vs
渤健（BIIB）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
渤健的季度营收约是Coinbase的1.3倍（$2.3B vs $1.8B），渤健净利率更高（-2.1% vs -37.4%，领先35.3%），渤健同比增速更快（-7.1% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -0.2%）
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
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。
BIIB vs COIN — 直观对比
营收规模更大
BIIB
是对方的1.3倍
$1.8B
营收增速更快
BIIB
高出14.5%
-21.6%
净利率更高
BIIB
高出35.3%
-37.4%
两年增速更快
COIN
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.8B |
| 净利润 | $-48.9M | $-666.7M |
| 毛利率 | 78.3% | — |
| 营业利润率 | -2.5% | 15.4% |
| 净利率 | -2.1% | -37.4% |
| 营收同比 | -7.1% | -21.6% |
| 净利润同比 | -118.3% | -151.6% |
| 每股收益（稀释后） | $-0.35 | $-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BIIBCOIN
| Q4 25 | $2.3B | $1.8B | ||
| Q3 25 | $2.5B | $1.9B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.3B | $1.6B |
净利润BIIBCOIN
| Q4 25 | $-48.9M | $-666.7M | ||
| Q3 25 | $466.5M | $432.6M | ||
| Q2 25 | $634.8M | $1.4B | ||
| Q1 25 | $240.5M | $65.6M | ||
| Q4 24 | $266.7M | $1.3B | ||
| Q3 24 | $388.5M | $75.5M | ||
| Q2 24 | $583.6M | $36.1M | ||
| Q1 24 | $393.4M | $1.2B |
毛利率BIIBCOIN
| Q4 25 | 78.3% | — | ||
| Q3 25 | 73.4% | — | ||
| Q2 25 | 77.1% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 76.2% | — | ||
| Q3 24 | 74.1% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 76.3% | — |
营业利润率BIIBCOIN
| Q4 25 | -2.5% | 15.4% | ||
| Q3 25 | 22.0% | 25.7% | ||
| Q2 25 | 28.1% | -1.6% | ||
| Q1 25 | 12.8% | 34.7% | ||
| Q4 24 | 11.9% | 45.5% | ||
| Q3 24 | 18.3% | 14.1% | ||
| Q2 24 | 28.3% | 23.7% | ||
| Q1 24 | 20.3% | 46.4% |
净利率BIIBCOIN
| Q4 25 | -2.1% | -37.4% | ||
| Q3 25 | 18.4% | 23.1% | ||
| Q2 25 | 24.0% | 95.4% | ||
| Q1 25 | 9.9% | 3.2% | ||
| Q4 24 | 10.9% | 56.8% | ||
| Q3 24 | 15.8% | 6.3% | ||
| Q2 24 | 23.7% | 2.5% | ||
| Q1 24 | 17.2% | 71.8% |
每股收益（稀释后）BIIBCOIN
| Q4 25 | $-0.35 | $-2.43 | ||
| Q3 25 | $3.17 | $1.50 | ||
| Q2 25 | $4.33 | $5.14 | ||
| Q1 25 | $1.64 | $0.24 | ||
| Q4 24 | $1.82 | $4.66 | ||
| Q3 24 | $2.66 | $0.28 | ||
| Q2 24 | $4.00 | $0.14 | ||
| Q1 24 | $2.70 | $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 | $6.3B | $7.2B |
| 股东权益账面价值 | $18.3B | $14.8B |
| 总资产 | $29.4B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.34× | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资BIIBCOIN
| 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BIIBCOIN
| Q4 25 | $6.3B | $7.2B | ||
| Q3 25 | $6.3B | $7.2B | ||
| Q2 25 | $6.3B | $4.2B | ||
| Q1 25 | $4.5B | $4.2B | ||
| Q4 24 | $6.3B | $4.2B | ||
| Q3 24 | $4.5B | $4.2B | ||
| Q2 24 | $6.3B | $4.2B | ||
| Q1 24 | $6.3B | $4.2B |
股东权益BIIBCOIN
| Q4 25 | $18.3B | $14.8B | ||
| Q3 25 | $18.2B | $16.0B | ||
| Q2 25 | $17.6B | $12.1B | ||
| Q1 25 | $17.0B | $10.5B | ||
| Q4 24 | $16.7B | $10.3B | ||
| Q3 24 | $16.4B | $8.7B | ||
| Q2 24 | $15.9B | $8.4B | ||
| Q1 24 | $15.2B | $8.1B |
总资产BIIBCOIN
| Q4 25 | $29.4B | $29.7B | ||
| Q3 25 | $29.2B | $31.4B | ||
| Q2 25 | $28.3B | $23.5B | ||
| Q1 25 | $28.0B | $21.7B | ||
| Q4 24 | $28.0B | $22.5B | ||
| Q3 24 | $28.3B | $290.6B | ||
| Q2 24 | $26.8B | $287.0B | ||
| Q1 24 | $26.6B | $348.0B |
负债/权益比BIIBCOIN
| Q4 25 | 0.34× | 0.49× | ||
| Q3 25 | 0.35× | 0.45× | ||
| Q2 25 | 0.36× | 0.35× | ||
| Q1 25 | 0.27× | 0.40× | ||
| Q4 24 | 0.38× | 0.41× | ||
| Q3 24 | 0.28× | 0.48× | ||
| Q2 24 | 0.40× | 0.51× | ||
| Q1 24 | 0.41× | 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 | $511.9M | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $468.0M | — |
| 自由现金流率自由现金流/营收 | 20.5% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 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 | $2.1B | — |
8季度趋势，按日历期对齐
经营现金流BIIBCOIN
| Q4 25 | $511.9M | $3.1B | ||
| Q3 25 | $1.3B | $-784.5M | ||
| Q2 25 | $160.9M | $328.5M | ||
| Q1 25 | $259.3M | $-182.7M | ||
| Q4 24 | $760.9M | $964.6M | ||
| Q3 24 | $935.6M | $696.5M | ||
| Q2 24 | $625.8M | $484.2M | ||
| Q1 24 | $553.2M | $411.5M |
自由现金流BIIBCOIN
| Q4 25 | $468.0M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $134.3M | — | ||
| Q1 25 | $222.2M | — | ||
| Q4 24 | $721.6M | — | ||
| Q3 24 | $900.6M | — | ||
| Q2 24 | $592.3M | — | ||
| Q1 24 | $507.3M | — |
自由现金流率BIIBCOIN
| Q4 25 | 20.5% | — | ||
| Q3 25 | 48.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.1% | — | ||
| Q4 24 | 29.4% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | 22.1% | — |
资本支出强度BIIBCOIN
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.0% | — |
现金转化率BIIBCOIN
| Q4 25 | — | — | ||
| Q3 25 | 2.73× | -1.81× | ||
| Q2 25 | 0.25× | 0.23× | ||
| Q1 25 | 1.08× | -2.79× | ||
| Q4 24 | 2.85× | 0.75× | ||
| Q3 24 | 2.41× | 9.23× | ||
| Q2 24 | 1.07× | 13.39× | ||
| Q1 24 | 1.41× | 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
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
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% |
