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ANTERO RESOURCES Corp（AR）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是ANTERO RESOURCES Corp的1.3倍（$1.8B vs $1.4B），ANTERO RESOURCES Corp净利率更高（14.4% vs -37.4%，领先51.8%），ANTERO RESOURCES Corp同比增速更快（20.8% vs -21.6%），过去两年ANTERO RESOURCES Corp的营收复合增速更高（12.2% vs 4.3%）
Antero Resources Corporation是一家美国油气勘探企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开展开采作业，深耕北美本土油气资源开发领域。
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。
AR vs COIN — 直观对比
营收规模更大
COIN
是对方的1.3倍
$1.4B
营收增速更快
AR
高出42.4%
-21.6%
净利率更高
AR
高出51.8%
-37.4%
两年增速更快
AR
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.8B |
| 净利润 | $202.9M | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | 15.4% |
| 净利率 | 14.4% | -37.4% |
| 营收同比 | 20.8% | -21.6% |
| 净利润同比 | 27.8% | -151.6% |
| 每股收益（稀释后） | $0.63 | $-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ARCOIN
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.4B | $2.0B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $978.7M | $1.4B | ||
| Q1 24 | $1.1B | $1.6B |
净利润ARCOIN
| Q4 25 | $202.9M | $-666.7M | ||
| Q3 25 | $85.6M | $432.6M | ||
| Q2 25 | $166.6M | $1.4B | ||
| Q1 25 | $219.5M | $65.6M | ||
| Q4 24 | $158.8M | $1.3B | ||
| Q3 24 | $-25.2M | $75.5M | ||
| Q2 24 | $-74.6M | $36.1M | ||
| Q1 24 | $34.7M | $1.2B |
营业利润率ARCOIN
| Q4 25 | 20.5% | 15.4% | ||
| Q3 25 | 9.7% | 25.7% | ||
| Q2 25 | 15.8% | -1.6% | ||
| Q1 25 | 20.1% | 34.7% | ||
| Q4 24 | 4.9% | 45.5% | ||
| Q3 24 | -2.4% | 14.1% | ||
| Q2 24 | -8.2% | 23.7% | ||
| Q1 24 | 4.3% | 46.4% |
净利率ARCOIN
| Q4 25 | 14.4% | -37.4% | ||
| Q3 25 | 7.1% | 23.1% | ||
| Q2 25 | 12.8% | 95.4% | ||
| Q1 25 | 16.2% | 3.2% | ||
| Q4 24 | 13.6% | 56.8% | ||
| Q3 24 | -2.4% | 6.3% | ||
| Q2 24 | -7.6% | 2.5% | ||
| Q1 24 | 3.1% | 71.8% |
每股收益（稀释后）ARCOIN
| Q4 25 | $0.63 | $-2.43 | ||
| Q3 25 | $0.24 | $1.50 | ||
| Q2 25 | $0.50 | $5.14 | ||
| Q1 25 | $0.66 | $0.24 | ||
| Q4 24 | $0.48 | $4.66 | ||
| Q3 24 | $-0.11 | $0.28 | ||
| Q2 24 | $-0.26 | $0.14 | ||
| Q1 24 | $0.07 | $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 | — | $11.6B |
| 总债务越低越好 | — | $7.2B |
| 股东权益账面价值 | $7.6B | $14.8B |
| 总资产 | $13.2B | $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ARCOIN
| Q4 25 | — | $11.6B | ||
| Q3 25 | — | $9.8B | ||
| Q2 25 | — | $7.5B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | $7.7B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $6.7B |
总债务ARCOIN
| 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ARCOIN
| Q4 25 | $7.6B | $14.8B | ||
| Q3 25 | $7.3B | $16.0B | ||
| Q2 25 | $7.3B | $12.1B | ||
| Q1 25 | $7.2B | $10.5B | ||
| Q4 24 | $7.0B | $10.3B | ||
| Q3 24 | $7.0B | $8.7B | ||
| Q2 24 | $7.0B | $8.4B | ||
| Q1 24 | $7.1B | $8.1B |
总资产ARCOIN
| Q4 25 | $13.2B | $29.7B | ||
| Q3 25 | $12.9B | $31.4B | ||
| Q2 25 | $12.8B | $23.5B | ||
| Q1 25 | $13.0B | $21.7B | ||
| Q4 24 | $13.0B | $22.5B | ||
| Q3 24 | $13.2B | $290.6B | ||
| Q2 24 | $13.4B | $287.0B | ||
| Q1 24 | $13.5B | $348.0B |
负债/权益比ARCOIN
| 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 | $370.7M | $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 | 1.83× | — |
| 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ARCOIN
| Q4 25 | $370.7M | $3.1B | ||
| Q3 25 | $310.1M | $-784.5M | ||
| Q2 25 | $492.4M | $328.5M | ||
| Q1 25 | $457.7M | $-182.7M | ||
| Q4 24 | $278.0M | $964.6M | ||
| Q3 24 | $166.2M | $696.5M | ||
| Q2 24 | $143.5M | $484.2M | ||
| Q1 24 | $261.6M | $411.5M |
现金转化率ARCOIN
| Q4 25 | 1.83× | — | ||
| Q3 25 | 3.62× | -1.81× | ||
| Q2 25 | 2.96× | 0.23× | ||
| Q1 25 | 2.09× | -2.79× | ||
| Q4 24 | 1.75× | 0.75× | ||
| Q3 24 | — | 9.23× | ||
| Q2 24 | — | 13.39× | ||
| Q1 24 | 7.55× | 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
AR
| Natural Gas Production | $773.6M | 55% |
| Natural Gas Liquids Sales C3Ngls | $378.1M | 27% |
| Other | $97.3M | 7% |
| Natural Gas Liquids Sales Ethane | $96.1M | 7% |
| Oil And Condensate | $34.8M | 2% |
| Marketings | $31.7M | 2% |
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% |
