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Coinbase（COIN）与EPAM Systems（EPAM）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EPAM Systems的1.3倍（$1.8B vs $1.4B），EPAM Systems净利率更高（7.8% vs -37.4%，领先45.2%），EPAM Systems同比增速更快（12.8% vs -21.6%），过去两年EPAM Systems的营收复合增速更高（9.9% 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。
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
COIN vs EPAM — 直观对比
营收规模更大
COIN
是对方的1.3倍
$1.4B
营收增速更快
EPAM
高出34.3%
-21.6%
净利率更高
EPAM
高出45.2%
-37.4%
两年增速更快
EPAM
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-666.7M | $109.4M |
| 毛利率 | — | 30.1% |
| 营业利润率 | 15.4% | 10.6% |
| 净利率 | -37.4% | 7.8% |
| 营收同比 | -21.6% | 12.8% |
| 净利润同比 | -151.6% | 5.9% |
| 每股收益（稀释后） | $-2.43 | $1.97 |
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COINEPAM
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.6B | $1.2B |
净利润COINEPAM
| Q4 25 | $-666.7M | $109.4M | ||
| Q3 25 | $432.6M | $106.8M | ||
| Q2 25 | $1.4B | $88.0M | ||
| Q1 25 | $65.6M | $73.5M | ||
| Q4 24 | $1.3B | $103.3M | ||
| Q3 24 | $75.5M | $136.3M | ||
| Q2 24 | $36.1M | $98.6M | ||
| Q1 24 | $1.2B | $116.2M |
毛利率COINEPAM
| Q4 25 | — | 30.1% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 30.4% | ||
| Q3 24 | — | 34.6% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 28.4% |
营业利润率COINEPAM
| Q4 25 | 15.4% | 10.6% | ||
| Q3 25 | 25.7% | 10.4% | ||
| Q2 25 | -1.6% | 9.3% | ||
| Q1 25 | 34.7% | 7.6% | ||
| Q4 24 | 45.5% | 10.9% | ||
| Q3 24 | 14.1% | 15.2% | ||
| Q2 24 | 23.7% | 10.5% | ||
| Q1 24 | 46.4% | 9.5% |
净利率COINEPAM
| Q4 25 | -37.4% | 7.8% | ||
| Q3 25 | 23.1% | 7.7% | ||
| Q2 25 | 95.4% | 6.5% | ||
| Q1 25 | 3.2% | 5.6% | ||
| Q4 24 | 56.8% | 8.3% | ||
| Q3 24 | 6.3% | 11.7% | ||
| Q2 24 | 2.5% | 8.6% | ||
| Q1 24 | 71.8% | 10.0% |
每股收益（稀释后）COINEPAM
| Q4 25 | $-2.43 | $1.97 | ||
| Q3 25 | $1.50 | $1.91 | ||
| Q2 25 | $5.14 | $1.56 | ||
| Q1 25 | $0.24 | $1.28 | ||
| Q4 24 | $4.66 | $1.80 | ||
| Q3 24 | $0.28 | $2.37 | ||
| Q2 24 | $0.14 | $1.70 | ||
| Q1 24 | $4.40 | $1.97 |
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 | $1.3B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $3.7B |
| 总资产 | $29.7B | $4.9B |
| 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COINEPAM
| Q4 25 | $11.6B | $1.3B | ||
| Q3 25 | $9.8B | $1.2B | ||
| Q2 25 | $7.5B | $1.0B | ||
| Q1 25 | $8.1B | $1.2B | ||
| Q4 24 | $8.5B | $1.3B | ||
| Q3 24 | $7.7B | $2.1B | ||
| Q2 24 | $7.2B | $1.8B | ||
| Q1 24 | $6.7B | $2.0B |
总债务COINEPAM
| 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COINEPAM
| Q4 25 | $14.8B | $3.7B | ||
| Q3 25 | $16.0B | $3.7B | ||
| Q2 25 | $12.1B | $3.7B | ||
| Q1 25 | $10.5B | $3.6B | ||
| Q4 24 | $10.3B | $3.6B | ||
| Q3 24 | $8.7B | $3.6B | ||
| Q2 24 | $8.4B | $3.4B | ||
| Q1 24 | $8.1B | $3.5B |
总资产COINEPAM
| Q4 25 | $29.7B | $4.9B | ||
| Q3 25 | $31.4B | $4.8B | ||
| Q2 25 | $23.5B | $4.7B | ||
| Q1 25 | $21.7B | $4.7B | ||
| Q4 24 | $22.5B | $4.8B | ||
| Q3 24 | $290.6B | $4.5B | ||
| Q2 24 | $287.0B | $4.2B | ||
| Q1 24 | $348.0B | $4.4B |
负债/权益比COINEPAM
| 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 | $282.9M |
| 自由现金流经营现金流 - 资本支出 | — | $268.1M |
| 自由现金流率自由现金流/营收 | — | 19.0% |
| 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 | — | 2.59× |
| 过去12个月自由现金流最近4个季度 | — | $612.7M |
8季度趋势，按日历期对齐
经营现金流COINEPAM
| Q4 25 | $3.1B | $282.9M | ||
| Q3 25 | $-784.5M | $294.7M | ||
| Q2 25 | $328.5M | $53.2M | ||
| Q1 25 | $-182.7M | $24.2M | ||
| Q4 24 | $964.6M | $130.3M | ||
| Q3 24 | $696.5M | $242.0M | ||
| Q2 24 | $484.2M | $57.0M | ||
| Q1 24 | $411.5M | $129.9M |
自由现金流COINEPAM
| Q4 25 | — | $268.1M | ||
| Q3 25 | — | $286.4M | ||
| Q2 25 | — | $43.4M | ||
| Q1 25 | — | $14.8M | ||
| Q4 24 | — | $114.5M | ||
| Q3 24 | — | $237.0M | ||
| Q2 24 | — | $52.3M | ||
| Q1 24 | — | $123.2M |
自由现金流率COINEPAM
| Q4 25 | — | 19.0% | ||
| Q3 25 | — | 20.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 9.2% | ||
| Q3 24 | — | 20.3% | ||
| Q2 24 | — | 4.6% | ||
| Q1 24 | — | 10.6% |
资本支出强度COINEPAM
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 0.6% |
现金转化率COINEPAM
| Q4 25 | — | 2.59× | ||
| Q3 25 | -1.81× | 2.76× | ||
| Q2 25 | 0.23× | 0.60× | ||
| Q1 25 | -2.79× | 0.33× | ||
| Q4 24 | 0.75× | 1.26× | ||
| Q3 24 | 9.23× | 1.77× | ||
| Q2 24 | 13.39× | 0.58× | ||
| Q1 24 | 0.35× | 1.12× |
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% |
EPAM
暂无分部数据
