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BXP, Inc.（BXP）与ZILLOW GROUP, INC.（ZG）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ZILLOW GROUP, INC.的1.3倍（$872.1M vs $654.0M），BXP, Inc.净利率更高（15.3% vs 0.5%，领先14.8%），ZILLOW GROUP, INC.同比增速更快（18.1% vs 0.8%），过去两年ZILLOW GROUP, INC.的营收复合增速更高（11.2% 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。
Zillow集团是美国头部房地产科技线上平台企业，2006年由前微软高管里奇·巴顿、劳埃德·弗林克等联合创立，业务涵盖房产信息查询、交易配套服务等，是全球房产科技领域的知名代表企业。
BXP vs ZG — 直观对比
营收规模更大
BXP
是对方的1.3倍
$654.0M
营收增速更快
ZG
高出17.2%
0.8%
净利率更高
BXP
高出14.8%
0.5%
两年增速更快
ZG
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $654.0M |
| 净利润 | $133.0M | $3.0M |
| 毛利率 | — | 72.8% |
| 营业利润率 | — | -1.7% |
| 净利率 | 15.3% | 0.5% |
| 营收同比 | 0.8% | 18.1% |
| 净利润同比 | 53.0% | 105.8% |
| 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BXPZG
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $654.0M | ||
| Q3 25 | $871.5M | $676.0M | ||
| Q2 25 | $868.5M | $655.0M | ||
| Q1 25 | $865.2M | $598.0M | ||
| Q4 24 | $858.6M | $554.0M | ||
| Q3 24 | $859.2M | $581.0M | ||
| Q2 24 | $850.5M | $572.0M |
净利润BXPZG
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $3.0M | ||
| Q3 25 | $-121.7M | $10.0M | ||
| Q2 25 | $89.0M | $2.0M | ||
| Q1 25 | $61.2M | $8.0M | ||
| Q4 24 | $-228.9M | $-52.0M | ||
| Q3 24 | $83.6M | $-20.0M | ||
| Q2 24 | $79.6M | $-17.0M |
毛利率BXPZG
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 72.8% | ||
| Q3 25 | 59.3% | 72.6% | ||
| Q2 25 | 59.2% | 74.7% | ||
| Q1 25 | 59.2% | 76.8% | ||
| Q4 24 | 59.7% | 75.8% | ||
| Q3 24 | 59.5% | 75.9% | ||
| Q2 24 | 59.8% | 77.3% |
营业利润率BXPZG
| Q1 26 | — | — | ||
| Q4 25 | — | -1.7% | ||
| Q3 25 | — | -0.4% | ||
| Q2 25 | — | -1.7% | ||
| Q1 25 | — | -1.5% | ||
| Q4 24 | — | -12.5% | ||
| Q3 24 | — | -7.7% | ||
| Q2 24 | — | -6.6% |
净利率BXPZG
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 0.5% | ||
| Q3 25 | -14.0% | 1.5% | ||
| Q2 25 | 10.2% | 0.3% | ||
| Q1 25 | 7.1% | 1.3% | ||
| Q4 24 | -26.7% | -9.4% | ||
| Q3 24 | 9.7% | -3.4% | ||
| Q2 24 | 9.4% | -3.0% |
每股收益（稀释后）BXPZG
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.01 | ||
| Q3 25 | $-0.77 | $0.04 | ||
| Q2 25 | $0.56 | $0.01 | ||
| Q1 25 | $0.39 | $0.03 | ||
| Q4 24 | $-1.46 | $-0.23 | ||
| Q3 24 | $0.53 | $-0.08 | ||
| Q2 24 | $0.51 | $-0.07 |
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 | $768.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $4.9B |
| 总资产 | $25.1B | $5.7B |
| 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BXPZG
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $768.0M | ||
| Q3 25 | $861.1M | $874.0M | ||
| Q2 25 | $447.0M | $587.0M | ||
| Q1 25 | $398.1M | $914.0M | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $685.4M | $1.2B |
股东权益BXPZG
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $4.9B | ||
| Q3 25 | $5.0B | $5.0B | ||
| Q2 25 | $5.3B | $4.7B | ||
| Q1 25 | $5.3B | $4.8B | ||
| Q4 24 | $5.4B | $4.8B | ||
| Q3 24 | $5.8B | $4.7B | ||
| Q2 24 | $5.8B | $4.5B |
总资产BXPZG
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $5.7B | ||
| Q3 25 | $26.0B | $5.7B | ||
| Q2 25 | $25.6B | $5.4B | ||
| Q1 25 | $25.4B | $5.7B | ||
| Q4 24 | $26.1B | $5.8B | ||
| Q3 24 | $26.4B | $6.2B | ||
| Q2 24 | $25.5B | $6.6B |
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 | — | $72.0M |
| 自由现金流经营现金流 - 资本支出 | — | $44.0M |
| 自由现金流率自由现金流/营收 | — | 6.7% |
| 资本支出强度资本支出/营收 | 1.5% | 4.3% |
| 现金转化率经营现金流/净利润 | — | 24.00× |
| 过去12个月自由现金流最近4个季度 | — | $235.0M |
8季度趋势，按日历期对齐
经营现金流BXPZG
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $72.0M | ||
| Q3 25 | $274.2M | $105.0M | ||
| Q2 25 | $353.1M | $87.0M | ||
| Q1 25 | $210.0M | $104.0M | ||
| Q4 24 | $383.7M | $122.0M | ||
| Q3 24 | $286.1M | $171.0M | ||
| Q2 24 | $367.1M | $55.0M |
自由现金流BXPZG
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $44.0M | ||
| Q3 25 | $231.6M | $73.0M | ||
| Q2 25 | $281.5M | $50.0M | ||
| Q1 25 | $152.6M | $68.0M | ||
| Q4 24 | $312.5M | $88.0M | ||
| Q3 24 | $234.5M | $138.0M | ||
| Q2 24 | $332.4M | $18.0M |
自由现金流率BXPZG
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 6.7% | ||
| Q3 25 | 26.6% | 10.8% | ||
| Q2 25 | 32.4% | 7.6% | ||
| Q1 25 | 17.6% | 11.4% | ||
| Q4 24 | 36.4% | 15.9% | ||
| Q3 24 | 27.3% | 23.8% | ||
| Q2 24 | 39.1% | 3.1% |
资本支出强度BXPZG
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 4.3% | ||
| Q3 25 | 4.9% | 4.7% | ||
| Q2 25 | 8.2% | 5.6% | ||
| Q1 25 | 6.6% | 6.0% | ||
| Q4 24 | 8.3% | 6.1% | ||
| Q3 24 | 6.0% | 5.7% | ||
| Q2 24 | 4.1% | 6.5% |
现金转化率BXPZG
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | 3.97× | 43.50× | ||
| Q1 25 | 3.43× | 13.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | — |
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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
