vs
Coinbase（COIN）与自由媒体集团（FWONA）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是自由媒体集团的1.1倍（$1.8B vs $1.6B），自由媒体集团净利率更高（20.7% vs -37.4%，领先58.1%），自由媒体集团同比增速更快（150.7% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -23.5%）
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。
自由媒体集团是1991年由约翰·C·马龙创立的美国大型传媒企业，旗下设有两大对应独立追踪股票的业务板块，持有一级方程式集团和Live Nation Entertainment的股权，截至2025年拥有F1、世界摩托车锦标赛、世界超级摩托车锦标赛三项全球顶级赛车运动IP及运营业务。
COIN vs FWONA — 直观对比
营收规模更大
COIN
是对方的1.1倍
$1.6B
营收增速更快
FWONA
高出172.3%
-21.6%
净利率更高
FWONA
高出58.1%
-37.4%
两年增速更快
COIN
近两年复合增速
-23.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.6B |
| 净利润 | $-666.7M | $333.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 14.0% |
| 净利率 | -37.4% | 20.7% |
| 营收同比 | -21.6% | 150.7% |
| 净利润同比 | -151.6% | 193.8% |
| 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COINFWONA
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $2.0B | $447.0M | ||
| Q4 24 | $2.3B | $-3.2B | ||
| Q3 24 | $1.2B | $911.0M | ||
| Q2 24 | $1.4B | $3.2B | ||
| Q1 24 | $1.6B | $2.7B |
净利润COINFWONA
| Q4 25 | $-666.7M | $333.0M | ||
| Q3 25 | $432.6M | $13.0M | ||
| Q2 25 | $1.4B | $204.0M | ||
| Q1 25 | $65.6M | $5.0M | ||
| Q4 24 | $1.3B | $-355.0M | ||
| Q3 24 | $75.5M | $-2.4B | ||
| Q2 24 | $36.1M | $457.0M | ||
| Q1 24 | $1.2B | $203.0M |
营业利润率COINFWONA
| Q4 25 | 15.4% | 14.0% | ||
| Q3 25 | 25.7% | 13.7% | ||
| Q2 25 | -1.6% | 20.4% | ||
| Q1 25 | 34.7% | -15.9% | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | 11.7% | ||
| Q2 24 | 23.7% | 16.7% | ||
| Q1 24 | 46.4% | 18.3% |
净利率COINFWONA
| Q4 25 | -37.4% | 20.7% | ||
| Q3 25 | 23.1% | 1.2% | ||
| Q2 25 | 95.4% | 15.2% | ||
| Q1 25 | 3.2% | 1.1% | ||
| Q4 24 | 56.8% | 11.2% | ||
| Q3 24 | 6.3% | -259.9% | ||
| Q2 24 | 2.5% | 14.4% | ||
| Q1 24 | 71.8% | 7.4% |
每股收益（稀释后）COINFWONA
| 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 | $1.1B |
| 总债务越低越好 | $7.2B | $5.1B |
| 股东权益账面价值 | $14.8B | $7.8B |
| 总资产 | $29.7B | $15.4B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资COINFWONA
| Q4 25 | $11.6B | $1.1B | ||
| Q3 25 | $9.8B | $1.6B | ||
| Q2 25 | $7.5B | $3.4B | ||
| Q1 25 | $8.1B | $3.1B | ||
| Q4 24 | $8.5B | $3.0B | ||
| Q3 24 | $7.7B | $3.1B | ||
| Q2 24 | $7.2B | $2.1B | ||
| Q1 24 | $6.7B | $1.7B |
总债务COINFWONA
| Q4 25 | $7.2B | $5.1B | ||
| Q3 25 | $7.2B | $7.0B | ||
| Q2 25 | $4.2B | $4.8B | ||
| Q1 25 | $4.2B | $4.6B | ||
| Q4 24 | $4.2B | $4.5B | ||
| Q3 24 | $4.2B | $4.4B | ||
| Q2 24 | $4.2B | $15.0B | ||
| Q1 24 | $4.2B | $15.4B |
股东权益COINFWONA
| Q4 25 | $14.8B | $7.8B | ||
| Q3 25 | $16.0B | $7.4B | ||
| Q2 25 | $12.1B | $7.3B | ||
| Q1 25 | $10.5B | $7.0B | ||
| Q4 24 | $10.3B | $7.0B | ||
| Q3 24 | $8.7B | $7.4B | ||
| Q2 24 | $8.4B | $17.1B | ||
| Q1 24 | $8.1B | $16.6B |
总资产COINFWONA
| Q4 25 | $29.7B | $15.4B | ||
| Q3 25 | $31.4B | $17.8B | ||
| Q2 25 | $23.5B | $13.8B | ||
| Q1 25 | $21.7B | $13.3B | ||
| Q4 24 | $22.5B | $12.9B | ||
| Q3 24 | $290.6B | $13.2B | ||
| Q2 24 | $287.0B | $42.6B | ||
| Q1 24 | $348.0B | $42.4B |
负债/权益比COINFWONA
| Q4 25 | 0.49× | 0.66× | ||
| Q3 25 | 0.45× | 0.95× | ||
| Q2 25 | 0.35× | 0.65× | ||
| Q1 25 | 0.40× | 0.65× | ||
| Q4 24 | 0.41× | 0.65× | ||
| Q3 24 | 0.48× | 0.59× | ||
| Q2 24 | 0.51× | 0.88× | ||
| Q1 24 | 0.52× | 0.93× |
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 | $123.0M |
| 自由现金流经营现金流 - 资本支出 | — | $62.0M |
| 自由现金流率自由现金流/营收 | — | 3.9% |
| 资本支出强度资本支出/营收 | — | 3.8% |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 过去12个月自由现金流最近4个季度 | — | $789.0M |
8季度趋势，按日历期对齐
经营现金流COINFWONA
| Q4 25 | $3.1B | $123.0M | ||
| Q3 25 | $-784.5M | $173.0M | ||
| Q2 25 | $328.5M | $231.0M | ||
| Q1 25 | $-182.7M | $381.0M | ||
| Q4 24 | $964.6M | $-23.0M | ||
| Q3 24 | $696.5M | $182.0M | ||
| Q2 24 | $484.2M | $752.0M | ||
| Q1 24 | $411.5M | $395.0M |
自由现金流COINFWONA
| Q4 25 | — | $62.0M | ||
| Q3 25 | — | $170.0M | ||
| Q2 25 | — | $209.0M | ||
| Q1 25 | — | $348.0M | ||
| Q4 24 | — | $-46.0M | ||
| Q3 24 | — | $-153.0M | ||
| Q2 24 | — | $566.0M | ||
| Q1 24 | — | $194.0M |
自由现金流率COINFWONA
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | — | 77.9% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | -16.8% | ||
| Q2 24 | — | 17.9% | ||
| Q1 24 | — | 7.1% |
资本支出强度COINFWONA
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | — | -0.7% | ||
| Q3 24 | — | 36.8% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | 7.3% |
现金转化率COINFWONA
| Q4 25 | — | 0.37× | ||
| Q3 25 | -1.81× | 13.31× | ||
| Q2 25 | 0.23× | 1.13× | ||
| Q1 25 | -2.79× | 76.20× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | 1.65× | ||
| Q1 24 | 0.35× | 1.95× |
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% |
FWONA
| Formula One | $1.4B | 87% |
| Product Service Or Other | $131.0M | 8% |
| Other | $77.0M | 5% |
