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Coinbase（COIN）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
RYDER SYSTEM INC的季度营收约是Coinbase的1.8倍（$3.1B vs $1.8B），RYDER SYSTEM INC净利率更高（3.0% vs -37.4%，领先40.4%），RYDER SYSTEM 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 -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
COIN vs R — 直观对比
营收规模更大
R
是对方的1.8倍
$1.8B
营收增速更快
R
高出22.6%
-21.6%
净利率更高
R
高出40.4%
-37.4%
两年增速更快
COIN
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.1B |
| 净利润 | $-666.7M | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | — |
| 净利率 | -37.4% | 3.0% |
| 营收同比 | -21.6% | 1.0% |
| 净利润同比 | -151.6% | -5.1% |
| 每股收益（稀释后） | $-2.43 | $2.34 |
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COINR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.9B | $3.2B | ||
| Q2 25 | $1.5B | $3.2B | ||
| Q1 25 | $2.0B | $3.1B | ||
| Q4 24 | $2.3B | $3.2B | ||
| Q3 24 | $1.2B | $3.2B | ||
| Q2 24 | $1.4B | $3.2B |
净利润COINR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $-666.7M | $132.0M | ||
| Q3 25 | $432.6M | $138.0M | ||
| Q2 25 | $1.4B | $131.0M | ||
| Q1 25 | $65.6M | $98.0M | ||
| Q4 24 | $1.3B | $135.0M | ||
| Q3 24 | $75.5M | $142.0M | ||
| Q2 24 | $36.1M | $127.0M |
营业利润率COINR
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | 5.6% | ||
| Q3 25 | 25.7% | 6.0% | ||
| Q2 25 | -1.6% | 5.8% | ||
| Q1 25 | 34.7% | 4.3% | ||
| Q4 24 | 45.5% | 5.7% | ||
| Q3 24 | 14.1% | 5.9% | ||
| Q2 24 | 23.7% | 5.6% |
净利率COINR
| Q1 26 | — | 3.0% | ||
| Q4 25 | -37.4% | 4.2% | ||
| Q3 25 | 23.1% | 4.4% | ||
| Q2 25 | 95.4% | 4.1% | ||
| Q1 25 | 3.2% | 3.1% | ||
| Q4 24 | 56.8% | 4.2% | ||
| Q3 24 | 6.3% | 4.5% | ||
| Q2 24 | 2.5% | 4.0% |
每股收益（稀释后）COINR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $-2.43 | $3.22 | ||
| Q3 25 | $1.50 | $3.32 | ||
| Q2 25 | $5.14 | $3.13 | ||
| Q1 25 | $0.24 | $2.27 | ||
| Q4 24 | $4.66 | $3.09 | ||
| Q3 24 | $0.28 | $3.24 | ||
| Q2 24 | $0.14 | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $2.9B |
| 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COINR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $11.6B | $198.0M | ||
| Q3 25 | $9.8B | $189.0M | ||
| Q2 25 | $7.5B | $180.0M | ||
| Q1 25 | $8.1B | $151.0M | ||
| Q4 24 | $8.5B | $154.0M | ||
| Q3 24 | $7.7B | $162.0M | ||
| Q2 24 | $7.2B | $164.0M |
总债务COINR
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $6.8B | ||
| Q3 25 | $7.2B | $7.3B | ||
| Q2 25 | $4.2B | $7.0B | ||
| Q1 25 | $4.2B | $6.7B | ||
| Q4 24 | $4.2B | $6.7B | ||
| Q3 24 | $4.2B | $6.6B | ||
| Q2 24 | $4.2B | $6.5B |
股东权益COINR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $14.8B | $3.1B | ||
| Q3 25 | $16.0B | $3.1B | ||
| Q2 25 | $12.1B | $3.1B | ||
| Q1 25 | $10.5B | $3.0B | ||
| Q4 24 | $10.3B | $3.1B | ||
| Q3 24 | $8.7B | $3.1B | ||
| Q2 24 | $8.4B | $3.1B |
总资产COINR
| Q1 26 | — | — | ||
| Q4 25 | $29.7B | $16.4B | ||
| Q3 25 | $31.4B | $16.5B | ||
| Q2 25 | $23.5B | $16.5B | ||
| Q1 25 | $21.7B | $16.4B | ||
| Q4 24 | $22.5B | $16.7B | ||
| Q3 24 | $290.6B | $16.5B | ||
| Q2 24 | $287.0B | $16.4B |
负债/权益比COINR
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | 2.24× | ||
| Q3 25 | 0.45× | 2.35× | ||
| Q2 25 | 0.35× | 2.27× | ||
| Q1 25 | 0.40× | 2.21× | ||
| Q4 24 | 0.41× | 2.14× | ||
| Q3 24 | 0.48× | 2.17× | ||
| Q2 24 | 0.51× | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | — | $273.0M |
| 自由现金流率自由现金流/营收 | — | 8.7% |
| 资本支出强度资本支出/营收 | — | 13.7% |
| 现金转化率经营现金流/净利润 | — | 6.27× |
| 过去12个月自由现金流最近4个季度 | — | $595.0M |
8季度趋势，按日历期对齐
经营现金流COINR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $3.1B | $749.0M | ||
| Q3 25 | $-784.5M | $442.0M | ||
| Q2 25 | $328.5M | $752.0M | ||
| Q1 25 | $-182.7M | $651.0M | ||
| Q4 24 | $964.6M | $558.0M | ||
| Q3 24 | $696.5M | $629.0M | ||
| Q2 24 | $484.2M | $552.0M |
自由现金流COINR
| Q1 26 | — | $273.0M | ||
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $-85.0M | ||
| Q2 25 | — | $63.0M | ||
| Q1 25 | — | $137.0M | ||
| Q4 24 | — | $-201.0M | ||
| Q3 24 | — | $30.0M | ||
| Q2 24 | — | $-87.0M |
自由现金流率COINR
| Q1 26 | — | 8.7% | ||
| Q4 25 | — | 10.8% | ||
| Q3 25 | — | -2.7% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | -2.7% |
资本支出强度COINR
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 12.8% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 21.6% | ||
| Q1 25 | — | 16.4% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 18.9% | ||
| Q2 24 | — | 20.1% |
现金转化率COINR
| Q1 26 | — | 6.27× | ||
| Q4 25 | — | 5.67× | ||
| Q3 25 | -1.81× | 3.20× | ||
| Q2 25 | 0.23× | 5.74× | ||
| Q1 25 | -2.79× | 6.64× | ||
| Q4 24 | 0.75× | 4.13× | ||
| Q3 24 | 9.23× | 4.43× | ||
| Q2 24 | 13.39× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
