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Coinbase（COIN）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是利氏兄弟拍卖行的1.5倍（$1.8B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs -37.4%，领先46.5%），利氏兄弟拍卖行同比增速更快（5.4% vs -21.6%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
COIN vs RBA — 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
RBA
高出27.0%
-21.6%
净利率更高
RBA
高出46.5%
-37.4%
两年增速更快
RBA
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 14.7% |
| 净利率 | -37.4% | 9.1% |
| 营收同比 | -21.6% | 5.4% |
| 净利润同比 | -151.6% | -7.4% |
| 每股收益（稀释后） | $-2.43 | $0.53 |
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COINRBA
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $2.0B | $1.1B | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.6B | $1.1B |
净利润COINRBA
| Q4 25 | $-666.7M | $109.7M | ||
| Q3 25 | $432.6M | $95.5M | ||
| Q2 25 | $1.4B | $109.8M | ||
| Q1 25 | $65.6M | $113.4M | ||
| Q4 24 | $1.3B | $118.5M | ||
| Q3 24 | $75.5M | $76.1M | ||
| Q2 24 | $36.1M | $111.1M | ||
| Q1 24 | $1.2B | $107.4M |
营业利润率COINRBA
| Q4 25 | 15.4% | 14.7% | ||
| Q3 25 | 25.7% | 14.5% | ||
| Q2 25 | -1.6% | 15.9% | ||
| Q1 25 | 34.7% | 17.1% | ||
| Q4 24 | 45.5% | 18.1% | ||
| Q3 24 | 14.1% | 15.6% | ||
| Q2 24 | 23.7% | 18.4% | ||
| Q1 24 | 46.4% | 18.7% |
净利率COINRBA
| Q4 25 | -37.4% | 9.1% | ||
| Q3 25 | 23.1% | 8.7% | ||
| Q2 25 | 95.4% | 9.3% | ||
| Q1 25 | 3.2% | 10.2% | ||
| Q4 24 | 56.8% | 10.4% | ||
| Q3 24 | 6.3% | 7.8% | ||
| Q2 24 | 2.5% | 10.1% | ||
| Q1 24 | 71.8% | 10.1% |
每股收益（稀释后）COINRBA
| Q4 25 | $-2.43 | $0.53 | ||
| Q3 25 | $1.50 | $0.43 | ||
| Q2 25 | $5.14 | $0.53 | ||
| Q1 25 | $0.24 | $0.55 | ||
| Q4 24 | $4.66 | $0.58 | ||
| Q3 24 | $0.28 | $0.36 | ||
| Q2 24 | $0.14 | $0.54 | ||
| Q1 24 | $4.40 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $7.2B | $2.3B |
| 股东权益账面价值 | $14.8B | $5.6B |
| 总资产 | $29.7B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资COINRBA
| Q4 25 | $11.6B | $531.5M | ||
| Q3 25 | $9.8B | $674.7M | ||
| Q2 25 | $7.5B | $710.2M | ||
| Q1 25 | $8.1B | $578.1M | ||
| Q4 24 | $8.5B | $533.9M | ||
| Q3 24 | $7.7B | $650.7M | ||
| Q2 24 | $7.2B | $599.5M | ||
| Q1 24 | $6.7B | $462.8M |
总债务COINRBA
| Q4 25 | $7.2B | $2.3B | ||
| Q3 25 | $7.2B | $2.6B | ||
| Q2 25 | $4.2B | $2.6B | ||
| Q1 25 | $4.2B | $2.6B | ||
| Q4 24 | $4.2B | $2.6B | ||
| Q3 24 | $4.2B | $2.7B | ||
| Q2 24 | $4.2B | $2.8B | ||
| Q1 24 | $4.2B | $2.9B |
股东权益COINRBA
| Q4 25 | $14.8B | $5.6B | ||
| Q3 25 | $16.0B | $5.5B | ||
| Q2 25 | $12.1B | $5.5B | ||
| Q1 25 | $10.5B | $5.3B | ||
| Q4 24 | $10.3B | $5.2B | ||
| Q3 24 | $8.7B | $5.2B | ||
| Q2 24 | $8.4B | $5.2B | ||
| Q1 24 | $8.1B | $5.1B |
总资产COINRBA
| Q4 25 | $29.7B | $12.1B | ||
| Q3 25 | $31.4B | $12.2B | ||
| Q2 25 | $23.5B | $12.2B | ||
| Q1 25 | $21.7B | $11.9B | ||
| Q4 24 | $22.5B | $11.8B | ||
| Q3 24 | $290.6B | $11.9B | ||
| Q2 24 | $287.0B | $12.1B | ||
| Q1 24 | $348.0B | $12.0B |
负债/权益比COINRBA
| Q4 25 | 0.49× | 0.42× | ||
| Q3 25 | 0.45× | 0.47× | ||
| Q2 25 | 0.35× | 0.47× | ||
| Q1 25 | 0.40× | 0.50× | ||
| Q4 24 | 0.41× | 0.50× | ||
| Q3 24 | 0.48× | 0.52× | ||
| Q2 24 | 0.51× | 0.55× | ||
| Q1 24 | 0.52× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流COINRBA
| Q4 25 | $3.1B | $255.2M | ||
| Q3 25 | $-784.5M | $239.7M | ||
| Q2 25 | $328.5M | $326.5M | ||
| Q1 25 | $-182.7M | $156.8M | ||
| Q4 24 | $964.6M | $184.5M | ||
| Q3 24 | $696.5M | $285.4M | ||
| Q2 24 | $484.2M | $337.3M | ||
| Q1 24 | $411.5M | $124.8M |
自由现金流COINRBA
| Q4 25 | — | $186.5M | ||
| Q3 25 | — | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | — | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | — | $248.5M | ||
| Q2 24 | — | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率COINRBA
| Q4 25 | — | 15.5% | ||
| Q3 25 | — | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度COINRBA
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 4.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 4.2% |
现金转化率COINRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | -1.81× | 2.51× | ||
| Q2 25 | 0.23× | 2.97× | ||
| Q1 25 | -2.79× | 1.38× | ||
| Q4 24 | 0.75× | 1.56× | ||
| Q3 24 | 9.23× | 3.75× | ||
| Q2 24 | 13.39× | 3.04× | ||
| Q1 24 | 0.35× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
