vs
Coinbase（COIN）与Teledyne Technologies（TDY）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Teledyne Technologies的1.1倍（$1.8B vs $1.6B），Teledyne Technologies净利率更高（17.1% vs -37.4%，领先54.5%），Teledyne Technologies同比增速更快（7.3% vs -21.6%），过去两年Teledyne Technologies的营收复合增速更高（9.3% 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。
Teledyne Technologies是美国大型工业集团企业，1960年由亨利·辛格尔顿与乔治·科兹梅茨基共同创立，最初成立时名为Teledyne Inc.，发展至今在全球工业技术领域拥有较高的行业知名度与市场影响力。
COIN vs TDY — 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
TDY
高出28.9%
-21.6%
净利率更高
TDY
高出54.5%
-37.4%
两年增速更快
TDY
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.6B |
| 净利润 | $-666.7M | $275.6M |
| 毛利率 | — | 42.9% |
| 营业利润率 | 15.4% | 20.4% |
| 净利率 | -37.4% | 17.1% |
| 营收同比 | -21.6% | 7.3% |
| 净利润同比 | -151.6% | 38.8% |
| 每股收益（稀释后） | $-2.43 | $5.81 |
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COINTDY
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.9B | $1.5B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.6B | $1.4B |
净利润COINTDY
| Q4 25 | $-666.7M | $275.6M | ||
| Q3 25 | $432.6M | $220.7M | ||
| Q2 25 | $1.4B | $209.9M | ||
| Q1 25 | $65.6M | $188.6M | ||
| Q4 24 | $1.3B | $198.5M | ||
| Q3 24 | $75.5M | $262.0M | ||
| Q2 24 | $36.1M | $180.2M | ||
| Q1 24 | $1.2B | $178.5M |
毛利率COINTDY
| Q4 25 | — | 42.9% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 42.6% | ||
| Q1 25 | — | 42.7% | ||
| Q4 24 | — | 42.8% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | — | 43.1% | ||
| Q1 24 | — | 43.0% |
营业利润率COINTDY
| Q4 25 | 15.4% | 20.4% | ||
| Q3 25 | 25.7% | 18.4% | ||
| Q2 25 | -1.6% | 18.4% | ||
| Q1 25 | 34.7% | 17.9% | ||
| Q4 24 | 45.5% | 15.8% | ||
| Q3 24 | 14.1% | 18.8% | ||
| Q2 24 | 23.7% | 18.0% | ||
| Q1 24 | 46.4% | 17.4% |
净利率COINTDY
| Q4 25 | -37.4% | 17.1% | ||
| Q3 25 | 23.1% | 14.3% | ||
| Q2 25 | 95.4% | 13.9% | ||
| Q1 25 | 3.2% | 13.0% | ||
| Q4 24 | 56.8% | 13.2% | ||
| Q3 24 | 6.3% | 18.2% | ||
| Q2 24 | 2.5% | 13.1% | ||
| Q1 24 | 71.8% | 13.2% |
每股收益（稀释后）COINTDY
| Q4 25 | $-2.43 | $5.81 | ||
| Q3 25 | $1.50 | $4.65 | ||
| Q2 25 | $5.14 | $4.43 | ||
| Q1 25 | $0.24 | $3.99 | ||
| Q4 24 | $4.66 | $4.18 | ||
| Q3 24 | $0.28 | $5.54 | ||
| Q2 24 | $0.14 | $3.77 | ||
| Q1 24 | $4.40 | $3.72 |
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 | $352.4M |
| 总债务越低越好 | $7.2B | $2.5B |
| 股东权益账面价值 | $14.8B | $10.5B |
| 总资产 | $29.7B | $15.3B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资COINTDY
| Q4 25 | $11.6B | $352.4M | ||
| Q3 25 | $9.8B | $528.6M | ||
| Q2 25 | $7.5B | $310.9M | ||
| Q1 25 | $8.1B | $461.5M | ||
| Q4 24 | $8.5B | $649.8M | ||
| Q3 24 | $7.7B | $561.0M | ||
| Q2 24 | $7.2B | $443.2M | ||
| Q1 24 | $6.7B | $912.4M |
总债务COINTDY
| Q4 25 | $7.2B | $2.5B | ||
| Q3 25 | $7.2B | $2.5B | ||
| Q2 25 | $4.2B | $2.6B | ||
| Q1 25 | $4.2B | $3.0B | ||
| Q4 24 | $4.2B | $2.6B | ||
| Q3 24 | $4.2B | $2.8B | ||
| Q2 24 | $4.2B | $2.8B | ||
| Q1 24 | $4.2B | $3.2B |
股东权益COINTDY
| Q4 25 | $14.8B | $10.5B | ||
| Q3 25 | $16.0B | $10.6B | ||
| Q2 25 | $12.1B | $10.4B | ||
| Q1 25 | $10.5B | $9.9B | ||
| Q4 24 | $10.3B | $9.5B | ||
| Q3 24 | $8.7B | $9.6B | ||
| Q2 24 | $8.4B | $9.3B | ||
| Q1 24 | $8.1B | $9.3B |
总资产COINTDY
| Q4 25 | $29.7B | $15.3B | ||
| Q3 25 | $31.4B | $15.4B | ||
| Q2 25 | $23.5B | $15.1B | ||
| Q1 25 | $21.7B | $15.0B | ||
| Q4 24 | $22.5B | $14.2B | ||
| Q3 24 | $290.6B | $14.5B | ||
| Q2 24 | $287.0B | $14.2B | ||
| Q1 24 | $348.0B | $14.6B |
负债/权益比COINTDY
| Q4 25 | 0.49× | 0.24× | ||
| Q3 25 | 0.45× | 0.24× | ||
| Q2 25 | 0.35× | 0.25× | ||
| Q1 25 | 0.40× | 0.30× | ||
| Q4 24 | 0.41× | 0.28× | ||
| Q3 24 | 0.48× | 0.29× | ||
| Q2 24 | 0.51× | 0.30× | ||
| Q1 24 | 0.52× | 0.35× |
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 | $379.0M |
| 自由现金流经营现金流 - 资本支出 | — | $339.2M |
| 自由现金流率自由现金流/营收 | — | 21.0% |
| 资本支出强度资本支出/营收 | — | 2.5% |
| 现金转化率经营现金流/净利润 | — | 1.38× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流COINTDY
| Q4 25 | $3.1B | $379.0M | ||
| Q3 25 | $-784.5M | $343.1M | ||
| Q2 25 | $328.5M | $226.6M | ||
| Q1 25 | $-182.7M | $242.6M | ||
| Q4 24 | $964.6M | $332.4M | ||
| Q3 24 | $696.5M | $249.8M | ||
| Q2 24 | $484.2M | $318.7M | ||
| Q1 24 | $411.5M | $291.0M |
自由现金流COINTDY
| Q4 25 | — | $339.2M | ||
| Q3 25 | — | $313.9M | ||
| Q2 25 | — | $196.3M | ||
| Q1 25 | — | $224.6M | ||
| Q4 24 | — | $303.4M | ||
| Q3 24 | — | $228.7M | ||
| Q2 24 | — | $301.0M | ||
| Q1 24 | — | $275.1M |
自由现金流率COINTDY
| Q4 25 | — | 21.0% | ||
| Q3 25 | — | 20.4% | ||
| Q2 25 | — | 13.0% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 20.2% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 20.4% |
资本支出强度COINTDY
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
现金转化率COINTDY
| Q4 25 | — | 1.38× | ||
| Q3 25 | -1.81× | 1.55× | ||
| Q2 25 | 0.23× | 1.08× | ||
| Q1 25 | -2.79× | 1.29× | ||
| Q4 24 | 0.75× | 1.67× | ||
| Q3 24 | 9.23× | 0.95× | ||
| Q2 24 | 13.39× | 1.77× | ||
| Q1 24 | 0.35× | 1.63× |
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% |
TDY
| Commercial And Other | $681.5M | 42% |
| Aerospace And Defense Electronics | $275.9M | 17% |
| Marine Instrumentation | $177.1M | 11% |
| United States Government | $169.0M | 10% |
| Environmental Instrumentation | $120.7M | 7% |
| Engineered Systems | $103.3M | 6% |
| Test And Measurement Instrumentation | $84.8M | 5% |
