vs
Coinbase（COIN）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是越洋钻探的1.7倍（$1.8B vs $1.0B），越洋钻探净利率更高（2.4% vs -37.4%，领先39.8%），越洋钻探同比增速更快（9.6% vs -21.6%），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
COIN vs RIG — 直观对比
营收规模更大
COIN
是对方的1.7倍
$1.0B
营收增速更快
RIG
高出31.2%
-21.6%
净利率更高
RIG
高出39.8%
-37.4%
两年增速更快
RIG
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.0B |
| 净利润 | $-666.7M | $25.0M |
| 毛利率 | — | 42.0% |
| 营业利润率 | 15.4% | 23.0% |
| 净利率 | -37.4% | 2.4% |
| 营收同比 | -21.6% | 9.6% |
| 净利润同比 | -151.6% | 257.1% |
| 每股收益（稀释后） | $-2.43 | $0.13 |
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COINRIG
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $1.5B | $988.0M | ||
| Q1 25 | $2.0B | $906.0M | ||
| Q4 24 | $2.3B | $952.0M | ||
| Q3 24 | $1.2B | $948.0M | ||
| Q2 24 | $1.4B | $861.0M | ||
| Q1 24 | $1.6B | $763.0M |
净利润COINRIG
| Q4 25 | $-666.7M | $25.0M | ||
| Q3 25 | $432.6M | $-1.9B | ||
| Q2 25 | $1.4B | $-938.0M | ||
| Q1 25 | $65.6M | $-79.0M | ||
| Q4 24 | $1.3B | $7.0M | ||
| Q3 24 | $75.5M | $-494.0M | ||
| Q2 24 | $36.1M | $-123.0M | ||
| Q1 24 | $1.2B | $98.0M |
毛利率COINRIG
| Q4 25 | — | 42.0% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 39.4% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 31.5% |
营业利润率COINRIG
| Q4 25 | 15.4% | 23.0% | ||
| Q3 25 | 25.7% | -163.1% | ||
| Q2 25 | -1.6% | -97.6% | ||
| Q1 25 | 34.7% | 7.1% | ||
| Q4 24 | 45.5% | 13.7% | ||
| Q3 24 | 14.1% | -51.2% | ||
| Q2 24 | 23.7% | -6.9% | ||
| Q1 24 | 46.4% | -0.4% |
净利率COINRIG
| Q4 25 | -37.4% | 2.4% | ||
| Q3 25 | 23.1% | -187.1% | ||
| Q2 25 | 95.4% | -94.9% | ||
| Q1 25 | 3.2% | -8.7% | ||
| Q4 24 | 56.8% | 0.7% | ||
| Q3 24 | 6.3% | -52.1% | ||
| Q2 24 | 2.5% | -14.3% | ||
| Q1 24 | 71.8% | 12.8% |
每股收益（稀释后）COINRIG
| Q4 25 | $-2.43 | $0.13 | ||
| Q3 25 | $1.50 | $-2.00 | ||
| Q2 25 | $5.14 | $-1.06 | ||
| Q1 25 | $0.24 | $-0.11 | ||
| Q4 24 | $4.66 | $-0.14 | ||
| Q3 24 | $0.28 | $-0.58 | ||
| Q2 24 | $0.14 | $-0.15 | ||
| Q1 24 | $4.40 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $7.2B | $5.2B |
| 股东权益账面价值 | $14.8B | $8.1B |
| 总资产 | $29.7B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资COINRIG
| Q4 25 | $11.6B | $620.0M | ||
| Q3 25 | $9.8B | $833.0M | ||
| Q2 25 | $7.5B | $377.0M | ||
| Q1 25 | $8.1B | $263.0M | ||
| Q4 24 | $8.5B | $560.0M | ||
| Q3 24 | $7.7B | $435.0M | ||
| Q2 24 | $7.2B | $475.0M | ||
| Q1 24 | $6.7B | $446.0M |
总债务COINRIG
| Q4 25 | $7.2B | $5.2B | ||
| Q3 25 | $7.2B | $4.8B | ||
| Q2 25 | $4.2B | $5.9B | ||
| Q1 25 | $4.2B | $5.9B | ||
| Q4 24 | $4.2B | $6.2B | ||
| Q3 24 | $4.2B | $6.5B | ||
| Q2 24 | $4.2B | $6.8B | ||
| Q1 24 | $4.2B | $6.8B |
股东权益COINRIG
| Q4 25 | $14.8B | $8.1B | ||
| Q3 25 | $16.0B | $8.1B | ||
| Q2 25 | $12.1B | $9.4B | ||
| Q1 25 | $10.5B | $10.2B | ||
| Q4 24 | $10.3B | $10.3B | ||
| Q3 24 | $8.7B | $10.2B | ||
| Q2 24 | $8.4B | $10.7B | ||
| Q1 24 | $8.1B | $10.5B |
总资产COINRIG
| Q4 25 | $29.7B | $15.6B | ||
| Q3 25 | $31.4B | $16.2B | ||
| Q2 25 | $23.5B | $17.8B | ||
| Q1 25 | $21.7B | $19.0B | ||
| Q4 24 | $22.5B | $19.4B | ||
| Q3 24 | $290.6B | $19.5B | ||
| Q2 24 | $287.0B | $20.3B | ||
| Q1 24 | $348.0B | $19.9B |
负债/权益比COINRIG
| Q4 25 | 0.49× | 0.64× | ||
| Q3 25 | 0.45× | 0.60× | ||
| Q2 25 | 0.35× | 0.63× | ||
| Q1 25 | 0.40× | 0.58× | ||
| Q4 24 | 0.41× | 0.60× | ||
| Q3 24 | 0.48× | 0.64× | ||
| Q2 24 | 0.51× | 0.63× | ||
| Q1 24 | 0.52× | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | — | $321.0M |
| 自由现金流率自由现金流/营收 | — | 30.8% |
| 资本支出强度资本支出/营收 | — | 2.7% |
| 现金转化率经营现金流/净利润 | — | 13.96× |
| 过去12个月自由现金流最近4个季度 | — | $626.0M |
8季度趋势，按日历期对齐
经营现金流COINRIG
| Q4 25 | $3.1B | $349.0M | ||
| Q3 25 | $-784.5M | $246.0M | ||
| Q2 25 | $328.5M | $128.0M | ||
| Q1 25 | $-182.7M | $26.0M | ||
| Q4 24 | $964.6M | $206.0M | ||
| Q3 24 | $696.5M | $194.0M | ||
| Q2 24 | $484.2M | $133.0M | ||
| Q1 24 | $411.5M | $-86.0M |
自由现金流COINRIG
| Q4 25 | — | $321.0M | ||
| Q3 25 | — | $235.0M | ||
| Q2 25 | — | $104.0M | ||
| Q1 25 | — | $-34.0M | ||
| Q4 24 | — | $177.0M | ||
| Q3 24 | — | $136.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | — | $-169.0M |
自由现金流率COINRIG
| Q4 25 | — | 30.8% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | — | -3.8% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | — | 5.7% | ||
| Q1 24 | — | -22.1% |
资本支出强度COINRIG
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.1% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 10.9% |
现金转化率COINRIG
| Q4 25 | — | 13.96× | ||
| Q3 25 | -1.81× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | 29.43× | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
