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Coinbase（COIN）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是孩之宝的1.2倍（$1.8B vs $1.4B），孩之宝净利率更高（13.9% vs -37.4%，领先51.4%），孩之宝同比增速更快（31.3% vs -21.6%），过去两年孩之宝的营收复合增速更高（38.2% 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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
COIN vs HAS — 直观对比
营收规模更大
COIN
是对方的1.2倍
$1.4B
营收增速更快
HAS
高出52.8%
-21.6%
净利率更高
HAS
高出51.4%
-37.4%
两年增速更快
HAS
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-666.7M | $201.6M |
| 毛利率 | — | 68.7% |
| 营业利润率 | 15.4% | 20.6% |
| 净利率 | -37.4% | 13.9% |
| 营收同比 | -21.6% | 31.3% |
| 净利润同比 | -151.6% | 687.8% |
| 每股收益（稀释后） | $-2.43 | $1.46 |
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COINHAS
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $980.8M | ||
| Q1 25 | $2.0B | $887.1M | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.4B | $995.3M | ||
| Q1 24 | $1.6B | $757.3M |
净利润COINHAS
| Q4 25 | $-666.7M | $201.6M | ||
| Q3 25 | $432.6M | $233.2M | ||
| Q2 25 | $1.4B | $-855.8M | ||
| Q1 25 | $65.6M | $98.6M | ||
| Q4 24 | $1.3B | $-34.3M | ||
| Q3 24 | $75.5M | $223.2M | ||
| Q2 24 | $36.1M | $138.5M | ||
| Q1 24 | $1.2B | $58.2M |
毛利率COINHAS
| Q4 25 | — | 68.7% | ||
| Q3 25 | — | 70.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 67.4% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 76.1% | ||
| Q1 24 | — | 73.0% |
营业利润率COINHAS
| Q4 25 | 15.4% | 20.6% | ||
| Q3 25 | 25.7% | 24.6% | ||
| Q2 25 | -1.6% | -81.4% | ||
| Q1 25 | 34.7% | 19.2% | ||
| Q4 24 | 45.5% | 5.4% | ||
| Q3 24 | 14.1% | 23.6% | ||
| Q2 24 | 23.7% | 21.3% | ||
| Q1 24 | 46.4% | 15.3% |
净利率COINHAS
| Q4 25 | -37.4% | 13.9% | ||
| Q3 25 | 23.1% | 16.8% | ||
| Q2 25 | 95.4% | -87.3% | ||
| Q1 25 | 3.2% | 11.1% | ||
| Q4 24 | 56.8% | -3.1% | ||
| Q3 24 | 6.3% | 17.4% | ||
| Q2 24 | 2.5% | 13.9% | ||
| Q1 24 | 71.8% | 7.7% |
每股收益（稀释后）COINHAS
| Q4 25 | $-2.43 | $1.46 | ||
| Q3 25 | $1.50 | $1.64 | ||
| Q2 25 | $5.14 | $-6.10 | ||
| Q1 25 | $0.24 | $0.70 | ||
| Q4 24 | $4.66 | $-0.25 | ||
| Q3 24 | $0.28 | $1.59 | ||
| Q2 24 | $0.14 | $0.99 | ||
| Q1 24 | $4.40 | $0.42 |
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 | — |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $565.5M |
| 总资产 | $29.7B | $5.6B |
| 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COINHAS
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $6.7B | — |
总债务COINHAS
| 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COINHAS
| Q4 25 | $14.8B | $565.5M | ||
| Q3 25 | $16.0B | $433.8M | ||
| Q2 25 | $12.1B | $269.7M | ||
| Q1 25 | $10.5B | $1.2B | ||
| Q4 24 | $10.3B | $1.2B | ||
| Q3 24 | $8.7B | $1.3B | ||
| Q2 24 | $8.4B | $1.2B | ||
| Q1 24 | $8.1B | $1.0B |
总资产COINHAS
| Q4 25 | $29.7B | $5.6B | ||
| Q3 25 | $31.4B | $5.5B | ||
| Q2 25 | $23.5B | $5.2B | ||
| Q1 25 | $21.7B | $6.0B | ||
| Q4 24 | $22.5B | $6.3B | ||
| Q3 24 | $290.6B | $7.2B | ||
| Q2 24 | $287.0B | $6.9B | ||
| Q1 24 | $348.0B | $6.2B |
负债/权益比COINHAS
| 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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | — | $389.5M |
| 自由现金流率自由现金流/营收 | — | 26.9% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 现金转化率经营现金流/净利润 | — | 2.00× |
| 过去12个月自由现金流最近4个季度 | — | $829.9M |
8季度趋势，按日历期对齐
经营现金流COINHAS
| Q4 25 | $3.1B | $403.2M | ||
| Q3 25 | $-784.5M | $280.6M | ||
| Q2 25 | $328.5M | $71.3M | ||
| Q1 25 | $-182.7M | $138.1M | ||
| Q4 24 | $964.6M | $259.8M | ||
| Q3 24 | $696.5M | $222.5M | ||
| Q2 24 | $484.2M | $187.3M | ||
| Q1 24 | $411.5M | $177.8M |
自由现金流COINHAS
| Q4 25 | — | $389.5M | ||
| Q3 25 | — | $260.9M | ||
| Q2 25 | — | $55.2M | ||
| Q1 25 | — | $124.3M | ||
| Q4 24 | — | $200.8M | ||
| Q3 24 | — | $174.0M | ||
| Q2 24 | — | $135.4M | ||
| Q1 24 | — | $132.0M |
自由现金流率COINHAS
| Q4 25 | — | 26.9% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 14.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 17.4% |
资本支出强度COINHAS
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 5.2% | ||
| Q1 24 | — | 6.0% |
现金转化率COINHAS
| Q4 25 | — | 2.00× | ||
| Q3 25 | -1.81× | 1.20× | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | 1.40× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 1.00× | ||
| Q2 24 | 13.39× | 1.35× | ||
| Q1 24 | 0.35× | 3.05× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
