vs
Arista Networks（ANET）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
Arista Networks的季度营收约是Coinbase的1.4倍（$2.5B vs $1.8B），Arista Networks净利率更高（38.4% vs -37.4%，领先75.9%），Arista Networks同比增速更快（28.9% vs -21.6%），过去两年Arista Networks的营收复合增速更高（25.8% vs 4.3%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
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。
ANET vs COIN — 直观对比
营收规模更大
ANET
是对方的1.4倍
$1.8B
营收增速更快
ANET
高出50.5%
-21.6%
净利率更高
ANET
高出75.9%
-37.4%
两年增速更快
ANET
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.8B |
| 净利润 | $955.8M | $-666.7M |
| 毛利率 | 62.9% | — |
| 营业利润率 | 41.5% | 15.4% |
| 净利率 | 38.4% | -37.4% |
| 营收同比 | 28.9% | -21.6% |
| 净利润同比 | 19.3% | -151.6% |
| 每股收益（稀释后） | $0.74 | $-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ANETCOIN
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.3B | $1.9B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.0B | $2.0B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.7B | $1.4B | ||
| Q1 24 | $1.6B | $1.6B |
净利润ANETCOIN
| Q4 25 | $955.8M | $-666.7M | ||
| Q3 25 | $853.0M | $432.6M | ||
| Q2 25 | $888.8M | $1.4B | ||
| Q1 25 | $813.8M | $65.6M | ||
| Q4 24 | $801.0M | $1.3B | ||
| Q3 24 | $747.9M | $75.5M | ||
| Q2 24 | $665.4M | $36.1M | ||
| Q1 24 | $637.7M | $1.2B |
毛利率ANETCOIN
| Q4 25 | 62.9% | — | ||
| Q3 25 | 64.6% | — | ||
| Q2 25 | 65.2% | — | ||
| Q1 25 | 63.7% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 64.2% | — | ||
| Q2 24 | 64.9% | — | ||
| Q1 24 | 63.7% | — |
营业利润率ANETCOIN
| Q4 25 | 41.5% | 15.4% | ||
| Q3 25 | 42.4% | 25.7% | ||
| Q2 25 | 44.7% | -1.6% | ||
| Q1 25 | 42.8% | 34.7% | ||
| Q4 24 | 41.4% | 45.5% | ||
| Q3 24 | 43.4% | 14.1% | ||
| Q2 24 | 41.4% | 23.7% | ||
| Q1 24 | 42.0% | 46.4% |
净利率ANETCOIN
| Q4 25 | 38.4% | -37.4% | ||
| Q3 25 | 37.0% | 23.1% | ||
| Q2 25 | 40.3% | 95.4% | ||
| Q1 25 | 40.6% | 3.2% | ||
| Q4 24 | 41.5% | 56.8% | ||
| Q3 24 | 41.3% | 6.3% | ||
| Q2 24 | 39.4% | 2.5% | ||
| Q1 24 | 40.6% | 71.8% |
每股收益（稀释后）ANETCOIN
| Q4 25 | $0.74 | $-2.43 | ||
| Q3 25 | $0.67 | $1.50 | ||
| Q2 25 | $0.70 | $5.14 | ||
| Q1 25 | $0.64 | $0.24 | ||
| Q4 24 | $-4.17 | $4.66 | ||
| Q3 24 | $2.33 | $0.28 | ||
| Q2 24 | $2.08 | $0.14 | ||
| Q1 24 | $1.99 | $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 | $2.0B | $11.6B |
| 总债务越低越好 | — | $7.2B |
| 股东权益账面价值 | $12.4B | $14.8B |
| 总资产 | $19.4B | $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ANETCOIN
| Q4 25 | $2.0B | $11.6B | ||
| Q3 25 | $2.3B | $9.8B | ||
| Q2 25 | $2.2B | $7.5B | ||
| Q1 25 | $1.8B | $8.1B | ||
| Q4 24 | $2.8B | $8.5B | ||
| Q3 24 | $3.2B | $7.7B | ||
| Q2 24 | $2.4B | $7.2B | ||
| Q1 24 | $2.1B | $6.7B |
总债务ANETCOIN
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.2B |
股东权益ANETCOIN
| Q4 25 | $12.4B | $14.8B | ||
| Q3 25 | $11.9B | $16.0B | ||
| Q2 25 | $10.9B | $12.1B | ||
| Q1 25 | $10.1B | $10.5B | ||
| Q4 24 | $10.0B | $10.3B | ||
| Q3 24 | $9.2B | $8.7B | ||
| Q2 24 | $8.4B | $8.4B | ||
| Q1 24 | $7.9B | $8.1B |
总资产ANETCOIN
| Q4 25 | $19.4B | $29.7B | ||
| Q3 25 | $18.0B | $31.4B | ||
| Q2 25 | $16.5B | $23.5B | ||
| Q1 25 | $14.5B | $21.7B | ||
| Q4 24 | $14.0B | $22.5B | ||
| Q3 24 | $12.8B | $290.6B | ||
| Q2 24 | $11.6B | $287.0B | ||
| Q1 24 | $10.6B | $348.0B |
负债/权益比ANETCOIN
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 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 | $1.3B | $3.1B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ANETCOIN
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.3B | $-784.5M | ||
| Q2 25 | $1.2B | $328.5M | ||
| Q1 25 | $641.7M | $-182.7M | ||
| Q4 24 | $1.0B | $964.6M | ||
| Q3 24 | $1.2B | $696.5M | ||
| Q2 24 | $989.0M | $484.2M | ||
| Q1 24 | $513.8M | $411.5M |
自由现金流ANETCOIN
| Q4 25 | — | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $613.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $504.4M | — |
自由现金流率ANETCOIN
| Q4 25 | — | — | ||
| Q3 25 | 53.6% | — | ||
| Q2 25 | 53.3% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 64.5% | — | ||
| Q2 24 | 58.3% | — | ||
| Q1 24 | 32.1% | — |
资本支出强度ANETCOIN
| Q4 25 | — | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.6% | — |
现金转化率ANETCOIN
| Q4 25 | 1.32× | — | ||
| Q3 25 | 1.49× | -1.81× | ||
| Q2 25 | 1.35× | 0.23× | ||
| Q1 25 | 0.79× | -2.79× | ||
| Q4 24 | 1.29× | 0.75× | ||
| Q3 24 | 1.57× | 9.23× | ||
| Q2 24 | 1.49× | 13.39× | ||
| Q1 24 | 0.81× | 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
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
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% |
