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美国铁塔（AMT）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
美国铁塔的季度营收约是Coinbase的1.5倍（$2.7B vs $1.8B），美国铁塔净利率更高（110.1% vs -37.4%，领先147.6%），美国铁塔同比增速更快（6.8% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 3.7%）
美国铁塔是全球规模最大的房地产投资信托基金（REIT）之一，作为领先的独立多租户通信地产持有、运营及开发商，目前在全球范围内拥有约21.9万个通信站点，为全球通信产业提供可靠的基础设施支持。
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。
AMT vs COIN — 直观对比
营收规模更大
AMT
是对方的1.5倍
$1.8B
营收增速更快
AMT
高出28.4%
-21.6%
净利率更高
AMT
高出147.6%
-37.4%
两年增速更快
COIN
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.8B |
| 净利润 | $3.0B | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 15.4% |
| 净利率 | 110.1% | -37.4% |
| 营收同比 | 6.8% | -21.6% |
| 净利润同比 | -2.6% | -151.6% |
| 每股收益（稀释后） | — | $-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AMTCOIN
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.4B |
净利润AMTCOIN
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $-666.7M | ||
| Q3 25 | $912.6M | $432.6M | ||
| Q2 25 | $380.5M | $1.4B | ||
| Q1 25 | $498.6M | $65.6M | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $-780.4M | $75.5M | ||
| Q2 24 | $908.4M | $36.1M |
营业利润率AMTCOIN
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 15.4% | ||
| Q3 25 | 45.4% | 25.7% | ||
| Q2 25 | 45.6% | -1.6% | ||
| Q1 25 | 48.9% | 34.7% | ||
| Q4 24 | 42.4% | 45.5% | ||
| Q3 24 | 45.2% | 14.1% | ||
| Q2 24 | 45.4% | 23.7% |
净利率AMTCOIN
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | -37.4% | ||
| Q3 25 | 33.6% | 23.1% | ||
| Q2 25 | 14.5% | 95.4% | ||
| Q1 25 | 19.5% | 3.2% | ||
| Q4 24 | 48.3% | 56.8% | ||
| Q3 24 | -30.9% | 6.3% | ||
| Q2 24 | 35.7% | 2.5% |
每股收益（稀释后）AMTCOIN
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $-2.43 | ||
| Q3 25 | $1.82 | $1.50 | ||
| Q2 25 | $0.78 | $5.14 | ||
| Q1 25 | $1.04 | $0.24 | ||
| Q4 24 | $2.63 | $4.66 | ||
| Q3 24 | $-1.69 | $0.28 | ||
| Q2 24 | $1.92 | $0.14 |
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 | — | $7.2B |
| 股东权益账面价值 | $10.2B | $14.8B |
| 总资产 | — | $29.7B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资AMTCOIN
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $11.6B | ||
| Q3 25 | $2.0B | $9.8B | ||
| Q2 25 | $2.1B | $7.5B | ||
| Q1 25 | $2.1B | $8.1B | ||
| Q4 24 | $2.0B | $8.5B | ||
| Q3 24 | $2.2B | $7.7B | ||
| Q2 24 | $2.2B | $7.2B |
总债务AMTCOIN
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $7.2B | ||
| Q3 25 | $34.9B | $7.2B | ||
| Q2 25 | $35.2B | $4.2B | ||
| Q1 25 | $34.0B | $4.2B | ||
| Q4 24 | $32.8B | $4.2B | ||
| Q3 24 | $33.4B | $4.2B | ||
| Q2 24 | $35.6B | $4.2B |
股东权益AMTCOIN
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $14.8B | ||
| Q3 25 | $4.0B | $16.0B | ||
| Q2 25 | $3.7B | $12.1B | ||
| Q1 25 | $3.5B | $10.5B | ||
| Q4 24 | $3.4B | $10.3B | ||
| Q3 24 | $3.6B | $8.7B | ||
| Q2 24 | $3.9B | $8.4B |
总资产AMTCOIN
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $29.7B | ||
| Q3 25 | $63.9B | $31.4B | ||
| Q2 25 | $63.8B | $23.5B | ||
| Q1 25 | $62.1B | $21.7B | ||
| Q4 24 | $61.1B | $22.5B | ||
| Q3 24 | $62.8B | $290.6B | ||
| Q2 24 | $65.8B | $287.0B |
负债/权益比AMTCOIN
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 0.49× | ||
| Q3 25 | 8.82× | 0.45× | ||
| Q2 25 | 9.48× | 0.35× | ||
| Q1 25 | 9.63× | 0.40× | ||
| Q4 24 | 9.70× | 0.41× | ||
| Q3 24 | 9.16× | 0.48× | ||
| Q2 24 | 9.24× | 0.51× |
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 | — | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $941.0M | — |
| 自由现金流率自由现金流/营收 | 34.4% | — |
| 资本支出强度资本支出/营收 | 16.8% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $6.7B | — |
8季度趋势，按日历期对齐
经营现金流AMTCOIN
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $3.1B | ||
| Q3 25 | $1.5B | $-784.5M | ||
| Q2 25 | $1.3B | $328.5M | ||
| Q1 25 | $1.3B | $-182.7M | ||
| Q4 24 | $5.3B | $964.6M | ||
| Q3 24 | $1.5B | $696.5M | ||
| Q2 24 | $1.3B | $484.2M |
自由现金流AMTCOIN
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | — | ||
| Q3 25 | $994.5M | — | ||
| Q2 25 | $976.9M | — | ||
| Q1 25 | $963.9M | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
自由现金流率AMTCOIN
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 37.6% | — | ||
| Q4 24 | 145.3% | — | ||
| Q3 24 | 41.4% | — | ||
| Q2 24 | 39.8% | — |
资本支出强度AMTCOIN
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | — | ||
| Q3 25 | 17.1% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 12.9% | — | ||
| Q4 24 | 62.4% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | 12.8% | — |
现金转化率AMTCOIN
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | — | ||
| Q3 25 | 1.60× | -1.81× | ||
| Q2 25 | 3.37× | 0.23× | ||
| Q1 25 | 2.60× | -2.79× | ||
| Q4 24 | 4.30× | 0.75× | ||
| Q3 24 | — | 9.23× | ||
| Q2 24 | 1.47× | 13.39× |
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
AMT
暂无分部数据
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% |
