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Coinbase（COIN）与罗宾汉（HOOD）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是罗宾汉的1.4倍（$1.8B vs $1.3B），罗宾汉净利率更高（47.2% vs -37.4%，领先84.6%），罗宾汉同比增速更快（26.5% vs -21.6%），过去两年罗宾汉的营收复合增速更高（44.1% 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。
罗宾汉市场（Robinhood Markets, Inc.）是总部位于美国加利福尼亚州门洛帕克的金融服务企业，旗下电子交易平台支持股票、ETF、期权、期货、加密货币等品类交易，还提供加密货币钱包、财富管理、信用卡等金融服务，部分银行服务与FDIC投保银行合作推出，同时运营新闻网站Sherwood.News。
COIN vs HOOD — 直观对比
营收规模更大
COIN
是对方的1.4倍
$1.3B
营收增速更快
HOOD
高出48.1%
-21.6%
净利率更高
HOOD
高出84.6%
-37.4%
两年增速更快
HOOD
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-666.7M | $605.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 51.5% |
| 净利率 | -37.4% | 47.2% |
| 营收同比 | -21.6% | 26.5% |
| 净利润同比 | -151.6% | -34.0% |
| 每股收益（稀释后） | $-2.43 | $0.65 |
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COINHOOD
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.3B | ||
| Q2 25 | $1.5B | $989.0M | ||
| Q1 25 | $2.0B | $927.0M | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $1.2B | $637.0M | ||
| Q2 24 | $1.4B | $682.0M | ||
| Q1 24 | $1.6B | $618.0M |
净利润COINHOOD
| Q4 25 | $-666.7M | $605.0M | ||
| Q3 25 | $432.6M | $556.0M | ||
| Q2 25 | $1.4B | $386.0M | ||
| Q1 25 | $65.6M | $336.0M | ||
| Q4 24 | $1.3B | $916.0M | ||
| Q3 24 | $75.5M | $150.0M | ||
| Q2 24 | $36.1M | $188.0M | ||
| Q1 24 | $1.2B | $157.0M |
营业利润率COINHOOD
| Q4 25 | 15.4% | 51.5% | ||
| Q3 25 | 25.7% | 49.8% | ||
| Q2 25 | -1.6% | 44.7% | ||
| Q1 25 | 34.7% | 40.0% | ||
| Q4 24 | 45.5% | 55.0% | ||
| Q3 24 | 14.1% | 24.0% | ||
| Q2 24 | 23.7% | 28.0% | ||
| Q1 24 | 46.4% | 26.2% |
净利率COINHOOD
| Q4 25 | -37.4% | 47.2% | ||
| Q3 25 | 23.1% | 43.6% | ||
| Q2 25 | 95.4% | 39.0% | ||
| Q1 25 | 3.2% | 36.2% | ||
| Q4 24 | 56.8% | 90.3% | ||
| Q3 24 | 6.3% | 23.5% | ||
| Q2 24 | 2.5% | 27.6% | ||
| Q1 24 | 71.8% | 25.4% |
每股收益（稀释后）COINHOOD
| Q4 25 | $-2.43 | $0.65 | ||
| Q3 25 | $1.50 | $0.61 | ||
| Q2 25 | $5.14 | $0.42 | ||
| Q1 25 | $0.24 | $0.37 | ||
| Q4 24 | $4.66 | $1.00 | ||
| Q3 24 | $0.28 | $0.17 | ||
| Q2 24 | $0.14 | $0.21 | ||
| Q1 24 | $4.40 | $0.18 |
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 | $4.3B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $9.2B |
| 总资产 | $29.7B | $38.1B |
| 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COINHOOD
| Q4 25 | $11.6B | $4.3B | ||
| Q3 25 | $9.8B | $4.3B | ||
| Q2 25 | $7.5B | $4.2B | ||
| Q1 25 | $8.1B | $4.4B | ||
| Q4 24 | $8.5B | $4.3B | ||
| Q3 24 | $7.7B | $4.6B | ||
| Q2 24 | $7.2B | $4.5B | ||
| Q1 24 | $6.7B | $4.7B |
总债务COINHOOD
| 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COINHOOD
| Q4 25 | $14.8B | $9.2B | ||
| Q3 25 | $16.0B | $8.6B | ||
| Q2 25 | $12.1B | $8.1B | ||
| Q1 25 | $10.5B | $8.0B | ||
| Q4 24 | $10.3B | $8.0B | ||
| Q3 24 | $8.7B | $7.2B | ||
| Q2 24 | $8.4B | $7.1B | ||
| Q1 24 | $8.1B | $6.9B |
总资产COINHOOD
| Q4 25 | $29.7B | $38.1B | ||
| Q3 25 | $31.4B | $41.5B | ||
| Q2 25 | $23.5B | $35.3B | ||
| Q1 25 | $21.7B | $27.5B | ||
| Q4 24 | $22.5B | $26.2B | ||
| Q3 24 | $290.6B | $43.2B | ||
| Q2 24 | $287.0B | $41.3B | ||
| Q1 24 | $348.0B | $46.1B |
负债/权益比COINHOOD
| 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 | $-937.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | -1.55× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流COINHOOD
| Q4 25 | $3.1B | $-937.0M | ||
| Q3 25 | $-784.5M | $-1.6B | ||
| Q2 25 | $328.5M | $3.5B | ||
| Q1 25 | $-182.7M | $642.0M | ||
| Q4 24 | $964.6M | $-1.4B | ||
| Q3 24 | $696.5M | $1.8B | ||
| Q2 24 | $484.2M | $54.0M | ||
| Q1 24 | $411.5M | $-623.0M |
现金转化率COINHOOD
| Q4 25 | — | -1.55× | ||
| Q3 25 | -1.81× | -2.83× | ||
| Q2 25 | 0.23× | 9.09× | ||
| Q1 25 | -2.79× | 1.91× | ||
| Q4 24 | 0.75× | -1.53× | ||
| Q3 24 | 9.23× | 12.08× | ||
| Q2 24 | 13.39× | 0.29× | ||
| Q1 24 | 0.35× | -3.97× |
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% |
HOOD
| Other | $365.0M | 28% |
| Options | $314.0M | 24% |
| Cryptocurrencies | $221.0M | 17% |
| Other Transaction Based Revenues | $147.0M | 11% |
| Financial Service Other | $96.0M | 7% |
| Equities | $94.0M | 7% |
| Other Revenue | $35.0M | 3% |
| Proxy Revenues | $11.0M | 1% |
