vs
Coinbase（COIN）与亨斯迈（HUN）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是亨斯迈的1.3倍（$1.8B vs $1.4B），亨斯迈净利率更高（-7.1% vs -37.4%，领先30.3%），亨斯迈同比增速更快（-6.7% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -4.0%）
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。
亨斯迈公司是总部位于美国得克萨斯州伍德兰兹的全球化化工巨头，面向消费端与工业客户生产、销售各类化工产品，主营聚氨酯、高性能材料及胶粘剂，客户覆盖宝马、通用电气、雪佛龙、宝洁、联合利华等知名品牌。目前公司在全球25个国家设有60余处生产、研发及运营基地，员工约7000人。
COIN vs HUN — 直观对比
营收规模更大
COIN
是对方的1.3倍
$1.4B
营收增速更快
HUN
高出14.9%
-21.6%
净利率更高
HUN
高出30.3%
-37.4%
两年增速更快
COIN
近两年复合增速
-4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-666.7M | $-96.0M |
| 毛利率 | — | 12.1% |
| 营业利润率 | 15.4% | -4.4% |
| 净利率 | -37.4% | -7.1% |
| 营收同比 | -21.6% | -6.7% |
| 净利润同比 | -151.6% | 31.9% |
| 每股收益（稀释后） | $-2.43 | $-0.56 |
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COINHUN
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.6B | $1.5B |
净利润COINHUN
| Q4 25 | $-666.7M | $-96.0M | ||
| Q3 25 | $432.6M | $-25.0M | ||
| Q2 25 | $1.4B | $-158.0M | ||
| Q1 25 | $65.6M | $-5.0M | ||
| Q4 24 | $1.3B | $-141.0M | ||
| Q3 24 | $75.5M | $-33.0M | ||
| Q2 24 | $36.1M | $22.0M | ||
| Q1 24 | $1.2B | $-37.0M |
毛利率COINHUN
| Q4 25 | — | 12.1% | ||
| Q3 25 | — | 14.0% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 12.9% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | 13.7% |
营业利润率COINHUN
| Q4 25 | 15.4% | -4.4% | ||
| Q3 25 | 25.7% | 0.4% | ||
| Q2 25 | -1.6% | -8.2% | ||
| Q1 25 | 34.7% | 3.0% | ||
| Q4 24 | 45.5% | -4.3% | ||
| Q3 24 | 14.1% | 2.7% | ||
| Q2 24 | 23.7% | 2.2% | ||
| Q1 24 | 46.4% | -2.6% |
净利率COINHUN
| Q4 25 | -37.4% | -7.1% | ||
| Q3 25 | 23.1% | -1.7% | ||
| Q2 25 | 95.4% | -10.8% | ||
| Q1 25 | 3.2% | -0.4% | ||
| Q4 24 | 56.8% | -9.7% | ||
| Q3 24 | 6.3% | -2.1% | ||
| Q2 24 | 2.5% | 1.4% | ||
| Q1 24 | 71.8% | -2.5% |
每股收益（稀释后）COINHUN
| Q4 25 | $-2.43 | $-0.56 | ||
| Q3 25 | $1.50 | $-0.14 | ||
| Q2 25 | $5.14 | $-0.92 | ||
| Q1 25 | $0.24 | $-0.03 | ||
| Q4 24 | $4.66 | $-0.82 | ||
| Q3 24 | $0.28 | $-0.19 | ||
| Q2 24 | $0.14 | $0.13 | ||
| Q1 24 | $4.40 | $-0.22 |
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 | $429.0M |
| 总债务越低越好 | $7.2B | $2.0B |
| 股东权益账面价值 | $14.8B | $2.8B |
| 总资产 | $29.7B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资COINHUN
| Q4 25 | $11.6B | $429.0M | ||
| Q3 25 | $9.8B | $468.0M | ||
| Q2 25 | $7.5B | $399.0M | ||
| Q1 25 | $8.1B | $334.0M | ||
| Q4 24 | $8.5B | $340.0M | ||
| Q3 24 | $7.7B | $330.0M | ||
| Q2 24 | $7.2B | $335.0M | ||
| Q1 24 | $6.7B | $552.0M |
总债务COINHUN
| Q4 25 | $7.2B | $2.0B | ||
| Q3 25 | $7.2B | $2.0B | ||
| Q2 25 | $4.2B | $2.0B | ||
| Q1 25 | $4.2B | $2.0B | ||
| Q4 24 | $4.2B | $1.8B | ||
| Q3 24 | $4.2B | $1.9B | ||
| Q2 24 | $4.2B | $1.9B | ||
| Q1 24 | $4.2B | $2.1B |
股东权益COINHUN
| Q4 25 | $14.8B | $2.8B | ||
| Q3 25 | $16.0B | $2.8B | ||
| Q2 25 | $12.1B | $2.8B | ||
| Q1 25 | $10.5B | $3.0B | ||
| Q4 24 | $10.3B | $3.0B | ||
| Q3 24 | $8.7B | $3.1B | ||
| Q2 24 | $8.4B | $3.1B | ||
| Q1 24 | $8.1B | $3.2B |
总资产COINHUN
| Q4 25 | $29.7B | $7.0B | ||
| Q3 25 | $31.4B | $7.1B | ||
| Q2 25 | $23.5B | $7.1B | ||
| Q1 25 | $21.7B | $7.2B | ||
| Q4 24 | $22.5B | $7.1B | ||
| Q3 24 | $290.6B | $7.3B | ||
| Q2 24 | $287.0B | $7.3B | ||
| Q1 24 | $348.0B | $7.6B |
负债/权益比COINHUN
| Q4 25 | 0.49× | 0.73× | ||
| Q3 25 | 0.45× | 0.73× | ||
| Q2 25 | 0.35× | 0.72× | ||
| Q1 25 | 0.40× | 0.66× | ||
| Q4 24 | 0.41× | 0.62× | ||
| Q3 24 | 0.48× | 0.60× | ||
| Q2 24 | 0.51× | 0.62× | ||
| Q1 24 | 0.52× | 0.65× |
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 | $76.0M |
| 自由现金流经营现金流 - 资本支出 | — | $19.0M |
| 自由现金流率自由现金流/营收 | — | 1.4% |
| 资本支出强度资本支出/营收 | — | 4.2% |
| 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 | — | $116.0M |
8季度趋势，按日历期对齐
经营现金流COINHUN
| Q4 25 | $3.1B | $76.0M | ||
| Q3 25 | $-784.5M | $196.0M | ||
| Q2 25 | $328.5M | $91.0M | ||
| Q1 25 | $-182.7M | $-74.0M | ||
| Q4 24 | $964.6M | $153.0M | ||
| Q3 24 | $696.5M | $129.0M | ||
| Q2 24 | $484.2M | $46.0M | ||
| Q1 24 | $411.5M | $-65.0M |
自由现金流COINHUN
| Q4 25 | — | $19.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | — | $-110.0M | ||
| Q4 24 | — | $102.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $-4.0M | ||
| Q1 24 | — | $-107.0M |
自由现金流率COINHUN
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | -7.8% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | -0.3% | ||
| Q1 24 | — | -7.3% |
资本支出强度COINHUN
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 2.9% |
现金转化率COINHUN
| 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× | 2.09× | ||
| 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% |
HUN
| Diversified | $897.0M | 66% |
| Specialty | $231.0M | 17% |
| Performance Products | $113.0M | 8% |
| Advanced Materials | $61.0M | 5% |
| Related Party Customers | $19.0M | 1% |
| Other | $12.0M | 1% |
