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Coinbase（COIN）与SONOCO PRODUCTS CO（SON）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SONOCO PRODUCTS CO的1.1倍（$1.8B vs $1.7B），SONOCO PRODUCTS CO净利率更高（4.1% vs -37.4%，领先41.5%），SONOCO PRODUCTS CO同比增速更快（-1.9% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 1.2%）
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。
索诺科产品公司是美国多元化包装服务商，主营消费包装、工业产品、防护包装及包装供应链服务，是全球最大的复合罐、纸管和纸芯生产商。公司成立于1889年，年净销售额约73亿美元，在33个国家设有超335个运营点，员工1.99万名，业务覆盖超85个国家，总部位于南卡罗来纳州哈茨维尔。
COIN vs SON — 直观对比
营收规模更大
COIN
是对方的1.1倍
$1.7B
营收增速更快
SON
高出19.7%
-21.6%
净利率更高
SON
高出41.5%
-37.4%
两年增速更快
COIN
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.7B |
| 净利润 | $-666.7M | $68.0M |
| 毛利率 | — | 20.6% |
| 营业利润率 | 15.4% | 7.6% |
| 净利率 | -37.4% | 4.1% |
| 营收同比 | -21.6% | -1.9% |
| 净利润同比 | -151.6% | 25.9% |
| 每股收益（稀释后） | $-2.43 | $0.68 |
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COINSON
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $2.0B | $1.7B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.4B | $1.6B |
净利润COINSON
| Q1 26 | — | $68.0M | ||
| Q4 25 | $-666.7M | $332.2M | ||
| Q3 25 | $432.6M | $122.9M | ||
| Q2 25 | $1.4B | $493.4M | ||
| Q1 25 | $65.6M | $54.4M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $75.5M | $50.9M | ||
| Q2 24 | $36.1M | $90.8M |
毛利率COINSON
| Q1 26 | — | 20.6% | ||
| Q4 25 | — | 19.6% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 20.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 21.4% | ||
| Q2 24 | — | 22.0% |
营业利润率COINSON
| Q1 26 | — | 7.6% | ||
| Q4 25 | 15.4% | 29.4% | ||
| Q3 25 | 25.7% | 9.1% | ||
| Q2 25 | -1.6% | 9.2% | ||
| Q1 25 | 34.7% | 7.4% | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | 7.6% | ||
| Q2 24 | 23.7% | 8.6% |
净利率COINSON
| Q1 26 | — | 4.1% | ||
| Q4 25 | -37.4% | 18.8% | ||
| Q3 25 | 23.1% | 5.8% | ||
| Q2 25 | 95.4% | 25.8% | ||
| Q1 25 | 3.2% | 3.2% | ||
| Q4 24 | 56.8% | — | ||
| Q3 24 | 6.3% | 3.0% | ||
| Q2 24 | 2.5% | 5.6% |
每股收益（稀释后）COINSON
| Q1 26 | — | $0.68 | ||
| Q4 25 | $-2.43 | $3.33 | ||
| Q3 25 | $1.50 | $1.23 | ||
| Q2 25 | $5.14 | $4.96 | ||
| Q1 25 | $0.24 | $0.55 | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | $0.51 | ||
| Q2 24 | $0.14 | $0.92 |
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 | $224.5M |
| 总债务越低越好 | $7.2B | $3.5B |
| 股东权益账面价值 | $14.8B | $3.6B |
| 总资产 | $29.7B | $11.1B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.97× |
8季度趋势，按日历期对齐
现金及短期投资COINSON
| Q1 26 | — | $224.5M | ||
| Q4 25 | $11.6B | $378.4M | ||
| Q3 25 | $9.8B | $244.9M | ||
| Q2 25 | $7.5B | $329.8M | ||
| Q1 25 | $8.1B | $181.8M | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $7.7B | $1.9B | ||
| Q2 24 | $7.2B | $140.2M |
总债务COINSON
| Q1 26 | — | $3.5B | ||
| Q4 25 | $7.2B | $3.8B | ||
| Q3 25 | $7.2B | $3.8B | ||
| Q2 25 | $4.2B | $5.0B | ||
| Q1 25 | $4.2B | $5.0B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | $4.3B | ||
| Q2 24 | $4.2B | $2.5B |
股东权益COINSON
| Q1 26 | — | $3.6B | ||
| Q4 25 | $14.8B | $3.6B | ||
| Q3 25 | $16.0B | $3.3B | ||
| Q2 25 | $12.1B | $3.2B | ||
| Q1 25 | $10.5B | $2.4B | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | $2.5B | ||
| Q2 24 | $8.4B | $2.4B |
总资产COINSON
| Q1 26 | — | $11.1B | ||
| Q4 25 | $29.7B | $11.2B | ||
| Q3 25 | $31.4B | $11.7B | ||
| Q2 25 | $23.5B | $12.0B | ||
| Q1 25 | $21.7B | $12.7B | ||
| Q4 24 | $22.5B | — | ||
| Q3 24 | $290.6B | $9.0B | ||
| Q2 24 | $287.0B | $7.2B |
负债/权益比COINSON
| Q1 26 | — | 0.97× | ||
| Q4 25 | 0.49× | 1.05× | ||
| Q3 25 | 0.45× | 1.15× | ||
| Q2 25 | 0.35× | 1.54× | ||
| Q1 25 | 0.40× | 2.03× | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | 1.74× | ||
| Q2 24 | 0.51× | 1.04× |
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 | — | $-428.3B |
| 自由现金流率自由现金流/营收 | — | -25547.4% |
| 资本支出强度资本支出/营收 | — | 3600.5% |
| 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 | — | $-427.6B |
8季度趋势，按日历期对齐
经营现金流COINSON
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $412.9M | ||
| Q3 25 | $-784.5M | $291.5M | ||
| Q2 25 | $328.5M | $193.4M | ||
| Q1 25 | $-182.7M | $-208.1M | ||
| Q4 24 | $964.6M | — | ||
| Q3 24 | $696.5M | $162.1M | ||
| Q2 24 | $484.2M | $109.3M |
自由现金流COINSON
| Q1 26 | — | $-428.3B | ||
| Q4 25 | — | $322.3M | ||
| Q3 25 | — | $225.6M | ||
| Q2 25 | — | $98.6M | ||
| Q1 25 | — | $-300.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $70.5M | ||
| Q2 24 | — | $16.0M |
自由现金流率COINSON
| Q1 26 | — | -25547.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 10.6% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 1.0% |
资本支出强度COINSON
| Q1 26 | — | 3600.5% | ||
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 5.0% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | 5.7% |
现金转化率COINSON
| Q1 26 | — | — | ||
| Q4 25 | — | 1.24× | ||
| Q3 25 | -1.81× | 2.37× | ||
| Q2 25 | 0.23× | 0.39× | ||
| Q1 25 | -2.79× | -3.82× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 3.18× | ||
| Q2 24 | 13.39× | 1.20× |
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% |
SON
| Consumer Packaging | $1.1B | 65% |
| Industrial Paper Packaging | $587.5M | 35% |
| All Other | $55.1M | 3% |
