vs
Coinbase（COIN）与莫德纳（MRNA）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是莫德纳的1.8倍（$1.8B vs $1.0B），莫德纳净利率更高（-19.7% vs -37.4%，领先17.7%），Coinbase同比增速更快（-21.6% vs -45.4%），过去两年Coinbase的营收复合增速更高（4.3% vs -45.0%）
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。
莫德纳是一家总部位于美国马萨诸塞州剑桥市的生物制药企业，深耕RNA治疗领域，核心业务聚焦mRNA疫苗研发。其疫苗通过信使RNA（mRNA）分子拷贝传递蛋白合成指令以触发人体免疫反应，公司名称由“修饰”“RNA”与“现代”三个词组合而来。
COIN vs MRNA — 直观对比
营收规模更大
COIN
是对方的1.8倍
$1.0B
营收增速更快
COIN
高出23.8%
-45.4%
净利率更高
MRNA
高出17.7%
-37.4%
两年增速更快
COIN
近两年复合增速
-45.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.0B |
| 净利润 | $-666.7M | $-200.0M |
| 毛利率 | — | 79.6% |
| 营业利润率 | 15.4% | -25.6% |
| 净利率 | -37.4% | -19.7% |
| 营收同比 | -21.6% | -45.4% |
| 净利润同比 | -151.6% | -1638.5% |
| 每股收益（稀释后） | $-2.43 | $-0.51 |
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COINMRNA
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.3B | $966.0M | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.6B | — |
净利润COINMRNA
| Q4 25 | $-666.7M | — | ||
| Q3 25 | $432.6M | $-200.0M | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $65.6M | — | ||
| Q4 24 | $1.3B | $-1.1B | ||
| Q3 24 | $75.5M | $13.0M | ||
| Q2 24 | $36.1M | — | ||
| Q1 24 | $1.2B | — |
毛利率COINMRNA
| Q4 25 | — | — | ||
| Q3 25 | — | 79.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率COINMRNA
| Q4 25 | 15.4% | — | ||
| Q3 25 | 25.7% | -25.6% | ||
| Q2 25 | -1.6% | — | ||
| Q1 25 | 34.7% | — | ||
| Q4 24 | 45.5% | -129.0% | ||
| Q3 24 | 14.1% | -3.8% | ||
| Q2 24 | 23.7% | — | ||
| Q1 24 | 46.4% | — |
净利率COINMRNA
| Q4 25 | -37.4% | — | ||
| Q3 25 | 23.1% | -19.7% | ||
| Q2 25 | 95.4% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 56.8% | -115.9% | ||
| Q3 24 | 6.3% | 0.7% | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 71.8% | — |
每股收益（稀释后）COINMRNA
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | $-0.51 | ||
| Q2 25 | $5.14 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | $-2.91 | ||
| Q3 24 | $0.28 | $0.03 | ||
| 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 | $1.1B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $9.3B |
| 总资产 | $29.7B | $12.1B |
| 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COINMRNA
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | $1.1B | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.5B | $1.9B | ||
| Q3 24 | $7.7B | $1.6B | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $6.7B | — |
总债务COINMRNA
| 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COINMRNA
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | $9.3B | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $10.3B | $10.9B | ||
| Q3 24 | $8.7B | $11.9B | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.1B | — |
总资产COINMRNA
| Q4 25 | $29.7B | — | ||
| Q3 25 | $31.4B | $12.1B | ||
| Q2 25 | $23.5B | — | ||
| Q1 25 | $21.7B | — | ||
| Q4 24 | $22.5B | $14.1B | ||
| Q3 24 | $290.6B | $15.8B | ||
| Q2 24 | $287.0B | — | ||
| Q1 24 | $348.0B | — |
负债/权益比COINMRNA
| 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 | $-847.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-880.0M |
| 自由现金流率自由现金流/营收 | — | -86.6% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-1.9B |
8季度趋势，按日历期对齐
经营现金流COINMRNA
| Q4 25 | $3.1B | — | ||
| Q3 25 | $-784.5M | $-847.0M | ||
| Q2 25 | $328.5M | — | ||
| Q1 25 | $-182.7M | — | ||
| Q4 24 | $964.6M | $825.0M | ||
| Q3 24 | $696.5M | $-1.6B | ||
| Q2 24 | $484.2M | — | ||
| Q1 24 | $411.5M | — |
自由现金流COINMRNA
| Q4 25 | — | — | ||
| Q3 25 | — | $-880.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $303.0M | ||
| Q3 24 | — | $-1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率COINMRNA
| Q4 25 | — | — | ||
| Q3 25 | — | -86.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | -92.2% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度COINMRNA
| Q4 25 | — | — | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 54.0% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率COINMRNA
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | -120.46× | ||
| 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% |
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
