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Coinbase（COIN）与飞塔（FTNT）财务数据对比。点击上方公司名可切换其他公司
飞塔的季度营收约是Coinbase的1.1倍（$1.9B vs $1.8B），飞塔净利率更高（26.6% vs -37.4%，领先64.0%），飞塔同比增速更快（14.8% vs -21.6%），过去两年飞塔的营收复合增速更高（18.6% 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。
飞塔（Fortinet）是总部位于美国加利福尼亚州森尼韦尔的网络安全企业，专注于研发与销售防火墙、终端安全、入侵检测系统等各类网络安全产品，目前在美国、加拿大、英国等多个国家设有办事机构。
COIN vs FTNT — 直观对比
营收规模更大
FTNT
是对方的1.1倍
$1.8B
营收增速更快
FTNT
高出36.3%
-21.6%
净利率更高
FTNT
高出64.0%
-37.4%
两年增速更快
FTNT
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.9B |
| 净利润 | $-666.7M | $506.0M |
| 毛利率 | — | 79.6% |
| 营业利润率 | 15.4% | 32.8% |
| 净利率 | -37.4% | 26.6% |
| 营收同比 | -21.6% | 14.8% |
| 净利润同比 | -151.6% | -3.8% |
| 每股收益（稀释后） | $-2.43 | $0.67 |
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COINFTNT
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.6B | $1.4B |
净利润COINFTNT
| Q4 25 | $-666.7M | $506.0M | ||
| Q3 25 | $432.6M | $473.9M | ||
| Q2 25 | $1.4B | $440.1M | ||
| Q1 25 | $65.6M | $433.4M | ||
| Q4 24 | $1.3B | $526.2M | ||
| Q3 24 | $75.5M | $539.9M | ||
| Q2 24 | $36.1M | $379.8M | ||
| Q1 24 | $1.2B | $299.3M |
毛利率COINFTNT
| Q4 25 | — | 79.6% | ||
| Q3 25 | — | 80.8% | ||
| Q2 25 | — | 80.7% | ||
| Q1 25 | — | 81.0% | ||
| Q4 24 | — | 81.1% | ||
| Q3 24 | — | 82.5% | ||
| Q2 24 | — | 80.8% | ||
| Q1 24 | — | 77.5% |
营业利润率COINFTNT
| Q4 25 | 15.4% | 32.8% | ||
| Q3 25 | 25.7% | 31.7% | ||
| Q2 25 | -1.6% | 28.1% | ||
| Q1 25 | 34.7% | 29.5% | ||
| Q4 24 | 45.5% | 34.6% | ||
| Q3 24 | 14.1% | 31.2% | ||
| Q2 24 | 23.7% | 30.5% | ||
| Q1 24 | 46.4% | 23.7% |
净利率COINFTNT
| Q4 25 | -37.4% | 26.6% | ||
| Q3 25 | 23.1% | 27.5% | ||
| Q2 25 | 95.4% | 27.0% | ||
| Q1 25 | 3.2% | 28.1% | ||
| Q4 24 | 56.8% | 31.7% | ||
| Q3 24 | 6.3% | 35.8% | ||
| Q2 24 | 2.5% | 26.5% | ||
| Q1 24 | 71.8% | 22.1% |
每股收益（稀释后）COINFTNT
| Q4 25 | $-2.43 | $0.67 | ||
| Q3 25 | $1.50 | $0.62 | ||
| Q2 25 | $5.14 | $0.57 | ||
| Q1 25 | $0.24 | $0.56 | ||
| Q4 24 | $4.66 | $0.68 | ||
| Q3 24 | $0.28 | $0.70 | ||
| Q2 24 | $0.14 | $0.49 | ||
| Q1 24 | $4.40 | $0.39 |
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 | $2.5B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $1.2B |
| 总资产 | $29.7B | $10.4B |
| 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COINFTNT
| Q4 25 | $11.6B | $2.5B | ||
| Q3 25 | $9.8B | $2.0B | ||
| Q2 25 | $7.5B | $3.4B | ||
| Q1 25 | $8.1B | $3.6B | ||
| Q4 24 | $8.5B | $2.9B | ||
| Q3 24 | $7.7B | $2.5B | ||
| Q2 24 | $7.2B | $2.2B | ||
| Q1 24 | $6.7B | $1.9B |
总债务COINFTNT
| 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COINFTNT
| Q4 25 | $14.8B | $1.2B | ||
| Q3 25 | $16.0B | $735.1M | ||
| Q2 25 | $12.1B | $2.1B | ||
| Q1 25 | $10.5B | $2.0B | ||
| Q4 24 | $10.3B | $1.5B | ||
| Q3 24 | $8.7B | $908.1M | ||
| Q2 24 | $8.4B | $288.2M | ||
| Q1 24 | $8.1B | $-137.5M |
总资产COINFTNT
| Q4 25 | $29.7B | $10.4B | ||
| Q3 25 | $31.4B | $9.4B | ||
| Q2 25 | $23.5B | $10.6B | ||
| Q1 25 | $21.7B | $10.4B | ||
| Q4 24 | $22.5B | $9.8B | ||
| Q3 24 | $290.6B | $8.9B | ||
| Q2 24 | $287.0B | $8.1B | ||
| Q1 24 | $348.0B | $7.7B |
负债/权益比COINFTNT
| 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 | $620.2M |
| 自由现金流经营现金流 - 资本支出 | — | $577.4M |
| 自由现金流率自由现金流/营收 | — | 30.3% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $2.2B |
8季度趋势，按日历期对齐
经营现金流COINFTNT
| Q4 25 | $3.1B | $620.2M | ||
| Q3 25 | $-784.5M | $655.2M | ||
| Q2 25 | $328.5M | $451.9M | ||
| Q1 25 | $-182.7M | $863.3M | ||
| Q4 24 | $964.6M | $477.6M | ||
| Q3 24 | $696.5M | $608.1M | ||
| Q2 24 | $484.2M | $342.0M | ||
| Q1 24 | $411.5M | $830.4M |
自由现金流COINFTNT
| Q4 25 | — | $577.4M | ||
| Q3 25 | — | $567.5M | ||
| Q2 25 | — | $284.1M | ||
| Q1 25 | — | $796.8M | ||
| Q4 24 | — | $380.0M | ||
| Q3 24 | — | $571.8M | ||
| Q2 24 | — | $318.9M | ||
| Q1 24 | — | $608.5M |
自由现金流率COINFTNT
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 32.9% | ||
| Q2 25 | — | 17.4% | ||
| Q1 25 | — | 51.8% | ||
| Q4 24 | — | 22.9% | ||
| Q3 24 | — | 37.9% | ||
| Q2 24 | — | 22.2% | ||
| Q1 24 | — | 45.0% |
资本支出强度COINFTNT
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 16.4% |
现金转化率COINFTNT
| Q4 25 | — | 1.23× | ||
| Q3 25 | -1.81× | 1.38× | ||
| Q2 25 | 0.23× | 1.03× | ||
| Q1 25 | -2.79× | 1.99× | ||
| Q4 24 | 0.75× | 0.91× | ||
| Q3 24 | 9.23× | 1.13× | ||
| Q2 24 | 13.39× | 0.90× | ||
| Q1 24 | 0.35× | 2.77× |
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% |
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
