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塞拉尼斯（CE）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
塞拉尼斯的季度营收约是Coinbase的1.2倍（$2.2B vs $1.8B），塞拉尼斯净利率更高（0.6% vs -37.4%，领先38.1%），塞拉尼斯同比增速更快（-7.0% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs COIN — 直观对比
营收规模更大
CE
是对方的1.2倍
$1.8B
营收增速更快
CE
高出14.6%
-21.6%
净利率更高
CE
高出38.1%
-37.4%
两年增速更快
COIN
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.8B |
| 净利润 | $14.0M | $-666.7M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 15.4% |
| 净利率 | 0.6% | -37.4% |
| 营收同比 | -7.0% | -21.6% |
| 净利润同比 | 100.7% | -151.6% |
| 每股收益（稀释后） | $0.13 | $-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CECOIN
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.4B | $1.9B | ||
| Q2 25 | $2.5B | $1.5B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.7B | $1.4B | ||
| Q1 24 | $2.6B | $1.6B |
净利润CECOIN
| Q4 25 | $14.0M | $-666.7M | ||
| Q3 25 | $-1.4B | $432.6M | ||
| Q2 25 | $199.0M | $1.4B | ||
| Q1 25 | $-21.0M | $65.6M | ||
| Q4 24 | $-1.9B | $1.3B | ||
| Q3 24 | $116.0M | $75.5M | ||
| Q2 24 | $155.0M | $36.1M | ||
| Q1 24 | $121.0M | $1.2B |
毛利率CECOIN
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CECOIN
| Q4 25 | 4.0% | 15.4% | ||
| Q3 25 | -52.7% | 25.7% | ||
| Q2 25 | 9.2% | -1.6% | ||
| Q1 25 | 7.0% | 34.7% | ||
| Q4 24 | -59.3% | 45.5% | ||
| Q3 24 | 9.4% | 14.1% | ||
| Q2 24 | 9.4% | 23.7% | ||
| Q1 24 | 8.0% | 46.4% |
净利率CECOIN
| Q4 25 | 0.6% | -37.4% | ||
| Q3 25 | -56.1% | 23.1% | ||
| Q2 25 | 7.9% | 95.4% | ||
| Q1 25 | -0.9% | 3.2% | ||
| Q4 24 | -80.8% | 56.8% | ||
| Q3 24 | 4.4% | 6.3% | ||
| Q2 24 | 5.8% | 2.5% | ||
| Q1 24 | 4.6% | 71.8% |
每股收益（稀释后）CECOIN
| Q4 25 | $0.13 | $-2.43 | ||
| Q3 25 | $-12.39 | $1.50 | ||
| Q2 25 | $1.81 | $5.14 | ||
| Q1 25 | $-0.19 | $0.24 | ||
| Q4 24 | $-17.50 | $4.66 | ||
| Q3 24 | $1.06 | $0.28 | ||
| Q2 24 | $1.41 | $0.14 | ||
| Q1 24 | $1.10 | $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 | $11.4B | $7.2B |
| 股东权益账面价值 | $4.0B | $14.8B |
| 总资产 | $21.7B | $29.7B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资CECOIN
| 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CECOIN
| Q4 25 | $11.4B | $7.2B | ||
| Q3 25 | $11.7B | $7.2B | ||
| Q2 25 | $12.7B | $4.2B | ||
| Q1 25 | $12.4B | $4.2B | ||
| Q4 24 | $11.1B | $4.2B | ||
| Q3 24 | $11.3B | $4.2B | ||
| Q2 24 | $11.1B | $4.2B | ||
| Q1 24 | $11.0B | $4.2B |
股东权益CECOIN
| Q4 25 | $4.0B | $14.8B | ||
| Q3 25 | $4.0B | $16.0B | ||
| Q2 25 | $5.3B | $12.1B | ||
| Q1 25 | $5.2B | $10.5B | ||
| Q4 24 | $5.2B | $10.3B | ||
| Q3 24 | $7.3B | $8.7B | ||
| Q2 24 | $7.2B | $8.4B | ||
| Q1 24 | $7.1B | $8.1B |
总资产CECOIN
| Q4 25 | $21.7B | $29.7B | ||
| Q3 25 | $22.2B | $31.4B | ||
| Q2 25 | $23.7B | $23.5B | ||
| Q1 25 | $23.2B | $21.7B | ||
| Q4 24 | $22.9B | $22.5B | ||
| Q3 24 | $25.9B | $290.6B | ||
| Q2 24 | $25.8B | $287.0B | ||
| Q1 24 | $26.0B | $348.0B |
负债/权益比CECOIN
| Q4 25 | 2.81× | 0.49× | ||
| Q3 25 | 2.95× | 0.45× | ||
| Q2 25 | 2.41× | 0.35× | ||
| Q1 25 | 2.39× | 0.40× | ||
| Q4 24 | 2.14× | 0.41× | ||
| Q3 24 | 1.56× | 0.48× | ||
| Q2 24 | 1.54× | 0.51× | ||
| Q1 24 | 1.56× | 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 | $252.0M | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $168.0M | — |
| 自由现金流率自由现金流/营收 | 7.6% | — |
| 资本支出强度资本支出/营收 | 3.8% | — |
| 现金转化率经营现金流/净利润 | 18.00× | — |
| 过去12个月自由现金流最近4个季度 | $803.0M | — |
8季度趋势，按日历期对齐
经营现金流CECOIN
| Q4 25 | $252.0M | $3.1B | ||
| Q3 25 | $447.0M | $-784.5M | ||
| Q2 25 | $410.0M | $328.5M | ||
| Q1 25 | $37.0M | $-182.7M | ||
| Q4 24 | $494.0M | $964.6M | ||
| Q3 24 | $79.0M | $696.5M | ||
| Q2 24 | $292.0M | $484.2M | ||
| Q1 24 | $101.0M | $411.5M |
自由现金流CECOIN
| Q4 25 | $168.0M | — | ||
| Q3 25 | $383.0M | — | ||
| Q2 25 | $317.0M | — | ||
| Q1 25 | $-65.0M | — | ||
| Q4 24 | $389.0M | — | ||
| Q3 24 | $-9.0M | — | ||
| Q2 24 | $187.0M | — | ||
| Q1 24 | $-36.0M | — |
自由现金流率CECOIN
| Q4 25 | 7.6% | — | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 12.5% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | -0.3% | — | ||
| Q2 24 | 7.1% | — | ||
| Q1 24 | -1.4% | — |
资本支出强度CECOIN
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 5.2% | — |
现金转化率CECOIN
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | -1.81× | ||
| Q2 25 | 2.06× | 0.23× | ||
| Q1 25 | — | -2.79× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | 0.68× | 9.23× | ||
| Q2 24 | 1.88× | 13.39× | ||
| Q1 24 | 0.83× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
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% |
