vs
Coinbase（COIN）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是Coinbase的4.9倍（$8.8B vs $1.8B），万事达卡净利率更高（46.1% vs -37.4%，领先83.5%），万事达卡同比增速更快（17.6% vs -21.6%），过去两年万事达卡的营收复合增速更高（17.8% 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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
COIN vs MA — 直观对比
营收规模更大
MA
是对方的4.9倍
$1.8B
营收增速更快
MA
高出39.2%
-21.6%
净利率更高
MA
高出83.5%
-37.4%
两年增速更快
MA
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $8.8B |
| 净利润 | $-666.7M | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 55.8% |
| 净利率 | -37.4% | 46.1% |
| 营收同比 | -21.6% | 17.6% |
| 净利润同比 | -151.6% | 21.5% |
| 每股收益（稀释后） | $-2.43 | $4.52 |
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COINMA
| Q4 25 | $1.8B | $8.8B | ||
| Q3 25 | $1.9B | $8.6B | ||
| Q2 25 | $1.5B | $8.1B | ||
| Q1 25 | $2.0B | $7.3B | ||
| Q4 24 | $2.3B | $7.5B | ||
| Q3 24 | $1.2B | $7.4B | ||
| Q2 24 | $1.4B | $7.0B | ||
| Q1 24 | $1.6B | $6.3B |
净利润COINMA
| Q4 25 | $-666.7M | $4.1B | ||
| Q3 25 | $432.6M | $3.9B | ||
| Q2 25 | $1.4B | $3.7B | ||
| Q1 25 | $65.6M | $3.3B | ||
| Q4 24 | $1.3B | $3.3B | ||
| Q3 24 | $75.5M | $3.3B | ||
| Q2 24 | $36.1M | $3.3B | ||
| Q1 24 | $1.2B | $3.0B |
营业利润率COINMA
| Q4 25 | 15.4% | 55.8% | ||
| Q3 25 | 25.7% | 58.8% | ||
| Q2 25 | -1.6% | 58.7% | ||
| Q1 25 | 34.7% | 57.2% | ||
| Q4 24 | 45.5% | 52.6% | ||
| Q3 24 | 14.1% | 54.3% | ||
| Q2 24 | 23.7% | 58.0% | ||
| Q1 24 | 46.4% | 56.8% |
净利率COINMA
| Q4 25 | -37.4% | 46.1% | ||
| Q3 25 | 23.1% | 45.7% | ||
| Q2 25 | 95.4% | 45.5% | ||
| Q1 25 | 3.2% | 45.2% | ||
| Q4 24 | 56.8% | 44.6% | ||
| Q3 24 | 6.3% | 44.3% | ||
| Q2 24 | 2.5% | 46.8% | ||
| Q1 24 | 71.8% | 47.4% |
每股收益（稀释后）COINMA
| Q4 25 | $-2.43 | $4.52 | ||
| Q3 25 | $1.50 | $4.34 | ||
| Q2 25 | $5.14 | $4.07 | ||
| Q1 25 | $0.24 | $3.59 | ||
| Q4 24 | $4.66 | $3.64 | ||
| Q3 24 | $0.28 | $3.53 | ||
| Q2 24 | $0.14 | $3.50 | ||
| Q1 24 | $4.40 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $7.7B |
| 总资产 | $29.7B | $54.2B |
| 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COINMA
| Q4 25 | $11.6B | $10.6B | ||
| Q3 25 | $9.8B | $10.3B | ||
| Q2 25 | $7.5B | $9.0B | ||
| Q1 25 | $8.1B | $7.6B | ||
| Q4 24 | $8.5B | $8.4B | ||
| Q3 24 | $7.7B | $11.1B | ||
| Q2 24 | $7.2B | $7.0B | ||
| Q1 24 | $6.7B | $7.3B |
总债务COINMA
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINMA
| Q4 25 | $14.8B | $7.7B | ||
| Q3 25 | $16.0B | $7.9B | ||
| Q2 25 | $12.1B | $7.9B | ||
| Q1 25 | $10.5B | $6.7B | ||
| Q4 24 | $10.3B | $6.5B | ||
| Q3 24 | $8.7B | $7.4B | ||
| Q2 24 | $8.4B | $7.4B | ||
| Q1 24 | $8.1B | $7.2B |
总资产COINMA
| Q4 25 | $29.7B | $54.2B | ||
| Q3 25 | $31.4B | $53.3B | ||
| Q2 25 | $23.5B | $51.4B | ||
| Q1 25 | $21.7B | $48.5B | ||
| Q4 24 | $22.5B | $48.1B | ||
| Q3 24 | $290.6B | $47.2B | ||
| Q2 24 | $287.0B | $42.3B | ||
| Q1 24 | $348.0B | $42.6B |
负债/权益比COINMA
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.52× | — |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | — | $4.9B |
| 自由现金流率自由现金流/营收 | — | 55.5% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | — | $17.2B |
8季度趋势，按日历期对齐
经营现金流COINMA
| Q4 25 | $3.1B | $5.0B | ||
| Q3 25 | $-784.5M | $5.7B | ||
| Q2 25 | $328.5M | $4.6B | ||
| Q1 25 | $-182.7M | $2.4B | ||
| Q4 24 | $964.6M | $4.8B | ||
| Q3 24 | $696.5M | $5.1B | ||
| Q2 24 | $484.2M | $3.1B | ||
| Q1 24 | $411.5M | $1.7B |
自由现金流COINMA
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $1.5B |
自由现金流率COINMA
| Q4 25 | — | 55.5% | ||
| Q3 25 | — | 63.8% | ||
| Q2 25 | — | 56.1% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 63.3% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 43.4% | ||
| Q1 24 | — | 23.9% |
资本支出强度COINMA
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
现金转化率COINMA
| Q4 25 | — | 1.23× | ||
| Q3 25 | -1.81× | 1.44× | ||
| Q2 25 | 0.23× | 1.24× | ||
| Q1 25 | -2.79× | 0.73× | ||
| Q4 24 | 0.75× | 1.45× | ||
| Q3 24 | 9.23× | 1.57× | ||
| Q2 24 | 13.39× | 0.96× | ||
| Q1 24 | 0.35× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
