vs
Coinbase（COIN）与柯蒂斯-莱特（CW）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是柯蒂斯-莱特的1.9倍（$1.8B vs $947.0M），柯蒂斯-莱特净利率更高（14.5% vs -37.4%，领先51.9%），柯蒂斯-莱特同比增速更快（14.9% vs -21.6%），过去两年柯蒂斯-莱特的营收复合增速更高（15.2% vs 4.3%）
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。
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
COIN vs CW — 直观对比
营收规模更大
COIN
是对方的1.9倍
$947.0M
营收增速更快
CW
高出36.5%
-21.6%
净利率更高
CW
高出51.9%
-37.4%
两年增速更快
CW
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $947.0M |
| 净利润 | $-666.7M | $137.0M |
| 毛利率 | — | 37.5% |
| 营业利润率 | 15.4% | 19.2% |
| 净利率 | -37.4% | 14.5% |
| 营收同比 | -21.6% | 14.9% |
| 净利润同比 | -151.6% | 16.2% |
| 每股收益（稀释后） | $-2.43 | $3.69 |
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COINCW
| Q4 25 | $1.8B | $947.0M | ||
| Q3 25 | $1.9B | $869.2M | ||
| Q2 25 | $1.5B | $876.6M | ||
| Q1 25 | $2.0B | $805.6M | ||
| Q4 24 | $2.3B | $824.3M | ||
| Q3 24 | $1.2B | $798.9M | ||
| Q2 24 | $1.4B | $784.8M | ||
| Q1 24 | $1.6B | $713.2M |
净利润COINCW
| Q4 25 | $-666.7M | $137.0M | ||
| Q3 25 | $432.6M | $124.8M | ||
| Q2 25 | $1.4B | $121.1M | ||
| Q1 25 | $65.6M | $101.3M | ||
| Q4 24 | $1.3B | $117.9M | ||
| Q3 24 | $75.5M | $111.2M | ||
| Q2 24 | $36.1M | $99.5M | ||
| Q1 24 | $1.2B | $76.5M |
毛利率COINCW
| Q4 25 | — | 37.5% | ||
| Q3 25 | — | 37.7% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.3% | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 36.2% | ||
| Q1 24 | — | 35.6% |
营业利润率COINCW
| Q4 25 | 15.4% | 19.2% | ||
| Q3 25 | 25.7% | 19.1% | ||
| Q2 25 | -1.6% | 17.8% | ||
| Q1 25 | 34.7% | 16.0% | ||
| Q4 24 | 45.5% | 18.8% | ||
| Q3 24 | 14.1% | 18.1% | ||
| Q2 24 | 23.7% | 16.4% | ||
| Q1 24 | 46.4% | 14.0% |
净利率COINCW
| Q4 25 | -37.4% | 14.5% | ||
| Q3 25 | 23.1% | 14.4% | ||
| Q2 25 | 95.4% | 13.8% | ||
| Q1 25 | 3.2% | 12.6% | ||
| Q4 24 | 56.8% | 14.3% | ||
| Q3 24 | 6.3% | 13.9% | ||
| Q2 24 | 2.5% | 12.7% | ||
| Q1 24 | 71.8% | 10.7% |
每股收益（稀释后）COINCW
| Q4 25 | $-2.43 | $3.69 | ||
| Q3 25 | $1.50 | $3.31 | ||
| Q2 25 | $5.14 | $3.19 | ||
| Q1 25 | $0.24 | $2.68 | ||
| Q4 24 | $4.66 | $3.09 | ||
| Q3 24 | $0.28 | $2.89 | ||
| Q2 24 | $0.14 | $2.58 | ||
| Q1 24 | $4.40 | $1.99 |
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 | $7.2B | $957.9M |
| 股东权益账面价值 | $14.8B | $2.5B |
| 总资产 | $29.7B | $5.2B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资COINCW
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $8.1B | $226.5M | ||
| Q4 24 | $8.5B | $385.0M | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $6.7B | $338.0M |
总债务COINCW
| Q4 25 | $7.2B | $957.9M | ||
| Q3 25 | $7.2B | $968.6M | ||
| Q2 25 | $4.2B | $958.4M | ||
| Q1 25 | $4.2B | $958.6M | ||
| Q4 24 | $4.2B | $1.0B | ||
| Q3 24 | $4.2B | $1.0B | ||
| Q2 24 | $4.2B | $1.0B | ||
| Q1 24 | $4.2B | $1.1B |
股东权益COINCW
| Q4 25 | $14.8B | $2.5B | ||
| Q3 25 | $16.0B | $2.5B | ||
| Q2 25 | $12.1B | $2.7B | ||
| Q1 25 | $10.5B | $2.6B | ||
| Q4 24 | $10.3B | $2.4B | ||
| Q3 24 | $8.7B | $2.5B | ||
| Q2 24 | $8.4B | $2.5B | ||
| Q1 24 | $8.1B | $2.4B |
总资产COINCW
| Q4 25 | $29.7B | $5.2B | ||
| Q3 25 | $31.4B | $5.1B | ||
| Q2 25 | $23.5B | $5.2B | ||
| Q1 25 | $21.7B | $5.0B | ||
| Q4 24 | $22.5B | $5.0B | ||
| Q3 24 | $290.6B | $4.9B | ||
| Q2 24 | $287.0B | $4.7B | ||
| Q1 24 | $348.0B | $4.6B |
负债/权益比COINCW
| Q4 25 | 0.49× | 0.38× | ||
| Q3 25 | 0.45× | 0.38× | ||
| Q2 25 | 0.35× | 0.35× | ||
| Q1 25 | 0.40× | 0.37× | ||
| Q4 24 | 0.41× | 0.43× | ||
| Q3 24 | 0.48× | 0.42× | ||
| Q2 24 | 0.51× | 0.43× | ||
| Q1 24 | 0.52× | 0.44× |
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 | $352.7M |
| 自由现金流经营现金流 - 资本支出 | — | $315.1M |
| 自由现金流率自由现金流/营收 | — | 33.3% |
| 资本支出强度资本支出/营收 | — | 4.0% |
| 现金转化率经营现金流/净利润 | — | 2.57× |
| 过去12个月自由现金流最近4个季度 | — | $553.7M |
8季度趋势，按日历期对齐
经营现金流COINCW
| Q4 25 | $3.1B | $352.7M | ||
| Q3 25 | $-784.5M | $192.8M | ||
| Q2 25 | $328.5M | $136.6M | ||
| Q1 25 | $-182.7M | $-38.8M | ||
| Q4 24 | $964.6M | $301.3M | ||
| Q3 24 | $696.5M | $177.3M | ||
| Q2 24 | $484.2M | $111.3M | ||
| Q1 24 | $411.5M | $-45.6M |
自由现金流COINCW
| Q4 25 | — | $315.1M | ||
| Q3 25 | — | $175.9M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $-54.5M | ||
| Q4 24 | — | $278.0M | ||
| Q3 24 | — | $162.7M | ||
| Q2 24 | — | $100.3M | ||
| Q1 24 | — | $-57.7M |
自由现金流率COINCW
| Q4 25 | — | 33.3% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | -6.8% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 20.4% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | -8.1% |
资本支出强度COINCW
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.7% |
现金转化率COINCW
| Q4 25 | — | 2.57× | ||
| Q3 25 | -1.81× | 1.54× | ||
| Q2 25 | 0.23× | 1.13× | ||
| Q1 25 | -2.79× | -0.38× | ||
| Q4 24 | 0.75× | 2.56× | ||
| Q3 24 | 9.23× | 1.59× | ||
| Q2 24 | 13.39× | 1.12× | ||
| Q1 24 | 0.35× | -0.60× |
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% |
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
