vs
Coinbase（COIN）与Fastenal（FAST）财务数据对比。点击上方公司名可切换其他公司
Fastenal的季度营收约是Coinbase的1.1倍（$2.0B vs $1.8B），Fastenal净利率更高（14.5% vs -37.4%，领先51.9%），Fastenal同比增速更快（3.5% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 2.9%）
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。
Fastenal是1967年成立的美国上市企业，总部位于明尼苏达州威诺纳，是北美最大的紧固件分销商，同时也是工业和建筑用品的主流供应商，可提供货柜备货、智能售货柜、库存管理、物流配送等一站式供应链解决方案。
COIN vs FAST — 直观对比
营收规模更大
FAST
是对方的1.1倍
$1.8B
营收增速更快
FAST
高出25.1%
-21.6%
净利率更高
FAST
高出51.9%
-37.4%
两年增速更快
COIN
近两年复合增速
2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.0B |
| 净利润 | $-666.7M | $293.9M |
| 毛利率 | — | 44.3% |
| 营业利润率 | 15.4% | 18.9% |
| 净利率 | -37.4% | 14.5% |
| 营收同比 | -21.6% | 3.5% |
| 净利润同比 | -151.6% | -1.6% |
| 每股收益（稀释后） | $-2.43 | $-0.01 |
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COINFAST
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.8B | $2.0B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $2.0B | $2.0B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.4B | $1.9B |
净利润COINFAST
| Q1 26 | — | $293.9M | ||
| Q4 25 | $-666.7M | $293.9M | ||
| Q3 25 | $432.6M | $335.5M | ||
| Q2 25 | $1.4B | $330.3M | ||
| Q1 25 | $65.6M | $298.7M | ||
| Q4 24 | $1.3B | $262.1M | ||
| Q3 24 | $75.5M | $298.1M | ||
| Q2 24 | $36.1M | $292.7M |
毛利率COINFAST
| Q1 26 | — | 44.3% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 45.3% | ||
| Q2 25 | — | 45.3% | ||
| Q1 25 | — | 45.1% | ||
| Q4 24 | — | 44.8% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | 45.1% |
营业利润率COINFAST
| Q1 26 | — | 18.9% | ||
| Q4 25 | 15.4% | 18.9% | ||
| Q3 25 | 25.7% | 20.7% | ||
| Q2 25 | -1.6% | 21.0% | ||
| Q1 25 | 34.7% | 20.1% | ||
| Q4 24 | 45.5% | 18.9% | ||
| Q3 24 | 14.1% | 20.3% | ||
| Q2 24 | 23.7% | 20.2% |
净利率COINFAST
| Q1 26 | — | 14.5% | ||
| Q4 25 | -37.4% | 14.5% | ||
| Q3 25 | 23.1% | 15.7% | ||
| Q2 25 | 95.4% | 15.9% | ||
| Q1 25 | 3.2% | 15.2% | ||
| Q4 24 | 56.8% | 14.4% | ||
| Q3 24 | 6.3% | 15.6% | ||
| Q2 24 | 2.5% | 15.3% |
每股收益（稀释后）COINFAST
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $-2.43 | $-0.01 | ||
| Q3 25 | $1.50 | $0.29 | ||
| Q2 25 | $5.14 | $0.29 | ||
| Q1 25 | $0.24 | $0.52 | ||
| Q4 24 | $4.66 | $0.45 | ||
| Q3 24 | $0.28 | $0.52 | ||
| Q2 24 | $0.14 | $0.51 |
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 | $276.8M |
| 总债务越低越好 | $7.2B | $125.0M |
| 股东权益账面价值 | $14.8B | $3.9B |
| 总资产 | $29.7B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资COINFAST
| Q1 26 | — | $276.8M | ||
| Q4 25 | $11.6B | $276.8M | ||
| Q3 25 | $9.8B | $288.1M | ||
| Q2 25 | $7.5B | $237.8M | ||
| Q1 25 | $8.1B | $231.8M | ||
| Q4 24 | $8.5B | $255.8M | ||
| Q3 24 | $7.7B | $292.2M | ||
| Q2 24 | $7.2B | $255.5M |
总债务COINFAST
| Q1 26 | — | $125.0M | ||
| Q4 25 | $7.2B | $125.0M | ||
| Q3 25 | $7.2B | $195.0M | ||
| Q2 25 | $4.2B | $230.0M | ||
| Q1 25 | $4.2B | $200.0M | ||
| Q4 24 | $4.2B | $200.0M | ||
| Q3 24 | $4.2B | $240.0M | ||
| Q2 24 | $4.2B | $235.0M |
股东权益COINFAST
| Q1 26 | — | $3.9B | ||
| Q4 25 | $14.8B | $3.9B | ||
| Q3 25 | $16.0B | $3.9B | ||
| Q2 25 | $12.1B | $3.8B | ||
| Q1 25 | $10.5B | $3.7B | ||
| Q4 24 | $10.3B | $3.6B | ||
| Q3 24 | $8.7B | $3.6B | ||
| Q2 24 | $8.4B | $3.5B |
总资产COINFAST
| Q1 26 | — | $5.1B | ||
| Q4 25 | $29.7B | $5.1B | ||
| Q3 25 | $31.4B | $5.1B | ||
| Q2 25 | $23.5B | $5.0B | ||
| Q1 25 | $21.7B | $4.9B | ||
| Q4 24 | $22.5B | $4.7B | ||
| Q3 24 | $290.6B | $4.7B | ||
| Q2 24 | $287.0B | $4.6B |
负债/权益比COINFAST
| Q1 26 | — | 0.03× | ||
| Q4 25 | 0.49× | 0.03× | ||
| Q3 25 | 0.45× | 0.05× | ||
| Q2 25 | 0.35× | 0.06× | ||
| Q1 25 | 0.40× | 0.05× | ||
| Q4 24 | 0.41× | 0.06× | ||
| Q3 24 | 0.48× | 0.07× | ||
| Q2 24 | 0.51× | 0.07× |
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 | $368.2M |
| 自由现金流经营现金流 - 资本支出 | — | $308.2M |
| 自由现金流率自由现金流/营收 | — | 15.2% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | — | 1.25× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流COINFAST
| Q1 26 | — | $368.2M | ||
| Q4 25 | $3.1B | $368.2M | ||
| Q3 25 | $-784.5M | $386.9M | ||
| Q2 25 | $328.5M | $278.6M | ||
| Q1 25 | $-182.7M | $262.2M | ||
| Q4 24 | $964.6M | $282.8M | ||
| Q3 24 | $696.5M | $296.9M | ||
| Q2 24 | $484.2M | $258.0M |
自由现金流COINFAST
| Q1 26 | — | $308.2M | ||
| Q4 25 | — | $308.2M | ||
| Q3 25 | — | $326.6M | ||
| Q2 25 | — | $209.3M | ||
| Q1 25 | — | $206.5M | ||
| Q4 24 | — | $222.6M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $201.9M |
自由现金流率COINFAST
| Q1 26 | — | 15.2% | ||
| Q4 25 | — | 15.2% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | — | 10.5% |
资本支出强度COINFAST
| Q1 26 | — | 3.0% | ||
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 2.9% |
现金转化率COINFAST
| Q1 26 | — | 1.25× | ||
| Q4 25 | — | 1.25× | ||
| Q3 25 | -1.81× | 1.15× | ||
| Q2 25 | 0.23× | 0.84× | ||
| Q1 25 | -2.79× | 0.88× | ||
| Q4 24 | 0.75× | 1.08× | ||
| Q3 24 | 9.23× | 1.00× | ||
| Q2 24 | 13.39× | 0.88× |
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% |
FAST
| Reportable Segment Aggregation Before Other Operating Segment | $1.8B | 90% |
| Other | $211.2M | 10% |
