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Coinbase（COIN）与英伟达（NVDA）财务数据对比。点击上方公司名可切换其他公司
英伟达的季度营收约是Coinbase的38.2倍（$68.1B vs $1.8B），英伟达净利率更高（63.1% vs -37.4%，领先100.5%），英伟达同比增速更快（73.2% vs -21.6%），过去两年英伟达的营收复合增速更高（61.7% 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。
英伟达是总部位于美国加利福尼亚州圣克拉拉的科技企业，1993年由黄仁勋、克里斯·马拉科夫斯基、柯蒂斯·普里姆联合创立。公司主营图形处理器（GPU）、系统级芯片（SoC）及应用程序接口（API）产品，覆盖数据科学、高性能计算、游戏、移动与车载应用等领域，是全球知名的头部科技企业之一。
COIN vs NVDA — 直观对比
营收规模更大
NVDA
是对方的38.2倍
$1.8B
营收增速更快
NVDA
高出94.8%
-21.6%
净利率更高
NVDA
高出100.5%
-37.4%
两年增速更快
NVDA
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $68.1B |
| 净利润 | $-666.7M | $43.0B |
| 毛利率 | — | 75.0% |
| 营业利润率 | 15.4% | 65.0% |
| 净利率 | -37.4% | 63.1% |
| 营收同比 | -21.6% | 73.2% |
| 净利润同比 | -151.6% | 94.5% |
| 每股收益（稀释后） | $-2.43 | $1.76 |
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COINNVDA
| Q1 26 | — | $68.1B | ||
| Q4 25 | $1.8B | $57.0B | ||
| Q3 25 | $1.9B | $46.7B | ||
| Q2 25 | $1.5B | $44.1B | ||
| Q1 25 | $2.0B | $39.3B | ||
| Q4 24 | $2.3B | $35.1B | ||
| Q3 24 | $1.2B | $30.0B | ||
| Q2 24 | $1.4B | $26.0B |
净利润COINNVDA
| Q1 26 | — | $43.0B | ||
| Q4 25 | $-666.7M | $31.9B | ||
| Q3 25 | $432.6M | $26.4B | ||
| Q2 25 | $1.4B | $18.8B | ||
| Q1 25 | $65.6M | $22.1B | ||
| Q4 24 | $1.3B | $19.3B | ||
| Q3 24 | $75.5M | $16.6B | ||
| Q2 24 | $36.1M | $14.9B |
毛利率COINNVDA
| Q1 26 | — | 75.0% | ||
| Q4 25 | — | 73.4% | ||
| Q3 25 | — | 72.4% | ||
| Q2 25 | — | 60.5% | ||
| Q1 25 | — | 73.0% | ||
| Q4 24 | — | 74.6% | ||
| Q3 24 | — | 75.1% | ||
| Q2 24 | — | 78.4% |
营业利润率COINNVDA
| Q1 26 | — | 65.0% | ||
| Q4 25 | 15.4% | 63.2% | ||
| Q3 25 | 25.7% | 60.8% | ||
| Q2 25 | -1.6% | 49.1% | ||
| Q1 25 | 34.7% | 61.1% | ||
| Q4 24 | 45.5% | 62.3% | ||
| Q3 24 | 14.1% | 62.1% | ||
| Q2 24 | 23.7% | 64.9% |
净利率COINNVDA
| Q1 26 | — | 63.1% | ||
| Q4 25 | -37.4% | 56.0% | ||
| Q3 25 | 23.1% | 56.5% | ||
| Q2 25 | 95.4% | 42.6% | ||
| Q1 25 | 3.2% | 56.2% | ||
| Q4 24 | 56.8% | 55.0% | ||
| Q3 24 | 6.3% | 55.3% | ||
| Q2 24 | 2.5% | 57.1% |
每股收益（稀释后）COINNVDA
| Q1 26 | — | $1.76 | ||
| Q4 25 | $-2.43 | $1.30 | ||
| Q3 25 | $1.50 | $1.08 | ||
| Q2 25 | $5.14 | $0.76 | ||
| Q1 25 | $0.24 | $-4.49 | ||
| Q4 24 | $4.66 | $0.78 | ||
| Q3 24 | $0.28 | $0.67 | ||
| Q2 24 | $0.14 | $5.98 |
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 | $8.5B |
| 股东权益账面价值 | $14.8B | $157.3B |
| 总资产 | $29.7B | $206.8B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资COINNVDA
| Q1 26 | — | $10.6B | ||
| Q4 25 | $11.6B | $60.6B | ||
| Q3 25 | $9.8B | $56.8B | ||
| Q2 25 | $7.5B | $53.7B | ||
| Q1 25 | $8.1B | $43.2B | ||
| Q4 24 | $8.5B | $38.5B | ||
| Q3 24 | $7.7B | $34.8B | ||
| Q2 24 | $7.2B | $31.4B |
总债务COINNVDA
| Q1 26 | — | $8.5B | ||
| Q4 25 | $7.2B | $8.5B | ||
| Q3 25 | $7.2B | $8.5B | ||
| Q2 25 | $4.2B | $8.5B | ||
| Q1 25 | $4.2B | $8.5B | ||
| Q4 24 | $4.2B | $8.5B | ||
| Q3 24 | $4.2B | $8.5B | ||
| Q2 24 | $4.2B | $9.7B |
股东权益COINNVDA
| Q1 26 | — | $157.3B | ||
| Q4 25 | $14.8B | $118.9B | ||
| Q3 25 | $16.0B | $100.1B | ||
| Q2 25 | $12.1B | $83.8B | ||
| Q1 25 | $10.5B | $79.3B | ||
| Q4 24 | $10.3B | $65.9B | ||
| Q3 24 | $8.7B | $58.2B | ||
| Q2 24 | $8.4B | $49.1B |
总资产COINNVDA
| Q1 26 | — | $206.8B | ||
| Q4 25 | $29.7B | $161.1B | ||
| Q3 25 | $31.4B | $140.7B | ||
| Q2 25 | $23.5B | $125.3B | ||
| Q1 25 | $21.7B | $111.6B | ||
| Q4 24 | $22.5B | $96.0B | ||
| Q3 24 | $290.6B | $85.2B | ||
| Q2 24 | $287.0B | $77.1B |
负债/权益比COINNVDA
| Q1 26 | — | 0.05× | ||
| Q4 25 | 0.49× | 0.07× | ||
| Q3 25 | 0.45× | 0.08× | ||
| Q2 25 | 0.35× | 0.10× | ||
| Q1 25 | 0.40× | 0.11× | ||
| Q4 24 | 0.41× | 0.13× | ||
| Q3 24 | 0.48× | 0.15× | ||
| Q2 24 | 0.51× | 0.20× |
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 | $36.2B |
| 自由现金流经营现金流 - 资本支出 | — | $34.9B |
| 自由现金流率自由现金流/营收 | — | 51.2% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | — | 0.84× |
| 过去12个月自由现金流最近4个季度 | — | $96.7B |
8季度趋势，按日历期对齐
经营现金流COINNVDA
| Q1 26 | — | $36.2B | ||
| Q4 25 | $3.1B | $23.8B | ||
| Q3 25 | $-784.5M | $15.4B | ||
| Q2 25 | $328.5M | $27.4B | ||
| Q1 25 | $-182.7M | $16.6B | ||
| Q4 24 | $964.6M | $17.6B | ||
| Q3 24 | $696.5M | $14.5B | ||
| Q2 24 | $484.2M | $15.3B |
自由现金流COINNVDA
| Q1 26 | — | $34.9B | ||
| Q4 25 | — | $22.1B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $26.2B | ||
| Q1 25 | — | $15.6B | ||
| Q4 24 | — | $16.8B | ||
| Q3 24 | — | $13.5B | ||
| Q2 24 | — | $15.0B |
自由现金流率COINNVDA
| Q1 26 | — | 51.2% | ||
| Q4 25 | — | 38.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 59.4% | ||
| Q1 25 | — | 39.5% | ||
| Q4 24 | — | 47.9% | ||
| Q3 24 | — | 45.0% | ||
| Q2 24 | — | 57.5% |
资本支出强度COINNVDA
| Q1 26 | — | 1.9% | ||
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 1.4% |
现金转化率COINNVDA
| Q1 26 | — | 0.84× | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | -1.81× | 0.58× | ||
| Q2 25 | 0.23× | 1.46× | ||
| Q1 25 | -2.79× | 0.75× | ||
| Q4 24 | 0.75× | 0.91× | ||
| Q3 24 | 9.23× | 0.87× | ||
| Q2 24 | 13.39× | 1.03× |
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% |
NVDA
| Compute | $51.3B | 75% |
| Networking | $11.0B | 16% |
| Gaming | $3.7B | 5% |
| Professional Visualization | $1.3B | 2% |
| Automotive | $604.0M | 1% |
| OEM And Other | $161.0M | 0% |
| Inventory Purchase Obligations In Excess Of Projections | $31.0M | 0% |
