vs
Crown Castle（CCI）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Crown Castle的1.8倍（$1.8B vs $1.0B），Crown Castle净利率更高（77.2% vs -37.4%，领先114.7%），Crown Castle同比增速更快（-4.8% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -4.5%）
Crown Castle Inc.是总部位于美国得克萨斯州休斯敦的房地产投资信托企业，同时是美国共享通信基础设施服务商，在全球设有100个办事处，旗下拥有超4万座信号塔、约8.5万英里光纤线路，为小基站及光纤系统提供网络支撑。
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。
CCI vs COIN — 直观对比
营收规模更大
COIN
是对方的1.8倍
$1.0B
营收增速更快
CCI
高出16.8%
-21.6%
净利率更高
CCI
高出114.7%
-37.4%
两年增速更快
COIN
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.8B |
| 净利润 | $780.0M | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | — | 15.4% |
| 净利率 | 77.2% | -37.4% |
| 营收同比 | -4.8% | -21.6% |
| 净利润同比 | 76.0% | -151.6% |
| 每股收益（稀释后） | $1.80 | $-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CCICOIN
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.1B | $2.0B | ||
| Q4 24 | $1.1B | $2.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.1B | $1.4B |
净利润CCICOIN
| Q1 26 | $780.0M | — | ||
| Q4 25 | $294.0M | $-666.7M | ||
| Q3 25 | $323.0M | $432.6M | ||
| Q2 25 | $291.0M | $1.4B | ||
| Q1 25 | $-464.0M | $65.6M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $303.0M | $75.5M | ||
| Q2 24 | $251.0M | $36.1M |
毛利率CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | 97.4% | — | ||
| Q3 25 | 97.2% | — | ||
| Q2 25 | 97.5% | — | ||
| Q1 25 | 97.4% | — | ||
| Q4 24 | 97.7% | — | ||
| Q3 24 | 97.6% | — | ||
| Q2 24 | 97.7% | — |
营业利润率CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | 48.8% | 15.4% | ||
| Q3 25 | 49.0% | 25.7% | ||
| Q2 25 | 47.7% | -1.6% | ||
| Q1 25 | 49.1% | 34.7% | ||
| Q4 24 | 51.0% | 45.5% | ||
| Q3 24 | 47.5% | 14.1% | ||
| Q2 24 | 44.7% | 23.7% |
净利率CCICOIN
| Q1 26 | 77.2% | — | ||
| Q4 25 | 27.5% | -37.4% | ||
| Q3 25 | 30.1% | 23.1% | ||
| Q2 25 | 27.5% | 95.4% | ||
| Q1 25 | -43.7% | 3.2% | ||
| Q4 24 | — | 56.8% | ||
| Q3 24 | 27.1% | 6.3% | ||
| Q2 24 | 22.7% | 2.5% |
每股收益（稀释后）CCICOIN
| Q1 26 | $1.80 | — | ||
| Q4 25 | $0.67 | $-2.43 | ||
| Q3 25 | $0.74 | $1.50 | ||
| Q2 25 | $0.67 | $5.14 | ||
| Q1 25 | $-1.07 | $0.24 | ||
| Q4 24 | — | $4.66 | ||
| Q3 24 | $0.70 | $0.28 | ||
| Q2 24 | $0.58 | $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 | $55.0K | $11.6B |
| 总债务越低越好 | — | $7.2B |
| 股东权益账面价值 | — | $14.8B |
| 总资产 | $31.4M | $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CCICOIN
| Q1 26 | $55.0K | — | ||
| Q4 25 | $99.0M | $11.6B | ||
| Q3 25 | $57.0M | $9.8B | ||
| Q2 25 | $94.0M | $7.5B | ||
| Q1 25 | $60.0M | $8.1B | ||
| Q4 24 | $100.0M | $8.5B | ||
| Q3 24 | $194.0M | $7.7B | ||
| Q2 24 | $155.0M | $7.2B |
总债务CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | $21.6B | $7.2B | ||
| Q3 25 | $21.6B | $7.2B | ||
| Q2 25 | $22.0B | $4.2B | ||
| Q1 25 | $22.9B | $4.2B | ||
| Q4 24 | $23.5B | $4.2B | ||
| Q3 24 | $23.5B | $4.2B | ||
| Q2 24 | $22.9B | $4.2B |
股东权益CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | $-1.6B | $14.8B | ||
| Q3 25 | $-1.5B | $16.0B | ||
| Q2 25 | $-1.4B | $12.1B | ||
| Q1 25 | $-1.3B | $10.5B | ||
| Q4 24 | $-133.0M | $10.3B | ||
| Q3 24 | $5.3B | $8.7B | ||
| Q2 24 | $5.7B | $8.4B |
总资产CCICOIN
| Q1 26 | $31.4M | — | ||
| Q4 25 | $31.5B | $29.7B | ||
| Q3 25 | $31.5B | $31.4B | ||
| Q2 25 | $31.6B | $23.5B | ||
| Q1 25 | $31.8B | $21.7B | ||
| Q4 24 | $32.7B | $22.5B | ||
| Q3 24 | $38.0B | $290.6B | ||
| Q2 24 | $38.2B | $287.0B |
负债/权益比CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | 4.43× | 0.48× | ||
| Q2 24 | 4.04× | 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 | $-43.0M | — |
| 自由现金流率自由现金流/营收 | -4.3% | — |
| 资本支出强度资本支出/营收 | 14.9% | — |
| 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 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $3.1B | ||
| Q3 25 | $714.0M | $-784.5M | ||
| Q2 25 | $832.0M | $328.5M | ||
| Q1 25 | $641.0M | $-182.7M | ||
| Q4 24 | $2.9B | $964.6M | ||
| Q3 24 | $699.0M | $696.5M | ||
| Q2 24 | $768.0M | $484.2M |
自由现金流CCICOIN
| Q1 26 | $-43.0M | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $671.0M | — | ||
| Q2 25 | $792.0M | — | ||
| Q1 25 | $601.0M | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $661.0M | — | ||
| Q2 24 | $729.0M | — |
自由现金流率CCICOIN
| Q1 26 | -4.3% | — | ||
| Q4 25 | 268.4% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 74.7% | — | ||
| Q1 25 | 56.6% | — | ||
| Q4 24 | 247.3% | — | ||
| Q3 24 | 59.0% | — | ||
| Q2 24 | 65.9% | — |
资本支出强度CCICOIN
| Q1 26 | 14.9% | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 3.5% | — |
现金转化率CCICOIN
| Q1 26 | — | — | ||
| Q4 25 | 10.40× | — | ||
| Q3 25 | 2.21× | -1.81× | ||
| Q2 25 | 2.86× | 0.23× | ||
| Q1 25 | — | -2.79× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | 2.31× | 9.23× | ||
| Q2 24 | 3.06× | 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
CCI
| Site rental | $961.0M | 95% |
| Services and other | $49.0M | 5% |
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% |
