||
| Q4 24 | $312.5M | $26.6M | ||
| Q3 24 | $234.5M | $123.3M | ||
| Q2 24 | $332.4M | $28.4M |
自由现金流率BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 5.8% | ||
| Q3 25 | 26.6% | 19.0% | ||
| Q2 25 | 32.4% | 7.0% | ||
| Q1 25 | 17.6% | 12.9% | ||
| Q4 24 | 36.4% | 4.6% | ||
| Q3 24 | 27.3% | 21.8% | ||
| Q2 24 | 39.1% | 5.0% |
资本支出强度BXPWEN
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 7.0% | ||
| Q3 25 | 4.9% | 4.5% | ||
| Q2 25 | 8.2% | 3.8% | ||
| Q1 25 | 6.6% | 3.4% | ||
| Q4 24 | 8.3% | 7.3% | ||
| Q3 24 | 6.0% | 3.2% | ||
| Q2 24 | 4.1% | 3.0% |
现金转化率BXPWEN
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.62× | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | 3.97× | 1.10× | ||
| Q1 25 | 3.43× | 2.18× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | 3.42× | 2.81× | ||
| 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% |
WEN
| Franchise Royalty Revenueand Fees | $149.3M | 27% |
| Royalty | $103.6M | 19% |
| Advertising | $103.3M | 19% |
| Global Real Estate Development | $60.5M | 11% |
| Real Estate | $59.5M | 11% |
| Wendys International | $39.5M | 7% |
| Franchise | $21.5M | 4% |
