vs
Coinbase（COIN）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是Coinbase的1.7倍（$3.0B vs $1.8B），易贝净利率更高（17.8% vs -37.4%，领先55.2%），易贝同比增速更快（15.0% vs -21.6%），过去两年易贝的营收复合增速更高（7.7% 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。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
COIN vs EBAY — 直观对比
营收规模更大
EBAY
是对方的1.7倍
$1.8B
营收增速更快
EBAY
高出36.6%
-21.6%
净利率更高
EBAY
高出55.2%
-37.4%
两年增速更快
EBAY
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.0B |
| 净利润 | $-666.7M | $528.0M |
| 毛利率 | — | 71.4% |
| 营业利润率 | 15.4% | 20.3% |
| 净利率 | -37.4% | 17.8% |
| 营收同比 | -21.6% | 15.0% |
| 净利润同比 | -151.6% | -22.2% |
| 每股收益（稀释后） | $-2.43 | $1.14 |
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COINEBAY
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.5B | $2.7B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $2.3B | $2.6B | ||
| Q3 24 | $1.2B | $2.6B | ||
| Q2 24 | $1.4B | $2.6B | ||
| Q1 24 | $1.6B | $2.6B |
净利润COINEBAY
| Q4 25 | $-666.7M | $528.0M | ||
| Q3 25 | $432.6M | $632.0M | ||
| Q2 25 | $1.4B | $368.0M | ||
| Q1 25 | $65.6M | $503.0M | ||
| Q4 24 | $1.3B | $679.0M | ||
| Q3 24 | $75.5M | $634.0M | ||
| Q2 24 | $36.1M | $224.0M | ||
| Q1 24 | $1.2B | $438.0M |
毛利率COINEBAY
| Q4 25 | — | 71.4% | ||
| Q3 25 | — | 70.9% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 71.8% | ||
| Q2 24 | — | 71.4% | ||
| Q1 24 | — | 72.6% |
营业利润率COINEBAY
| Q4 25 | 15.4% | 20.3% | ||
| Q3 25 | 25.7% | 20.4% | ||
| Q2 25 | -1.6% | 17.7% | ||
| Q1 25 | 34.7% | 23.8% | ||
| Q4 24 | 45.5% | 21.1% | ||
| Q3 24 | 14.1% | 23.1% | ||
| Q2 24 | 23.7% | 21.3% | ||
| Q1 24 | 46.4% | 24.7% |
净利率COINEBAY
| Q4 25 | -37.4% | 17.8% | ||
| Q3 25 | 23.1% | 22.4% | ||
| Q2 25 | 95.4% | 13.5% | ||
| Q1 25 | 3.2% | 19.5% | ||
| Q4 24 | 56.8% | 26.3% | ||
| Q3 24 | 6.3% | 24.6% | ||
| Q2 24 | 2.5% | 8.7% | ||
| Q1 24 | 71.8% | 17.1% |
每股收益（稀释后）COINEBAY
| Q4 25 | $-2.43 | $1.14 | ||
| Q3 25 | $1.50 | $1.35 | ||
| Q2 25 | $5.14 | $0.79 | ||
| Q1 25 | $0.24 | $1.06 | ||
| Q4 24 | $4.66 | $1.35 | ||
| Q3 24 | $0.28 | $1.29 | ||
| Q2 24 | $0.14 | $0.45 | ||
| Q1 24 | $4.40 | $0.85 |
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 | $1.9B |
| 总债务越低越好 | $7.2B | $6.0B |
| 股东权益账面价值 | $14.8B | $4.6B |
| 总资产 | $29.7B | $17.6B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资COINEBAY
| Q4 25 | $11.6B | $1.9B | ||
| Q3 25 | $9.8B | $2.4B | ||
| Q2 25 | $7.5B | $2.1B | ||
| Q1 25 | $8.1B | $3.1B | ||
| Q4 24 | $8.5B | $2.4B | ||
| Q3 24 | $7.7B | $1.6B | ||
| Q2 24 | $7.2B | $2.0B | ||
| Q1 24 | $6.7B | $2.1B |
总债务COINEBAY
| Q4 25 | $7.2B | $6.0B | ||
| Q3 25 | $7.2B | $5.0B | ||
| Q2 25 | $4.2B | $5.0B | ||
| Q1 25 | $4.2B | $5.8B | ||
| Q4 24 | $4.2B | $5.8B | ||
| Q3 24 | $4.2B | $6.2B | ||
| Q2 24 | $4.2B | $6.2B | ||
| Q1 24 | $4.2B | $6.2B |
股东权益COINEBAY
| Q4 25 | $14.8B | $4.6B | ||
| Q3 25 | $16.0B | $4.7B | ||
| Q2 25 | $12.1B | $4.7B | ||
| Q1 25 | $10.5B | $5.0B | ||
| Q4 24 | $10.3B | $5.2B | ||
| Q3 24 | $8.7B | $5.4B | ||
| Q2 24 | $8.4B | $5.5B | ||
| Q1 24 | $8.1B | $6.3B |
总资产COINEBAY
| Q4 25 | $29.7B | $17.6B | ||
| Q3 25 | $31.4B | $17.8B | ||
| Q2 25 | $23.5B | $18.0B | ||
| Q1 25 | $21.7B | $19.0B | ||
| Q4 24 | $22.5B | $19.4B | ||
| Q3 24 | $290.6B | $19.9B | ||
| Q2 24 | $287.0B | $20.4B | ||
| Q1 24 | $348.0B | $21.4B |
负债/权益比COINEBAY
| Q4 25 | 0.49× | 1.30× | ||
| Q3 25 | 0.45× | 1.06× | ||
| Q2 25 | 0.35× | 1.05× | ||
| Q1 25 | 0.40× | 1.16× | ||
| Q4 24 | 0.41× | 1.12× | ||
| Q3 24 | 0.48× | 1.14× | ||
| Q2 24 | 0.51× | 1.12× | ||
| Q1 24 | 0.52× | 0.98× |
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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | — | $478.0M |
| 自由现金流率自由现金流/营收 | — | 16.1% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流COINEBAY
| Q4 25 | $3.1B | $595.0M | ||
| Q3 25 | $-784.5M | $934.0M | ||
| Q2 25 | $328.5M | $-307.0M | ||
| Q1 25 | $-182.7M | $787.0M | ||
| Q4 24 | $964.6M | $677.0M | ||
| Q3 24 | $696.5M | $755.0M | ||
| Q2 24 | $484.2M | $367.0M | ||
| Q1 24 | $411.5M | $615.0M |
自由现金流COINEBAY
| Q4 25 | — | $478.0M | ||
| Q3 25 | — | $803.0M | ||
| Q2 25 | — | $-441.0M | ||
| Q1 25 | — | $644.0M | ||
| Q4 24 | — | $560.0M | ||
| Q3 24 | — | $646.0M | ||
| Q2 24 | — | $278.0M | ||
| Q1 24 | — | $472.0M |
自由现金流率COINEBAY
| Q4 25 | — | 16.1% | ||
| Q3 25 | — | 28.5% | ||
| Q2 25 | — | -16.2% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | 18.5% |
资本支出强度COINEBAY
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 5.6% |
现金转化率COINEBAY
| Q4 25 | — | 1.13× | ||
| Q3 25 | -1.81× | 1.48× | ||
| Q2 25 | 0.23× | -0.83× | ||
| Q1 25 | -2.79× | 1.56× | ||
| Q4 24 | 0.75× | 1.00× | ||
| Q3 24 | 9.23× | 1.19× | ||
| Q2 24 | 13.39× | 1.64× | ||
| Q1 24 | 0.35× | 1.40× |
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% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
