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Coinbase（COIN）与SS&C Technologies Holdings Inc（SSNC）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SS&C Technologies Holdings Inc的1.1倍（$1.8B vs $1.6B），SS&C Technologies Holdings Inc净利率更高（13.7% vs -37.4%，领先51.2%），SS&C Technologies Holdings Inc同比增速更快（8.8% vs -21.6%），过去两年SS&C Technologies Holdings Inc的营收复合增速更高（6.5% 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。
SS&C Technologies Holdings Inc.是总部位于美国康涅狄格州温莎的跨国控股企业，面向金融服务行业提供专业软件及软件即服务（SaaS）解决方案，业务覆盖全球，在美洲、欧洲、亚洲、非洲及澳洲均设有办公网点。
COIN vs SSNC — 直观对比
营收规模更大
COIN
是对方的1.1倍
$1.6B
营收增速更快
SSNC
高出30.4%
-21.6%
净利率更高
SSNC
高出51.2%
-37.4%
两年增速更快
SSNC
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.6B |
| 净利润 | $-666.7M | $226.1M |
| 毛利率 | — | 48.7% |
| 营业利润率 | 15.4% | 24.2% |
| 净利率 | -37.4% | 13.7% |
| 营收同比 | -21.6% | 8.8% |
| 净利润同比 | -151.6% | 6.2% |
| 每股收益（稀释后） | $-2.43 | $0.91 |
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COINSSNC
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B |
净利润COINSSNC
| Q1 26 | — | $226.1M | ||
| Q4 25 | $-666.7M | $193.1M | ||
| Q3 25 | $432.6M | $210.0M | ||
| Q2 25 | $1.4B | $180.8M | ||
| Q1 25 | $65.6M | $213.0M | ||
| Q4 24 | $1.3B | $248.2M | ||
| Q3 24 | $75.5M | $164.4M | ||
| Q2 24 | $36.1M | $190.3M |
毛利率COINSSNC
| Q1 26 | — | 48.7% | ||
| Q4 25 | — | 47.8% | ||
| Q3 25 | — | 47.7% | ||
| Q2 25 | — | 48.0% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 49.3% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 48.1% |
营业利润率COINSSNC
| Q1 26 | — | 24.2% | ||
| Q4 25 | 15.4% | 22.3% | ||
| Q3 25 | 25.7% | 23.3% | ||
| Q2 25 | -1.6% | 22.4% | ||
| Q1 25 | 34.7% | 23.6% | ||
| Q4 24 | 45.5% | 23.4% | ||
| Q3 24 | 14.1% | 22.2% | ||
| Q2 24 | 23.7% | 22.6% |
净利率COINSSNC
| Q1 26 | — | 13.7% | ||
| Q4 25 | -37.4% | 11.7% | ||
| Q3 25 | 23.1% | 13.4% | ||
| Q2 25 | 95.4% | 11.8% | ||
| Q1 25 | 3.2% | 14.1% | ||
| Q4 24 | 56.8% | 16.2% | ||
| Q3 24 | 6.3% | 11.2% | ||
| Q2 24 | 2.5% | 13.1% |
每股收益（稀释后）COINSSNC
| Q1 26 | — | $0.91 | ||
| Q4 25 | $-2.43 | $0.76 | ||
| Q3 25 | $1.50 | $0.83 | ||
| Q2 25 | $5.14 | $0.72 | ||
| Q1 25 | $0.24 | $0.84 | ||
| Q4 24 | $4.66 | $0.98 | ||
| Q3 24 | $0.28 | $0.65 | ||
| Q2 24 | $0.14 | $0.75 |
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 | $420.9M |
| 总债务越低越好 | $7.2B | $7.4B |
| 股东权益账面价值 | $14.8B | $6.9B |
| 总资产 | $29.7B | $20.3B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资COINSSNC
| Q1 26 | — | $420.9M | ||
| Q4 25 | $11.6B | $462.1M | ||
| Q3 25 | $9.8B | $388.3M | ||
| Q2 25 | $7.5B | $480.3M | ||
| Q1 25 | $8.1B | $515.0M | ||
| Q4 24 | $8.5B | $567.1M | ||
| Q3 24 | $7.7B | $694.7M | ||
| Q2 24 | $7.2B | $462.7M |
总债务COINSSNC
| Q1 26 | — | $7.4B | ||
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — |
股东权益COINSSNC
| Q1 26 | — | $6.9B | ||
| Q4 25 | $14.8B | $6.9B | ||
| Q3 25 | $16.0B | $6.9B | ||
| Q2 25 | $12.1B | $6.9B | ||
| Q1 25 | $10.5B | $6.8B | ||
| Q4 24 | $10.3B | $6.5B | ||
| Q3 24 | $8.7B | $6.8B | ||
| Q2 24 | $8.4B | $6.4B |
总资产COINSSNC
| Q1 26 | — | $20.3B | ||
| Q4 25 | $29.7B | $20.7B | ||
| Q3 25 | $31.4B | $19.5B | ||
| Q2 25 | $23.5B | $19.0B | ||
| Q1 25 | $21.7B | $20.4B | ||
| Q4 24 | $22.5B | $19.0B | ||
| Q3 24 | $290.6B | $18.4B | ||
| Q2 24 | $287.0B | $16.9B |
负债/权益比COINSSNC
| Q1 26 | — | 1.08× | ||
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | — |
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 | $299.7M |
| 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 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | 1.33× |
| 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COINSSNC
| Q1 26 | — | $299.7M | ||
| Q4 25 | $3.1B | $643.5M | ||
| Q3 25 | $-784.5M | $456.2M | ||
| Q2 25 | $328.5M | $372.9M | ||
| Q1 25 | $-182.7M | $272.2M | ||
| Q4 24 | $964.6M | $486.6M | ||
| Q3 24 | $696.5M | $336.6M | ||
| Q2 24 | $484.2M | $384.9M |
自由现金流COINSSNC
| Q1 26 | — | — | ||
| Q4 25 | — | $633.0M | ||
| Q3 25 | — | $421.5M | ||
| Q2 25 | — | $350.0M | ||
| Q1 25 | — | $259.5M | ||
| Q4 24 | — | $466.9M | ||
| Q3 24 | — | $310.7M | ||
| Q2 24 | — | $374.9M |
自由现金流率COINSSNC
| Q1 26 | — | — | ||
| Q4 25 | — | 38.3% | ||
| Q3 25 | — | 26.9% | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 25.8% |
资本支出强度COINSSNC
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 0.7% |
现金转化率COINSSNC
| Q1 26 | — | 1.33× | ||
| Q4 25 | — | 3.33× | ||
| Q3 25 | -1.81× | 2.17× | ||
| Q2 25 | 0.23× | 2.06× | ||
| Q1 25 | -2.79× | 1.28× | ||
| Q4 24 | 0.75× | 1.96× | ||
| Q3 24 | 9.23× | 2.05× | ||
| Q2 24 | 13.39× | 2.02× |
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% |
SSNC
| Technology-enabled services | $1.4B | 85% |
| License, maintenance and related | $239.8M | 15% |
