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Coinbase（COIN）与PAR PACIFIC HOLDINGS, INC.（PARR）财务数据对比。点击上方公司名可切换其他公司
PAR PACIFIC HOLDINGS, INC.的季度营收约是Coinbase的1.0倍（$1.8B vs $1.8B），PAR PACIFIC HOLDINGS, INC.净利率更高（4.3% vs -37.4%，领先41.7%），PAR PACIFIC HOLDINGS, INC.同比增速更快（-1.0% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% 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。
Par Pacific Holdings是总部位于美国休斯顿的油气勘探生产企业，曾在破产重组后以Par Petroleum Corporation为名运营，2015年10月20日正式更名为现名，2017年入选《财富》美国1000强企业。
COIN vs PARR — 直观对比
营收规模更大
PARR
是对方的1.0倍
$1.8B
营收增速更快
PARR
高出20.6%
-21.6%
净利率更高
PARR
高出41.7%
-37.4%
两年增速更快
COIN
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $-666.7M | $77.7M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 5.5% |
| 净利率 | -37.4% | 4.3% |
| 营收同比 | -21.6% | -1.0% |
| 净利润同比 | -151.6% | 239.5% |
| 每股收益（稀释后） | $-2.43 | $1.40 |
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COINPARR
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.9B | $2.0B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $2.0B | $1.7B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.4B | $2.0B | ||
| Q1 24 | $1.6B | $2.0B |
净利润COINPARR
| Q4 25 | $-666.7M | $77.7M | ||
| Q3 25 | $432.6M | $262.6M | ||
| Q2 25 | $1.4B | $59.5M | ||
| Q1 25 | $65.6M | $-30.4M | ||
| Q4 24 | $1.3B | $-55.7M | ||
| Q3 24 | $75.5M | $7.5M | ||
| Q2 24 | $36.1M | $18.6M | ||
| Q1 24 | $1.2B | $-3.8M |
营业利润率COINPARR
| Q4 25 | 15.4% | 5.5% | ||
| Q3 25 | 25.7% | 17.8% | ||
| Q2 25 | -1.6% | 5.1% | ||
| Q1 25 | 34.7% | -0.9% | ||
| Q4 24 | 45.5% | -2.6% | ||
| Q3 24 | 14.1% | 1.7% | ||
| Q2 24 | 23.7% | 2.4% | ||
| Q1 24 | 46.4% | 0.5% |
净利率COINPARR
| Q4 25 | -37.4% | 4.3% | ||
| Q3 25 | 23.1% | 13.0% | ||
| Q2 25 | 95.4% | 3.1% | ||
| Q1 25 | 3.2% | -1.7% | ||
| Q4 24 | 56.8% | -3.0% | ||
| Q3 24 | 6.3% | 0.3% | ||
| Q2 24 | 2.5% | 0.9% | ||
| Q1 24 | 71.8% | -0.2% |
每股收益（稀释后）COINPARR
| Q4 25 | $-2.43 | $1.40 | ||
| Q3 25 | $1.50 | $5.16 | ||
| Q2 25 | $5.14 | $1.17 | ||
| Q1 25 | $0.24 | $-0.57 | ||
| Q4 24 | $4.66 | $-0.98 | ||
| Q3 24 | $0.28 | $0.13 | ||
| Q2 24 | $0.14 | $0.32 | ||
| Q1 24 | $4.40 | $-0.06 |
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 | $164.1M |
| 总债务越低越好 | $7.2B | $802.9M |
| 股东权益账面价值 | $14.8B | $1.5B |
| 总资产 | $29.7B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资COINPARR
| Q4 25 | $11.6B | $164.1M | ||
| Q3 25 | $9.8B | $159.1M | ||
| Q2 25 | $7.5B | $169.2M | ||
| Q1 25 | $8.1B | $133.7M | ||
| Q4 24 | $8.5B | $191.9M | ||
| Q3 24 | $7.7B | $183.0M | ||
| Q2 24 | $7.2B | $179.7M | ||
| Q1 24 | $6.7B | $228.3M |
总债务COINPARR
| Q4 25 | $7.2B | $802.9M | ||
| Q3 25 | $7.2B | $967.1M | ||
| Q2 25 | $4.2B | $1.1B | ||
| Q1 25 | $4.2B | $1.2B | ||
| Q4 24 | $4.2B | $1.1B | ||
| Q3 24 | $4.2B | $1.0B | ||
| Q2 24 | $4.2B | $1.1B | ||
| Q1 24 | $4.2B | $639.5M |
股东权益COINPARR
| Q4 25 | $14.8B | $1.5B | ||
| Q3 25 | $16.0B | $1.4B | ||
| Q2 25 | $12.1B | $1.1B | ||
| Q1 25 | $10.5B | $1.1B | ||
| Q4 24 | $10.3B | $1.2B | ||
| Q3 24 | $8.7B | $1.3B | ||
| Q2 24 | $8.4B | $1.3B | ||
| Q1 24 | $8.1B | $1.3B |
总资产COINPARR
| Q4 25 | $29.7B | $3.8B | ||
| Q3 25 | $31.4B | $4.1B | ||
| Q2 25 | $23.5B | $3.9B | ||
| Q1 25 | $21.7B | $3.8B | ||
| Q4 24 | $22.5B | $3.8B | ||
| Q3 24 | $290.6B | $3.9B | ||
| Q2 24 | $287.0B | $3.9B | ||
| Q1 24 | $348.0B | $3.8B |
负债/权益比COINPARR
| Q4 25 | 0.49× | 0.53× | ||
| Q3 25 | 0.45× | 0.69× | ||
| Q2 25 | 0.35× | 0.97× | ||
| Q1 25 | 0.40× | 1.04× | ||
| Q4 24 | 0.41× | 0.93× | ||
| Q3 24 | 0.48× | 0.83× | ||
| Q2 24 | 0.51× | 0.84× | ||
| Q1 24 | 0.52× | 0.49× |
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 | $93.8M |
| 自由现金流经营现金流 - 资本支出 | — | $66.3M |
| 自由现金流率自由现金流/营收 | — | 3.7% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.21× |
| 过去12个月自由现金流最近4个季度 | — | $296.5M |
8季度趋势，按日历期对齐
经营现金流COINPARR
| Q4 25 | $3.1B | $93.8M | ||
| Q3 25 | $-784.5M | $219.4M | ||
| Q2 25 | $328.5M | $133.6M | ||
| Q1 25 | $-182.7M | $-1.4M | ||
| Q4 24 | $964.6M | $-15.5M | ||
| Q3 24 | $696.5M | $78.5M | ||
| Q2 24 | $484.2M | $-4.7M | ||
| Q1 24 | $411.5M | $25.4M |
自由现金流COINPARR
| Q4 25 | — | $66.3M | ||
| Q3 25 | — | $187.1M | ||
| Q2 25 | — | $85.5M | ||
| Q1 25 | — | $-42.3M | ||
| Q4 24 | — | $-63.1M | ||
| Q3 24 | — | $50.2M | ||
| Q2 24 | — | $-41.6M | ||
| Q1 24 | — | $2.8M |
自由现金流率COINPARR
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | -3.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | -2.1% | ||
| Q1 24 | — | 0.1% |
资本支出强度COINPARR
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.1% |
现金转化率COINPARR
| Q4 25 | — | 1.21× | ||
| Q3 25 | -1.81× | 0.84× | ||
| Q2 25 | 0.23× | 2.25× | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 10.48× | ||
| Q2 24 | 13.39× | -0.25× | ||
| 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% |
PARR
| Distillates | $750.6M | 41% |
| Gasoline | $603.9M | 33% |
| Other Refined Products | $348.8M | 19% |
| Logistics | $73.7M | 4% |
| Other Revenues | $44.8M | 2% |
