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Coinbase（COIN）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.4倍（$1.8B vs $1.3B），Coinbase净利率更高（-37.4% vs -63.1%，领先25.6%），Coinbase同比增速更快（-21.6% vs -25.8%），过去两年Coinbase的营收复合增速更高（4.3% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
COIN vs RIVN — 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
COIN
高出4.2%
-25.8%
净利率更高
COIN
高出25.6%
-63.1%
两年增速更快
COIN
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-666.7M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 15.4% | -64.8% |
| 净利率 | -37.4% | -63.1% |
| 营收同比 | -21.6% | -25.8% |
| 净利润同比 | -151.6% | -9.0% |
| 每股收益（稀释后） | $-2.43 | $-0.66 |
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COINRIVN
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $1.2B | $874.0M | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.6B | $1.2B |
净利润COINRIVN
| Q4 25 | $-666.7M | $-811.0M | ||
| Q3 25 | $432.6M | $-1.2B | ||
| Q2 25 | $1.4B | $-1.1B | ||
| Q1 25 | $65.6M | $-545.0M | ||
| Q4 24 | $1.3B | $-744.0M | ||
| Q3 24 | $75.5M | $-1.1B | ||
| Q2 24 | $36.1M | $-1.5B | ||
| Q1 24 | $1.2B | $-1.4B |
毛利率COINRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率COINRIVN
| Q4 25 | 15.4% | -64.8% | ||
| Q3 25 | 25.7% | -63.1% | ||
| Q2 25 | -1.6% | -85.5% | ||
| Q1 25 | 34.7% | -52.8% | ||
| Q4 24 | 45.5% | -38.1% | ||
| Q3 24 | 14.1% | -133.8% | ||
| Q2 24 | 23.7% | -118.7% | ||
| Q1 24 | 46.4% | -123.3% |
净利率COINRIVN
| Q4 25 | -37.4% | -63.1% | ||
| Q3 25 | 23.1% | -75.3% | ||
| Q2 25 | 95.4% | -85.7% | ||
| Q1 25 | 3.2% | -44.0% | ||
| Q4 24 | 56.8% | -42.9% | ||
| Q3 24 | 6.3% | -125.9% | ||
| Q2 24 | 2.5% | -125.8% | ||
| Q1 24 | 71.8% | -120.1% |
每股收益（稀释后）COINRIVN
| Q4 25 | $-2.43 | $-0.66 | ||
| Q3 25 | $1.50 | $-0.96 | ||
| Q2 25 | $5.14 | $-0.97 | ||
| Q1 25 | $0.24 | $-0.48 | ||
| Q4 24 | $4.66 | $-0.67 | ||
| Q3 24 | $0.28 | $-1.08 | ||
| Q2 24 | $0.14 | $-1.46 | ||
| Q1 24 | $4.40 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $4.6B |
| 总资产 | $29.7B | $14.9B |
| 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COINRIVN
| Q4 25 | $11.6B | $6.1B | ||
| Q3 25 | $9.8B | $7.1B | ||
| Q2 25 | $7.5B | $7.5B | ||
| Q1 25 | $8.1B | $7.2B | ||
| Q4 24 | $8.5B | $7.7B | ||
| Q3 24 | $7.7B | $6.7B | ||
| Q2 24 | $7.2B | $7.9B | ||
| Q1 24 | $6.7B | $7.9B |
总债务COINRIVN
| 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 | $5.5B | ||
| Q1 24 | $4.2B | $4.4B |
股东权益COINRIVN
| Q4 25 | $14.8B | $4.6B | ||
| Q3 25 | $16.0B | $5.1B | ||
| Q2 25 | $12.1B | $6.1B | ||
| Q1 25 | $10.5B | $6.2B | ||
| Q4 24 | $10.3B | $6.6B | ||
| Q3 24 | $8.7B | $5.9B | ||
| Q2 24 | $8.4B | $6.8B | ||
| Q1 24 | $8.1B | $8.1B |
总资产COINRIVN
| Q4 25 | $29.7B | $14.9B | ||
| Q3 25 | $31.4B | $15.2B | ||
| Q2 25 | $23.5B | $15.6B | ||
| Q1 25 | $21.7B | $15.5B | ||
| Q4 24 | $22.5B | $15.4B | ||
| Q3 24 | $290.6B | $14.3B | ||
| Q2 24 | $287.0B | $15.4B | ||
| Q1 24 | $348.0B | $15.7B |
负债/权益比COINRIVN
| 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× | 0.81× | ||
| Q1 24 | 0.52× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-1.1B |
| 自由现金流率自由现金流/营收 | — | -89.0% |
| 资本支出强度资本支出/营收 | — | 36.0% |
| 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 | — | $-2.5B |
8季度趋势，按日历期对齐
经营现金流COINRIVN
| Q4 25 | $3.1B | $-681.0M | ||
| Q3 25 | $-784.5M | $26.0M | ||
| Q2 25 | $328.5M | $64.0M | ||
| Q1 25 | $-182.7M | $-188.0M | ||
| Q4 24 | $964.6M | $1.2B | ||
| Q3 24 | $696.5M | $-876.0M | ||
| Q2 24 | $484.2M | $-754.0M | ||
| Q1 24 | $411.5M | $-1.3B |
自由现金流COINRIVN
| Q4 25 | — | $-1.1B | ||
| Q3 25 | — | $-421.0M | ||
| Q2 25 | — | $-398.0M | ||
| Q1 25 | — | $-526.0M | ||
| Q4 24 | — | $856.0M | ||
| Q3 24 | — | $-1.2B | ||
| Q2 24 | — | $-1.0B | ||
| Q1 24 | — | $-1.5B |
自由现金流率COINRIVN
| Q4 25 | — | -89.0% | ||
| Q3 25 | — | -27.0% | ||
| Q2 25 | — | -30.5% | ||
| Q1 25 | — | -42.4% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | — | -131.9% | ||
| Q2 24 | — | -89.6% | ||
| Q1 24 | — | -126.5% |
资本支出强度COINRIVN
| Q4 25 | — | 36.0% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 35.5% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | — | 18.9% | ||
| Q3 24 | — | 31.7% | ||
| Q2 24 | — | 24.4% | ||
| Q1 24 | — | 21.1% |
现金转化率COINRIVN
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
