vs
Coinbase（COIN）与Shift4 Payments, Inc.（FOUR）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Shift4 Payments, Inc.的1.5倍（$1.8B vs $1.2B），Shift4 Payments, Inc.净利率更高（3.4% vs -37.4%，领先40.8%），Shift4 Payments, Inc.同比增速更快（34.0% vs -21.6%），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% 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。
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
COIN vs FOUR — 直观对比
营收规模更大
COIN
是对方的1.5倍
$1.2B
营收增速更快
FOUR
高出55.6%
-21.6%
净利率更高
FOUR
高出40.8%
-37.4%
两年增速更快
FOUR
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $40.2M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 10.8% |
| 净利率 | -37.4% | 3.4% |
| 营收同比 | -21.6% | 34.0% |
| 净利润同比 | -151.6% | -65.3% |
| 每股收益（稀释后） | $-2.43 | — |
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COINFOUR
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.5B | $966.2M | ||
| Q1 25 | $2.0B | $848.3M | ||
| Q4 24 | $2.3B | $887.0M | ||
| Q3 24 | $1.2B | $909.2M | ||
| Q2 24 | $1.4B | $827.0M | ||
| Q1 24 | $1.6B | $707.4M |
净利润COINFOUR
| Q4 25 | $-666.7M | $40.2M | ||
| Q3 25 | $432.6M | $28.1M | ||
| Q2 25 | $1.4B | $34.0M | ||
| Q1 25 | $65.6M | $16.7M | ||
| Q4 24 | $1.3B | $116.0M | ||
| Q3 24 | $75.5M | $53.8M | ||
| Q2 24 | $36.1M | $39.2M | ||
| Q1 24 | $1.2B | $20.6M |
营业利润率COINFOUR
| Q4 25 | 15.4% | 10.8% | ||
| Q3 25 | 25.7% | 9.7% | ||
| Q2 25 | -1.6% | 8.6% | ||
| Q1 25 | 34.7% | 3.0% | ||
| Q4 24 | 45.5% | 9.7% | ||
| Q3 24 | 14.1% | 8.8% | ||
| Q2 24 | 23.7% | 7.2% | ||
| Q1 24 | 46.4% | 3.0% |
净利率COINFOUR
| Q4 25 | -37.4% | 3.4% | ||
| Q3 25 | 23.1% | 2.4% | ||
| Q2 25 | 95.4% | 3.5% | ||
| Q1 25 | 3.2% | 2.0% | ||
| Q4 24 | 56.8% | 13.1% | ||
| Q3 24 | 6.3% | 5.9% | ||
| Q2 24 | 2.5% | 4.7% | ||
| Q1 24 | 71.8% | 2.9% |
每股收益（稀释后）COINFOUR
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | — | ||
| Q2 25 | $5.14 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.14 | — | ||
| Q1 24 | $4.40 | — |
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 | $964.0M |
| 总债务越低越好 | $7.2B | $4.5B |
| 股东权益账面价值 | $14.8B | $1.4B |
| 总资产 | $29.7B | $8.7B |
| 负债/权益比越低杠杆越低 | 0.49× | 3.15× |
8季度趋势，按日历期对齐
现金及短期投资COINFOUR
| Q4 25 | $11.6B | $964.0M | ||
| Q3 25 | $9.8B | $1.5B | ||
| Q2 25 | $7.5B | $3.0B | ||
| Q1 25 | $8.1B | $1.2B | ||
| Q4 24 | $8.5B | $1.2B | ||
| Q3 24 | $7.7B | $1.4B | ||
| Q2 24 | $7.2B | $205.0M | ||
| Q1 24 | $6.7B | $522.9M |
总债务COINFOUR
| Q4 25 | $7.2B | $4.5B | ||
| Q3 25 | $7.2B | $4.7B | ||
| Q2 25 | $4.2B | $3.7B | ||
| Q1 25 | $4.2B | $2.8B | ||
| Q4 24 | $4.2B | $2.8B | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINFOUR
| Q4 25 | $14.8B | $1.4B | ||
| Q3 25 | $16.0B | $1.7B | ||
| Q2 25 | $12.1B | $1.6B | ||
| Q1 25 | $10.5B | $805.2M | ||
| Q4 24 | $10.3B | $806.6M | ||
| Q3 24 | $8.7B | $811.8M | ||
| Q2 24 | $8.4B | $700.8M | ||
| Q1 24 | $8.1B | $674.5M |
总资产COINFOUR
| Q4 25 | $29.7B | $8.7B | ||
| Q3 25 | $31.4B | $9.0B | ||
| Q2 25 | $23.5B | $7.0B | ||
| Q1 25 | $21.7B | $5.0B | ||
| Q4 24 | $22.5B | $5.0B | ||
| Q3 24 | $290.6B | $5.0B | ||
| Q2 24 | $287.0B | $3.5B | ||
| Q1 24 | $348.0B | $3.4B |
负债/权益比COINFOUR
| Q4 25 | 0.49× | 3.15× | ||
| Q3 25 | 0.45× | 2.83× | ||
| Q2 25 | 0.35× | 2.34× | ||
| Q1 25 | 0.40× | 3.53× | ||
| Q4 24 | 0.41× | 3.52× | ||
| 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 | $223.7M |
| 自由现金流经营现金流 - 资本支出 | — | $222.5M |
| 自由现金流率自由现金流/营收 | — | 18.7% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | — | 5.56× |
| 过去12个月自由现金流最近4个季度 | — | $624.0M |
8季度趋势，按日历期对齐
经营现金流COINFOUR
| Q4 25 | $3.1B | $223.7M | ||
| Q3 25 | $-784.5M | $171.8M | ||
| Q2 25 | $328.5M | $141.9M | ||
| Q1 25 | $-182.7M | $96.6M | ||
| Q4 24 | $964.6M | $145.4M | ||
| Q3 24 | $696.5M | $182.1M | ||
| Q2 24 | $484.2M | $116.1M | ||
| Q1 24 | $411.5M | $56.7M |
自由现金流COINFOUR
| Q4 25 | — | $222.5M | ||
| Q3 25 | — | $165.4M | ||
| Q2 25 | — | $141.0M | ||
| Q1 25 | — | $95.1M | ||
| Q4 24 | — | $143.8M | ||
| Q3 24 | — | $180.1M | ||
| Q2 24 | — | $113.9M | ||
| Q1 24 | — | $55.4M |
自由现金流率COINFOUR
| Q4 25 | — | 18.7% | ||
| Q3 25 | — | 14.1% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 7.8% |
资本支出强度COINFOUR
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.2% |
现金转化率COINFOUR
| Q4 25 | — | 5.56× | ||
| Q3 25 | -1.81× | 6.11× | ||
| Q2 25 | 0.23× | 4.17× | ||
| Q1 25 | -2.79× | 5.78× | ||
| Q4 24 | 0.75× | 1.25× | ||
| Q3 24 | 9.23× | 3.38× | ||
| Q2 24 | 13.39× | 2.96× | ||
| Q1 24 | 0.35× | 2.75× |
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% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
