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Coinbase（COIN）与德纳（DAN）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是德纳的1.4倍（$1.8B vs $1.3B），德纳净利率更高（-3.9% vs -37.4%，领先33.6%），Coinbase同比增速更快（-21.6% vs -44.5%），过去两年Coinbase的营收复合增速更高（4.3% vs -31.2%）
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。
德纳（Dana Inc.）是美国知名汽车零部件供应商，创立于1904年，总部位于俄亥俄州莫米。公司为传统燃油车、混合动力车及电动车提供车桥、传动轴，以及电驱动、热管理、密封、数字设备等产品，服务于轻型车、商用车市场，业务遍及33个国家，员工近2.8万人，2022年销售额达102亿美元，位列财富世界500强。
COIN vs DAN — 直观对比
营收规模更大
COIN
是对方的1.4倍
$1.3B
营收增速更快
COIN
高出22.9%
-44.5%
净利率更高
DAN
高出33.6%
-37.4%
两年增速更快
COIN
近两年复合增速
-31.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-666.7M | $-50.0M |
| 毛利率 | — | 6.0% |
| 营业利润率 | 15.4% | -0.2% |
| 净利率 | -37.4% | -3.9% |
| 营收同比 | -21.6% | -44.5% |
| 净利润同比 | -151.6% | 37.5% |
| 每股收益（稀释后） | $-2.43 | $-0.36 |
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COINDAN
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.9B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $2.0B | $2.4B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.5B | ||
| Q2 24 | $1.4B | $2.7B | ||
| Q1 24 | $1.6B | $2.7B |
净利润COINDAN
| Q4 25 | $-666.7M | $-50.0M | ||
| Q3 25 | $432.6M | $83.0M | ||
| Q2 25 | $1.4B | $27.0M | ||
| Q1 25 | $65.6M | $25.0M | ||
| Q4 24 | $1.3B | $-80.0M | ||
| Q3 24 | $75.5M | $4.0M | ||
| Q2 24 | $36.1M | $16.0M | ||
| Q1 24 | $1.2B | $3.0M |
毛利率COINDAN
| Q4 25 | — | 6.0% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | — | 7.1% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | 8.9% |
营业利润率COINDAN
| Q4 25 | 15.4% | -0.2% | ||
| Q3 25 | 25.7% | 2.8% | ||
| Q2 25 | -1.6% | 0.8% | ||
| Q1 25 | 34.7% | 3.1% | ||
| Q4 24 | 45.5% | -1.5% | ||
| Q3 24 | 14.1% | 3.6% | ||
| Q2 24 | 23.7% | 3.8% | ||
| Q1 24 | 46.4% | 2.6% |
净利率COINDAN
| Q4 25 | -37.4% | -3.9% | ||
| Q3 25 | 23.1% | 4.3% | ||
| Q2 25 | 95.4% | 1.4% | ||
| Q1 25 | 3.2% | 1.1% | ||
| Q4 24 | 56.8% | -3.4% | ||
| Q3 24 | 6.3% | 0.2% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 71.8% | 0.1% |
每股收益（稀释后）COINDAN
| Q4 25 | $-2.43 | $-0.36 | ||
| Q3 25 | $1.50 | $0.64 | ||
| Q2 25 | $5.14 | $0.19 | ||
| Q1 25 | $0.24 | $0.17 | ||
| Q4 24 | $4.66 | $-0.55 | ||
| Q3 24 | $0.28 | $0.03 | ||
| Q2 24 | $0.14 | $0.11 | ||
| Q1 24 | $4.40 | $0.02 |
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 | $469.0M |
| 总债务越低越好 | $7.2B | $2.6B |
| 股东权益账面价值 | $14.8B | $840.0M |
| 总资产 | $29.7B | $7.8B |
| 负债/权益比越低杠杆越低 | 0.49× | 3.05× |
8季度趋势，按日历期对齐
现金及短期投资COINDAN
| Q4 25 | $11.6B | $469.0M | ||
| Q3 25 | $9.8B | $414.0M | ||
| Q2 25 | $7.5B | $486.0M | ||
| Q1 25 | $8.1B | $507.0M | ||
| Q4 24 | $8.5B | $494.0M | ||
| Q3 24 | $7.7B | $419.0M | ||
| Q2 24 | $7.2B | $419.0M | ||
| Q1 24 | $6.7B | $351.0M |
总债务COINDAN
| Q4 25 | $7.2B | $2.6B | ||
| Q3 25 | $7.2B | $2.6B | ||
| Q2 25 | $4.2B | $2.6B | ||
| Q1 25 | $4.2B | $2.4B | ||
| Q4 24 | $4.2B | $2.4B | ||
| Q3 24 | $4.2B | $2.4B | ||
| Q2 24 | $4.2B | $2.4B | ||
| Q1 24 | $4.2B | $2.6B |
股东权益COINDAN
| Q4 25 | $14.8B | $840.0M | ||
| Q3 25 | $16.0B | $1.1B | ||
| Q2 25 | $12.1B | $1.2B | ||
| Q1 25 | $10.5B | $1.4B | ||
| Q4 24 | $10.3B | $1.3B | ||
| Q3 24 | $8.7B | $1.5B | ||
| Q2 24 | $8.4B | $1.5B | ||
| Q1 24 | $8.1B | $1.5B |
总资产COINDAN
| Q4 25 | $29.7B | $7.8B | ||
| Q3 25 | $31.4B | $8.1B | ||
| Q2 25 | $23.5B | $8.1B | ||
| Q1 25 | $21.7B | $7.8B | ||
| Q4 24 | $22.5B | $7.5B | ||
| Q3 24 | $290.6B | $7.9B | ||
| Q2 24 | $287.0B | $7.8B | ||
| Q1 24 | $348.0B | $7.9B |
负债/权益比COINDAN
| Q4 25 | 0.49× | 3.05× | ||
| Q3 25 | 0.45× | 2.35× | ||
| Q2 25 | 0.35× | 2.13× | ||
| Q1 25 | 0.40× | 1.76× | ||
| Q4 24 | 0.41× | 1.79× | ||
| Q3 24 | 0.48× | 1.65× | ||
| Q2 24 | 0.51× | 1.62× | ||
| Q1 24 | 0.52× | 1.68× |
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 | $406.0M |
| 自由现金流经营现金流 - 资本支出 | — | $345.0M |
| 自由现金流率自由现金流/营收 | — | 26.6% |
| 资本支出强度资本支出/营收 | — | 4.7% |
| 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 | — | $298.0M |
8季度趋势，按日历期对齐
经营现金流COINDAN
| Q4 25 | $3.1B | $406.0M | ||
| Q3 25 | $-784.5M | $111.0M | ||
| Q2 25 | $328.5M | $32.0M | ||
| Q1 25 | $-182.7M | $-37.0M | ||
| Q4 24 | $964.6M | $302.0M | ||
| Q3 24 | $696.5M | $35.0M | ||
| Q2 24 | $484.2M | $215.0M | ||
| Q1 24 | $411.5M | $-102.0M |
自由现金流COINDAN
| Q4 25 | — | $345.0M | ||
| Q3 25 | — | $62.0M | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $-112.0M | ||
| Q4 24 | — | $149.0M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | — | $104.0M | ||
| Q1 24 | — | $-172.0M |
自由现金流率COINDAN
| Q4 25 | — | 26.6% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | -4.8% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | — | -0.4% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | -6.3% |
资本支出强度COINDAN
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 2.6% |
现金转化率COINDAN
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | 1.34× | ||
| Q2 25 | 0.23× | 1.19× | ||
| Q1 25 | -2.79× | -1.48× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 8.75× | ||
| Q2 24 | 13.39× | 13.44× | ||
| Q1 24 | 0.35× | -34.00× |
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% |
DAN
| Light Vehicle Segment | $912.0M | 70% |
| Commercial Vehicle Segment | $218.0M | 17% |
| Other | $166.0M | 13% |
