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Coinbase（COIN）与罗克韦尔自动化（ROK）财务数据对比。点击上方公司名可切换其他公司
罗克韦尔自动化的季度营收约是Coinbase的1.2倍（$2.1B vs $1.8B），罗克韦尔自动化净利率更高（14.5% vs -37.4%，领先51.9%），罗克韦尔自动化同比增速更快（11.9% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -0.5%）
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。
罗克韦尔自动化是总部位于美国威斯康星州密尔沃基的工业自动化及数字化转型技术提供商，旗下拥有Allen-Bradley、FactoryTalk软件、LifecycleIQ服务等核心品牌，全球员工约2.7万人，服务覆盖100多个国家和地区的客户。
COIN vs ROK — 直观对比
营收规模更大
ROK
是对方的1.2倍
$1.8B
营收增速更快
ROK
高出33.5%
-21.6%
净利率更高
ROK
高出51.9%
-37.4%
两年增速更快
COIN
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.1B |
| 净利润 | $-666.7M | $305.0M |
| 毛利率 | — | 48.3% |
| 营业利润率 | 15.4% | 20.7% |
| 净利率 | -37.4% | 14.5% |
| 营收同比 | -21.6% | 11.9% |
| 净利润同比 | -151.6% | 65.8% |
| 每股收益（稀释后） | $-2.43 | $2.69 |
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COINROK
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.9B | $2.3B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $2.0B | $2.0B | ||
| Q4 24 | $2.3B | $1.9B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $1.4B | $2.1B | ||
| Q1 24 | $1.6B | $2.1B |
净利润COINROK
| Q4 25 | $-666.7M | $305.0M | ||
| Q3 25 | $432.6M | $138.0M | ||
| Q2 25 | $1.4B | $295.0M | ||
| Q1 25 | $65.6M | $252.0M | ||
| Q4 24 | $1.3B | $184.0M | ||
| Q3 24 | $75.5M | $239.1M | ||
| Q2 24 | $36.1M | $232.0M | ||
| Q1 24 | $1.2B | $266.2M |
毛利率COINROK
| Q4 25 | — | 48.3% | ||
| Q3 25 | — | 69.4% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 40.5% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | — | 37.9% | ||
| Q2 24 | — | 38.8% | ||
| Q1 24 | — | 39.2% |
营业利润率COINROK
| Q4 25 | 15.4% | 20.7% | ||
| Q3 25 | 25.7% | 2.7% | ||
| Q2 25 | -1.6% | 16.0% | ||
| Q1 25 | 34.7% | 14.9% | ||
| Q4 24 | 45.5% | 17.1% | ||
| Q3 24 | 14.1% | 13.5% | ||
| Q2 24 | 23.7% | 12.4% | ||
| Q1 24 | 46.4% | 14.6% |
净利率COINROK
| Q4 25 | -37.4% | 14.5% | ||
| Q3 25 | 23.1% | 6.0% | ||
| Q2 25 | 95.4% | 13.8% | ||
| Q1 25 | 3.2% | 12.6% | ||
| Q4 24 | 56.8% | 9.8% | ||
| Q3 24 | 6.3% | 11.7% | ||
| Q2 24 | 2.5% | 11.3% | ||
| Q1 24 | 71.8% | 12.5% |
每股收益（稀释后）COINROK
| Q4 25 | $-2.43 | $2.69 | ||
| Q3 25 | $1.50 | $1.24 | ||
| Q2 25 | $5.14 | $2.60 | ||
| Q1 25 | $0.24 | $2.22 | ||
| Q4 24 | $4.66 | $1.61 | ||
| Q3 24 | $0.28 | $2.09 | ||
| Q2 24 | $0.14 | $2.02 | ||
| Q1 24 | $4.40 | $2.31 |
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 | $444.0M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $3.7B |
| 总资产 | $29.7B | $11.2B |
| 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COINROK
| Q4 25 | $11.6B | $444.0M | ||
| Q3 25 | $9.8B | $468.0M | ||
| Q2 25 | $7.5B | $495.0M | ||
| Q1 25 | $8.1B | $456.0M | ||
| Q4 24 | $8.5B | $477.0M | ||
| Q3 24 | $7.7B | $471.3M | ||
| Q2 24 | $7.2B | $407.0M | ||
| Q1 24 | $6.7B | $470.5M |
总债务COINROK
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | $2.6B | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | $2.6B | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINROK
| Q4 25 | $14.8B | $3.7B | ||
| Q3 25 | $16.0B | $3.7B | ||
| Q2 25 | $12.1B | $3.5B | ||
| Q1 25 | $10.5B | $3.4B | ||
| Q4 24 | $10.3B | $3.4B | ||
| Q3 24 | $8.7B | $3.5B | ||
| Q2 24 | $8.4B | $3.3B | ||
| Q1 24 | $8.1B | $3.5B |
总资产COINROK
| Q4 25 | $29.7B | $11.2B | ||
| Q3 25 | $31.4B | $11.2B | ||
| Q2 25 | $23.5B | $11.2B | ||
| Q1 25 | $21.7B | $11.0B | ||
| Q4 24 | $22.5B | $10.9B | ||
| Q3 24 | $290.6B | $11.2B | ||
| Q2 24 | $287.0B | $11.2B | ||
| Q1 24 | $348.0B | $11.4B |
负债/权益比COINROK
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | 0.72× | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | 0.73× | ||
| 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 | $234.0M |
| 自由现金流经营现金流 - 资本支出 | — | $170.0M |
| 自由现金流率自由现金流/营收 | — | 8.1% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | — | 0.77× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流COINROK
| Q4 25 | $3.1B | $234.0M | ||
| Q3 25 | $-784.5M | $454.0M | ||
| Q2 25 | $328.5M | $527.0M | ||
| Q1 25 | $-182.7M | $199.0M | ||
| Q4 24 | $964.6M | $364.0M | ||
| Q3 24 | $696.5M | $432.3M | ||
| Q2 24 | $484.2M | $279.1M | ||
| Q1 24 | $411.5M | $119.8M |
自由现金流COINROK
| Q4 25 | — | $170.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $489.0M | ||
| Q1 25 | — | $171.0M | ||
| Q4 24 | — | $293.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $238.4M | ||
| Q1 24 | — | $68.6M |
自由现金流率COINROK
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 8.5% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 11.6% | ||
| Q1 24 | — | 3.2% |
资本支出强度COINROK
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.4% |
现金转化率COINROK
| Q4 25 | — | 0.77× | ||
| Q3 25 | -1.81× | 3.29× | ||
| Q2 25 | 0.23× | 1.79× | ||
| Q1 25 | -2.79× | 0.79× | ||
| Q4 24 | 0.75× | 1.98× | ||
| Q3 24 | 9.23× | 1.81× | ||
| Q2 24 | 13.39× | 1.20× | ||
| Q1 24 | 0.35× | 0.45× |
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% |
ROK
| Productsand Solutions | $1.9B | 89% |
| Lifecycle Services Segment | $259.0M | 12% |
