vs
Coinbase（COIN）与PENN Entertainment, Inc.（PENN）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PENN Entertainment, Inc.的1.0倍（$1.8B vs $1.8B），PENN Entertainment, Inc.净利率更高（-0.2% vs -37.4%，领先37.3%），PENN Entertainment, Inc.同比增速更快（6.4% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 3.4%）
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。
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
COIN vs PENN — 直观对比
营收规模更大
COIN
是对方的1.0倍
$1.8B
营收增速更快
PENN
高出28.0%
-21.6%
净利率更高
PENN
高出37.3%
-37.4%
两年增速更快
COIN
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $-666.7M | $-2.8M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 5.5% |
| 净利率 | -37.4% | -0.2% |
| 营收同比 | -21.6% | 6.4% |
| 净利润同比 | -151.6% | 66.7% |
| 每股收益（稀释后） | $-2.43 | $-0.02 |
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COINPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $2.0B | $1.7B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.4B | $1.7B |
净利润COINPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $-666.7M | $-72.9M | ||
| Q3 25 | $432.6M | $-864.6M | ||
| Q2 25 | $1.4B | $-17.4M | ||
| Q1 25 | $65.6M | $111.8M | ||
| Q4 24 | $1.3B | $-133.3M | ||
| Q3 24 | $75.5M | $-36.7M | ||
| Q2 24 | $36.1M | $-26.8M |
营业利润率COINPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 15.4% | -1.0% | ||
| Q3 25 | 25.7% | -45.2% | ||
| Q2 25 | -1.6% | 4.4% | ||
| Q1 25 | 34.7% | 2.6% | ||
| Q4 24 | 45.5% | -2.9% | ||
| Q3 24 | 14.1% | 4.1% | ||
| Q2 24 | 23.7% | 4.5% |
净利率COINPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | -37.4% | -4.0% | ||
| Q3 25 | 23.1% | -50.3% | ||
| Q2 25 | 95.4% | -1.0% | ||
| Q1 25 | 3.2% | 6.7% | ||
| Q4 24 | 56.8% | -8.0% | ||
| Q3 24 | 6.3% | -2.2% | ||
| Q2 24 | 2.5% | -1.6% |
每股收益（稀释后）COINPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $-2.43 | $-0.36 | ||
| Q3 25 | $1.50 | $-6.03 | ||
| Q2 25 | $5.14 | $-0.12 | ||
| Q1 25 | $0.24 | $0.68 | ||
| Q4 24 | $4.66 | $-0.87 | ||
| Q3 24 | $0.28 | $-0.24 | ||
| Q2 24 | $0.14 | $-0.18 |
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 | $708.0M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $29.7B | — |
| 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COINPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $11.6B | $686.6M | ||
| Q3 25 | $9.8B | $660.1M | ||
| Q2 25 | $7.5B | $671.6M | ||
| Q1 25 | $8.1B | $591.6M | ||
| Q4 24 | $8.5B | $706.6M | ||
| Q3 24 | $7.7B | $834.0M | ||
| Q2 24 | $7.2B | $877.6M |
总债务COINPENN
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $2.9B | ||
| Q3 25 | $7.2B | $2.9B | ||
| Q2 25 | $4.2B | $2.8B | ||
| Q1 25 | $4.2B | $2.6B | ||
| Q4 24 | $4.2B | $2.8B | ||
| Q3 24 | $4.2B | $2.8B | ||
| Q2 24 | $4.2B | $2.8B |
股东权益COINPENN
| Q1 26 | — | — | ||
| Q4 25 | $14.8B | $1.8B | ||
| Q3 25 | $16.0B | $2.0B | ||
| Q2 25 | $12.1B | $3.0B | ||
| Q1 25 | $10.5B | $3.0B | ||
| Q4 24 | $10.3B | $2.9B | ||
| Q3 24 | $8.7B | $3.1B | ||
| Q2 24 | $8.4B | $3.1B |
总资产COINPENN
| Q1 26 | — | — | ||
| Q4 25 | $29.7B | $14.3B | ||
| Q3 25 | $31.4B | $14.3B | ||
| Q2 25 | $23.5B | $15.2B | ||
| Q1 25 | $21.7B | $15.1B | ||
| Q4 24 | $22.5B | $15.3B | ||
| Q3 24 | $290.6B | $15.5B | ||
| Q2 24 | $287.0B | $15.5B |
负债/权益比COINPENN
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | 1.58× | ||
| Q3 25 | 0.45× | 1.46× | ||
| Q2 25 | 0.35× | 0.94× | ||
| Q1 25 | 0.40× | 0.89× | ||
| Q4 24 | 0.41× | 0.98× | ||
| Q3 24 | 0.48× | 0.91× | ||
| Q2 24 | 0.51× | 0.91× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 5.3% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流COINPENN
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $107.2M | ||
| Q3 25 | $-784.5M | $180.9M | ||
| Q2 25 | $328.5M | $178.2M | ||
| Q1 25 | $-182.7M | $41.9M | ||
| Q4 24 | $964.6M | $102.9M | ||
| Q3 24 | $696.5M | $174.7M | ||
| Q2 24 | $484.2M | $150.4M |
自由现金流COINPENN
| Q1 26 | — | — | ||
| Q4 25 | — | $-83.2M | ||
| Q3 25 | — | $8.2M | ||
| Q2 25 | — | $18.8M | ||
| Q1 25 | — | $-83.3M | ||
| Q4 24 | — | $-118.1M | ||
| Q3 24 | — | $42.6M | ||
| Q2 24 | — | $62.2M |
自由现金流率COINPENN
| Q1 26 | — | — | ||
| Q4 25 | — | -4.6% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -7.1% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 3.7% |
资本支出强度COINPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 10.1% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 5.3% |
现金转化率COINPENN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | 0.37× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — |
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% |
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
