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Coinbase（COIN）与Public Storage（PSA）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Public Storage的1.5倍（$1.8B vs $1.2B），Public Storage净利率更高（41.7% vs -37.4%，领先79.1%），Public Storage同比增速更快（3.3% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 2.5%）
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。
Public Storage总部位于美国加利福尼亚州格伦代尔，是主营自助仓储业务的房地产投资信托，也是美国最大的自助仓储服务品牌，持有美国约9%的自助仓储面积。截至2024年12月31日，公司运营3073处自助仓储设施，总可出租净面积达2.21亿平方英尺。
COIN vs PSA — 直观对比
营收规模更大
COIN
是对方的1.5倍
$1.2B
营收增速更快
PSA
高出24.9%
-21.6%
净利率更高
PSA
高出79.1%
-37.4%
两年增速更快
COIN
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $507.1M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 40.7% |
| 净利率 | -37.4% | 41.7% |
| 营收同比 | -21.6% | 3.3% |
| 净利润同比 | -151.6% | -17.5% |
| 每股收益（稀释后） | $-2.43 | $2.59 |
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COINPSA
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.6B | $1.2B |
净利润COINPSA
| Q4 25 | $-666.7M | $507.1M | ||
| Q3 25 | $432.6M | $511.1M | ||
| Q2 25 | $1.4B | $358.4M | ||
| Q1 25 | $65.6M | $407.8M | ||
| Q4 24 | $1.3B | $614.6M | ||
| Q3 24 | $75.5M | $430.3M | ||
| Q2 24 | $36.1M | $518.1M | ||
| Q1 24 | $1.2B | $508.9M |
营业利润率COINPSA
| Q4 25 | 15.4% | 40.7% | ||
| Q3 25 | 25.7% | 42.3% | ||
| Q2 25 | -1.6% | 30.4% | ||
| Q1 25 | 34.7% | 34.8% | ||
| Q4 24 | 45.5% | 52.4% | ||
| Q3 24 | 14.1% | 36.7% | ||
| Q2 24 | 23.7% | 44.6% | ||
| Q1 24 | 46.4% | 44.3% |
净利率COINPSA
| Q4 25 | -37.4% | 41.7% | ||
| Q3 25 | 23.1% | 41.8% | ||
| Q2 25 | 95.4% | 29.8% | ||
| Q1 25 | 3.2% | 34.5% | ||
| Q4 24 | 56.8% | 52.2% | ||
| Q3 24 | 6.3% | 36.2% | ||
| Q2 24 | 2.5% | 44.2% | ||
| Q1 24 | 71.8% | 44.0% |
每股收益（稀释后）COINPSA
| Q4 25 | $-2.43 | $2.59 | ||
| Q3 25 | $1.50 | $2.62 | ||
| Q2 25 | $5.14 | $1.76 | ||
| Q1 25 | $0.24 | $2.04 | ||
| Q4 24 | $4.66 | $3.22 | ||
| Q3 24 | $0.28 | $2.16 | ||
| Q2 24 | $0.14 | $2.66 | ||
| Q1 24 | $4.40 | $2.60 |
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 | $318.1M |
| 总债务越低越好 | $7.2B | $10.3B |
| 股东权益账面价值 | $14.8B | $9.2B |
| 总资产 | $29.7B | $20.2B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资COINPSA
| Q4 25 | $11.6B | $318.1M | ||
| Q3 25 | $9.8B | $296.5M | ||
| Q2 25 | $7.5B | $1.1B | ||
| Q1 25 | $8.1B | $287.2M | ||
| Q4 24 | $8.5B | $447.4M | ||
| Q3 24 | $7.7B | $599.0M | ||
| Q2 24 | $7.2B | $542.3M | ||
| Q1 24 | $6.7B | $271.6M |
总债务COINPSA
| Q4 25 | $7.2B | $10.3B | ||
| Q3 25 | $7.2B | $10.0B | ||
| Q2 25 | $4.2B | $10.4B | ||
| Q1 25 | $4.2B | $9.4B | ||
| Q4 24 | $4.2B | $9.4B | ||
| Q3 24 | $4.2B | $9.5B | ||
| Q2 24 | $4.2B | $9.4B | ||
| Q1 24 | $4.2B | $9.1B |
股东权益COINPSA
| Q4 25 | $14.8B | $9.2B | ||
| Q3 25 | $16.0B | $9.3B | ||
| Q2 25 | $12.1B | $9.4B | ||
| Q1 25 | $10.5B | $9.6B | ||
| Q4 24 | $10.3B | $9.7B | ||
| Q3 24 | $8.7B | $9.6B | ||
| Q2 24 | $8.4B | $9.7B | ||
| Q1 24 | $8.1B | $9.9B |
总资产COINPSA
| Q4 25 | $29.7B | $20.2B | ||
| Q3 25 | $31.4B | $20.1B | ||
| Q2 25 | $23.5B | $20.5B | ||
| Q1 25 | $21.7B | $19.6B | ||
| Q4 24 | $22.5B | $19.8B | ||
| Q3 24 | $290.6B | $19.8B | ||
| Q2 24 | $287.0B | $19.8B | ||
| Q1 24 | $348.0B | $19.6B |
负债/权益比COINPSA
| Q4 25 | 0.49× | 1.11× | ||
| Q3 25 | 0.45× | 1.08× | ||
| Q2 25 | 0.35× | 1.11× | ||
| Q1 25 | 0.40× | 0.99× | ||
| Q4 24 | 0.41× | 0.96× | ||
| Q3 24 | 0.48× | 0.99× | ||
| Q2 24 | 0.51× | 0.97× | ||
| Q1 24 | 0.52× | 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 | $733.6M |
| 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 | — | — |
| 现金转化率经营现金流/净利润 | — | 1.45× |
| 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COINPSA
| Q4 25 | $3.1B | $733.6M | ||
| Q3 25 | $-784.5M | $875.1M | ||
| Q2 25 | $328.5M | $872.7M | ||
| Q1 25 | $-182.7M | $705.1M | ||
| Q4 24 | $964.6M | $768.6M | ||
| Q3 24 | $696.5M | $798.8M | ||
| Q2 24 | $484.2M | $895.3M | ||
| Q1 24 | $411.5M | $665.6M |
现金转化率COINPSA
| Q4 25 | — | 1.45× | ||
| Q3 25 | -1.81× | 1.71× | ||
| Q2 25 | 0.23× | 2.43× | ||
| Q1 25 | -2.79× | 1.73× | ||
| Q4 24 | 0.75× | 1.25× | ||
| Q3 24 | 9.23× | 1.86× | ||
| Q2 24 | 13.39× | 1.73× | ||
| Q1 24 | 0.35× | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
