vs
Coinbase（COIN）与达登餐饮（DRI）财务数据对比。点击上方公司名可切换其他公司
达登餐饮的季度营收约是Coinbase的1.7倍（$3.1B vs $1.8B），达登餐饮净利率更高（7.6% vs -37.4%，领先45.1%），达登餐饮同比增速更快（7.3% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 2.1%）
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。
达登餐饮是总部位于美国佛罗里达州奥兰多的多品牌全服务餐饮运营商，为全球规模最大的全服务餐饮集团，旗下拥有超1800家门店，员工逾17.5万名。品牌前身由威廉·达登创立，最初获通用磨坊投资，旗下红龙虾品牌于2014年7月售出。
COIN vs DRI — 直观对比
营收规模更大
DRI
是对方的1.7倍
$1.8B
营收增速更快
DRI
高出28.9%
-21.6%
净利率更高
DRI
高出45.1%
-37.4%
两年增速更快
COIN
近两年复合增速
2.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.1B |
| 净利润 | $-666.7M | $237.2M |
| 毛利率 | — | 18.7% |
| 营业利润率 | 15.4% | 10.3% |
| 净利率 | -37.4% | 7.6% |
| 营收同比 | -21.6% | 7.3% |
| 净利润同比 | -151.6% | 10.3% |
| 每股收益（稀释后） | $-2.43 | $2.03 |
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COINDRI
| Q4 25 | $1.8B | $3.1B | ||
| Q3 25 | $1.9B | $3.0B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $2.0B | $3.2B | ||
| Q4 24 | $2.3B | $2.9B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.4B | $3.0B | ||
| Q1 24 | $1.6B | $3.0B |
净利润COINDRI
| Q4 25 | $-666.7M | $237.2M | ||
| Q3 25 | $432.6M | $257.8M | ||
| Q2 25 | $1.4B | $303.9M | ||
| Q1 25 | $65.6M | $323.4M | ||
| Q4 24 | $1.3B | $215.1M | ||
| Q3 24 | $75.5M | $207.2M | ||
| Q2 24 | $36.1M | $308.1M | ||
| Q1 24 | $1.2B | $312.9M |
毛利率COINDRI
| Q4 25 | — | 18.7% | ||
| Q3 25 | — | 18.9% | ||
| Q2 25 | — | 22.1% | ||
| Q1 25 | — | 21.1% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 18.8% | ||
| Q2 24 | — | 20.9% | ||
| Q1 24 | — | 20.6% |
营业利润率COINDRI
| Q4 25 | 15.4% | 10.3% | ||
| Q3 25 | 25.7% | 11.1% | ||
| Q2 25 | -1.6% | 11.7% | ||
| Q1 25 | 34.7% | 13.2% | ||
| Q4 24 | 45.5% | 10.1% | ||
| Q3 24 | 14.1% | 9.8% | ||
| Q2 24 | 23.7% | 13.4% | ||
| Q1 24 | 46.4% | 13.0% |
净利率COINDRI
| Q4 25 | -37.4% | 7.6% | ||
| Q3 25 | 23.1% | 8.5% | ||
| Q2 25 | 95.4% | 9.3% | ||
| Q1 25 | 3.2% | 10.2% | ||
| Q4 24 | 56.8% | 7.4% | ||
| Q3 24 | 6.3% | 7.5% | ||
| Q2 24 | 2.5% | 10.4% | ||
| Q1 24 | 71.8% | 10.5% |
每股收益（稀释后）COINDRI
| Q4 25 | $-2.43 | $2.03 | ||
| Q3 25 | $1.50 | $2.19 | ||
| Q2 25 | $5.14 | $2.56 | ||
| Q1 25 | $0.24 | $2.74 | ||
| Q4 24 | $4.66 | $1.82 | ||
| Q3 24 | $0.28 | $1.74 | ||
| Q2 24 | $0.14 | $2.56 | ||
| Q1 24 | $4.40 | $2.60 |
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 | $224.1M |
| 总债务越低越好 | $7.2B | $2.1B |
| 股东权益账面价值 | $14.8B | $2.1B |
| 总资产 | $29.7B | $12.9B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.03× |
8季度趋势，按日历期对齐
现金及短期投资COINDRI
| Q4 25 | $11.6B | $224.1M | ||
| Q3 25 | $9.8B | $211.0M | ||
| Q2 25 | $7.5B | $240.0M | ||
| Q1 25 | $8.1B | $224.2M | ||
| Q4 24 | $8.5B | $217.3M | ||
| Q3 24 | $7.7B | $192.5M | ||
| Q2 24 | $7.2B | $194.8M | ||
| Q1 24 | $6.7B | $243.9M |
总债务COINDRI
| Q4 25 | $7.2B | $2.1B | ||
| Q3 25 | $7.2B | $2.1B | ||
| Q2 25 | $4.2B | $2.1B | ||
| Q1 25 | $4.2B | $2.1B | ||
| Q4 24 | $4.2B | $2.1B | ||
| Q3 24 | $4.2B | $1.4B | ||
| Q2 24 | $4.2B | $1.4B | ||
| Q1 24 | $4.2B | $1.4B |
股东权益COINDRI
| Q4 25 | $14.8B | $2.1B | ||
| Q3 25 | $16.0B | $2.2B | ||
| Q2 25 | $12.1B | $2.3B | ||
| Q1 25 | $10.5B | $2.2B | ||
| Q4 24 | $10.3B | $2.1B | ||
| Q3 24 | $8.7B | $2.1B | ||
| Q2 24 | $8.4B | $2.2B | ||
| Q1 24 | $8.1B | $2.2B |
总资产COINDRI
| Q4 25 | $29.7B | $12.9B | ||
| Q3 25 | $31.4B | $12.8B | ||
| Q2 25 | $23.5B | $12.6B | ||
| Q1 25 | $21.7B | $12.6B | ||
| Q4 24 | $22.5B | $12.5B | ||
| Q3 24 | $290.6B | $11.4B | ||
| Q2 24 | $287.0B | $11.3B | ||
| Q1 24 | $348.0B | $11.4B |
负债/权益比COINDRI
| Q4 25 | 0.49× | 1.03× | ||
| Q3 25 | 0.45× | 0.96× | ||
| Q2 25 | 0.35× | 0.92× | ||
| Q1 25 | 0.40× | 0.96× | ||
| Q4 24 | 0.41× | 1.02× | ||
| Q3 24 | 0.48× | 0.65× | ||
| Q2 24 | 0.51× | 0.61× | ||
| Q1 24 | 0.52× | 0.63× |
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 | $320.7M |
| 自由现金流经营现金流 - 资本支出 | — | $119.8M |
| 自由现金流率自由现金流/营收 | — | 3.9% |
| 资本支出强度资本支出/营收 | — | 6.5% |
| 现金转化率经营现金流/净利润 | — | 1.35× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流COINDRI
| Q4 25 | $3.1B | $320.7M | ||
| Q3 25 | $-784.5M | $342.5M | ||
| Q2 25 | $328.5M | $457.0M | ||
| Q1 25 | $-182.7M | $588.2M | ||
| Q4 24 | $964.6M | $388.6M | ||
| Q3 24 | $696.5M | $273.2M | ||
| Q2 24 | $484.2M | $426.0M | ||
| Q1 24 | $411.5M | $585.8M |
自由现金流COINDRI
| Q4 25 | — | $119.8M | ||
| Q3 25 | — | $168.4M | ||
| Q2 25 | — | $285.0M | ||
| Q1 25 | — | $430.1M | ||
| Q4 24 | — | $219.3M | ||
| Q3 24 | — | $128.0M | ||
| Q2 24 | — | $285.6M | ||
| Q1 24 | — | $437.4M |
自由现金流率COINDRI
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | 7.6% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 14.7% |
资本支出强度COINDRI
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | — | 5.0% |
现金转化率COINDRI
| Q4 25 | — | 1.35× | ||
| Q3 25 | -1.81× | 1.33× | ||
| Q2 25 | 0.23× | 1.50× | ||
| Q1 25 | -2.79× | 1.82× | ||
| Q4 24 | 0.75× | 1.81× | ||
| Q3 24 | 9.23× | 1.32× | ||
| Q2 24 | 13.39× | 1.38× | ||
| Q1 24 | 0.35× | 1.87× |
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% |
DRI
| Olive Garden Segment | $1.4B | 44% |
| Long Horn Steakhouse Segment | $775.9M | 25% |
| Other | $647.3M | 21% |
| Fine Dining Segment | $316.2M | 10% |
