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Coinbase（COIN）与Circle Internet Group, Inc.（CRCL）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Circle Internet Group, Inc.的2.4倍（$1.8B vs $739.8M），Circle Internet Group, Inc.净利率更高（29.0% vs -37.4%，领先66.4%），Circle Internet Group, Inc.同比增速更快（5113.5% vs -21.6%）
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。
Circle是2013年由杰里米·阿莱尔与肖恩·内维尔联合创立的支付科技企业，目前总部位于美国纽约，核心业务覆盖稳定币发行，推出了锚定美元的USDC、锚定欧元的EURC两款稳定币，同时还发行有代币化货币市场基金产品USYC。
COIN vs CRCL — 直观对比
营收规模更大
COIN
是对方的2.4倍
$739.8M
营收增速更快
CRCL
高出5135.1%
-21.6%
净利率更高
CRCL
高出66.4%
-37.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $739.8M |
| 净利润 | $-666.7M | $214.4M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 11.0% |
| 净利率 | -37.4% | 29.0% |
| 营收同比 | -21.6% | 5113.5% |
| 净利润同比 | -151.6% | 202.0% |
| 每股收益（稀释后） | $-2.43 | $0.64 |
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COINCRCL
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $739.8M | ||
| Q2 25 | $1.5B | $658.1M | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.4B | $6.8M | ||
| Q1 24 | $1.6B | — |
净利润COINCRCL
| Q4 25 | $-666.7M | — | ||
| Q3 25 | $432.6M | $214.4M | ||
| Q2 25 | $1.4B | $-482.1M | ||
| Q1 25 | $65.6M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $75.5M | — | ||
| Q2 24 | $36.1M | $32.9M | ||
| Q1 24 | $1.2B | — |
营业利润率COINCRCL
| Q4 25 | 15.4% | — | ||
| Q3 25 | 25.7% | 11.0% | ||
| Q2 25 | -1.6% | -49.5% | ||
| Q1 25 | 34.7% | — | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | — | ||
| Q2 24 | 23.7% | — | ||
| Q1 24 | 46.4% | — |
净利率COINCRCL
| Q4 25 | -37.4% | — | ||
| Q3 25 | 23.1% | 29.0% | ||
| Q2 25 | 95.4% | -73.3% | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 56.8% | — | ||
| Q3 24 | 6.3% | — | ||
| Q2 24 | 2.5% | 486.5% | ||
| Q1 24 | 71.8% | — |
每股收益（稀释后）COINCRCL
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | $0.64 | ||
| Q2 25 | $5.14 | $-4.48 | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.14 | $0.00 | ||
| Q1 24 | $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 | $1.3B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $3.0B |
| 总资产 | $29.7B | $76.8B |
| 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COINCRCL
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | $1.3B | ||
| Q2 25 | $7.5B | $1.1B | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.2B | $457.5M | ||
| Q1 24 | $6.7B | — |
总债务COINCRCL
| 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COINCRCL
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | $3.0B | ||
| Q2 25 | $12.1B | $2.4B | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | — | ||
| Q2 24 | $8.4B | $460.9M | ||
| Q1 24 | $8.1B | — |
总资产COINCRCL
| Q4 25 | $29.7B | — | ||
| Q3 25 | $31.4B | $76.8B | ||
| Q2 25 | $23.5B | $64.2B | ||
| Q1 25 | $21.7B | — | ||
| Q4 24 | $22.5B | — | ||
| Q3 24 | $290.6B | — | ||
| Q2 24 | $287.0B | — | ||
| Q1 24 | $348.0B | — |
负债/权益比COINCRCL
| 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 | $3.1B | $-10.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-14.7M |
| 自由现金流率自由现金流/营收 | — | -2.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | -0.05× |
| 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COINCRCL
| Q4 25 | $3.1B | — | ||
| Q3 25 | $-784.5M | $-10.7M | ||
| Q2 25 | $328.5M | $303.7M | ||
| Q1 25 | $-182.7M | — | ||
| Q4 24 | $964.6M | — | ||
| Q3 24 | $696.5M | — | ||
| Q2 24 | $484.2M | — | ||
| Q1 24 | $411.5M | — |
自由现金流COINCRCL
| Q4 25 | — | — | ||
| Q3 25 | — | $-14.7M | ||
| Q2 25 | — | $296.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率COINCRCL
| Q4 25 | — | — | ||
| Q3 25 | — | -2.0% | ||
| Q2 25 | — | 45.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度COINCRCL
| Q4 25 | — | — | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率COINCRCL
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | -0.05× | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 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
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% |
CRCL
暂无分部数据
