vs
Coinbase（COIN）与礼恩派（LEG）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是礼恩派的1.9倍（$1.8B vs $938.6M），礼恩派净利率更高（2.7% vs -37.4%，领先40.1%），礼恩派同比增速更快（-11.2% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -7.5%）
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。
礼恩派（Leggett & Platt）总部位于美国密苏里州迦太基，是一家多元化制造企业，成立于1883年。公司专注于设计生产各类工程组件及产品，广泛应用于家居与汽车领域。目前旗下设有15个业务单元，在全球18个国家拥有135座生产工厂，员工总数达2万名。
COIN vs LEG — 直观对比
营收规模更大
COIN
是对方的1.9倍
$938.6M
营收增速更快
LEG
高出10.4%
-21.6%
净利率更高
LEG
高出40.1%
-37.4%
两年增速更快
COIN
近两年复合增速
-7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $938.6M |
| 净利润 | $-666.7M | $25.1M |
| 毛利率 | — | 17.9% |
| 营业利润率 | 15.4% | 2.0% |
| 净利率 | -37.4% | 2.7% |
| 营收同比 | -21.6% | -11.2% |
| 净利润同比 | -151.6% | 76.8% |
| 每股收益（稀释后） | $-2.43 | $0.18 |
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COINLEG
| Q4 25 | $1.8B | $938.6M | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $2.0B | $1.0B | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.6B | $1.1B |
净利润COINLEG
| Q4 25 | $-666.7M | $25.1M | ||
| Q3 25 | $432.6M | $127.1M | ||
| Q2 25 | $1.4B | $52.5M | ||
| Q1 25 | $65.6M | $30.6M | ||
| Q4 24 | $1.3B | $14.2M | ||
| Q3 24 | $75.5M | $44.9M | ||
| Q2 24 | $36.1M | $-602.2M | ||
| Q1 24 | $1.2B | $31.6M |
毛利率COINLEG
| Q4 25 | — | 17.9% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 18.2% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 16.5% | ||
| Q1 24 | — | 17.0% |
营业利润率COINLEG
| Q4 25 | 15.4% | 2.0% | ||
| Q3 25 | 25.7% | 14.9% | ||
| Q2 25 | -1.6% | 6.8% | ||
| Q1 25 | 34.7% | 4.4% | ||
| Q4 24 | 45.5% | 2.4% | ||
| Q3 24 | 14.1% | 5.2% | ||
| Q2 24 | 23.7% | -56.2% | ||
| Q1 24 | 46.4% | 3.9% |
净利率COINLEG
| Q4 25 | -37.4% | 2.7% | ||
| Q3 25 | 23.1% | 12.3% | ||
| Q2 25 | 95.4% | 5.0% | ||
| Q1 25 | 3.2% | 3.0% | ||
| Q4 24 | 56.8% | 1.3% | ||
| Q3 24 | 6.3% | 4.1% | ||
| Q2 24 | 2.5% | -53.4% | ||
| Q1 24 | 71.8% | 2.9% |
每股收益（稀释后）COINLEG
| Q4 25 | $-2.43 | $0.18 | ||
| Q3 25 | $1.50 | $0.91 | ||
| Q2 25 | $5.14 | $0.38 | ||
| Q1 25 | $0.24 | $0.22 | ||
| Q4 24 | $4.66 | $0.10 | ||
| Q3 24 | $0.28 | $0.33 | ||
| Q2 24 | $0.14 | $-4.39 | ||
| 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 | $587.4M |
| 总债务越低越好 | $7.2B | $1.5B |
| 股东权益账面价值 | $14.8B | $1.0B |
| 总资产 | $29.7B | $3.5B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.46× |
8季度趋势，按日历期对齐
现金及短期投资COINLEG
| Q4 25 | $11.6B | $587.4M | ||
| Q3 25 | $9.8B | $460.7M | ||
| Q2 25 | $7.5B | $368.8M | ||
| Q1 25 | $8.1B | $412.6M | ||
| Q4 24 | $8.5B | $350.2M | ||
| Q3 24 | $7.7B | $277.2M | ||
| Q2 24 | $7.2B | $307.0M | ||
| Q1 24 | $6.7B | $361.3M |
总债务COINLEG
| Q4 25 | $7.2B | $1.5B | ||
| Q3 25 | $7.2B | $1.5B | ||
| Q2 25 | $4.2B | $1.8B | ||
| Q1 25 | $4.2B | $1.9B | ||
| Q4 24 | $4.2B | $1.9B | ||
| Q3 24 | $4.2B | $1.6B | ||
| Q2 24 | $4.2B | $1.7B | ||
| Q1 24 | $4.2B | $1.8B |
股东权益COINLEG
| Q4 25 | $14.8B | $1.0B | ||
| Q3 25 | $16.0B | $971.8M | ||
| Q2 25 | $12.1B | $855.0M | ||
| Q1 25 | $10.5B | $746.8M | ||
| Q4 24 | $10.3B | $689.4M | ||
| Q3 24 | $8.7B | $741.0M | ||
| Q2 24 | $8.4B | $667.6M | ||
| Q1 24 | $8.1B | $1.3B |
总资产COINLEG
| Q4 25 | $29.7B | $3.5B | ||
| Q3 25 | $31.4B | $3.5B | ||
| Q2 25 | $23.5B | $3.7B | ||
| Q1 25 | $21.7B | $3.7B | ||
| Q4 24 | $22.5B | $3.7B | ||
| Q3 24 | $290.6B | $3.8B | ||
| Q2 24 | $287.0B | $3.8B | ||
| Q1 24 | $348.0B | $4.6B |
负债/权益比COINLEG
| Q4 25 | 0.49× | 1.46× | ||
| Q3 25 | 0.45× | 1.54× | ||
| Q2 25 | 0.35× | 2.10× | ||
| Q1 25 | 0.40× | 2.59× | ||
| Q4 24 | 0.41× | 2.70× | ||
| Q3 24 | 0.48× | 2.13× | ||
| Q2 24 | 0.51× | 2.55× | ||
| Q1 24 | 0.52× | 1.38× |
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 | $121.5M |
| 自由现金流经营现金流 - 资本支出 | — | $101.9M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 2.1% |
| 现金转化率经营现金流/净利润 | — | 4.84× |
| 过去12个月自由现金流最近4个季度 | — | $281.0M |
8季度趋势，按日历期对齐
经营现金流COINLEG
| Q4 25 | $3.1B | $121.5M | ||
| Q3 25 | $-784.5M | $125.9M | ||
| Q2 25 | $328.5M | $84.0M | ||
| Q1 25 | $-182.7M | $6.8M | ||
| Q4 24 | $964.6M | $122.3M | ||
| Q3 24 | $696.5M | $95.5M | ||
| Q2 24 | $484.2M | $94.0M | ||
| Q1 24 | $411.5M | $-6.1M |
自由现金流COINLEG
| Q4 25 | — | $101.9M | ||
| Q3 25 | — | $110.1M | ||
| Q2 25 | — | $75.5M | ||
| Q1 25 | — | $-6.5M | ||
| Q4 24 | — | $100.5M | ||
| Q3 24 | — | $77.1M | ||
| Q2 24 | — | $78.5M | ||
| Q1 24 | — | $-32.0M |
自由现金流率COINLEG
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 10.6% | ||
| Q2 25 | — | 7.1% | ||
| Q1 25 | — | -0.6% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 7.0% | ||
| Q1 24 | — | -2.9% |
资本支出强度COINLEG
| Q4 25 | — | 2.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 2.4% |
现金转化率COINLEG
| Q4 25 | — | 4.84× | ||
| Q3 25 | -1.81× | 0.99× | ||
| Q2 25 | 0.23× | 1.60× | ||
| Q1 25 | -2.79× | 0.22× | ||
| Q4 24 | 0.75× | 8.61× | ||
| Q3 24 | 9.23× | 2.13× | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | -0.19× |
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% |
LEG
| Bedding Products | $373.8M | 40% |
| Flooring And Textile Products Group | $196.9M | 21% |
| Automotive Group | $194.9M | 21% |
| Work Furniture Group | $66.2M | 7% |
| Home Furniture Group | $61.0M | 6% |
| Hydraulic Cylinders | $45.8M | 5% |
