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Coinbase（COIN）与FuboTV Inc.（FUBO）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FuboTV Inc.的1.2倍（$1.8B vs $1.5B），FuboTV Inc.净利率更高（-0.4% vs -37.4%，领先37.0%），FuboTV Inc.同比增速更快（249.4% vs -21.6%），过去两年FuboTV Inc.的营收复合增速更高（94.3% 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。
FuboTV Inc.（简称Fubo）是源自美国的互联网体育流媒体服务商，业务覆盖美国、加拿大与西班牙地区。该平台主打各类直播体育内容，可提供英超、NFL、MLB、NBA、NHL、MLS等各大主流顶级体育赛事转播，同时也涵盖新闻、剧集等综合影视娱乐内容。
COIN vs FUBO — 直观对比
营收规模更大
COIN
是对方的1.2倍
$1.5B
营收增速更快
FUBO
高出271.0%
-21.6%
净利率更高
FUBO
高出37.0%
-37.4%
两年增速更快
FUBO
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-666.7M | $-6.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | -1.3% |
| 净利率 | -37.4% | -0.4% |
| 营收同比 | -21.6% | 249.4% |
| 净利润同比 | -151.6% | 84.5% |
| 每股收益（稀释后） | $-2.43 | $-0.02 |
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COINFUBO
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.9B | $377.2M | ||
| Q2 25 | $1.5B | $380.0M | ||
| Q1 25 | $2.0B | $416.3M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $1.2B | $386.2M | ||
| Q2 24 | $1.4B | $391.0M | ||
| Q1 24 | $1.6B | $402.3M |
净利润COINFUBO
| Q4 25 | $-666.7M | $-6.0M | ||
| Q3 25 | $432.6M | $-18.9M | ||
| Q2 25 | $1.4B | $-8.0M | ||
| Q1 25 | $65.6M | $188.5M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $75.5M | $-52.4M | ||
| Q2 24 | $36.1M | $-25.3M | ||
| Q1 24 | $1.2B | $-56.0M |
营业利润率COINFUBO
| Q4 25 | 15.4% | -1.3% | ||
| Q3 25 | 25.7% | -5.3% | ||
| Q2 25 | -1.6% | -1.6% | ||
| Q1 25 | 34.7% | -6.1% | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | -15.2% | ||
| Q2 24 | 23.7% | -9.1% | ||
| Q1 24 | 46.4% | -15.7% |
净利率COINFUBO
| Q4 25 | -37.4% | -0.4% | ||
| Q3 25 | 23.1% | -5.0% | ||
| Q2 25 | 95.4% | -2.1% | ||
| Q1 25 | 3.2% | 45.3% | ||
| Q4 24 | 56.8% | — | ||
| Q3 24 | 6.3% | -13.6% | ||
| Q2 24 | 2.5% | -6.5% | ||
| Q1 24 | 71.8% | -13.9% |
每股收益（稀释后）COINFUBO
| Q4 25 | $-2.43 | $-0.02 | ||
| Q3 25 | $1.50 | $-0.06 | ||
| Q2 25 | $5.14 | $-0.02 | ||
| Q1 25 | $0.24 | $0.55 | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | $-0.16 | ||
| Q2 24 | $0.14 | $-0.08 | ||
| Q1 24 | $4.40 | $-0.19 |
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 | $452.4M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $275.5M |
| 总资产 | $29.7B | $4.1B |
| 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COINFUBO
| Q4 25 | $11.6B | $452.4M | ||
| Q3 25 | $9.8B | — | ||
| Q2 25 | $7.5B | $283.6M | ||
| Q1 25 | $8.1B | $321.6M | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | $146.2M | ||
| Q2 24 | $7.2B | $155.2M | ||
| Q1 24 | $6.7B | $168.9M |
总债务COINFUBO
| 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COINFUBO
| Q4 25 | $14.8B | $275.5M | ||
| Q3 25 | $16.0B | $915.3M | ||
| Q2 25 | $12.1B | $400.4M | ||
| Q1 25 | $10.5B | $389.0M | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | $905.3M | ||
| Q2 24 | $8.4B | $254.2M | ||
| Q1 24 | $8.1B | $236.1M |
总资产COINFUBO
| Q4 25 | $29.7B | $4.1B | ||
| Q3 25 | $31.4B | $1.3B | ||
| Q2 25 | $23.5B | $1.2B | ||
| Q1 25 | $21.7B | $1.2B | ||
| Q4 24 | $22.5B | — | ||
| Q3 24 | $290.6B | $1.1B | ||
| Q2 24 | $287.0B | $1.1B | ||
| Q1 24 | $348.0B | $1.1B |
负债/权益比COINFUBO
| 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 | $-200.3M |
| 自由现金流经营现金流 - 资本支出 | — | $-200.8M |
| 自由现金流率自由现金流/营收 | — | -13.0% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-81.3M |
8季度趋势，按日历期对齐
经营现金流COINFUBO
| Q4 25 | $3.1B | $-200.3M | ||
| Q3 25 | $-784.5M | $-6.5M | ||
| Q2 25 | $328.5M | $-34.6M | ||
| Q1 25 | $-182.7M | $161.4M | ||
| Q4 24 | $964.6M | — | ||
| Q3 24 | $696.5M | $235.0K | ||
| Q2 24 | $484.2M | $-32.3M | ||
| Q1 24 | $411.5M | $-67.3M |
自由现金流COINFUBO
| Q4 25 | — | $-200.8M | ||
| Q3 25 | — | $-6.5M | ||
| Q2 25 | — | $-35.0M | ||
| Q1 25 | — | $161.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-1.3M | ||
| Q2 24 | — | $-32.5M | ||
| Q1 24 | — | $-67.4M |
自由现金流率COINFUBO
| Q4 25 | — | -13.0% | ||
| Q3 25 | — | -1.7% | ||
| Q2 25 | — | -9.2% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.3% | ||
| Q2 24 | — | -8.3% | ||
| Q1 24 | — | -16.7% |
资本支出强度COINFUBO
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.0% |
现金转化率COINFUBO
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | 0.86× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | — |
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% |
FUBO
| Related Party | $1.2B | 75% |
| Subscription And Advertising | $377.9M | 24% |
