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Coinbase（COIN）与Optimum Communications, Inc.（OPTU）财务数据对比。点击上方公司名可切换其他公司
Optimum Communications, Inc.的季度营收约是Coinbase的1.2倍（$2.2B vs $1.8B），Optimum Communications, Inc.净利率更高（-3.3% vs -37.4%，领先34.2%），Optimum Communications, Inc.同比增速更快（-2.3% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -1.5%）
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。
Optimum Communications, Inc.是由法籍以色列商人帕特里克·德拉希控股的美国电信运营商，核心业务为数字有线电视与宽带互联网服务，服务覆盖纽约大都会区及美国中西部、南部多个州。截至2017年，该公司在全美21个州共拥有约490万住宅及企业客户，是美国第四大电信企业。
COIN vs OPTU — 直观对比
营收规模更大
OPTU
是对方的1.2倍
$1.8B
营收增速更快
OPTU
高出19.3%
-21.6%
净利率更高
OPTU
高出34.2%
-37.4%
两年增速更快
COIN
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.2B |
| 净利润 | $-666.7M | $-71.2M |
| 毛利率 | — | 69.5% |
| 营业利润率 | 15.4% | 18.2% |
| 净利率 | -37.4% | -3.3% |
| 营收同比 | -21.6% | -2.3% |
| 净利润同比 | -151.6% | -31.6% |
| 每股收益（稀释后） | $-2.43 | $-0.16 |
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COINOPTU
| Q4 25 | $1.8B | $2.2B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $2.0B | $2.2B | ||
| Q4 24 | $2.3B | $2.2B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $1.6B | $2.3B |
净利润COINOPTU
| Q4 25 | $-666.7M | $-71.2M | ||
| Q3 25 | $432.6M | $-1.6B | ||
| Q2 25 | $1.4B | $-96.3M | ||
| Q1 25 | $65.6M | $-75.7M | ||
| Q4 24 | $1.3B | $-54.1M | ||
| Q3 24 | $75.5M | $-43.0M | ||
| Q2 24 | $36.1M | $15.4M | ||
| Q1 24 | $1.2B | $-21.2M |
毛利率COINOPTU
| Q4 25 | — | 69.5% | ||
| Q3 25 | — | 69.7% | ||
| Q2 25 | — | 69.1% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 67.7% | ||
| Q3 24 | — | 68.1% | ||
| Q2 24 | — | 67.9% | ||
| Q1 24 | — | 67.0% |
营业利润率COINOPTU
| Q4 25 | 15.4% | 18.2% | ||
| Q3 25 | 25.7% | -55.3% | ||
| Q2 25 | -1.6% | 14.5% | ||
| Q1 25 | 34.7% | 16.0% | ||
| Q4 24 | 45.5% | 15.2% | ||
| Q3 24 | 14.1% | 20.0% | ||
| Q2 24 | 23.7% | 22.4% | ||
| Q1 24 | 46.4% | 17.5% |
净利率COINOPTU
| Q4 25 | -37.4% | -3.3% | ||
| Q3 25 | 23.1% | -77.1% | ||
| Q2 25 | 95.4% | -4.5% | ||
| Q1 25 | 3.2% | -3.5% | ||
| Q4 24 | 56.8% | -2.4% | ||
| Q3 24 | 6.3% | -1.9% | ||
| Q2 24 | 2.5% | 0.7% | ||
| Q1 24 | 71.8% | -0.9% |
每股收益（稀释后）COINOPTU
| Q4 25 | $-2.43 | $-0.16 | ||
| Q3 25 | $1.50 | $-3.47 | ||
| Q2 25 | $5.14 | $-0.21 | ||
| Q1 25 | $0.24 | $-0.16 | ||
| Q4 24 | $4.66 | $-0.11 | ||
| Q3 24 | $0.28 | $-0.09 | ||
| Q2 24 | $0.14 | $0.03 | ||
| Q1 24 | $4.40 | $-0.05 |
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 | $1.0B |
| 总债务越低越好 | $7.2B | $26.2B |
| 股东权益账面价值 | $14.8B | $-2.3B |
| 总资产 | $29.7B | $30.7B |
| 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COINOPTU
| Q4 25 | $11.6B | $1.0B | ||
| Q3 25 | $9.8B | $938.8M | ||
| Q2 25 | $7.5B | $247.3M | ||
| Q1 25 | $8.1B | $279.1M | ||
| Q4 24 | $8.5B | $256.5M | ||
| Q3 24 | $7.7B | $250.0M | ||
| Q2 24 | $7.2B | $362.1M | ||
| Q1 24 | $6.7B | $284.4M |
总债务COINOPTU
| Q4 25 | $7.2B | $26.2B | ||
| Q3 25 | $7.2B | $26.2B | ||
| Q2 25 | $4.2B | $25.3B | ||
| Q1 25 | $4.2B | $25.3B | ||
| Q4 24 | $4.2B | $25.1B | ||
| Q3 24 | $4.2B | $25.1B | ||
| Q2 24 | $4.2B | $25.2B | ||
| Q1 24 | $4.2B | $25.1B |
股东权益COINOPTU
| Q4 25 | $14.8B | $-2.3B | ||
| Q3 25 | $16.0B | $-2.2B | ||
| Q2 25 | $12.1B | $-624.1M | ||
| Q1 25 | $10.5B | $-543.0M | ||
| Q4 24 | $10.3B | $-469.2M | ||
| Q3 24 | $8.7B | $-427.1M | ||
| Q2 24 | $8.4B | $-399.1M | ||
| Q1 24 | $8.1B | $-431.2M |
总资产COINOPTU
| Q4 25 | $29.7B | $30.7B | ||
| Q3 25 | $31.4B | $30.7B | ||
| Q2 25 | $23.5B | $31.6B | ||
| Q1 25 | $21.7B | $31.7B | ||
| Q4 24 | $22.5B | $31.7B | ||
| Q3 24 | $290.6B | $31.8B | ||
| Q2 24 | $287.0B | $32.0B | ||
| Q1 24 | $348.0B | $31.9B |
负债/权益比COINOPTU
| 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 | $481.6M |
| 自由现金流经营现金流 - 资本支出 | — | $199.4M |
| 自由现金流率自由现金流/营收 | — | 9.1% |
| 资本支出强度资本支出/营收 | — | 12.9% |
| 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 | — | $-118.8M |
8季度趋势，按日历期对齐
经营现金流COINOPTU
| Q4 25 | $3.1B | $481.6M | ||
| Q3 25 | $-784.5M | $147.4M | ||
| Q2 25 | $328.5M | $412.0M | ||
| Q1 25 | $-182.7M | $187.5M | ||
| Q4 24 | $964.6M | $439.9M | ||
| Q3 24 | $696.5M | $436.0M | ||
| Q2 24 | $484.2M | $306.8M | ||
| Q1 24 | $411.5M | $399.7M |
自由现金流COINOPTU
| Q4 25 | — | $199.4M | ||
| Q3 25 | — | $-178.1M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $-168.6M | ||
| Q4 24 | — | $49.9M | ||
| Q3 24 | — | $76.9M | ||
| Q2 24 | — | $-40.9M | ||
| Q1 24 | — | $63.6M |
自由现金流率COINOPTU
| Q4 25 | — | 9.1% | ||
| Q3 25 | — | -8.4% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | -7.8% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | -1.8% | ||
| Q1 24 | — | 2.8% |
资本支出强度COINOPTU
| Q4 25 | — | 12.9% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 17.9% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 15.5% | ||
| Q1 24 | — | 14.9% |
现金转化率COINOPTU
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | 19.97× | ||
| 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% |
OPTU
| Total Residential Revenue | $1.6B | 74% |
| Business Servicesand Wholesale | $401.8M | 18% |
| Telephony | $60.8M | 3% |
| Other | $57.9M | 3% |
| Franchise | $50.0M | 2% |
