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Coinbase（COIN）与Paychex（PAYX）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Paychex的1.2倍（$1.8B vs $1.5B），Paychex净利率更高（26.3% vs -37.4%，领先63.7%），Paychex同比增速更快（17.4% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 3.8%）
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。
Paychex是美国知名人力资源服务提供商，1971年成立，总部位于纽约州罗切斯特，面向中小微企业提供薪资管理、人力资源外包、员工福利外包等服务。目前在美欧地区拥有超100个办事处，服务约80万家薪资客户，位列《财富》500强第681位。
COIN vs PAYX — 直观对比
营收规模更大
COIN
是对方的1.2倍
$1.5B
营收增速更快
PAYX
高出39.0%
-21.6%
净利率更高
PAYX
高出63.7%
-37.4%
两年增速更快
COIN
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-666.7M | $395.4M |
| 毛利率 | — | 72.6% |
| 营业利润率 | 15.4% | 38.0% |
| 净利率 | -37.4% | 26.3% |
| 营收同比 | -21.6% | 17.4% |
| 净利润同比 | -151.6% | -4.4% |
| 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COINPAYX
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.6B | $1.4B |
净利润COINPAYX
| Q4 25 | $-666.7M | $395.4M | ||
| Q3 25 | $432.6M | $383.8M | ||
| Q2 25 | $1.4B | $297.2M | ||
| Q1 25 | $65.6M | $519.3M | ||
| Q4 24 | $1.3B | $413.4M | ||
| Q3 24 | $75.5M | $427.4M | ||
| Q2 24 | $36.1M | $379.9M | ||
| Q1 24 | $1.2B | $498.6M |
毛利率COINPAYX
| Q4 25 | — | 72.6% | ||
| Q3 25 | — | 72.3% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 73.6% | ||
| Q4 24 | — | 70.4% | ||
| Q3 24 | — | 70.3% | ||
| Q2 24 | — | 70.1% | ||
| Q1 24 | — | 72.8% |
营业利润率COINPAYX
| Q4 25 | 15.4% | 38.0% | ||
| Q3 25 | 25.7% | 36.3% | ||
| Q2 25 | -1.6% | 31.2% | ||
| Q1 25 | 34.7% | 47.2% | ||
| Q4 24 | 45.5% | 42.0% | ||
| Q3 24 | 14.1% | 42.7% | ||
| Q2 24 | 23.7% | 38.3% | ||
| Q1 24 | 46.4% | 46.6% |
净利率COINPAYX
| Q4 25 | -37.4% | 26.3% | ||
| Q3 25 | 23.1% | 25.7% | ||
| Q2 25 | 95.4% | 21.5% | ||
| Q1 25 | 3.2% | 35.4% | ||
| Q4 24 | 56.8% | 32.3% | ||
| Q3 24 | 6.3% | 33.4% | ||
| Q2 24 | 2.5% | 30.2% | ||
| Q1 24 | 71.8% | 35.7% |
每股收益（稀释后）COINPAYX
| Q4 25 | $-2.43 | $1.10 | ||
| Q3 25 | $1.50 | $1.06 | ||
| Q2 25 | $5.14 | $0.83 | ||
| Q1 25 | $0.24 | $1.43 | ||
| Q4 24 | $4.66 | $1.14 | ||
| Q3 24 | $0.28 | $1.18 | ||
| Q2 24 | $0.14 | $1.05 | ||
| Q1 24 | $4.40 | $1.38 |
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 | $1.5B |
| 总债务越低越好 | $7.2B | $5.0B |
| 股东权益账面价值 | $14.8B | $3.9B |
| 总资产 | $29.7B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资COINPAYX
| Q4 25 | $11.6B | $1.5B | ||
| Q3 25 | $9.8B | $1.7B | ||
| Q2 25 | $7.5B | $1.7B | ||
| Q1 25 | $8.1B | $1.6B | ||
| Q4 24 | $8.5B | $1.2B | ||
| Q3 24 | $7.7B | $1.5B | ||
| Q2 24 | $7.2B | $1.5B | ||
| Q1 24 | $6.7B | $1.7B |
总债务COINPAYX
| Q4 25 | $7.2B | $5.0B | ||
| Q3 25 | $7.2B | $5.0B | ||
| Q2 25 | $4.2B | $4.9B | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | $798.6M | ||
| Q1 24 | $4.2B | — |
股东权益COINPAYX
| Q4 25 | $14.8B | $3.9B | ||
| Q3 25 | $16.0B | $4.0B | ||
| Q2 25 | $12.1B | $4.1B | ||
| Q1 25 | $10.5B | $4.1B | ||
| Q4 24 | $10.3B | $3.9B | ||
| Q3 24 | $8.7B | $3.9B | ||
| Q2 24 | $8.4B | $3.8B | ||
| Q1 24 | $8.1B | $3.7B |
总资产COINPAYX
| Q4 25 | $29.7B | $16.5B | ||
| Q3 25 | $31.4B | $16.7B | ||
| Q2 25 | $23.5B | $16.6B | ||
| Q1 25 | $21.7B | $11.2B | ||
| Q4 24 | $22.5B | $10.6B | ||
| Q3 24 | $290.6B | $10.5B | ||
| Q2 24 | $287.0B | $10.4B | ||
| Q1 24 | $348.0B | $13.0B |
负债/权益比COINPAYX
| Q4 25 | 0.49× | 1.28× | ||
| Q3 25 | 0.45× | 1.25× | ||
| Q2 25 | 0.35× | 1.20× | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | 0.21× | ||
| 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 | $444.9M |
| 自由现金流经营现金流 - 资本支出 | — | $382.8M |
| 自由现金流率自由现金流/营收 | — | 25.5% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流COINPAYX
| Q4 25 | $3.1B | $444.9M | ||
| Q3 25 | $-784.5M | $718.4M | ||
| Q2 25 | $328.5M | $343.8M | ||
| Q1 25 | $-182.7M | $716.0M | ||
| Q4 24 | $964.6M | $295.0M | ||
| Q3 24 | $696.5M | $546.1M | ||
| Q2 24 | $484.2M | $221.7M | ||
| Q1 24 | $411.5M | $671.7M |
自由现金流COINPAYX
| Q4 25 | — | $382.8M | ||
| Q3 25 | — | $662.5M | ||
| Q2 25 | — | $283.3M | ||
| Q1 25 | — | $667.3M | ||
| Q4 24 | — | $248.0M | ||
| Q3 24 | — | $510.5M | ||
| Q2 24 | — | $180.4M | ||
| Q1 24 | — | $631.0M |
自由现金流率COINPAYX
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 39.9% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 45.2% |
资本支出强度COINPAYX
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 3.7% | ||
| Q2 25 | — | 4.4% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.9% |
现金转化率COINPAYX
| Q4 25 | — | 1.13× | ||
| Q3 25 | -1.81× | 1.87× | ||
| Q2 25 | 0.23× | 1.16× | ||
| Q1 25 | -2.79× | 1.38× | ||
| Q4 24 | 0.75× | 0.71× | ||
| Q3 24 | 9.23× | 1.28× | ||
| Q2 24 | 13.39× | 0.58× | ||
| Q1 24 | 0.35× | 1.35× |
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% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
