vs
Coinbase（COIN）与Dream Finders Homes, Inc.（DFH）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Dream Finders Homes, Inc.的1.5倍（$1.8B vs $1.2B），Dream Finders Homes, Inc.净利率更高（4.8% vs -37.4%，领先42.3%），Coinbase同比增速更快（-21.6% vs -22.3%），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% 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。
美国住宅建筑商Dream Finders Homes主要建造并销售独栋住宅、联排别墅等覆盖入门级到高端档次的居住物业，业务布局美国多个高速增长区域，同时为购房者提供按揭融资、产权保险、房屋保修等配套服务，覆盖各类客户群体。
COIN vs DFH — 直观对比
营收规模更大
COIN
是对方的1.5倍
$1.2B
营收增速更快
COIN
高出0.7%
-22.3%
净利率更高
DFH
高出42.3%
-37.4%
两年增速更快
DFH
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $58.8M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 6.4% |
| 净利率 | -37.4% | 4.8% |
| 营收同比 | -21.6% | -22.3% |
| 净利润同比 | -151.6% | -54.9% |
| 每股收益（稀释后） | $-2.43 | $0.57 |
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COINDFH
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $969.8M | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $2.0B | $989.9M | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.6B | $827.8M |
净利润COINDFH
| Q4 25 | $-666.7M | $58.8M | ||
| Q3 25 | $432.6M | $47.0M | ||
| Q2 25 | $1.4B | $56.6M | ||
| Q1 25 | $65.6M | $54.9M | ||
| Q4 24 | $1.3B | $130.5M | ||
| Q3 24 | $75.5M | $70.7M | ||
| Q2 24 | $36.1M | $80.9M | ||
| Q1 24 | $1.2B | $54.5M |
毛利率COINDFH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 18.0% |
营业利润率COINDFH
| Q4 25 | 15.4% | 6.4% | ||
| Q3 25 | 25.7% | 6.3% | ||
| Q2 25 | -1.6% | 6.4% | ||
| Q1 25 | 34.7% | 7.2% | ||
| Q4 24 | 45.5% | 10.8% | ||
| Q3 24 | 14.1% | 9.2% | ||
| Q2 24 | 23.7% | 10.0% | ||
| Q1 24 | 46.4% | 8.6% |
净利率COINDFH
| Q4 25 | -37.4% | 4.8% | ||
| Q3 25 | 23.1% | 4.8% | ||
| Q2 25 | 95.4% | 4.9% | ||
| Q1 25 | 3.2% | 5.5% | ||
| Q4 24 | 56.8% | 8.4% | ||
| Q3 24 | 6.3% | 7.0% | ||
| Q2 24 | 2.5% | 7.7% | ||
| Q1 24 | 71.8% | 6.6% |
每股收益（稀释后）COINDFH
| Q4 25 | $-2.43 | $0.57 | ||
| Q3 25 | $1.50 | $0.47 | ||
| Q2 25 | $5.14 | $0.56 | ||
| Q1 25 | $0.24 | $0.54 | ||
| Q4 24 | $4.66 | $1.28 | ||
| Q3 24 | $0.28 | $0.70 | ||
| Q2 24 | $0.14 | $0.81 | ||
| Q1 24 | $4.40 | $0.55 |
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 | $234.8M |
| 总债务越低越好 | $7.2B | $1.6B |
| 股东权益账面价值 | $14.8B | $1.4B |
| 总资产 | $29.7B | $3.7B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资COINDFH
| Q4 25 | $11.6B | $234.8M | ||
| Q3 25 | $9.8B | $251.0M | ||
| Q2 25 | $7.5B | $210.3M | ||
| Q1 25 | $8.1B | $297.5M | ||
| Q4 24 | $8.5B | $274.4M | ||
| Q3 24 | $7.7B | $204.9M | ||
| Q2 24 | $7.2B | $274.8M | ||
| Q1 24 | $6.7B | $239.4M |
总债务COINDFH
| Q4 25 | $7.2B | $1.6B | ||
| Q3 25 | $7.2B | $1.8B | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | $1.3B | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINDFH
| Q4 25 | $14.8B | $1.4B | ||
| Q3 25 | $16.0B | $1.4B | ||
| Q2 25 | $12.1B | $1.3B | ||
| Q1 25 | $10.5B | $1.3B | ||
| Q4 24 | $10.3B | $1.2B | ||
| Q3 24 | $8.7B | $1.1B | ||
| Q2 24 | $8.4B | $1.0B | ||
| Q1 24 | $8.1B | $968.7M |
总资产COINDFH
| Q4 25 | $29.7B | $3.7B | ||
| Q3 25 | $31.4B | $3.8B | ||
| Q2 25 | $23.5B | $3.7B | ||
| Q1 25 | $21.7B | $3.5B | ||
| Q4 24 | $22.5B | $3.3B | ||
| Q3 24 | $290.6B | $3.3B | ||
| Q2 24 | $287.0B | $3.0B | ||
| Q1 24 | $348.0B | $2.7B |
负债/权益比COINDFH
| Q4 25 | 0.49× | 1.13× | ||
| Q3 25 | 0.45× | 1.29× | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | 1.03× | ||
| 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 | $143.6M |
| 自由现金流经营现金流 - 资本支出 | — | $136.0M |
| 自由现金流率自由现金流/营收 | — | 11.2% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 现金转化率经营现金流/净利润 | — | 2.44× |
| 过去12个月自由现金流最近4个季度 | — | $-126.4M |
8季度趋势，按日历期对齐
经营现金流COINDFH
| Q4 25 | $3.1B | $143.6M | ||
| Q3 25 | $-784.5M | $-131.0M | ||
| Q2 25 | $328.5M | $-68.5M | ||
| Q1 25 | $-182.7M | $-44.7M | ||
| Q4 24 | $964.6M | $306.5M | ||
| Q3 24 | $696.5M | $-205.0M | ||
| Q2 24 | $484.2M | $-110.6M | ||
| Q1 24 | $411.5M | $-247.5M |
自由现金流COINDFH
| Q4 25 | — | $136.0M | ||
| Q3 25 | — | $-135.7M | ||
| Q2 25 | — | $-78.8M | ||
| Q1 25 | — | $-47.9M | ||
| Q4 24 | — | $302.6M | ||
| Q3 24 | — | $-222.5M | ||
| Q2 24 | — | $-112.4M | ||
| Q1 24 | — | $-249.6M |
自由现金流率COINDFH
| Q4 25 | — | 11.2% | ||
| Q3 25 | — | -14.0% | ||
| Q2 25 | — | -6.8% | ||
| Q1 25 | — | -4.8% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | -22.1% | ||
| Q2 24 | — | -10.6% | ||
| Q1 24 | — | -30.2% |
资本支出强度COINDFH
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率COINDFH
| Q4 25 | — | 2.44× | ||
| Q3 25 | -1.81× | -2.79× | ||
| Q2 25 | 0.23× | -1.21× | ||
| Q1 25 | -2.79× | -0.81× | ||
| Q4 24 | 0.75× | 2.35× | ||
| Q3 24 | 9.23× | -2.90× | ||
| Q2 24 | 13.39× | -1.37× | ||
| Q1 24 | 0.35× | -4.54× |
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% |
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
