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Coinbase（COIN）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是Coinbase的1.4倍（$2.5B vs $1.8B），MPLX LP净利率更高（49.1% vs -37.4%，领先86.5%），MPLX LP同比增速更快（1.4% vs -21.6%），过去两年MPLX LP的营收复合增速更高（6.2% 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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
COIN vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.4倍
$1.8B
营收增速更快
MPLX
高出23.0%
-21.6%
净利率更高
MPLX
高出86.5%
-37.4%
两年增速更快
MPLX
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.5B |
| 净利润 | $-666.7M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 60.5% |
| 净利率 | -37.4% | 49.1% |
| 营收同比 | -21.6% | 1.4% |
| 净利润同比 | -151.6% | 8.5% |
| 每股收益（稀释后） | $-2.43 | — |
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COINMPLX
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.9B | $2.5B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $2.0B | $2.5B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.4B | $2.3B | ||
| Q1 24 | $1.6B | $2.2B |
净利润COINMPLX
| Q4 25 | $-666.7M | $1.2B | ||
| Q3 25 | $432.6M | $1.6B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $65.6M | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $75.5M | $1.0B | ||
| Q2 24 | $36.1M | $1.2B | ||
| Q1 24 | $1.2B | $1.0B |
营业利润率COINMPLX
| Q4 25 | 15.4% | 60.5% | ||
| Q3 25 | 25.7% | 73.2% | ||
| Q2 25 | -1.6% | 54.9% | ||
| Q1 25 | 34.7% | 55.5% | ||
| Q4 24 | 45.5% | 55.6% | ||
| Q3 24 | 14.1% | 54.4% | ||
| Q2 24 | 23.7% | 62.9% | ||
| Q1 24 | 46.4% | 57.6% |
净利率COINMPLX
| Q4 25 | -37.4% | 49.1% | ||
| Q3 25 | 23.1% | 63.2% | ||
| Q2 25 | 95.4% | 44.9% | ||
| Q1 25 | 3.2% | 46.2% | ||
| Q4 24 | 56.8% | 45.9% | ||
| Q3 24 | 6.3% | 44.6% | ||
| Q2 24 | 2.5% | 52.6% | ||
| Q1 24 | 71.8% | 46.7% |
每股收益（稀释后）COINMPLX
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | — | ||
| Q2 25 | $5.14 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.14 | — | ||
| Q1 24 | $4.40 | — |
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 | $2.1B |
| 总债务越低越好 | $7.2B | $24.2B |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $29.7B | $43.0B |
| 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COINMPLX
| Q4 25 | $11.6B | $2.1B | ||
| Q3 25 | $9.8B | $1.8B | ||
| Q2 25 | $7.5B | $1.4B | ||
| Q1 25 | $8.1B | $2.5B | ||
| Q4 24 | $8.5B | $1.5B | ||
| Q3 24 | $7.7B | $2.4B | ||
| Q2 24 | $7.2B | $2.5B | ||
| Q1 24 | $6.7B | $385.0M |
总债务COINMPLX
| Q4 25 | $7.2B | $24.2B | ||
| Q3 25 | $7.2B | $24.1B | ||
| Q2 25 | $4.2B | $19.7B | ||
| Q1 25 | $4.2B | $19.7B | ||
| Q4 24 | $4.2B | $19.3B | ||
| Q3 24 | $4.2B | $19.3B | ||
| Q2 24 | $4.2B | $19.2B | ||
| Q1 24 | $4.2B | $18.8B |
股东权益COINMPLX
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | — | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.1B | — |
总资产COINMPLX
| Q4 25 | $29.7B | $43.0B | ||
| Q3 25 | $31.4B | $43.2B | ||
| Q2 25 | $23.5B | $37.8B | ||
| Q1 25 | $21.7B | $39.0B | ||
| Q4 24 | $22.5B | $37.5B | ||
| Q3 24 | $290.6B | $38.5B | ||
| Q2 24 | $287.0B | $38.4B | ||
| Q1 24 | $348.0B | $36.5B |
负债/权益比COINMPLX
| 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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $782.0M |
| 自由现金流率自由现金流/营收 | — | 31.9% |
| 资本支出强度资本支出/营收 | — | 29.1% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $4.1B |
8季度趋势，按日历期对齐
经营现金流COINMPLX
| Q4 25 | $3.1B | $1.5B | ||
| Q3 25 | $-784.5M | $1.4B | ||
| Q2 25 | $328.5M | $1.7B | ||
| Q1 25 | $-182.7M | $1.2B | ||
| Q4 24 | $964.6M | $1.7B | ||
| Q3 24 | $696.5M | $1.4B | ||
| Q2 24 | $484.2M | $1.6B | ||
| Q1 24 | $411.5M | $1.3B |
自由现金流COINMPLX
| Q4 25 | — | $782.0M | ||
| Q3 25 | — | $905.0M | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $979.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.0B |
自由现金流率COINMPLX
| Q4 25 | — | 31.9% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | — | 60.9% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 56.6% | ||
| Q3 24 | — | 48.4% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 47.7% |
资本支出强度COINMPLX
| Q4 25 | — | 29.1% | ||
| Q3 25 | — | 21.4% | ||
| Q2 25 | — | 12.8% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 11.9% | ||
| Q2 24 | — | 9.4% | ||
| Q1 24 | — | 11.7% |
现金转化率COINMPLX
| Q4 25 | — | 1.24× | ||
| Q3 25 | -1.81× | 0.92× | ||
| Q2 25 | 0.23× | 1.64× | ||
| Q1 25 | -2.79× | 1.10× | ||
| Q4 24 | 0.75× | 1.51× | ||
| Q3 24 | 9.23× | 1.35× | ||
| Q2 24 | 13.39× | 1.32× | ||
| Q1 24 | 0.35× | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
