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Coinbase（COIN）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是Coinbase的1.4倍（$2.5B vs $1.8B），Restaurant Brands International Inc.净利率更高（6.3% vs -37.4%，领先43.7%），Restaurant Brands International Inc.同比增速更快（7.4% vs -21.6%），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% 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。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
COIN vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.5B |
| 净利润 | $-666.7M | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 25.2% |
| 净利率 | -37.4% | 6.3% |
| 营收同比 | -21.6% | 7.4% |
| 净利润同比 | -151.6% | -57.1% |
| 每股收益（稀释后） | $-2.43 | $0.33 |
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
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.9B | $2.4B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $2.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.4B | $2.1B | ||
| Q1 24 | $1.6B | $1.7B |
| Q4 25 | $-666.7M | $155.0M | ||
| Q3 25 | $432.6M | $436.0M | ||
| Q2 25 | $1.4B | $263.0M | ||
| Q1 25 | $65.6M | $221.0M | ||
| Q4 24 | $1.3B | $361.0M | ||
| Q3 24 | $75.5M | $357.0M | ||
| Q2 24 | $36.1M | $399.0M | ||
| Q1 24 | $1.2B | $328.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 65.2% |
| Q4 25 | 15.4% | 25.2% | ||
| Q3 25 | 25.7% | 27.1% | ||
| Q2 25 | -1.6% | 20.0% | ||
| Q1 25 | 34.7% | 20.6% | ||
| Q4 24 | 45.5% | 27.7% | ||
| Q3 24 | 14.1% | 25.2% | ||
| Q2 24 | 23.7% | 31.9% | ||
| Q1 24 | 46.4% | 31.3% |
| Q4 25 | -37.4% | 6.3% | ||
| Q3 25 | 23.1% | 17.8% | ||
| Q2 25 | 95.4% | 10.9% | ||
| Q1 25 | 3.2% | 10.5% | ||
| Q4 24 | 56.8% | 15.7% | ||
| Q3 24 | 6.3% | 15.6% | ||
| Q2 24 | 2.5% | 19.2% | ||
| Q1 24 | 71.8% | 18.9% |
| Q4 25 | $-2.43 | $0.33 | ||
| Q3 25 | $1.50 | $0.96 | ||
| Q2 25 | $5.14 | $0.57 | ||
| Q1 25 | $0.24 | $0.49 | ||
| Q4 24 | $4.66 | $0.79 | ||
| Q3 24 | $0.28 | $0.79 | ||
| Q2 24 | $0.14 | $0.88 | ||
| Q1 24 | $4.40 | $0.72 |
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 | — |
| 总债务越低越好 | $7.2B | $13.3B |
| 股东权益账面价值 | $14.8B | $3.6B |
| 总资产 | $29.7B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.49× | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $6.7B | — |
| Q4 25 | $7.2B | $13.3B | ||
| Q3 25 | $7.2B | $13.5B | ||
| Q2 25 | $4.2B | $13.6B | ||
| Q1 25 | $4.2B | $13.6B | ||
| Q4 24 | $4.2B | $13.6B | ||
| Q3 24 | $4.2B | $13.7B | ||
| Q2 24 | $4.2B | $13.7B | ||
| Q1 24 | $4.2B | $12.9B |
| Q4 25 | $14.8B | $3.6B | ||
| Q3 25 | $16.0B | $3.4B | ||
| Q2 25 | $12.1B | $3.3B | ||
| Q1 25 | $10.5B | $3.1B | ||
| Q4 24 | $10.3B | $3.1B | ||
| Q3 24 | $8.7B | $3.2B | ||
| Q2 24 | $8.4B | $3.1B | ||
| Q1 24 | $8.1B | $3.0B |
| Q4 25 | $29.7B | $25.6B | ||
| Q3 25 | $31.4B | $25.7B | ||
| Q2 25 | $23.5B | $25.7B | ||
| Q1 25 | $21.7B | $24.9B | ||
| Q4 24 | $22.5B | $24.6B | ||
| Q3 24 | $290.6B | $25.1B | ||
| Q2 24 | $287.0B | $24.8B | ||
| Q1 24 | $348.0B | $23.1B |
| Q4 25 | 0.49× | 3.65× | ||
| Q3 25 | 0.45× | 3.99× | ||
| Q2 25 | 0.35× | 4.10× | ||
| Q1 25 | 0.40× | 4.37× | ||
| Q4 24 | 0.41× | 4.39× | ||
| Q3 24 | 0.48× | 4.22× | ||
| Q2 24 | 0.51× | 4.46× | ||
| Q1 24 | 0.52× | 4.35× |
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 | $555.0M |
| 自由现金流经营现金流 - 资本支出 | — | $453.0M |
| 自由现金流率自由现金流/营收 | — | 18.4% |
| 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 | — | 3.58× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $3.1B | $555.0M | ||
| Q3 25 | $-784.5M | $592.0M | ||
| Q2 25 | $328.5M | $449.0M | ||
| Q1 25 | $-182.7M | $118.0M | ||
| Q4 24 | $964.6M | $481.0M | ||
| Q3 24 | $696.5M | $540.0M | ||
| Q2 24 | $484.2M | $334.0M | ||
| Q1 24 | $411.5M | $148.0M |
| Q4 25 | — | $453.0M | ||
| Q3 25 | — | $531.0M | ||
| Q2 25 | — | $411.0M | ||
| Q1 25 | — | $54.0M | ||
| Q4 24 | — | $404.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $291.0M | ||
| Q1 24 | — | $122.0M |
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | 7.0% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | — | 3.58× | ||
| Q3 25 | -1.81× | 1.36× | ||
| Q2 25 | 0.23× | 1.71× | ||
| Q1 25 | -2.79× | 0.53× | ||
| Q4 24 | 0.75× | 1.33× | ||
| Q3 24 | 9.23× | 1.51× | ||
| Q2 24 | 13.39× | 0.84× | ||
| Q1 24 | 0.35× | 0.45× |
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% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
