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Coinbase（COIN）与Liberty Latin America Ltd.（LILA）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Liberty Latin America Ltd.的1.5倍（$1.8B vs $1.2B），Liberty Latin America Ltd.净利率更高（-4.7% vs -37.4%，领先32.7%），Liberty Latin America Ltd.同比增速更快（1.7% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 2.7%）
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。
自由拉丁美洲有限公司是一家跨国电信运营商，由自由媒体国际业务板块与UnitedGlobalCom（UGC）于2005年合并而成，注册地位于百慕大，在伦敦、阿姆斯特丹和丹佛设有总部，旗下包含英国、荷兰等多地运营主体，相关业务覆盖电信服务领域。
COIN vs LILA — 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
LILA
高出23.3%
-21.6%
净利率更高
LILA
高出32.7%
-37.4%
两年增速更快
COIN
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $-54.8M |
| 毛利率 | — | 77.3% |
| 营业利润率 | 15.4% | 10.8% |
| 净利率 | -37.4% | -4.7% |
| 营收同比 | -21.6% | 1.7% |
| 净利润同比 | -151.6% | 74.0% |
| 每股收益（稀释后） | $-2.43 | $-0.27 |
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COINLILA
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $2.0B | $1.1B | ||
| 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COINLILA
| Q4 25 | $-666.7M | $-54.8M | ||
| Q3 25 | $432.6M | $3.3M | ||
| Q2 25 | $1.4B | $-423.3M | ||
| Q1 25 | $65.6M | $-136.4M | ||
| Q4 24 | $1.3B | $-210.4M | ||
| Q3 24 | $75.5M | $-435.8M | ||
| Q2 24 | $36.1M | $-42.7M | ||
| Q1 24 | $1.2B | $-500.0K |
毛利率COINLILA
| Q4 25 | — | 77.3% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 78.6% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 76.1% | ||
| Q3 24 | — | 78.7% | ||
| Q2 24 | — | 78.1% | ||
| Q1 24 | — | 78.2% |
营业利润率COINLILA
| Q4 25 | 15.4% | 10.8% | ||
| Q3 25 | 25.7% | 16.9% | ||
| Q2 25 | -1.6% | -30.6% | ||
| Q1 25 | 34.7% | 11.8% | ||
| Q4 24 | 45.5% | 8.7% | ||
| Q3 24 | 14.1% | -34.9% | ||
| Q2 24 | 23.7% | 9.9% | ||
| Q1 24 | 46.4% | 8.4% |
净利率COINLILA
| Q4 25 | -37.4% | -4.7% | ||
| Q3 25 | 23.1% | 0.3% | ||
| Q2 25 | 95.4% | -39.0% | ||
| Q1 25 | 3.2% | -12.6% | ||
| Q4 24 | 56.8% | -18.5% | ||
| Q3 24 | 6.3% | -40.0% | ||
| Q2 24 | 2.5% | -3.8% | ||
| Q1 24 | 71.8% | -0.0% |
每股收益（稀释后）COINLILA
| Q4 25 | $-2.43 | $-0.27 | ||
| Q3 25 | $1.50 | $0.02 | ||
| Q2 25 | $5.14 | $-2.12 | ||
| Q1 25 | $0.24 | $-0.69 | ||
| Q4 24 | $4.66 | $-1.03 | ||
| Q3 24 | $0.28 | $-2.22 | ||
| Q2 24 | $0.14 | $-0.22 | ||
| Q1 24 | $4.40 | $0.00 |
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 | $783.9M |
| 总债务越低越好 | $7.2B | $7.9B |
| 股东权益账面价值 | $14.8B | $555.6M |
| 总资产 | $29.7B | $12.2B |
| 负债/权益比越低杠杆越低 | 0.49× | 14.17× |
8季度趋势，按日历期对齐
现金及短期投资COINLILA
| Q4 25 | $11.6B | $783.9M | ||
| Q3 25 | $9.8B | $596.7M | ||
| Q2 25 | $7.5B | $514.4M | ||
| Q1 25 | $8.1B | $575.5M | ||
| Q4 24 | $8.5B | $654.3M | ||
| Q3 24 | $7.7B | $588.6M | ||
| Q2 24 | $7.2B | $598.6M | ||
| Q1 24 | $6.7B | $668.5M |
总债务COINLILA
| Q4 25 | $7.2B | $7.9B | ||
| Q3 25 | $7.2B | $7.8B | ||
| Q2 25 | $4.2B | $7.6B | ||
| Q1 25 | $4.2B | $7.6B | ||
| Q4 24 | $4.2B | $7.6B | ||
| Q3 24 | $4.2B | $7.6B | ||
| Q2 24 | $4.2B | $7.6B | ||
| Q1 24 | $4.2B | $7.6B |
股东权益COINLILA
| Q4 25 | $14.8B | $555.6M | ||
| Q3 25 | $16.0B | $628.9M | ||
| Q2 25 | $12.1B | $608.4M | ||
| Q1 25 | $10.5B | $1.0B | ||
| Q4 24 | $10.3B | $1.1B | ||
| Q3 24 | $8.7B | $1.2B | ||
| Q2 24 | $8.4B | $1.7B | ||
| Q1 24 | $8.1B | $1.7B |
总资产COINLILA
| Q4 25 | $29.7B | $12.2B | ||
| Q3 25 | $31.4B | $12.0B | ||
| Q2 25 | $23.5B | $12.0B | ||
| Q1 25 | $21.7B | $12.6B | ||
| Q4 24 | $22.5B | $12.8B | ||
| Q3 24 | $290.6B | $12.7B | ||
| Q2 24 | $287.0B | $13.2B | ||
| Q1 24 | $348.0B | $13.3B |
负债/权益比COINLILA
| Q4 25 | 0.49× | 14.17× | ||
| Q3 25 | 0.45× | 12.45× | ||
| Q2 25 | 0.35× | 12.50× | ||
| Q1 25 | 0.40× | 7.47× | ||
| Q4 24 | 0.41× | 6.99× | ||
| Q3 24 | 0.48× | 6.20× | ||
| Q2 24 | 0.51× | 4.59× | ||
| Q1 24 | 0.52× | 4.38× |
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 | $461.9M |
| 自由现金流经营现金流 - 资本支出 | — | $320.1M |
| 自由现金流率自由现金流/营收 | — | 27.6% |
| 资本支出强度资本支出/营收 | — | 12.2% |
| 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 | — | $305.9M |
8季度趋势，按日历期对齐
经营现金流COINLILA
| Q4 25 | $3.1B | $461.9M | ||
| Q3 25 | $-784.5M | $178.2M | ||
| Q2 25 | $328.5M | $141.2M | ||
| Q1 25 | $-182.7M | $24.6M | ||
| Q4 24 | $964.6M | $398.6M | ||
| Q3 24 | $696.5M | $177.5M | ||
| Q2 24 | $484.2M | $156.9M | ||
| Q1 24 | $411.5M | $23.3M |
自由现金流COINLILA
| Q4 25 | — | $320.1M | ||
| Q3 25 | — | $56.0M | ||
| Q2 25 | — | $1.9M | ||
| Q1 25 | — | $-72.1M | ||
| Q4 24 | — | $234.9M | ||
| Q3 24 | — | $51.0M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $-86.4M |
自由现金流率COINLILA
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | -6.7% | ||
| Q4 24 | — | 20.6% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | -7.9% |
资本支出强度COINLILA
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 12.8% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 10.0% |
现金转化率COINLILA
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | 54.00× | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| 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% |
LILA
| Liberty Cablevisionof Puerto Rico LLC Liberty Puerto Rico | $301.3M | 26% |
| Cable Wireless Communications Limited CW Panama | $230.1M | 20% |
| Costa Rica Segment | $168.2M | 15% |
| Liberty Networks | $129.3M | 11% |
| Cable Subscription | $112.4M | 10% |
| Mobile Subscription | $95.9M | 8% |
| Mobile Handset And Other Devices | $73.0M | 6% |
| Liberty Networks Other | $25.0M | 2% |
| Mobile Non Subscription | $21.6M | 2% |
| B2B Mobile Handsetand Other Devices | $7.0M | 1% |
| Cable Non Subscription | $4.3M | 0% |
