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Coinbase（COIN）与RXO, Inc.（RXO）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RXO, Inc.的1.2倍（$1.8B vs $1.5B），RXO, Inc.净利率更高（-3.1% vs -37.4%，领先34.3%），RXO, Inc.同比增速更快（-11.9% vs -21.6%），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
COIN vs RXO — 直观对比
营收规模更大
COIN
是对方的1.2倍
$1.5B
营收增速更快
RXO
高出9.7%
-21.6%
净利率更高
RXO
高出34.3%
-37.4%
两年增速更快
RXO
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-666.7M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | -2.9% |
| 净利率 | -37.4% | -3.1% |
| 营收同比 | -21.6% | -11.9% |
| 净利润同比 | -151.6% | -84.0% |
| 每股收益（稀释后） | $-2.43 | $-0.28 |
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COINRXO
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.4B | $930.0M | ||
| Q1 24 | $1.6B | $913.0M |
净利润COINRXO
| Q4 25 | $-666.7M | $-46.0M | ||
| Q3 25 | $432.6M | $-14.0M | ||
| Q2 25 | $1.4B | $-9.0M | ||
| Q1 25 | $65.6M | $-31.0M | ||
| Q4 24 | $1.3B | $-25.0M | ||
| Q3 24 | $75.5M | $-243.0M | ||
| Q2 24 | $36.1M | $-7.0M | ||
| Q1 24 | $1.2B | $-15.0M |
营业利润率COINRXO
| Q4 25 | 15.4% | -2.9% | ||
| Q3 25 | 25.7% | -0.5% | ||
| Q2 25 | -1.6% | — | ||
| Q1 25 | 34.7% | -2.1% | ||
| Q4 24 | 45.5% | -1.4% | ||
| Q3 24 | 14.1% | -1.9% | ||
| Q2 24 | 23.7% | — | ||
| Q1 24 | 46.4% | -1.3% |
净利率COINRXO
| Q4 25 | -37.4% | -3.1% | ||
| Q3 25 | 23.1% | -1.0% | ||
| Q2 25 | 95.4% | -0.6% | ||
| Q1 25 | 3.2% | -2.2% | ||
| Q4 24 | 56.8% | -1.5% | ||
| Q3 24 | 6.3% | -23.4% | ||
| Q2 24 | 2.5% | -0.8% | ||
| Q1 24 | 71.8% | -1.6% |
每股收益（稀释后）COINRXO
| Q4 25 | $-2.43 | $-0.28 | ||
| Q3 25 | $1.50 | $-0.08 | ||
| Q2 25 | $5.14 | $-0.05 | ||
| Q1 25 | $0.24 | $-0.18 | ||
| Q4 24 | $4.66 | $-0.17 | ||
| Q3 24 | $0.28 | $-1.81 | ||
| Q2 24 | $0.14 | $-0.06 | ||
| Q1 24 | $4.40 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $7.2B | $387.0M |
| 股东权益账面价值 | $14.8B | $1.5B |
| 总资产 | $29.7B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资COINRXO
| Q4 25 | $11.6B | $17.0M | ||
| Q3 25 | $9.8B | $25.0M | ||
| Q2 25 | $7.5B | $18.0M | ||
| Q1 25 | $8.1B | $16.0M | ||
| Q4 24 | $8.5B | $35.0M | ||
| Q3 24 | $7.7B | $55.0M | ||
| Q2 24 | $7.2B | $7.0M | ||
| Q1 24 | $6.7B | $7.0M |
总债务COINRXO
| Q4 25 | $7.2B | $387.0M | ||
| Q3 25 | $7.2B | $387.0M | ||
| Q2 25 | $4.2B | $387.0M | ||
| Q1 25 | $4.2B | $387.0M | ||
| Q4 24 | $4.2B | $351.0M | ||
| Q3 24 | $4.2B | $352.0M | ||
| Q2 24 | $4.2B | $370.0M | ||
| Q1 24 | $4.2B | $351.0M |
股东权益COINRXO
| Q4 25 | $14.8B | $1.5B | ||
| Q3 25 | $16.0B | $1.6B | ||
| Q2 25 | $12.1B | $1.6B | ||
| Q1 25 | $10.5B | $1.6B | ||
| Q4 24 | $10.3B | $1.6B | ||
| Q3 24 | $8.7B | $1.7B | ||
| Q2 24 | $8.4B | $579.0M | ||
| Q1 24 | $8.1B | $582.0M |
总资产COINRXO
| Q4 25 | $29.7B | $3.3B | ||
| Q3 25 | $31.4B | $3.2B | ||
| Q2 25 | $23.5B | $3.2B | ||
| Q1 25 | $21.7B | $3.3B | ||
| Q4 24 | $22.5B | $3.4B | ||
| Q3 24 | $290.6B | $3.4B | ||
| Q2 24 | $287.0B | $1.8B | ||
| Q1 24 | $348.0B | $1.8B |
负债/权益比COINRXO
| Q4 25 | 0.49× | 0.25× | ||
| Q3 25 | 0.45× | 0.24× | ||
| Q2 25 | 0.35× | 0.24× | ||
| Q1 25 | 0.40× | 0.24× | ||
| Q4 24 | 0.41× | 0.22× | ||
| Q3 24 | 0.48× | 0.21× | ||
| Q2 24 | 0.51× | 0.64× | ||
| Q1 24 | 0.52× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 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 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流COINRXO
| Q4 25 | $3.1B | $7.0M | ||
| Q3 25 | $-784.5M | $23.0M | ||
| Q2 25 | $328.5M | $23.0M | ||
| Q1 25 | $-182.7M | $-2.0M | ||
| Q4 24 | $964.6M | $-7.0M | ||
| Q3 24 | $696.5M | $-7.0M | ||
| Q2 24 | $484.2M | $-5.0M | ||
| Q1 24 | $411.5M | $7.0M |
自由现金流COINRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流率COINRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
资本支出强度COINRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
现金转化率COINRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
