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BXP, Inc.（BXP）与West Pharmaceutical Services（WST）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West Pharmaceutical Services的1.1倍（$872.1M vs $805.0M），West Pharmaceutical Services净利率更高（16.4% vs 15.3%，领先1.2%），West Pharmaceutical Services同比增速更快（7.5% vs 0.8%），过去两年West Pharmaceutical Services的营收复合增速更高（7.6% 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。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
BXP vs WST — 直观对比
营收规模更大
BXP
是对方的1.1倍
$805.0M
营收增速更快
WST
高出6.7%
0.8%
净利率更高
WST
高出1.2%
15.3%
两年增速更快
WST
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $805.0M |
| 净利润 | $133.0M | $132.1M |
| 毛利率 | — | 37.8% |
| 营业利润率 | — | 19.5% |
| 净利率 | 15.3% | 16.4% |
| 营收同比 | 0.8% | 7.5% |
| 净利润同比 | 53.0% | 1.5% |
| 每股收益（稀释后） | $1.69 | $1.82 |
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BXPWST
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $805.0M | ||
| Q3 25 | $871.5M | $804.6M | ||
| Q2 25 | $868.5M | $766.5M | ||
| Q1 25 | $865.2M | $698.0M | ||
| Q4 24 | $858.6M | $748.8M | ||
| Q3 24 | $859.2M | $746.9M | ||
| Q2 24 | $850.5M | $702.1M |
净利润BXPWST
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $132.1M | ||
| Q3 25 | $-121.7M | $140.0M | ||
| Q2 25 | $89.0M | $131.8M | ||
| Q1 25 | $61.2M | $89.8M | ||
| Q4 24 | $-228.9M | $130.1M | ||
| Q3 24 | $83.6M | $136.0M | ||
| Q2 24 | $79.6M | $111.3M |
毛利率BXPWST
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 37.8% | ||
| Q3 25 | 59.3% | 36.6% | ||
| Q2 25 | 59.2% | 35.7% | ||
| Q1 25 | 59.2% | 33.2% | ||
| Q4 24 | 59.7% | 36.5% | ||
| Q3 24 | 59.5% | 35.4% | ||
| Q2 24 | 59.8% | 32.8% |
营业利润率BXPWST
| Q1 26 | — | — | ||
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 20.8% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | — | 21.3% | ||
| Q3 24 | — | 21.6% | ||
| Q2 24 | — | 18.0% |
净利率BXPWST
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 16.4% | ||
| Q3 25 | -14.0% | 17.4% | ||
| Q2 25 | 10.2% | 17.2% | ||
| Q1 25 | 7.1% | 12.9% | ||
| Q4 24 | -26.7% | 17.4% | ||
| Q3 24 | 9.7% | 18.2% | ||
| Q2 24 | 9.4% | 15.9% |
每股收益（稀释后）BXPWST
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $1.82 | ||
| Q3 25 | $-0.77 | $1.92 | ||
| Q2 25 | $0.56 | $1.82 | ||
| Q1 25 | $0.39 | $1.23 | ||
| Q4 24 | $-1.46 | $1.78 | ||
| Q3 24 | $0.53 | $1.85 | ||
| Q2 24 | $0.51 | $1.51 |
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 | $791.3M |
| 总债务越低越好 | — | $202.8M |
| 股东权益账面价值 | $7.7B | $3.2B |
| 总资产 | $25.1B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资BXPWST
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $791.3M | ||
| Q3 25 | $861.1M | $628.5M | ||
| Q2 25 | $447.0M | $509.7M | ||
| Q1 25 | $398.1M | $404.2M | ||
| Q4 24 | $1.3B | $484.6M | ||
| Q3 24 | $1.4B | $490.9M | ||
| Q2 24 | $685.4M | $446.2M |
总债务BXPWST
| Q1 26 | — | — | ||
| Q4 25 | — | $202.8M | ||
| Q3 25 | — | $202.7M | ||
| Q2 25 | — | $202.6M | ||
| Q1 25 | — | $202.6M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $202.6M | ||
| Q2 24 | — | $205.8M |
股东权益BXPWST
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.2B | ||
| Q3 25 | $5.0B | $3.1B | ||
| Q2 25 | $5.3B | $2.9B | ||
| Q1 25 | $5.3B | $2.7B | ||
| Q4 24 | $5.4B | $2.7B | ||
| Q3 24 | $5.8B | $2.8B | ||
| Q2 24 | $5.8B | $2.6B |
总资产BXPWST
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $4.3B | ||
| Q3 25 | $26.0B | $4.1B | ||
| Q2 25 | $25.6B | $4.0B | ||
| Q1 25 | $25.4B | $3.6B | ||
| Q4 24 | $26.1B | $3.6B | ||
| Q3 24 | $26.4B | $3.7B | ||
| Q2 24 | $25.5B | $3.5B |
负债/权益比BXPWST
| Q1 26 | — | — | ||
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.08× |
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 | — | $251.1M |
| 自由现金流经营现金流 - 资本支出 | — | $175.0M |
| 自由现金流率自由现金流/营收 | — | 21.7% |
| 资本支出强度资本支出/营收 | 1.5% | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.90× |
| 过去12个月自由现金流最近4个季度 | — | $468.9M |
8季度趋势，按日历期对齐
经营现金流BXPWST
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $251.1M | ||
| Q3 25 | $274.2M | $197.2M | ||
| Q2 25 | $353.1M | $177.1M | ||
| Q1 25 | $210.0M | $129.4M | ||
| Q4 24 | $383.7M | $190.1M | ||
| Q3 24 | $286.1M | $180.1M | ||
| Q2 24 | $367.1M | $165.0M |
自由现金流BXPWST
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $175.0M | ||
| Q3 25 | $231.6M | $133.9M | ||
| Q2 25 | $281.5M | $101.9M | ||
| Q1 25 | $152.6M | $58.1M | ||
| Q4 24 | $312.5M | $85.2M | ||
| Q3 24 | $234.5M | $98.8M | ||
| Q2 24 | $332.4M | $64.8M |
自由现金流率BXPWST
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 21.7% | ||
| Q3 25 | 26.6% | 16.6% | ||
| Q2 25 | 32.4% | 13.3% | ||
| Q1 25 | 17.6% | 8.3% | ||
| Q4 24 | 36.4% | 11.4% | ||
| Q3 24 | 27.3% | 13.2% | ||
| Q2 24 | 39.1% | 9.2% |
资本支出强度BXPWST
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 9.5% | ||
| Q3 25 | 4.9% | 7.9% | ||
| Q2 25 | 8.2% | 9.8% | ||
| Q1 25 | 6.6% | 10.2% | ||
| Q4 24 | 8.3% | 14.0% | ||
| Q3 24 | 6.0% | 10.9% | ||
| Q2 24 | 4.1% | 14.3% |
现金转化率BXPWST
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.90× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | 3.97× | 1.34× | ||
| Q1 25 | 3.43× | 1.44× | ||
| Q4 24 | — | 1.46× | ||
| Q3 24 | 3.42× | 1.32× | ||
| Q2 24 | 4.61× | 1.48× |
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% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
