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Coinbase（COIN）与爵士制药（JAZZ）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是爵士制药的1.5倍（$1.8B vs $1.2B），爵士制药净利率更高（17.0% vs -37.4%，领先54.4%），爵士制药同比增速更快（10.1% vs -21.6%），过去两年爵士制药的营收复合增速更高（15.2% 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。
爵士制药是一家全球性生物制药企业，核心业务聚焦肿瘤学与神经科学两大领域，2003年在美国加利福尼亚州成立，当前总部坐落于爱尔兰首都都柏林。
COIN vs JAZZ — 直观对比
营收规模更大
COIN
是对方的1.5倍
$1.2B
营收增速更快
JAZZ
高出31.7%
-21.6%
净利率更高
JAZZ
高出54.4%
-37.4%
两年增速更快
JAZZ
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $203.5M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 21.2% |
| 净利率 | -37.4% | 17.0% |
| 营收同比 | -21.6% | 10.1% |
| 净利润同比 | -151.6% | 6.5% |
| 每股收益（稀释后） | $-2.43 | $3.34 |
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COINJAZZ
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $2.0B | $897.8M | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.6B | $902.0M |
净利润COINJAZZ
| Q4 25 | $-666.7M | $203.5M | ||
| Q3 25 | $432.6M | $251.4M | ||
| Q2 25 | $1.4B | $-718.5M | ||
| Q1 25 | $65.6M | $-92.5M | ||
| Q4 24 | $1.3B | $191.1M | ||
| Q3 24 | $75.5M | $215.1M | ||
| Q2 24 | $36.1M | $168.6M | ||
| Q1 24 | $1.2B | $-14.6M |
营业利润率COINJAZZ
| Q4 25 | 15.4% | 21.2% | ||
| Q3 25 | 25.7% | 5.1% | ||
| Q2 25 | -1.6% | -65.6% | ||
| Q1 25 | 34.7% | -6.2% | ||
| Q4 24 | 45.5% | 17.5% | ||
| Q3 24 | 14.1% | 24.7% | ||
| Q2 24 | 23.7% | 19.5% | ||
| Q1 24 | 46.4% | 7.3% |
净利率COINJAZZ
| Q4 25 | -37.4% | 17.0% | ||
| Q3 25 | 23.1% | 22.3% | ||
| Q2 25 | 95.4% | -68.7% | ||
| Q1 25 | 3.2% | -10.3% | ||
| Q4 24 | 56.8% | 17.6% | ||
| Q3 24 | 6.3% | 20.4% | ||
| Q2 24 | 2.5% | 16.5% | ||
| Q1 24 | 71.8% | -1.6% |
每股收益（稀释后）COINJAZZ
| Q4 25 | $-2.43 | $3.34 | ||
| Q3 25 | $1.50 | $4.08 | ||
| Q2 25 | $5.14 | $-11.74 | ||
| Q1 25 | $0.24 | $-1.52 | ||
| Q4 24 | $4.66 | $2.97 | ||
| Q3 24 | $0.28 | $3.42 | ||
| Q2 24 | $0.14 | $2.49 | ||
| Q1 24 | $4.40 | $-0.23 |
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 | $1.4B |
| 总债务越低越好 | $7.2B | $5.4B |
| 股东权益账面价值 | $14.8B | $4.3B |
| 总资产 | $29.7B | $11.7B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.24× |
8季度趋势，按日历期对齐
现金及短期投资COINJAZZ
| Q4 25 | $11.6B | $1.4B | ||
| Q3 25 | $9.8B | $1.3B | ||
| Q2 25 | $7.5B | $1.2B | ||
| Q1 25 | $8.1B | $1.9B | ||
| Q4 24 | $8.5B | $2.4B | ||
| Q3 24 | $7.7B | $2.2B | ||
| Q2 24 | $7.2B | $1.4B | ||
| Q1 24 | $6.7B | $1.4B |
总债务COINJAZZ
| Q4 25 | $7.2B | $5.4B | ||
| Q3 25 | $7.2B | $5.4B | ||
| Q2 25 | $4.2B | $5.4B | ||
| Q1 25 | $4.2B | $5.4B | ||
| Q4 24 | $4.2B | $6.1B | ||
| Q3 24 | $4.2B | $6.1B | ||
| Q2 24 | $4.2B | $5.7B | ||
| Q1 24 | $4.2B | $5.7B |
股东权益COINJAZZ
| Q4 25 | $14.8B | $4.3B | ||
| Q3 25 | $16.0B | $4.0B | ||
| Q2 25 | $12.1B | $3.7B | ||
| Q1 25 | $10.5B | $4.2B | ||
| Q4 24 | $10.3B | $4.1B | ||
| Q3 24 | $8.7B | $4.2B | ||
| Q2 24 | $8.4B | $3.8B | ||
| Q1 24 | $8.1B | $3.7B |
总资产COINJAZZ
| Q4 25 | $29.7B | $11.7B | ||
| Q3 25 | $31.4B | $11.4B | ||
| Q2 25 | $23.5B | $10.9B | ||
| Q1 25 | $21.7B | $11.5B | ||
| Q4 24 | $22.5B | $12.0B | ||
| Q3 24 | $290.6B | $12.3B | ||
| Q2 24 | $287.0B | $11.4B | ||
| Q1 24 | $348.0B | $11.3B |
负债/权益比COINJAZZ
| Q4 25 | 0.49× | 1.24× | ||
| Q3 25 | 0.45× | 1.35× | ||
| Q2 25 | 0.35× | 1.45× | ||
| Q1 25 | 0.40× | 1.29× | ||
| Q4 24 | 0.41× | 1.49× | ||
| Q3 24 | 0.48× | 1.47× | ||
| Q2 24 | 0.51× | 1.52× | ||
| Q1 24 | 0.52× | 1.54× |
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 | $362.5M |
| 自由现金流经营现金流 - 资本支出 | — | $345.8M |
| 自由现金流率自由现金流/营收 | — | 28.9% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.78× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流COINJAZZ
| Q4 25 | $3.1B | $362.5M | ||
| Q3 25 | $-784.5M | $474.6M | ||
| Q2 25 | $328.5M | $88.9M | ||
| Q1 25 | $-182.7M | $429.8M | ||
| Q4 24 | $964.6M | $398.6M | ||
| Q3 24 | $696.5M | $398.7M | ||
| Q2 24 | $484.2M | $331.4M | ||
| Q1 24 | $411.5M | $267.2M |
自由现金流COINJAZZ
| Q4 25 | — | $345.8M | ||
| Q3 25 | — | $459.4M | ||
| Q2 25 | — | $75.9M | ||
| Q1 25 | — | $415.9M | ||
| Q4 24 | — | $385.3M | ||
| Q3 24 | — | $388.0M | ||
| Q2 24 | — | $324.3M | ||
| Q1 24 | — | $260.3M |
自由现金流率COINJAZZ
| Q4 25 | — | 28.9% | ||
| Q3 25 | — | 40.8% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | — | 46.3% | ||
| Q4 24 | — | 35.4% | ||
| Q3 24 | — | 36.8% | ||
| Q2 24 | — | 31.7% | ||
| Q1 24 | — | 28.9% |
资本支出强度COINJAZZ
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
现金转化率COINJAZZ
| Q4 25 | — | 1.78× | ||
| Q3 25 | -1.81× | 1.89× | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | 2.09× | ||
| Q3 24 | 9.23× | 1.85× | ||
| Q2 24 | 13.39× | 1.97× | ||
| 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% |
JAZZ
| Xywav | $465.5M | 39% |
| Total Oncology | $337.8M | 28% |
| Rylaze Enrylaze | $108.2M | 9% |
| Zepzelca | $90.4M | 8% |
| Product And Services Royalties And Contract Revenue | $65.5M | 5% |
| High Sodium AG Oxybate Product Royalty Revenue | $55.7M | 5% |
| Xyrem | $37.8M | 3% |
| Vyxeos | $34.7M | 3% |
| Ziihera | $8.5M | 1% |
| Other Products | $2.8M | 0% |
| Sativex | $1.5M | 0% |
