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Coinbase（COIN）与SKYWEST INC（SKYW）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SKYWEST INC的1.8倍（$1.8B vs $1.0B），SKYWEST INC净利率更高（10.0% vs -37.4%，领先47.5%），SKYWEST INC同比增速更快（6.8% vs -21.6%），过去两年SKYWEST INC的营收复合增速更高（8.1% 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。
天西航空（SkyWest Inc.）是总部位于美国犹他州圣乔治的控股企业，旗下主营北美支线航空公司天西航空，同时运营飞机租赁业务，是北美区域航空运营领域的重要参与者。
COIN vs SKYW — 直观对比
营收规模更大
COIN
是对方的1.8倍
$1.0B
营收增速更快
SKYW
高出28.4%
-21.6%
净利率更高
SKYW
高出47.5%
-37.4%
两年增速更快
SKYW
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.0B |
| 净利润 | $-666.7M | $101.7M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 12.2% |
| 净利率 | -37.4% | 10.0% |
| 营收同比 | -21.6% | 6.8% |
| 净利润同比 | -151.6% | 1.1% |
| 每股收益（稀释后） | $-2.43 | $2.50 |
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COINSKYW
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $2.0B | $948.5M | ||
| Q4 24 | $2.3B | $944.4M | ||
| Q3 24 | $1.2B | $912.8M | ||
| Q2 24 | $1.4B | $867.1M |
净利润COINSKYW
| Q1 26 | — | $101.7M | ||
| Q4 25 | $-666.7M | $91.2M | ||
| Q3 25 | $432.6M | $116.4M | ||
| Q2 25 | $1.4B | $120.3M | ||
| Q1 25 | $65.6M | $100.6M | ||
| Q4 24 | $1.3B | $97.4M | ||
| Q3 24 | $75.5M | $89.7M | ||
| Q2 24 | $36.1M | $75.6M |
营业利润率COINSKYW
| Q1 26 | — | 12.2% | ||
| Q4 25 | 15.4% | 13.1% | ||
| Q3 25 | 25.7% | 16.6% | ||
| Q2 25 | -1.6% | 16.4% | ||
| Q1 25 | 34.7% | 14.7% | ||
| Q4 24 | 45.5% | 15.3% | ||
| Q3 24 | 14.1% | 14.4% | ||
| Q2 24 | 23.7% | 13.8% |
净利率COINSKYW
| Q1 26 | — | 10.0% | ||
| Q4 25 | -37.4% | 8.9% | ||
| Q3 25 | 23.1% | 11.1% | ||
| Q2 25 | 95.4% | 11.6% | ||
| Q1 25 | 3.2% | 10.6% | ||
| Q4 24 | 56.8% | 10.3% | ||
| Q3 24 | 6.3% | 9.8% | ||
| Q2 24 | 2.5% | 8.7% |
每股收益（稀释后）COINSKYW
| Q1 26 | — | $2.50 | ||
| Q4 25 | $-2.43 | $2.21 | ||
| Q3 25 | $1.50 | $2.81 | ||
| Q2 25 | $5.14 | $2.91 | ||
| Q1 25 | $0.24 | $2.42 | ||
| Q4 24 | $4.66 | $2.34 | ||
| Q3 24 | $0.28 | $2.16 | ||
| Q2 24 | $0.14 | $1.82 |
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 | $1.8B |
| 股东权益账面价值 | $14.8B | $2.7B |
| 总资产 | $29.7B | $7.3B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资COINSKYW
| Q1 26 | — | — | ||
| Q4 25 | $11.6B | $122.7M | ||
| Q3 25 | $9.8B | $44.5M | ||
| Q2 25 | $7.5B | $48.3M | ||
| Q1 25 | $8.1B | $179.0M | ||
| Q4 24 | $8.5B | $227.4M | ||
| Q3 24 | $7.7B | $177.6M | ||
| Q2 24 | $7.2B | $141.8M |
总债务COINSKYW
| Q1 26 | — | $1.8B | ||
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | $2.4B | ||
| Q2 25 | $4.2B | $2.5B | ||
| Q1 25 | $4.2B | $2.6B | ||
| Q4 24 | $4.2B | $2.7B | ||
| Q3 24 | $4.2B | $2.7B | ||
| Q2 24 | $4.2B | $2.8B |
股东权益COINSKYW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $14.8B | $2.7B | ||
| Q3 25 | $16.0B | $2.7B | ||
| Q2 25 | $12.1B | $2.6B | ||
| Q1 25 | $10.5B | $2.5B | ||
| Q4 24 | $10.3B | $2.4B | ||
| Q3 24 | $8.7B | $2.3B | ||
| Q2 24 | $8.4B | $2.2B |
总资产COINSKYW
| Q1 26 | — | $7.3B | ||
| Q4 25 | $29.7B | $7.4B | ||
| Q3 25 | $31.4B | $7.2B | ||
| Q2 25 | $23.5B | $7.2B | ||
| Q1 25 | $21.7B | $7.1B | ||
| Q4 24 | $22.5B | $7.1B | ||
| Q3 24 | $290.6B | $7.0B | ||
| Q2 24 | $287.0B | $7.0B |
负债/权益比COINSKYW
| Q1 26 | — | 0.66× | ||
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | 0.89× | ||
| Q2 25 | 0.35× | 0.97× | ||
| Q1 25 | 0.40× | 1.03× | ||
| Q4 24 | 0.41× | 1.11× | ||
| Q3 24 | 0.48× | 1.17× | ||
| Q2 24 | 0.51× | 1.25× |
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 | — |
| 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 | — | — |
| 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COINSKYW
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $231.5M | ||
| Q3 25 | $-784.5M | $280.8M | ||
| Q2 25 | $328.5M | $257.1M | ||
| Q1 25 | $-182.7M | $171.0M | ||
| Q4 24 | $964.6M | $185.9M | ||
| Q3 24 | $696.5M | $183.6M | ||
| Q2 24 | $484.2M | $165.3M |
自由现金流COINSKYW
| Q1 26 | — | — | ||
| Q4 25 | — | $224.3M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $251.5M | ||
| Q1 25 | — | $162.6M | ||
| Q4 24 | — | $162.7M | ||
| Q3 24 | — | $172.1M | ||
| Q2 24 | — | $159.4M |
自由现金流率COINSKYW
| Q1 26 | — | — | ||
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 25.7% | ||
| Q2 25 | — | 24.3% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | — | 18.9% | ||
| Q2 24 | — | 18.4% |
资本支出强度COINSKYW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 0.7% |
现金转化率COINSKYW
| Q1 26 | — | — | ||
| Q4 25 | — | 2.54× | ||
| Q3 25 | -1.81× | 2.41× | ||
| Q2 25 | 0.23× | 2.14× | ||
| Q1 25 | -2.79× | 1.70× | ||
| Q4 24 | 0.75× | 1.91× | ||
| Q3 24 | 9.23× | 2.05× | ||
| Q2 24 | 13.39× | 2.19× |
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% |
SKYW
| Flying agreements | $977.9M | 97% |
| Lease, airport services and other | $35.3M | 3% |
