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贝莱德（BLK）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
贝莱德的季度营收约是Coinbase的3.9倍（$7.0B vs $1.8B），贝莱德净利率更高（16.1% vs -37.4%，领先53.5%），过去两年贝莱德的营收复合增速更高（24.5% vs 4.3%）
贝莱德是美国跨国投资企业，成立于1988年，最初主打企业风险管理与固定收益机构资产管理业务，现为全球规模最大的资产管理机构，截至2025年管理资产规模达12.5万亿美元。公司总部位于纽约，在30个国家设有70个办事处，客户遍布全球100个国家。
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。
BLK vs COIN — 直观对比
营收规模更大
BLK
是对方的3.9倍
$1.8B
净利率更高
BLK
高出53.5%
-37.4%
两年增速更快
BLK
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $1.8B |
| 净利润 | $1.1B | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 15.4% |
| 净利率 | 16.1% | -37.4% |
| 营收同比 | — | -21.6% |
| 净利润同比 | — | -151.6% |
| 每股收益（稀释后） | $7.05 | $-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BLKCOIN
| Q4 25 | $7.0B | $1.8B | ||
| Q3 25 | $6.5B | $1.9B | ||
| Q2 25 | $5.4B | $1.5B | ||
| Q1 25 | $5.3B | $2.0B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $5.2B | $1.2B | ||
| Q2 24 | $4.8B | $1.4B | ||
| Q1 24 | $4.7B | $1.6B |
净利润BLKCOIN
| Q4 25 | $1.1B | $-666.7M | ||
| Q3 25 | $1.3B | $432.6M | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.5B | $65.6M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $1.6B | $75.5M | ||
| Q2 24 | $1.5B | $36.1M | ||
| Q1 24 | $1.6B | $1.2B |
营业利润率BLKCOIN
| Q4 25 | 23.7% | 15.4% | ||
| Q3 25 | 30.0% | 25.7% | ||
| Q2 25 | 31.9% | -1.6% | ||
| Q1 25 | 32.2% | 34.7% | ||
| Q4 24 | — | 45.5% | ||
| Q3 24 | 38.6% | 14.1% | ||
| Q2 24 | 37.5% | 23.7% | ||
| Q1 24 | 35.8% | 46.4% |
净利率BLKCOIN
| Q4 25 | 16.1% | -37.4% | ||
| Q3 25 | 20.3% | 23.1% | ||
| Q2 25 | 29.4% | 95.4% | ||
| Q1 25 | 28.6% | 3.2% | ||
| Q4 24 | — | 56.8% | ||
| Q3 24 | 31.4% | 6.3% | ||
| Q2 24 | 31.1% | 2.5% | ||
| Q1 24 | 33.3% | 71.8% |
每股收益（稀释后）BLKCOIN
| Q4 25 | $7.05 | $-2.43 | ||
| Q3 25 | $8.43 | $1.50 | ||
| Q2 25 | $10.19 | $5.14 | ||
| Q1 25 | $9.64 | $0.24 | ||
| Q4 24 | — | $4.66 | ||
| Q3 24 | $10.90 | $0.28 | ||
| Q2 24 | $9.99 | $0.14 | ||
| Q1 24 | $10.48 | $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 | $11.5B | $11.6B |
| 总债务越低越好 | $12.8B | $7.2B |
| 股东权益账面价值 | $55.9B | $14.8B |
| 总资产 | $170.0B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资BLKCOIN
| Q4 25 | $11.5B | $11.6B | ||
| Q3 25 | $10.0B | $9.8B | ||
| Q2 25 | $9.5B | $7.5B | ||
| Q1 25 | $7.7B | $8.1B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | $14.0B | $7.7B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $6.7B |
总债务BLKCOIN
| Q4 25 | $12.8B | $7.2B | ||
| Q3 25 | $12.8B | $7.2B | ||
| Q2 25 | $12.8B | $4.2B | ||
| Q1 25 | $12.3B | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $12.4B | $4.2B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.2B |
股东权益BLKCOIN
| Q4 25 | $55.9B | $14.8B | ||
| Q3 25 | $55.5B | $16.0B | ||
| Q2 25 | $49.1B | $12.1B | ||
| Q1 25 | $48.0B | $10.5B | ||
| Q4 24 | — | $10.3B | ||
| Q3 24 | $41.2B | $8.7B | ||
| Q2 24 | $40.3B | $8.4B | ||
| Q1 24 | $39.9B | $8.1B |
总资产BLKCOIN
| Q4 25 | $170.0B | $29.7B | ||
| Q3 25 | $162.7B | $31.4B | ||
| Q2 25 | $146.5B | $23.5B | ||
| Q1 25 | $141.9B | $21.7B | ||
| Q4 24 | — | $22.5B | ||
| Q3 24 | $132.8B | $290.6B | ||
| Q2 24 | — | $287.0B | ||
| Q1 24 | — | $348.0B |
负债/权益比BLKCOIN
| Q4 25 | 0.23× | 0.49× | ||
| Q3 25 | 0.23× | 0.45× | ||
| Q2 25 | 0.26× | 0.35× | ||
| Q1 25 | 0.26× | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | 0.30× | 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 | $2.3B | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | — |
| 自由现金流率自由现金流/营收 | 30.6% | — |
| 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 | 2.02× | — |
| 过去12个月自由现金流最近4个季度 | $3.6B | — |
8季度趋势，按日历期对齐
经营现金流BLKCOIN
| Q4 25 | $2.3B | $3.1B | ||
| Q3 25 | $1.4B | $-784.5M | ||
| Q2 25 | $1.4B | $328.5M | ||
| Q1 25 | $-1.1B | $-182.7M | ||
| Q4 24 | — | $964.6M | ||
| Q3 24 | — | $696.5M | ||
| Q2 24 | — | $484.2M | ||
| Q1 24 | $-408.0M | $411.5M |
自由现金流BLKCOIN
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $-1.2B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-472.0M | — |
自由现金流率BLKCOIN
| Q4 25 | 30.6% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 23.5% | — | ||
| Q1 25 | -22.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -10.0% | — |
资本支出强度BLKCOIN
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.4% | — |
现金转化率BLKCOIN
| Q4 25 | 2.02× | — | ||
| Q3 25 | 1.07× | -1.81× | ||
| Q2 25 | 0.86× | 0.23× | ||
| Q1 25 | -0.75× | -2.79× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | 9.23× | ||
| Q2 24 | — | 13.39× | ||
| Q1 24 | -0.26× | 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
BLK
| Investment Advice | $5.3B | 75% |
| Investment Performance | $754.0M | 11% |
| Technology Services And Subscription Revenue | $531.0M | 8% |
| Distribution And Shareholder Service | $359.0M | 5% |
| Service Other | $86.0M | 1% |
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% |
