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Coinbase（COIN）与美国艺电（EA）财务数据对比。点击上方公司名可切换其他公司
美国艺电的季度营收约是Coinbase的1.1倍（$1.9B vs $1.8B），美国艺电净利率更高（4.6% vs -37.4%，领先42.1%），美国艺电同比增速更快（1.0% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 3.4%）
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。
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
COIN vs EA — 直观对比
营收规模更大
EA
是对方的1.1倍
$1.8B
营收增速更快
EA
高出22.5%
-21.6%
净利率更高
EA
高出42.1%
-37.4%
两年增速更快
COIN
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.9B |
| 净利润 | $-666.7M | $88.0M |
| 毛利率 | — | 73.8% |
| 营业利润率 | 15.4% | 6.7% |
| 净利率 | -37.4% | 4.6% |
| 营收同比 | -21.6% | 1.0% |
| 净利润同比 | -151.6% | -70.0% |
| 每股收益（稀释后） | $-2.43 | $0.35 |
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COINEA
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $2.0B | $1.9B | ||
| Q4 24 | $2.3B | $1.9B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $1.6B | $1.8B |
净利润COINEA
| Q4 25 | $-666.7M | $88.0M | ||
| Q3 25 | $432.6M | $137.0M | ||
| Q2 25 | $1.4B | $201.0M | ||
| Q1 25 | $65.6M | $254.0M | ||
| Q4 24 | $1.3B | $293.0M | ||
| Q3 24 | $75.5M | $294.0M | ||
| Q2 24 | $36.1M | $280.0M | ||
| Q1 24 | $1.2B | $182.0M |
毛利率COINEA
| Q4 25 | — | 73.8% | ||
| Q3 25 | — | 75.9% | ||
| Q2 25 | — | 83.3% | ||
| Q1 25 | — | 80.6% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 77.5% | ||
| Q2 24 | — | 84.2% | ||
| Q1 24 | — | 79.9% |
营业利润率COINEA
| Q4 25 | 15.4% | 6.7% | ||
| Q3 25 | 25.7% | 10.9% | ||
| Q2 25 | -1.6% | 16.2% | ||
| Q1 25 | 34.7% | 20.8% | ||
| Q4 24 | 45.5% | 20.0% | ||
| Q3 24 | 14.1% | 19.0% | ||
| Q2 24 | 23.7% | 21.9% | ||
| Q1 24 | 46.4% | 13.2% |
净利率COINEA
| Q4 25 | -37.4% | 4.6% | ||
| Q3 25 | 23.1% | 7.4% | ||
| Q2 25 | 95.4% | 12.0% | ||
| Q1 25 | 3.2% | 13.4% | ||
| Q4 24 | 56.8% | 15.6% | ||
| Q3 24 | 6.3% | 14.5% | ||
| Q2 24 | 2.5% | 16.9% | ||
| Q1 24 | 71.8% | 10.2% |
每股收益（稀释后）COINEA
| Q4 25 | $-2.43 | $0.35 | ||
| Q3 25 | $1.50 | $0.54 | ||
| Q2 25 | $5.14 | $0.79 | ||
| Q1 25 | $0.24 | $0.99 | ||
| Q4 24 | $4.66 | $1.11 | ||
| Q3 24 | $0.28 | $1.11 | ||
| Q2 24 | $0.14 | $1.04 | ||
| Q1 24 | $4.40 | $0.67 |
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 | $2.8B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $6.2B |
| 总资产 | $29.7B | $13.3B |
| 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COINEA
| Q4 25 | $11.6B | $2.8B | ||
| Q3 25 | $9.8B | $1.1B | ||
| Q2 25 | $7.5B | $1.5B | ||
| Q1 25 | $8.1B | $2.1B | ||
| Q4 24 | $8.5B | $2.8B | ||
| Q3 24 | $7.7B | $2.2B | ||
| Q2 24 | $7.2B | $2.4B | ||
| Q1 24 | $6.7B | $2.9B |
总债务COINEA
| 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COINEA
| Q4 25 | $14.8B | $6.2B | ||
| Q3 25 | $16.0B | $6.0B | ||
| Q2 25 | $12.1B | $6.1B | ||
| Q1 25 | $10.5B | $6.4B | ||
| Q4 24 | $10.3B | $7.4B | ||
| Q3 24 | $8.7B | $7.4B | ||
| Q2 24 | $8.4B | $7.4B | ||
| Q1 24 | $8.1B | $7.5B |
总资产COINEA
| Q4 25 | $29.7B | $13.3B | ||
| Q3 25 | $31.4B | $11.9B | ||
| Q2 25 | $23.5B | $11.7B | ||
| Q1 25 | $21.7B | $12.4B | ||
| Q4 24 | $22.5B | $13.5B | ||
| Q3 24 | $290.6B | $13.1B | ||
| Q2 24 | $287.0B | $12.7B | ||
| Q1 24 | $348.0B | $13.4B |
负债/权益比COINEA
| 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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 20.75× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流COINEA
| Q4 25 | $3.1B | $1.8B | ||
| Q3 25 | $-784.5M | $130.0M | ||
| Q2 25 | $328.5M | $17.0M | ||
| Q1 25 | $-182.7M | $549.0M | ||
| Q4 24 | $964.6M | $1.2B | ||
| Q3 24 | $696.5M | $234.0M | ||
| Q2 24 | $484.2M | $120.0M | ||
| Q1 24 | $411.5M | $580.0M |
现金转化率COINEA
| Q4 25 | — | 20.75× | ||
| Q3 25 | -1.81× | 0.95× | ||
| Q2 25 | 0.23× | 0.08× | ||
| Q1 25 | -2.79× | 2.16× | ||
| Q4 24 | 0.75× | 4.01× | ||
| Q3 24 | 9.23× | 0.80× | ||
| Q2 24 | 13.39× | 0.43× | ||
| Q1 24 | 0.35× | 3.19× |
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% |
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
