vs
Coinbase（COIN）与Deckers Brands（DECK）财务数据对比。点击上方公司名可切换其他公司
Deckers Brands的季度营收约是Coinbase的1.1倍（$2.0B vs $1.8B），Deckers Brands净利率更高（24.6% vs -37.4%，领先62.0%），Deckers Brands同比增速更快（7.1% vs -21.6%），过去两年Deckers Brands的营收复合增速更高（42.8% 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。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
COIN vs DECK — 直观对比
营收规模更大
DECK
是对方的1.1倍
$1.8B
营收增速更快
DECK
高出28.7%
-21.6%
净利率更高
DECK
高出62.0%
-37.4%
两年增速更快
DECK
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.0B |
| 净利润 | $-666.7M | $481.1M |
| 毛利率 | — | 59.8% |
| 营业利润率 | 15.4% | 31.4% |
| 净利率 | -37.4% | 24.6% |
| 营收同比 | -21.6% | 7.1% |
| 净利润同比 | -151.6% | 5.3% |
| 每股收益（稀释后） | $-2.43 | $3.33 |
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COINDECK
| Q4 25 | $1.8B | $2.0B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $964.5M | ||
| Q1 25 | $2.0B | $1.0B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.4B | $825.3M | ||
| Q1 24 | $1.6B | $959.8M |
净利润COINDECK
| Q4 25 | $-666.7M | $481.1M | ||
| Q3 25 | $432.6M | $268.2M | ||
| Q2 25 | $1.4B | $139.2M | ||
| Q1 25 | $65.6M | $151.4M | ||
| Q4 24 | $1.3B | $456.7M | ||
| Q3 24 | $75.5M | $242.3M | ||
| Q2 24 | $36.1M | $115.6M | ||
| Q1 24 | $1.2B | $127.5M |
毛利率COINDECK
| Q4 25 | — | 59.8% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 55.8% | ||
| Q1 25 | — | 56.7% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 55.9% | ||
| Q2 24 | — | 56.9% | ||
| Q1 24 | — | 56.2% |
营业利润率COINDECK
| Q4 25 | 15.4% | 31.4% | ||
| Q3 25 | 25.7% | 22.8% | ||
| Q2 25 | -1.6% | 17.1% | ||
| Q1 25 | 34.7% | 17.0% | ||
| Q4 24 | 45.5% | 31.0% | ||
| Q3 24 | 14.1% | 23.3% | ||
| Q2 24 | 23.7% | 16.1% | ||
| Q1 24 | 46.4% | 15.0% |
净利率COINDECK
| Q4 25 | -37.4% | 24.6% | ||
| Q3 25 | 23.1% | 18.7% | ||
| Q2 25 | 95.4% | 14.4% | ||
| Q1 25 | 3.2% | 14.8% | ||
| Q4 24 | 56.8% | 25.0% | ||
| Q3 24 | 6.3% | 18.5% | ||
| Q2 24 | 2.5% | 14.0% | ||
| Q1 24 | 71.8% | 13.3% |
每股收益（稀释后）COINDECK
| Q4 25 | $-2.43 | $3.33 | ||
| Q3 25 | $1.50 | $1.82 | ||
| Q2 25 | $5.14 | $0.93 | ||
| Q1 25 | $0.24 | $-2.78 | ||
| Q4 24 | $4.66 | $3.00 | ||
| Q3 24 | $0.28 | $1.59 | ||
| Q2 24 | $0.14 | $4.52 | ||
| Q1 24 | $4.40 | $4.82 |
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 | $2.1B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $2.6B |
| 总资产 | $29.7B | $4.1B |
| 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COINDECK
| Q4 25 | $11.6B | $2.1B | ||
| Q3 25 | $9.8B | $1.4B | ||
| Q2 25 | $7.5B | $1.7B | ||
| Q1 25 | $8.1B | $1.9B | ||
| Q4 24 | $8.5B | $2.2B | ||
| Q3 24 | $7.7B | $1.2B | ||
| Q2 24 | $7.2B | $1.4B | ||
| Q1 24 | $6.7B | $1.5B |
总债务COINDECK
| 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COINDECK
| Q4 25 | $14.8B | $2.6B | ||
| Q3 25 | $16.0B | $2.5B | ||
| Q2 25 | $12.1B | $2.5B | ||
| Q1 25 | $10.5B | $2.5B | ||
| Q4 24 | $10.3B | $2.6B | ||
| Q3 24 | $8.7B | $2.2B | ||
| Q2 24 | $8.4B | $2.1B | ||
| Q1 24 | $8.1B | $2.1B |
总资产COINDECK
| Q4 25 | $29.7B | $4.1B | ||
| Q3 25 | $31.4B | $3.8B | ||
| Q2 25 | $23.5B | $3.8B | ||
| Q1 25 | $21.7B | $3.6B | ||
| Q4 24 | $22.5B | $4.0B | ||
| Q3 24 | $290.6B | $3.4B | ||
| Q2 24 | $287.0B | $3.3B | ||
| Q1 24 | $348.0B | $3.1B |
负债/权益比COINDECK
| 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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | — | $1.0B |
| 自由现金流率自由现金流/营收 | — | 52.1% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.17× |
| 过去12个月自由现金流最近4个季度 | — | $929.1M |
8季度趋势，按日历期对齐
经营现金流COINDECK
| Q4 25 | $3.1B | $1.0B | ||
| Q3 25 | $-784.5M | $8.1M | ||
| Q2 25 | $328.5M | $36.1M | ||
| Q1 25 | $-182.7M | $-73.0M | ||
| Q4 24 | $964.6M | $1.1B | ||
| Q3 24 | $696.5M | $-90.5M | ||
| Q2 24 | $484.2M | $112.7M | ||
| Q1 24 | $411.5M | $-28.7M |
自由现金流COINDECK
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $-13.9M | ||
| Q2 25 | — | $12.2M | ||
| Q1 25 | — | $-89.4M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $-113.4M | ||
| Q2 24 | — | $90.1M | ||
| Q1 24 | — | $-44.0M |
自由现金流率COINDECK
| Q4 25 | — | 52.1% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | -8.8% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | -8.6% | ||
| Q2 24 | — | 10.9% | ||
| Q1 24 | — | -4.6% |
资本支出强度COINDECK
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 1.6% |
现金转化率COINDECK
| Q4 25 | — | 2.17× | ||
| Q3 25 | -1.81× | 0.03× | ||
| Q2 25 | 0.23× | 0.26× | ||
| Q1 25 | -2.79× | -0.48× | ||
| Q4 24 | 0.75× | 2.40× | ||
| Q3 24 | 9.23× | -0.37× | ||
| Q2 24 | 13.39× | 0.97× | ||
| Q1 24 | 0.35× | -0.22× |
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% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
