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Coinbase（COIN）与Eversource Energy（ES）财务数据对比。点击上方公司名可切换其他公司
Eversource Energy的季度营收约是Coinbase的1.9倍（$3.4B vs $1.8B），Eversource Energy净利率更高（12.6% vs -37.4%，领先50.0%），Eversource Energy同比增速更快（13.4% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 0.6%）
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。
Eversource Energy是位列财富500强的上市能源企业，总部位于美国马萨诸塞州斯普林菲尔德，在康涅狄格州哈特福德、马萨诸塞州波士顿均设有办公据点，旗下多家受监管子公司为康涅狄格、马萨诸塞、新罕布什尔三州约400万用户提供零售电力、天然气及供水服务。
COIN vs ES — 直观对比
营收规模更大
ES
是对方的1.9倍
$1.8B
营收增速更快
ES
高出35.0%
-21.6%
净利率更高
ES
高出50.0%
-37.4%
两年增速更快
COIN
近两年复合增速
0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.4B |
| 净利润 | $-666.7M | $423.2M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 21.1% |
| 净利率 | -37.4% | 12.6% |
| 营收同比 | -21.6% | 13.4% |
| 净利润同比 | -151.6% | 468.8% |
| 每股收益（稀释后） | $-2.43 | $1.11 |
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COINES
| Q4 25 | $1.8B | $3.4B | ||
| Q3 25 | $1.9B | $3.2B | ||
| Q2 25 | $1.5B | $2.8B | ||
| Q1 25 | $2.0B | $4.1B | ||
| Q4 24 | $2.3B | $3.0B | ||
| Q3 24 | $1.2B | $3.1B | ||
| Q2 24 | $1.4B | $2.5B | ||
| Q1 24 | $1.6B | $3.3B |
净利润COINES
| Q4 25 | $-666.7M | $423.2M | ||
| Q3 25 | $432.6M | $369.4M | ||
| Q2 25 | $1.4B | $354.6M | ||
| Q1 25 | $65.6M | $552.7M | ||
| Q4 24 | $1.3B | $74.4M | ||
| Q3 24 | $75.5M | $-116.2M | ||
| Q2 24 | $36.1M | $337.2M | ||
| Q1 24 | $1.2B | $523.7M |
营业利润率COINES
| Q4 25 | 15.4% | 21.1% | ||
| Q3 25 | 25.7% | 21.4% | ||
| Q2 25 | -1.6% | 23.4% | ||
| Q1 25 | 34.7% | 22.5% | ||
| Q4 24 | 45.5% | 11.7% | ||
| Q3 24 | 14.1% | 20.0% | ||
| Q2 24 | 23.7% | 23.8% | ||
| Q1 24 | 46.4% | 25.4% |
净利率COINES
| Q4 25 | -37.4% | 12.6% | ||
| Q3 25 | 23.1% | 11.5% | ||
| Q2 25 | 95.4% | 12.5% | ||
| Q1 25 | 3.2% | 13.4% | ||
| Q4 24 | 56.8% | 2.5% | ||
| Q3 24 | 6.3% | -3.8% | ||
| Q2 24 | 2.5% | 13.3% | ||
| Q1 24 | 71.8% | 15.7% |
每股收益（稀释后）COINES
| Q4 25 | $-2.43 | $1.11 | ||
| Q3 25 | $1.50 | $0.99 | ||
| Q2 25 | $5.14 | $0.96 | ||
| Q1 25 | $0.24 | $1.50 | ||
| Q4 24 | $4.66 | $0.16 | ||
| Q3 24 | $0.28 | $-0.33 | ||
| Q2 24 | $0.14 | $0.95 | ||
| Q1 24 | $4.40 | $1.49 |
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 | $135.4M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $16.2B |
| 总资产 | $29.7B | $63.8B |
| 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COINES
| Q4 25 | $11.6B | $135.4M | ||
| Q3 25 | $9.8B | $259.3M | ||
| Q2 25 | $7.5B | $343.7M | ||
| Q1 25 | $8.1B | $111.4M | ||
| Q4 24 | $8.5B | $26.7M | ||
| Q3 24 | $7.7B | $97.9M | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $6.7B | — |
总债务COINES
| 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COINES
| Q4 25 | $14.8B | $16.2B | ||
| Q3 25 | $16.0B | $16.0B | ||
| Q2 25 | $12.1B | $15.7B | ||
| Q1 25 | $10.5B | $15.3B | ||
| Q4 24 | $10.3B | $15.0B | ||
| Q3 24 | $8.7B | $15.0B | ||
| Q2 24 | $8.4B | $14.8B | ||
| Q1 24 | $8.1B | $14.5B |
总资产COINES
| Q4 25 | $29.7B | $63.8B | ||
| Q3 25 | $31.4B | $61.7B | ||
| Q2 25 | $23.5B | $61.0B | ||
| Q1 25 | $21.7B | $60.2B | ||
| Q4 24 | $22.5B | $59.6B | ||
| Q3 24 | $290.6B | $58.6B | ||
| Q2 24 | $287.0B | $58.4B | ||
| Q1 24 | $348.0B | $57.3B |
负债/权益比COINES
| 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 | $916.1M |
| 自由现金流经营现金流 - 资本支出 | — | $-67.3M |
| 自由现金流率自由现金流/营收 | — | -2.0% |
| 资本支出强度资本支出/营收 | — | 29.2% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $-45.1M |
8季度趋势，按日历期对齐
经营现金流COINES
| Q4 25 | $3.1B | $916.1M | ||
| Q3 25 | $-784.5M | $1.1B | ||
| Q2 25 | $328.5M | $1.1B | ||
| Q1 25 | $-182.7M | $1.0B | ||
| Q4 24 | $964.6M | $642.1M | ||
| Q3 24 | $696.5M | $555.6M | ||
| Q2 24 | $484.2M | $670.7M | ||
| Q1 24 | $411.5M | $291.3M |
自由现金流COINES
| Q4 25 | — | $-67.3M | ||
| Q3 25 | — | $-26.3M | ||
| Q2 25 | — | $15.3M | ||
| Q1 25 | — | $33.2M | ||
| Q4 24 | — | $-546.5M | ||
| Q3 24 | — | $-515.4M | ||
| Q2 24 | — | $-400.8M | ||
| Q1 24 | — | $-858.1M |
自由现金流率COINES
| Q4 25 | — | -2.0% | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | -18.4% | ||
| Q3 24 | — | -16.8% | ||
| Q2 24 | — | -15.8% | ||
| Q1 24 | — | -25.7% |
资本支出强度COINES
| Q4 25 | — | 29.2% | ||
| Q3 25 | — | 35.0% | ||
| Q2 25 | — | 36.7% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | — | 40.0% | ||
| Q3 24 | — | 35.0% | ||
| Q2 24 | — | 42.3% | ||
| Q1 24 | — | 34.5% |
现金转化率COINES
| Q4 25 | — | 2.16× | ||
| Q3 25 | -1.81× | 2.98× | ||
| Q2 25 | 0.23× | 2.98× | ||
| Q1 25 | -2.79× | 1.88× | ||
| Q4 24 | 0.75× | 8.63× | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | 1.99× | ||
| Q1 24 | 0.35× | 0.56× |
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% |
ES
| Residential | $1.2B | 35% |
| Commercial | $789.0M | 23% |
| Eversource Electric Transmission | $573.8M | 17% |
| Wholesale Transmission Revenue | $570.0M | 17% |
| Industrial | $102.6M | 3% |
| Water Distribution Segment | $58.4M | 2% |
| Eversource Water | $56.3M | 2% |
| Other Revenue Adjustmentsfrom Contractswith Customers | $25.9M | 1% |
