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美国铝业公司（AA）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
美国铝业公司的季度营收约是Coinbase的1.9倍（$3.4B vs $1.8B），美国铝业公司净利率更高（6.2% vs -37.4%，领先43.6%），美国铝业公司同比增速更快（-1.1% vs -21.6%），过去两年美国铝业公司的营收复合增速更高（15.2% vs 4.3%）
美国铝业公司是美国大型工业企业，为全球规模领先的铝生产商之一，业务布局覆盖10个国家，涵盖铝土矿开采、氧化铝精炼、原铝冶炼、铝制品加工及铝回收利用全产业链，产品广泛应用于全球各工业领域。
Coinbase是美国知名加密货币交易所，2012年由布莱恩·阿姆斯特朗与弗雷德·埃尔萨姆联合创立。截至2024年，平台拥有超1亿用户，业务覆盖100多个国家，是美国最大加密货币交易所、全球最大比特币托管机构，托管总资产近5160亿美元，持有约12%的流通比特币及11%的质押以太币。
AA vs COIN — 直观对比
营收规模更大
AA
是对方的1.9倍
$1.8B
营收增速更快
AA
高出20.5%
-21.6%
净利率更高
AA
高出43.6%
-37.4%
两年增速更快
AA
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $1.8B |
| 净利润 | $213.0M | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | 2.0% | 15.4% |
| 净利率 | 6.2% | -37.4% |
| 营收同比 | -1.1% | -21.6% |
| 净利润同比 | 5.4% | -151.6% |
| 每股收益（稀释后） | $0.80 | $-2.43 |
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AACOIN
| Q4 25 | $3.4B | $1.8B | ||
| Q3 25 | $3.0B | $1.9B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $3.4B | $2.0B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $2.9B | $1.4B | ||
| Q1 24 | $2.6B | $1.6B |
净利润AACOIN
| Q4 25 | $213.0M | $-666.7M | ||
| Q3 25 | $232.0M | $432.6M | ||
| Q2 25 | $164.0M | $1.4B | ||
| Q1 25 | $548.0M | $65.6M | ||
| Q4 24 | $202.0M | $1.3B | ||
| Q3 24 | $90.0M | $75.5M | ||
| Q2 24 | $20.0M | $36.1M | ||
| Q1 24 | $-252.0M | $1.2B |
营业利润率AACOIN
| Q4 25 | 2.0% | 15.4% | ||
| Q3 25 | 5.6% | 25.7% | ||
| Q2 25 | 5.3% | -1.6% | ||
| Q1 25 | 19.8% | 34.7% | ||
| Q4 24 | 9.7% | 45.5% | ||
| Q3 24 | 6.3% | 14.1% | ||
| Q2 24 | 3.2% | 23.7% | ||
| Q1 24 | -12.5% | 46.4% |
净利率AACOIN
| Q4 25 | 6.2% | -37.4% | ||
| Q3 25 | 7.7% | 23.1% | ||
| Q2 25 | 5.4% | 95.4% | ||
| Q1 25 | 16.3% | 3.2% | ||
| Q4 24 | 5.8% | 56.8% | ||
| Q3 24 | 3.1% | 6.3% | ||
| Q2 24 | 0.7% | 2.5% | ||
| Q1 24 | -9.7% | 71.8% |
每股收益（稀释后）AACOIN
| Q4 25 | $0.80 | $-2.43 | ||
| Q3 25 | $0.88 | $1.50 | ||
| Q2 25 | $0.62 | $5.14 | ||
| Q1 25 | $2.07 | $0.24 | ||
| Q4 24 | $1.18 | $4.66 | ||
| Q3 24 | $0.38 | $0.28 | ||
| Q2 24 | $0.11 | $0.14 | ||
| Q1 24 | $-1.41 | $4.40 |
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 | $1.6B | $11.6B |
| 总债务越低越好 | $2.4B | $7.2B |
| 股东权益账面价值 | $6.1B | $14.8B |
| 总资产 | $16.1B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.40× | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资AACOIN
| Q4 25 | $1.6B | $11.6B | ||
| Q3 25 | $1.5B | $9.8B | ||
| Q2 25 | $1.5B | $7.5B | ||
| Q1 25 | $1.2B | $8.1B | ||
| Q4 24 | $1.1B | $8.5B | ||
| Q3 24 | $1.3B | $7.7B | ||
| Q2 24 | $1.4B | $7.2B | ||
| Q1 24 | $1.4B | $6.7B |
总债务AACOIN
| Q4 25 | $2.4B | $7.2B | ||
| Q3 25 | $2.6B | $7.2B | ||
| Q2 25 | $2.6B | $4.2B | ||
| Q1 25 | $2.6B | $4.2B | ||
| Q4 24 | $2.5B | $4.2B | ||
| Q3 24 | $2.5B | $4.2B | ||
| Q2 24 | $2.5B | $4.2B | ||
| Q1 24 | $2.5B | $4.2B |
股东权益AACOIN
| Q4 25 | $6.1B | $14.8B | ||
| Q3 25 | $6.3B | $16.0B | ||
| Q2 25 | $6.1B | $12.1B | ||
| Q1 25 | $5.8B | $10.5B | ||
| Q4 24 | $5.2B | $10.3B | ||
| Q3 24 | $5.3B | $8.7B | ||
| Q2 24 | $3.9B | $8.4B | ||
| Q1 24 | $4.0B | $8.1B |
总资产AACOIN
| Q4 25 | $16.1B | $29.7B | ||
| Q3 25 | $16.0B | $31.4B | ||
| Q2 25 | $15.0B | $23.5B | ||
| Q1 25 | $14.6B | $21.7B | ||
| Q4 24 | $14.1B | $22.5B | ||
| Q3 24 | $14.5B | $290.6B | ||
| Q2 24 | $14.3B | $287.0B | ||
| Q1 24 | $14.3B | $348.0B |
负债/权益比AACOIN
| Q4 25 | 0.40× | 0.49× | ||
| Q3 25 | 0.41× | 0.45× | ||
| Q2 25 | 0.42× | 0.35× | ||
| Q1 25 | 0.44× | 0.40× | ||
| Q4 24 | 0.48× | 0.41× | ||
| Q3 24 | 0.47× | 0.48× | ||
| Q2 24 | 0.63× | 0.51× | ||
| Q1 24 | 0.62× | 0.52× |
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 | $537.0M | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $294.0M | — |
| 自由现金流率自由现金流/营收 | 8.5% | — |
| 资本支出强度资本支出/营收 | 7.0% | — |
| 现金转化率经营现金流/净利润 | 2.52× | — |
| 过去12个月自由现金流最近4个季度 | $567.0M | — |
8季度趋势，按日历期对齐
经营现金流AACOIN
| Q4 25 | $537.0M | $3.1B | ||
| Q3 25 | $85.0M | $-784.5M | ||
| Q2 25 | $488.0M | $328.5M | ||
| Q1 25 | $75.0M | $-182.7M | ||
| Q4 24 | $415.0M | $964.6M | ||
| Q3 24 | $143.0M | $696.5M | ||
| Q2 24 | $287.0M | $484.2M | ||
| Q1 24 | $-223.0M | $411.5M |
自由现金流AACOIN
| Q4 25 | $294.0M | — | ||
| Q3 25 | $-66.0M | — | ||
| Q2 25 | $357.0M | — | ||
| Q1 25 | $-18.0M | — | ||
| Q4 24 | $246.0M | — | ||
| Q3 24 | $-3.0M | — | ||
| Q2 24 | $123.0M | — | ||
| Q1 24 | $-324.0M | — |
自由现金流率AACOIN
| Q4 25 | 8.5% | — | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 7.1% | — | ||
| Q3 24 | -0.1% | — | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | -12.5% | — |
资本支出强度AACOIN
| Q4 25 | 7.0% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 5.0% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | 3.9% | — |
现金转化率AACOIN
| Q4 25 | 2.52× | — | ||
| Q3 25 | 0.37× | -1.81× | ||
| Q2 25 | 2.98× | 0.23× | ||
| Q1 25 | 0.14× | -2.79× | ||
| Q4 24 | 2.05× | 0.75× | ||
| Q3 24 | 1.59× | 9.23× | ||
| Q2 24 | 14.35× | 13.39× | ||
| Q1 24 | — | 0.35× |
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
AA
| Aluminum | $2.5B | 72% |
| Third Party Sales | $979.0M | 28% |
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
