vs
Coinbase（COIN）与罗致恒富（RHI）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是罗致恒富的1.4倍（$1.8B vs $1.3B），罗致恒富同比增速更快（-5.8% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
COIN vs RHI — 直观对比
营收规模更大
COIN
是对方的1.4倍
$1.3B
营收增速更快
RHI
高出15.8%
-21.6%
两年增速更快
COIN
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-666.7M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 15.4% | 1.7% |
| 净利率 | -37.4% | — |
| 营收同比 | -21.6% | -5.8% |
| 净利润同比 | -151.6% | — |
| 每股收益（稀释后） | $-2.43 | $0.32 |
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COINRHI
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.6B | $1.5B |
净利润COINRHI
| Q4 25 | $-666.7M | — | ||
| Q3 25 | $432.6M | $42.9M | ||
| Q2 25 | $1.4B | $41.0M | ||
| Q1 25 | $65.6M | $17.4M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $75.5M | $65.5M | ||
| Q2 24 | $36.1M | $68.2M | ||
| Q1 24 | $1.2B | $63.7M |
毛利率COINRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率COINRHI
| Q4 25 | 15.4% | 1.7% | ||
| Q3 25 | 25.7% | 1.0% | ||
| Q2 25 | -1.6% | 0.1% | ||
| Q1 25 | 34.7% | 2.9% | ||
| Q4 24 | 45.5% | 4.7% | ||
| Q3 24 | 14.1% | 4.1% | ||
| Q2 24 | 23.7% | 5.1% | ||
| Q1 24 | 46.4% | 2.8% |
净利率COINRHI
| Q4 25 | -37.4% | — | ||
| Q3 25 | 23.1% | 3.2% | ||
| Q2 25 | 95.4% | 3.0% | ||
| Q1 25 | 3.2% | 1.3% | ||
| Q4 24 | 56.8% | — | ||
| Q3 24 | 6.3% | 4.5% | ||
| Q2 24 | 2.5% | 4.6% | ||
| Q1 24 | 71.8% | 4.3% |
每股收益（稀释后）COINRHI
| Q4 25 | $-2.43 | $0.32 | ||
| Q3 25 | $1.50 | $0.43 | ||
| Q2 25 | $5.14 | $0.41 | ||
| Q1 25 | $0.24 | $0.17 | ||
| Q4 24 | $4.66 | $0.53 | ||
| Q3 24 | $0.28 | $0.64 | ||
| Q2 24 | $0.14 | $0.66 | ||
| Q1 24 | $4.40 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $1.3B |
| 总资产 | $29.7B | $2.9B |
| 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COINRHI
| Q4 25 | $11.6B | $464.4M | ||
| Q3 25 | $9.8B | $365.3M | ||
| Q2 25 | $7.5B | $380.5M | ||
| Q1 25 | $8.1B | $342.5M | ||
| Q4 24 | $8.5B | $537.6M | ||
| Q3 24 | $7.7B | $570.5M | ||
| Q2 24 | $7.2B | $547.4M | ||
| Q1 24 | $6.7B | $540.9M |
总债务COINRHI
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINRHI
| Q4 25 | $14.8B | $1.3B | ||
| Q3 25 | $16.0B | $1.3B | ||
| Q2 25 | $12.1B | $1.3B | ||
| Q1 25 | $10.5B | $1.3B | ||
| Q4 24 | $10.3B | $1.4B | ||
| Q3 24 | $8.7B | $1.5B | ||
| Q2 24 | $8.4B | $1.5B | ||
| Q1 24 | $8.1B | $1.5B |
总资产COINRHI
| Q4 25 | $29.7B | $2.9B | ||
| Q3 25 | $31.4B | $2.8B | ||
| Q2 25 | $23.5B | $2.8B | ||
| Q1 25 | $21.7B | $2.7B | ||
| Q4 24 | $22.5B | $2.9B | ||
| Q3 24 | $290.6B | $3.0B | ||
| Q2 24 | $287.0B | $2.9B | ||
| Q1 24 | $348.0B | $2.9B |
负债/权益比COINRHI
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| 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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | — | $170.8M |
| 自由现金流率自由现金流/营收 | — | 13.1% |
| 资本支出强度资本支出/营收 | — | 0.9% |
| 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 | — | $266.8M |
8季度趋势，按日历期对齐
经营现金流COINRHI
| Q4 25 | $3.1B | $182.5M | ||
| Q3 25 | $-784.5M | $77.4M | ||
| Q2 25 | $328.5M | $119.4M | ||
| Q1 25 | $-182.7M | $-59.3M | ||
| Q4 24 | $964.6M | $154.8M | ||
| Q3 24 | $696.5M | $129.6M | ||
| Q2 24 | $484.2M | $142.0M | ||
| Q1 24 | $411.5M | $-15.9M |
自由现金流COINRHI
| Q4 25 | — | $170.8M | ||
| Q3 25 | — | $63.6M | ||
| Q2 25 | — | $104.2M | ||
| Q1 25 | — | $-71.7M | ||
| Q4 24 | — | $140.5M | ||
| Q3 24 | — | $111.8M | ||
| Q2 24 | — | $129.6M | ||
| Q1 24 | — | $-27.7M |
自由现金流率COINRHI
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | -5.3% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | — | 7.6% | ||
| Q2 24 | — | 8.8% | ||
| Q1 24 | — | -1.9% |
资本支出强度COINRHI
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.8% |
现金转化率COINRHI
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | 1.80× | ||
| Q2 25 | 0.23× | 2.91× | ||
| Q1 25 | -2.79× | -3.42× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 1.98× | ||
| Q2 24 | 13.39× | 2.08× | ||
| Q1 24 | 0.35× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
