vs
Coinbase（COIN）与Old Dominion（ODFL）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Old Dominion的1.4倍（$1.8B vs $1.3B），Old Dominion净利率更高（17.6% vs -37.4%，领先55.0%），Old Dominion同比增速更快（-5.7% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -5.4%）
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。
Old Dominion Freight Line（简称ODFL）是美国领先的零担货运企业，服务覆盖区域、跨区域及全国范围。除核心零担货运业务外，公司还提供加急运输、综合物流及家庭搬家服务，拥有成熟的运营网络，可满足不同客户的多元运输需求。
COIN vs ODFL — 直观对比
营收规模更大
COIN
是对方的1.4倍
$1.3B
营收增速更快
ODFL
高出15.9%
-21.6%
净利率更高
ODFL
高出55.0%
-37.4%
两年增速更快
COIN
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-666.7M | $229.5M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 23.3% |
| 净利率 | -37.4% | 17.6% |
| 营收同比 | -21.6% | -5.7% |
| 净利润同比 | -151.6% | -12.8% |
| 每股收益（稀释后） | $-2.43 | $1.10 |
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COINODFL
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.6B | $1.5B |
净利润COINODFL
| Q4 25 | $-666.7M | $229.5M | ||
| Q3 25 | $432.6M | $270.9M | ||
| Q2 25 | $1.4B | $268.6M | ||
| Q1 25 | $65.6M | $254.7M | ||
| Q4 24 | $1.3B | $263.1M | ||
| Q3 24 | $75.5M | $308.6M | ||
| Q2 24 | $36.1M | $322.0M | ||
| Q1 24 | $1.2B | $292.3M |
营业利润率COINODFL
| Q4 25 | 15.4% | 23.3% | ||
| Q3 25 | 25.7% | 25.7% | ||
| Q2 25 | -1.6% | 25.4% | ||
| Q1 25 | 34.7% | 24.6% | ||
| Q4 24 | 45.5% | 24.1% | ||
| Q3 24 | 14.1% | 27.3% | ||
| Q2 24 | 23.7% | 28.1% | ||
| Q1 24 | 46.4% | 26.5% |
净利率COINODFL
| Q4 25 | -37.4% | 17.6% | ||
| Q3 25 | 23.1% | 19.3% | ||
| Q2 25 | 95.4% | 19.1% | ||
| Q1 25 | 3.2% | 18.5% | ||
| Q4 24 | 56.8% | 19.0% | ||
| Q3 24 | 6.3% | 21.0% | ||
| Q2 24 | 2.5% | 21.5% | ||
| Q1 24 | 71.8% | 20.0% |
每股收益（稀释后）COINODFL
| Q4 25 | $-2.43 | $1.10 | ||
| Q3 25 | $1.50 | $1.28 | ||
| Q2 25 | $5.14 | $1.27 | ||
| Q1 25 | $0.24 | $1.19 | ||
| Q4 24 | $4.66 | $1.23 | ||
| Q3 24 | $0.28 | $1.43 | ||
| Q2 24 | $0.14 | $1.48 | ||
| Q1 24 | $4.40 | $1.34 |
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 | $120.1M |
| 总债务越低越好 | $7.2B | $20.0M |
| 股东权益账面价值 | $14.8B | $4.3B |
| 总资产 | $29.7B | $5.5B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资COINODFL
| Q4 25 | $11.6B | $120.1M | ||
| Q3 25 | $9.8B | $46.6M | ||
| Q2 25 | $7.5B | $24.1M | ||
| Q1 25 | $8.1B | $97.2M | ||
| Q4 24 | $8.5B | $108.7M | ||
| Q3 24 | $7.7B | $74.2M | ||
| Q2 24 | $7.2B | $104.6M | ||
| Q1 24 | $6.7B | $581.0M |
总债务COINODFL
| Q4 25 | $7.2B | $20.0M | ||
| Q3 25 | $7.2B | $65.0M | ||
| Q2 25 | $4.2B | $150.0M | ||
| Q1 25 | $4.2B | $40.0M | ||
| Q4 24 | $4.2B | $40.0M | ||
| Q3 24 | $4.2B | $40.0M | ||
| Q2 24 | $4.2B | $40.0M | ||
| Q1 24 | $4.2B | $60.0M |
股东权益COINODFL
| Q4 25 | $14.8B | $4.3B | ||
| Q3 25 | $16.0B | $4.3B | ||
| Q2 25 | $12.1B | $4.2B | ||
| Q1 25 | $10.5B | $4.2B | ||
| Q4 24 | $10.3B | $4.2B | ||
| Q3 24 | $8.7B | $4.2B | ||
| Q2 24 | $8.4B | $4.1B | ||
| Q1 24 | $8.1B | $4.4B |
总资产COINODFL
| Q4 25 | $29.7B | $5.5B | ||
| Q3 25 | $31.4B | $5.5B | ||
| Q2 25 | $23.5B | $5.6B | ||
| Q1 25 | $21.7B | $5.5B | ||
| Q4 24 | $22.5B | $5.5B | ||
| Q3 24 | $290.6B | $5.4B | ||
| Q2 24 | $287.0B | $5.3B | ||
| Q1 24 | $348.0B | $5.7B |
负债/权益比COINODFL
| Q4 25 | 0.49× | 0.00× | ||
| Q3 25 | 0.45× | 0.02× | ||
| Q2 25 | 0.35× | 0.04× | ||
| Q1 25 | 0.40× | 0.01× | ||
| Q4 24 | 0.41× | 0.01× | ||
| Q3 24 | 0.48× | 0.01× | ||
| Q2 24 | 0.51× | 0.01× | ||
| Q1 24 | 0.52× | 0.01× |
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 | $310.3M |
| 自由现金流经营现金流 - 资本支出 | — | $264.5M |
| 自由现金流率自由现金流/营收 | — | 20.2% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 现金转化率经营现金流/净利润 | — | 1.35× |
| 过去12个月自由现金流最近4个季度 | — | $955.1M |
8季度趋势，按日历期对齐
经营现金流COINODFL
| Q4 25 | $3.1B | $310.3M | ||
| Q3 25 | $-784.5M | $437.5M | ||
| Q2 25 | $328.5M | $285.8M | ||
| Q1 25 | $-182.7M | $336.5M | ||
| Q4 24 | $964.6M | $401.1M | ||
| Q3 24 | $696.5M | $446.5M | ||
| Q2 24 | $484.2M | $387.9M | ||
| Q1 24 | $411.5M | $423.9M |
自由现金流COINODFL
| Q4 25 | — | $264.5M | ||
| Q3 25 | — | $343.5M | ||
| Q2 25 | — | $98.7M | ||
| Q1 25 | — | $248.4M | ||
| Q4 24 | — | $230.1M | ||
| Q3 24 | — | $203.7M | ||
| Q2 24 | — | $149.7M | ||
| Q1 24 | — | $304.4M |
自由现金流率COINODFL
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 24.4% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 10.0% | ||
| Q1 24 | — | 20.8% |
资本支出强度COINODFL
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | — | 16.5% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 8.2% |
现金转化率COINODFL
| Q4 25 | — | 1.35× | ||
| Q3 25 | -1.81× | 1.61× | ||
| Q2 25 | 0.23× | 1.06× | ||
| Q1 25 | -2.79× | 1.32× | ||
| Q4 24 | 0.75× | 1.52× | ||
| Q3 24 | 9.23× | 1.45× | ||
| Q2 24 | 13.39× | 1.20× | ||
| Q1 24 | 0.35× | 1.45× |
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% |
ODFL
| LTL Service Revenue | $1.3B | 99% |
| Other Service Revenue | $11.4M | 1% |
