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Coinbase（COIN）与KLA Corporation（KLAC）财务数据对比。点击上方公司名可切换其他公司
KLA Corporation的季度营收约是Coinbase的1.9倍（$3.3B vs $1.8B），KLA Corporation净利率更高（34.7% vs -37.4%，领先72.2%），KLA Corporation同比增速更快（7.2% vs -21.6%），过去两年KLA Corporation的营收复合增速更高（18.2% 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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
COIN vs KLAC — 直观对比
营收规模更大
KLAC
是对方的1.9倍
$1.8B
营收增速更快
KLAC
高出28.8%
-21.6%
净利率更高
KLAC
高出72.2%
-37.4%
两年增速更快
KLAC
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.3B |
| 净利润 | $-666.7M | $1.1B |
| 毛利率 | — | 61.4% |
| 营业利润率 | 15.4% | — |
| 净利率 | -37.4% | 34.7% |
| 营收同比 | -21.6% | 7.2% |
| 净利润同比 | -151.6% | 39.0% |
| 每股收益（稀释后） | $-2.43 | $8.68 |
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COINKLAC
| Q4 25 | $1.8B | $3.3B | ||
| Q3 25 | $1.9B | $3.2B | ||
| Q2 25 | $1.5B | $3.2B | ||
| Q1 25 | $2.0B | $3.1B | ||
| Q4 24 | $2.3B | $3.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.4B | $2.6B | ||
| Q1 24 | $1.6B | $2.4B |
净利润COINKLAC
| Q4 25 | $-666.7M | $1.1B | ||
| Q3 25 | $432.6M | $1.1B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $65.6M | $1.1B | ||
| Q4 24 | $1.3B | $824.5M | ||
| Q3 24 | $75.5M | $945.9M | ||
| Q2 24 | $36.1M | $836.4M | ||
| Q1 24 | $1.2B | $601.5M |
毛利率COINKLAC
| Q4 25 | — | 61.4% | ||
| Q3 25 | — | 61.3% | ||
| Q2 25 | — | 62.0% | ||
| Q1 25 | — | 61.6% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 60.7% | ||
| Q1 24 | — | 57.9% |
营业利润率COINKLAC
| Q4 25 | 15.4% | — | ||
| Q3 25 | 25.7% | — | ||
| Q2 25 | -1.6% | 41.9% | ||
| Q1 25 | 34.7% | 41.3% | ||
| Q4 24 | 45.5% | 31.6% | ||
| Q3 24 | 14.1% | 38.0% | ||
| Q2 24 | 23.7% | 36.8% | ||
| Q1 24 | 46.4% | 29.7% |
净利率COINKLAC
| Q4 25 | -37.4% | 34.7% | ||
| Q3 25 | 23.1% | 34.9% | ||
| Q2 25 | 95.4% | 37.9% | ||
| Q1 25 | 3.2% | 35.5% | ||
| Q4 24 | 56.8% | 26.8% | ||
| Q3 24 | 6.3% | 33.3% | ||
| Q2 24 | 2.5% | 32.6% | ||
| Q1 24 | 71.8% | 25.5% |
每股收益（稀释后）COINKLAC
| Q4 25 | $-2.43 | $8.68 | ||
| Q3 25 | $1.50 | $8.47 | ||
| Q2 25 | $5.14 | $9.04 | ||
| Q1 25 | $0.24 | $8.16 | ||
| Q4 24 | $4.66 | $6.16 | ||
| Q3 24 | $0.28 | $7.01 | ||
| Q2 24 | $0.14 | $6.16 | ||
| Q1 24 | $4.40 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | $7.2B | $5.9B |
| 股东权益账面价值 | $14.8B | $5.5B |
| 总资产 | $29.7B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资COINKLAC
| Q4 25 | $11.6B | $2.5B | ||
| Q3 25 | $9.8B | $1.9B | ||
| Q2 25 | $7.5B | $2.1B | ||
| Q1 25 | $8.1B | $1.9B | ||
| Q4 24 | $8.5B | $1.8B | ||
| Q3 24 | $7.7B | $2.0B | ||
| Q2 24 | $7.2B | $2.0B | ||
| Q1 24 | $6.7B | $1.8B |
总债务COINKLAC
| Q4 25 | $7.2B | $5.9B | ||
| Q3 25 | $7.2B | $5.9B | ||
| Q2 25 | $4.2B | $5.9B | ||
| Q1 25 | $4.2B | $5.9B | ||
| Q4 24 | $4.2B | $5.9B | ||
| Q3 24 | $4.2B | $5.9B | ||
| Q2 24 | $4.2B | $5.9B | ||
| Q1 24 | $4.2B | $5.9B |
股东权益COINKLAC
| Q4 25 | $14.8B | $5.5B | ||
| Q3 25 | $16.0B | $5.0B | ||
| Q2 25 | $12.1B | $4.7B | ||
| Q1 25 | $10.5B | $4.0B | ||
| Q4 24 | $10.3B | $3.6B | ||
| Q3 24 | $8.7B | $3.6B | ||
| Q2 24 | $8.4B | $3.4B | ||
| Q1 24 | $8.1B | $3.1B |
总资产COINKLAC
| Q4 25 | $29.7B | $16.7B | ||
| Q3 25 | $31.4B | $16.3B | ||
| Q2 25 | $23.5B | $16.1B | ||
| Q1 25 | $21.7B | $15.2B | ||
| Q4 24 | $22.5B | $15.0B | ||
| Q3 24 | $290.6B | $15.7B | ||
| Q2 24 | $287.0B | $15.4B | ||
| Q1 24 | $348.0B | $15.0B |
负债/权益比COINKLAC
| Q4 25 | 0.49× | 1.08× | ||
| Q3 25 | 0.45× | 1.18× | ||
| Q2 25 | 0.35× | 1.25× | ||
| Q1 25 | 0.40× | 1.47× | ||
| Q4 24 | 0.41× | 1.64× | ||
| Q3 24 | 0.48× | 1.65× | ||
| Q2 24 | 0.51× | 1.75× | ||
| Q1 24 | 0.52× | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $1.3B |
| 自由现金流率自由现金流/营收 | — | 38.3% |
| 资本支出强度资本支出/营收 | — | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | — | $4.4B |
8季度趋势，按日历期对齐
经营现金流COINKLAC
| Q4 25 | $3.1B | $1.4B | ||
| Q3 25 | $-784.5M | $1.2B | ||
| Q2 25 | $328.5M | $1.2B | ||
| Q1 25 | $-182.7M | $1.1B | ||
| Q4 24 | $964.6M | $849.5M | ||
| Q3 24 | $696.5M | $995.2M | ||
| Q2 24 | $484.2M | $892.6M | ||
| Q1 24 | $411.5M | $910.0M |
自由现金流COINKLAC
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $990.0M | ||
| Q4 24 | — | $757.2M | ||
| Q3 24 | — | $934.8M | ||
| Q2 24 | — | $831.9M | ||
| Q1 24 | — | $838.2M |
自由现金流率COINKLAC
| Q4 25 | — | 38.3% | ||
| Q3 25 | — | 33.2% | ||
| Q2 25 | — | 33.5% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.9% | ||
| Q2 24 | — | 32.4% | ||
| Q1 24 | — | 35.5% |
资本支出强度COINKLAC
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.0% |
现金转化率COINKLAC
| Q4 25 | — | 1.19× | ||
| Q3 25 | -1.81× | 1.04× | ||
| Q2 25 | 0.23× | 0.97× | ||
| Q1 25 | -2.79× | 0.99× | ||
| Q4 24 | 0.75× | 1.03× | ||
| Q3 24 | 9.23× | 1.05× | ||
| Q2 24 | 13.39× | 1.07× | ||
| Q1 24 | 0.35× | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
