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Coinbase（COIN）与Frontier Communications Parent, Inc.（FYBR）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Frontier Communications Parent, Inc.的1.2倍（$1.8B vs $1.5B），Frontier Communications Parent, Inc.净利率更高（-5.0% vs -37.4%，领先32.5%），Frontier Communications Parent, Inc.同比增速更快（4.2% vs -21.6%），过去两年Frontier Communications Parent, Inc.的营收复合增速更高（4.3% 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。
前沿通信母公司是一家美国电信企业，隶属于威瑞森，拥有光纤通信网络，并提供云相关服务，该公司曾先后更名为公民公用事业公司、公民通信公司和前沿通信公司，是美国本土知名电信运营商之一。
COIN vs FYBR — 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
FYBR
高出25.8%
-21.6%
净利率更高
FYBR
高出32.5%
-37.4%
两年增速更快
FYBR
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-666.7M | $-76.0M |
| 毛利率 | — | 64.3% |
| 营业利润率 | 15.4% | 7.6% |
| 净利率 | -37.4% | -5.0% |
| 营收同比 | -21.6% | 4.2% |
| 净利润同比 | -151.6% | 7.3% |
| 每股收益（稀释后） | $-2.43 | $-0.30 |
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COINFYBR
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.6B | $1.4B |
净利润COINFYBR
| Q4 25 | $-666.7M | — | ||
| Q3 25 | $432.6M | $-76.0M | ||
| Q2 25 | $1.4B | $-123.0M | ||
| Q1 25 | $65.6M | $-64.0M | ||
| Q4 24 | $1.3B | $-118.0M | ||
| Q3 24 | $75.5M | $-82.0M | ||
| Q2 24 | $36.1M | $-123.0M | ||
| Q1 24 | $1.2B | $1.0M |
毛利率COINFYBR
| Q4 25 | — | — | ||
| Q3 25 | — | 64.3% | ||
| Q2 25 | — | 65.0% | ||
| Q1 25 | — | 65.2% | ||
| Q4 24 | — | 64.2% | ||
| Q3 24 | — | 63.4% | ||
| Q2 24 | — | 64.8% | ||
| Q1 24 | — | 63.9% |
营业利润率COINFYBR
| Q4 25 | 15.4% | — | ||
| Q3 25 | 25.7% | 7.6% | ||
| Q2 25 | -1.6% | 2.9% | ||
| Q1 25 | 34.7% | 5.1% | ||
| Q4 24 | 45.5% | 5.8% | ||
| Q3 24 | 14.1% | 5.8% | ||
| Q2 24 | 23.7% | 6.2% | ||
| Q1 24 | 46.4% | 6.2% |
净利率COINFYBR
| Q4 25 | -37.4% | — | ||
| Q3 25 | 23.1% | -5.0% | ||
| Q2 25 | 95.4% | -8.1% | ||
| Q1 25 | 3.2% | -4.3% | ||
| Q4 24 | 56.8% | -7.9% | ||
| Q3 24 | 6.3% | -5.6% | ||
| Q2 24 | 2.5% | -8.4% | ||
| Q1 24 | 71.8% | 0.1% |
每股收益（稀释后）COINFYBR
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | $-0.30 | ||
| Q2 25 | $5.14 | $-0.49 | ||
| Q1 25 | $0.24 | $-0.26 | ||
| Q4 24 | $4.66 | $-0.48 | ||
| Q3 24 | $0.28 | $-0.33 | ||
| Q2 24 | $0.14 | $-0.49 | ||
| Q1 24 | $4.40 | $0.00 |
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 | $336.0M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $4.7B |
| 总资产 | $29.7B | $21.6B |
| 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COINFYBR
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | $336.0M | ||
| Q2 25 | $7.5B | $412.0M | ||
| Q1 25 | $8.1B | $506.0M | ||
| Q4 24 | $8.5B | $750.0M | ||
| Q3 24 | $7.7B | $1.3B | ||
| Q2 24 | $7.2B | $1.2B | ||
| Q1 24 | $6.7B | $1.5B |
总债务COINFYBR
| 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COINFYBR
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | $4.7B | ||
| Q2 25 | $12.1B | $4.8B | ||
| Q1 25 | $10.5B | $4.9B | ||
| Q4 24 | $10.3B | $4.9B | ||
| Q3 24 | $8.7B | $5.1B | ||
| Q2 24 | $8.4B | $5.1B | ||
| Q1 24 | $8.1B | $5.3B |
总资产COINFYBR
| Q4 25 | $29.7B | — | ||
| Q3 25 | $31.4B | $21.6B | ||
| Q2 25 | $23.5B | $21.3B | ||
| Q1 25 | $21.7B | $20.9B | ||
| Q4 24 | $22.5B | $20.6B | ||
| Q3 24 | $290.6B | $20.9B | ||
| Q2 24 | $287.0B | $20.2B | ||
| Q1 24 | $348.0B | $20.2B |
负债/权益比COINFYBR
| 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 | $504.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-315.0M |
| 自由现金流率自由现金流/营收 | — | -20.5% |
| 资本支出强度资本支出/营收 | — | 53.4% |
| 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 | — | $-1.4B |
8季度趋势，按日历期对齐
经营现金流COINFYBR
| Q4 25 | $3.1B | — | ||
| Q3 25 | $-784.5M | $504.0M | ||
| Q2 25 | $328.5M | $477.0M | ||
| Q1 25 | $-182.7M | $519.0M | ||
| Q4 24 | $964.6M | $294.0M | ||
| Q3 24 | $696.5M | $618.0M | ||
| Q2 24 | $484.2M | $374.0M | ||
| Q1 24 | $411.5M | $335.0M |
自由现金流COINFYBR
| Q4 25 | — | — | ||
| Q3 25 | — | $-315.0M | ||
| Q2 25 | — | $-368.0M | ||
| Q1 25 | — | $-238.0M | ||
| Q4 24 | — | $-498.0M | ||
| Q3 24 | — | $-81.0M | ||
| Q2 24 | — | $-252.0M | ||
| Q1 24 | — | $-331.0M |
自由现金流率COINFYBR
| Q4 25 | — | — | ||
| Q3 25 | — | -20.5% | ||
| Q2 25 | — | -24.2% | ||
| Q1 25 | — | -15.9% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | — | -5.5% | ||
| Q2 24 | — | -17.2% | ||
| Q1 24 | — | -22.9% |
资本支出强度COINFYBR
| Q4 25 | — | — | ||
| Q3 25 | — | 53.4% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 50.6% | ||
| Q4 24 | — | 53.2% | ||
| Q3 24 | — | 47.5% | ||
| Q2 24 | — | 42.7% | ||
| Q1 24 | — | 46.1% |
现金转化率COINFYBR
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | 335.00× |
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% |
FYBR
| Consumer | $826.0M | 54% |
| Business And Wholesale | $707.0M | 46% |
