vs
Coinbase（COIN）与罗布乐思（RBLX）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是罗布乐思的1.3倍（$1.8B vs $1.4B），罗布乐思净利率更高（-22.3% vs -37.4%，领先15.1%），罗布乐思同比增速更快（43.2% vs -21.6%），过去两年罗布乐思的营收复合增速更高（32.9% 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。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
COIN vs RBLX — 直观对比
营收规模更大
COIN
是对方的1.3倍
$1.4B
营收增速更快
RBLX
高出64.8%
-21.6%
净利率更高
RBLX
高出15.1%
-37.4%
两年增速更快
RBLX
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-666.7M | $-316.0M |
| 毛利率 | — | 77.7% |
| 营业利润率 | 15.4% | -25.3% |
| 净利率 | -37.4% | -22.3% |
| 营收同比 | -21.6% | 43.2% |
| 净利润同比 | -151.6% | -43.9% |
| 每股收益（稀释后） | $-2.43 | $-0.44 |
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COINRBLX
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $2.0B | $1.0B | ||
| Q4 24 | $2.3B | $988.2M | ||
| Q3 24 | $1.2B | $919.0M | ||
| Q2 24 | $1.4B | $893.5M | ||
| Q1 24 | $1.6B | $801.3M |
净利润COINRBLX
| Q4 25 | $-666.7M | $-316.0M | ||
| Q3 25 | $432.6M | $-255.6M | ||
| Q2 25 | $1.4B | $-278.4M | ||
| Q1 25 | $65.6M | $-215.1M | ||
| Q4 24 | $1.3B | $-219.6M | ||
| Q3 24 | $75.5M | $-239.3M | ||
| Q2 24 | $36.1M | $-205.9M | ||
| Q1 24 | $1.2B | $-270.6M |
毛利率COINRBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.7% |
营业利润率COINRBLX
| Q4 25 | 15.4% | -25.3% | ||
| Q3 25 | 25.7% | -21.8% | ||
| Q2 25 | -1.6% | -29.8% | ||
| Q1 25 | 34.7% | -24.6% | ||
| Q4 24 | 45.5% | -24.7% | ||
| Q3 24 | 14.1% | -30.4% | ||
| Q2 24 | 23.7% | -26.6% | ||
| Q1 24 | 46.4% | -37.7% |
净利率COINRBLX
| Q4 25 | -37.4% | -22.3% | ||
| Q3 25 | 23.1% | -18.8% | ||
| Q2 25 | 95.4% | -25.8% | ||
| Q1 25 | 3.2% | -20.8% | ||
| Q4 24 | 56.8% | -22.2% | ||
| Q3 24 | 6.3% | -26.0% | ||
| Q2 24 | 2.5% | -23.0% | ||
| Q1 24 | 71.8% | -33.8% |
每股收益（稀释后）COINRBLX
| Q4 25 | $-2.43 | $-0.44 | ||
| Q3 25 | $1.50 | $-0.37 | ||
| Q2 25 | $5.14 | $-0.41 | ||
| Q1 25 | $0.24 | $-0.32 | ||
| Q4 24 | $4.66 | $-0.32 | ||
| Q3 24 | $0.28 | $-0.37 | ||
| Q2 24 | $0.14 | $-0.32 | ||
| Q1 24 | $4.40 | $-0.43 |
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 | $3.1B |
| 总债务越低越好 | $7.2B | $1.2B |
| 股东权益账面价值 | $14.8B | $394.5M |
| 总资产 | $29.7B | $9.6B |
| 负债/权益比越低杠杆越低 | 0.49× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资COINRBLX
| Q4 25 | $11.6B | $3.1B | ||
| Q3 25 | $9.8B | $2.9B | ||
| Q2 25 | $7.5B | $2.6B | ||
| Q1 25 | $8.1B | $2.7B | ||
| Q4 24 | $8.5B | $2.4B | ||
| Q3 24 | $7.7B | $2.3B | ||
| Q2 24 | $7.2B | $2.4B | ||
| Q1 24 | $6.7B | $2.4B |
总债务COINRBLX
| Q4 25 | $7.2B | $1.2B | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | $1.2B | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINRBLX
| Q4 25 | $14.8B | $394.5M | ||
| Q3 25 | $16.0B | $407.6M | ||
| Q2 25 | $12.1B | $353.2M | ||
| Q1 25 | $10.5B | $310.7M | ||
| Q4 24 | $10.3B | $221.4M | ||
| Q3 24 | $8.7B | $189.9M | ||
| Q2 24 | $8.4B | $121.5M | ||
| Q1 24 | $8.1B | $71.6M |
总资产COINRBLX
| Q4 25 | $29.7B | $9.6B | ||
| Q3 25 | $31.4B | $8.6B | ||
| Q2 25 | $23.5B | $7.8B | ||
| Q1 25 | $21.7B | $7.5B | ||
| Q4 24 | $22.5B | $7.2B | ||
| Q3 24 | $290.6B | $6.7B | ||
| Q2 24 | $287.0B | $6.5B | ||
| Q1 24 | $348.0B | $6.3B |
负债/权益比COINRBLX
| Q4 25 | 0.49× | 2.98× | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | 5.48× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.52× | — |
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 | $607.0M |
| 自由现金流经营现金流 - 资本支出 | — | $308.6M |
| 自由现金流率自由现金流/营收 | — | 21.8% |
| 资本支出强度资本支出/营收 | — | 21.1% |
| 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 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流COINRBLX
| Q4 25 | $3.1B | $607.0M | ||
| Q3 25 | $-784.5M | $546.2M | ||
| Q2 25 | $328.5M | $199.3M | ||
| Q1 25 | $-182.7M | $443.9M | ||
| Q4 24 | $964.6M | $184.5M | ||
| Q3 24 | $696.5M | $247.4M | ||
| Q2 24 | $484.2M | $151.4M | ||
| Q1 24 | $411.5M | $238.9M |
自由现金流COINRBLX
| Q4 25 | — | $308.6M | ||
| Q3 25 | — | $443.6M | ||
| Q2 25 | — | $176.7M | ||
| Q1 25 | — | $426.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | — | $218.0M | ||
| Q2 24 | — | $111.7M | ||
| Q1 24 | — | $192.3M |
自由现金流率COINRBLX
| Q4 25 | — | 21.8% | ||
| Q3 25 | — | 32.6% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 41.2% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | — | 23.7% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 24.0% |
资本支出强度COINRBLX
| Q4 25 | — | 21.1% | ||
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.4% | ||
| Q1 24 | — | 5.8% |
现金转化率COINRBLX
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | — |
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% |
RBLX
暂无分部数据
