vs
Coinbase（COIN）与Jack Henry & Associates（JKHY）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Jack Henry & Associates的2.9倍（$1.8B vs $619.3M），Jack Henry & Associates净利率更高（20.1% vs -37.4%，领先57.6%），Jack Henry & Associates同比增速更快（7.9% vs -21.6%），过去两年Jack Henry & Associates的营收复合增速更高（7.2% 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。
Jack Henry & Associates是1976年成立的美国专业金融科技企业，主要面向社区银行、信用合作社等中小型金融机构提供金融科技及支付处理解决方案，同时帮助区域银行与信用合作社管控风险、完成合规申报，优化升级线上银行业务相关服务。
COIN vs JKHY — 直观对比
营收规模更大
COIN
是对方的2.9倍
$619.3M
营收增速更快
JKHY
高出29.5%
-21.6%
净利率更高
JKHY
高出57.6%
-37.4%
两年增速更快
JKHY
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $619.3M |
| 净利润 | $-666.7M | $124.7M |
| 毛利率 | — | 43.3% |
| 营业利润率 | 15.4% | 25.7% |
| 净利率 | -37.4% | 20.1% |
| 营收同比 | -21.6% | 7.9% |
| 净利润同比 | -151.6% | 27.4% |
| 每股收益（稀释后） | $-2.43 | $1.72 |
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COINJKHY
| Q4 25 | $1.8B | $619.3M | ||
| Q3 25 | $1.9B | $644.7M | ||
| Q2 25 | $1.5B | $615.4M | ||
| Q1 25 | $2.0B | $585.1M | ||
| Q4 24 | $2.3B | $573.8M | ||
| Q3 24 | $1.2B | $601.0M | ||
| Q2 24 | $1.4B | $559.9M | ||
| Q1 24 | $1.6B | $538.6M |
净利润COINJKHY
| Q4 25 | $-666.7M | $124.7M | ||
| Q3 25 | $432.6M | $144.0M | ||
| Q2 25 | $1.4B | $127.6M | ||
| Q1 25 | $65.6M | $111.1M | ||
| Q4 24 | $1.3B | $97.8M | ||
| Q3 24 | $75.5M | $119.2M | ||
| Q2 24 | $36.1M | $101.1M | ||
| Q1 24 | $1.2B | $87.1M |
毛利率COINJKHY
| Q4 25 | — | 43.3% | ||
| Q3 25 | — | 45.9% | ||
| Q2 25 | — | 44.1% | ||
| Q1 25 | — | 41.8% | ||
| Q4 24 | — | 42.0% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | — | 41.5% | ||
| Q1 24 | — | 39.1% |
营业利润率COINJKHY
| Q4 25 | 15.4% | 25.7% | ||
| Q3 25 | 25.7% | 28.5% | ||
| Q2 25 | -1.6% | 25.3% | ||
| Q1 25 | 34.7% | 23.7% | ||
| Q4 24 | 45.5% | 21.4% | ||
| Q3 24 | 14.1% | 25.2% | ||
| Q2 24 | 23.7% | 22.4% | ||
| Q1 24 | 46.4% | 20.8% |
净利率COINJKHY
| Q4 25 | -37.4% | 20.1% | ||
| Q3 25 | 23.1% | 22.3% | ||
| Q2 25 | 95.4% | 20.7% | ||
| Q1 25 | 3.2% | 19.0% | ||
| Q4 24 | 56.8% | 17.1% | ||
| Q3 24 | 6.3% | 19.8% | ||
| Q2 24 | 2.5% | 18.1% | ||
| Q1 24 | 71.8% | 16.2% |
每股收益（稀释后）COINJKHY
| Q4 25 | $-2.43 | $1.72 | ||
| Q3 25 | $1.50 | $1.97 | ||
| Q2 25 | $5.14 | $1.75 | ||
| Q1 25 | $0.24 | $1.52 | ||
| Q4 24 | $4.66 | $1.34 | ||
| Q3 24 | $0.28 | $1.63 | ||
| Q2 24 | $0.14 | $1.39 | ||
| Q1 24 | $4.40 | $1.19 |
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 | $28.2M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $2.2B |
| 总资产 | $29.7B | $3.1B |
| 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COINJKHY
| Q4 25 | $11.6B | $28.2M | ||
| Q3 25 | $9.8B | $36.2M | ||
| Q2 25 | $7.5B | $102.0M | ||
| Q1 25 | $8.1B | $39.9M | ||
| Q4 24 | $8.5B | $25.7M | ||
| Q3 24 | $7.7B | $43.2M | ||
| Q2 24 | $7.2B | $38.3M | ||
| Q1 24 | $6.7B | $27.3M |
总债务COINJKHY
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | $0 | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | $60.0M | ||
| Q1 24 | $4.2B | $250.0M |
股东权益COINJKHY
| Q4 25 | $14.8B | $2.2B | ||
| Q3 25 | $16.0B | $2.2B | ||
| Q2 25 | $12.1B | $2.1B | ||
| Q1 25 | $10.5B | $2.0B | ||
| Q4 24 | $10.3B | $2.0B | ||
| Q3 24 | $8.7B | $1.9B | ||
| Q2 24 | $8.4B | $1.8B | ||
| Q1 24 | $8.1B | $1.8B |
总资产COINJKHY
| Q4 25 | $29.7B | $3.1B | ||
| Q3 25 | $31.4B | $3.0B | ||
| Q2 25 | $23.5B | $3.0B | ||
| Q1 25 | $21.7B | $2.9B | ||
| Q4 24 | $22.5B | $2.9B | ||
| Q3 24 | $290.6B | $2.9B | ||
| Q2 24 | $287.0B | $2.9B | ||
| Q1 24 | $348.0B | $2.8B |
负债/权益比COINJKHY
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | 0.00× | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | 0.03× | ||
| Q1 24 | 0.52× | 0.14× |
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 | $152.7M |
| 自由现金流经营现金流 - 资本支出 | — | $131.4M |
| 自由现金流率自由现金流/营收 | — | 21.2% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | — | 1.22× |
| 过去12个月自由现金流最近4个季度 | — | $654.2M |
8季度趋势，按日历期对齐
经营现金流COINJKHY
| Q4 25 | $3.1B | $152.7M | ||
| Q3 25 | $-784.5M | $120.6M | ||
| Q2 25 | $328.5M | $327.1M | ||
| Q1 25 | $-182.7M | $107.8M | ||
| Q4 24 | $964.6M | $89.6M | ||
| Q3 24 | $696.5M | $116.9M | ||
| Q2 24 | $484.2M | $231.8M | ||
| Q1 24 | $411.5M | $97.6M |
自由现金流COINJKHY
| Q4 25 | — | $131.4M | ||
| Q3 25 | — | $111.7M | ||
| Q2 25 | — | $314.9M | ||
| Q1 25 | — | $96.1M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | — | $104.1M | ||
| Q2 24 | — | $208.0M | ||
| Q1 24 | — | $87.7M |
自由现金流率COINJKHY
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 51.2% | ||
| Q1 25 | — | 16.4% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 37.2% | ||
| Q1 24 | — | 16.3% |
资本支出强度COINJKHY
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 1.8% |
现金转化率COINJKHY
| Q4 25 | — | 1.22× | ||
| Q3 25 | -1.81× | 0.84× | ||
| Q2 25 | 0.23× | 2.56× | ||
| Q1 25 | -2.79× | 0.97× | ||
| Q4 24 | 0.75× | 0.92× | ||
| Q3 24 | 9.23× | 0.98× | ||
| Q2 24 | 13.39× | 2.29× | ||
| Q1 24 | 0.35× | 1.12× |
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% |
JKHY
| Processing | $273.5M | 44% |
| Private Public Cloud | $202.7M | 33% |
| On Premise Support | $79.0M | 13% |
| Product Deliveryand Service | $64.1M | 10% |
