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Coinbase（COIN）与Sunrun Inc.（RUN）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Sunrun Inc.的1.5倍（$1.8B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -37.4%，领先46.4%），Sunrun Inc.同比增速更快（123.5% vs -21.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
COIN vs RUN — 直观对比
营收规模更大
COIN
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出145.1%
-21.6%
净利率更高
RUN
高出46.4%
-37.4%
两年增速更快
RUN
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 8.4% |
| 净利率 | -37.4% | 8.9% |
| 营收同比 | -21.6% | 123.5% |
| 净利润同比 | -151.6% | 103.7% |
| 每股收益（稀释后） | $-2.43 | $0.38 |
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COINRUN
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $724.6M | ||
| Q2 25 | $1.5B | $569.3M | ||
| Q1 25 | $2.0B | $504.3M | ||
| Q4 24 | $2.3B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.4B | $523.9M | ||
| Q1 24 | $1.6B | $458.2M |
净利润COINRUN
| Q4 25 | $-666.7M | $103.6M | ||
| Q3 25 | $432.6M | $16.6M | ||
| Q2 25 | $1.4B | $279.8M | ||
| Q1 25 | $65.6M | $50.0M | ||
| Q4 24 | $1.3B | $-2.8B | ||
| Q3 24 | $75.5M | $-83.8M | ||
| Q2 24 | $36.1M | $139.1M | ||
| Q1 24 | $1.2B | $-87.8M |
营业利润率COINRUN
| Q4 25 | 15.4% | 8.4% | ||
| Q3 25 | 25.7% | 0.5% | ||
| Q2 25 | -1.6% | -19.7% | ||
| Q1 25 | 34.7% | -22.8% | ||
| Q4 24 | 45.5% | -628.0% | ||
| Q3 24 | 14.1% | -23.8% | ||
| Q2 24 | 23.7% | -24.4% | ||
| Q1 24 | 46.4% | -40.0% |
净利率COINRUN
| Q4 25 | -37.4% | 8.9% | ||
| Q3 25 | 23.1% | 2.3% | ||
| Q2 25 | 95.4% | 49.1% | ||
| Q1 25 | 3.2% | 9.9% | ||
| Q4 24 | 56.8% | -542.7% | ||
| Q3 24 | 6.3% | -15.6% | ||
| Q2 24 | 2.5% | 26.5% | ||
| Q1 24 | 71.8% | -19.2% |
每股收益（稀释后）COINRUN
| Q4 25 | $-2.43 | $0.38 | ||
| Q3 25 | $1.50 | $0.06 | ||
| Q2 25 | $5.14 | $1.07 | ||
| Q1 25 | $0.24 | $0.20 | ||
| Q4 24 | $4.66 | $-12.59 | ||
| Q3 24 | $0.28 | $-0.37 | ||
| Q2 24 | $0.14 | $0.55 | ||
| Q1 24 | $4.40 | $-0.40 |
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 | — |
| 总债务越低越好 | $7.2B | $14.7B |
| 股东权益账面价值 | $14.8B | $3.1B |
| 总资产 | $29.7B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.49× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资COINRUN
| Q4 25 | $11.6B | — | ||
| Q3 25 | $9.8B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $6.7B | — |
总债务COINRUN
| Q4 25 | $7.2B | $14.7B | ||
| Q3 25 | $7.2B | $14.6B | ||
| Q2 25 | $4.2B | $14.0B | ||
| Q1 25 | $4.2B | $13.6B | ||
| Q4 24 | $4.2B | $12.9B | ||
| Q3 24 | $4.2B | $12.5B | ||
| Q2 24 | $4.2B | $12.0B | ||
| Q1 24 | $4.2B | $11.1B |
股东权益COINRUN
| Q4 25 | $14.8B | $3.1B | ||
| Q3 25 | $16.0B | $3.0B | ||
| Q2 25 | $12.1B | $2.9B | ||
| Q1 25 | $10.5B | $2.6B | ||
| Q4 24 | $10.3B | $2.6B | ||
| Q3 24 | $8.7B | $5.3B | ||
| Q2 24 | $8.4B | $5.4B | ||
| Q1 24 | $8.1B | $5.2B |
总资产COINRUN
| Q4 25 | $29.7B | $22.6B | ||
| Q3 25 | $31.4B | $22.2B | ||
| Q2 25 | $23.5B | $21.2B | ||
| Q1 25 | $21.7B | $20.4B | ||
| Q4 24 | $22.5B | $19.9B | ||
| Q3 24 | $290.6B | $22.1B | ||
| Q2 24 | $287.0B | $21.4B | ||
| Q1 24 | $348.0B | $20.8B |
负债/权益比COINRUN
| Q4 25 | 0.49× | 4.69× | ||
| Q3 25 | 0.45× | 4.90× | ||
| Q2 25 | 0.35× | 4.80× | ||
| Q1 25 | 0.40× | 5.19× | ||
| Q4 24 | 0.41× | 5.05× | ||
| Q3 24 | 0.48× | 2.36× | ||
| Q2 24 | 0.51× | 2.23× | ||
| Q1 24 | 0.52× | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 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COINRUN
| Q4 25 | $3.1B | $96.9M | ||
| Q3 25 | $-784.5M | $-121.5M | ||
| Q2 25 | $328.5M | $-292.7M | ||
| Q1 25 | $-182.7M | $-104.2M | ||
| Q4 24 | $964.6M | $-258.4M | ||
| Q3 24 | $696.5M | $-156.2M | ||
| Q2 24 | $484.2M | $-208.5M | ||
| Q1 24 | $411.5M | $-143.1M |
自由现金流COINRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率COINRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度COINRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率COINRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | -1.81× | -7.33× | ||
| Q2 25 | 0.23× | -1.05× | ||
| Q1 25 | -2.79× | -2.08× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
