vs
Coinbase（COIN）与TEREX CORP（TEX）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TEREX CORP的1.4倍（$1.8B vs $1.3B），TEREX CORP净利率更高（4.8% vs -37.4%，领先42.2%），TEREX CORP同比增速更快（6.2% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 1.0%）
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。
特雷克斯公司是美国知名的设备制造企业，业务遍布美洲、欧洲、澳大利亚及亚太地区，主营物料加工机械、废弃物回收处理设备、移动式高空作业平台，以及电力行业专用设备，为全球多领域客户提供专业解决方案。
COIN vs TEX — 直观对比
营收规模更大
COIN
是对方的1.4倍
$1.3B
营收增速更快
TEX
高出27.8%
-21.6%
净利率更高
TEX
高出42.2%
-37.4%
两年增速更快
COIN
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-666.7M | $63.0M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 15.4% | 10.4% |
| 净利率 | -37.4% | 4.8% |
| 营收同比 | -21.6% | 6.2% |
| 净利润同比 | -151.6% | 2963.6% |
| 每股收益（稀释后） | $-2.43 | $0.95 |
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COINTEX
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.6B | $1.3B |
净利润COINTEX
| Q4 25 | $-666.7M | $63.0M | ||
| Q3 25 | $432.6M | $65.0M | ||
| Q2 25 | $1.4B | $72.0M | ||
| Q1 25 | $65.6M | $21.0M | ||
| Q4 24 | $1.3B | $-2.2M | ||
| Q3 24 | $75.5M | $88.0M | ||
| Q2 24 | $36.1M | $140.7M | ||
| Q1 24 | $1.2B | $108.5M |
毛利率COINTEX
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 20.3% | ||
| Q2 25 | — | 19.6% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 20.2% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 23.0% |
营业利润率COINTEX
| Q4 25 | 15.4% | 10.4% | ||
| Q3 25 | 25.7% | 10.1% | ||
| Q2 25 | -1.6% | 8.7% | ||
| Q1 25 | 34.7% | 5.6% | ||
| Q4 24 | 45.5% | 4.2% | ||
| Q3 24 | 14.1% | 10.1% | ||
| Q2 24 | 23.7% | 14.0% | ||
| Q1 24 | 46.4% | 12.2% |
净利率COINTEX
| Q4 25 | -37.4% | 4.8% | ||
| Q3 25 | 23.1% | 4.7% | ||
| Q2 25 | 95.4% | 4.8% | ||
| Q1 25 | 3.2% | 1.7% | ||
| Q4 24 | 56.8% | -0.2% | ||
| Q3 24 | 6.3% | 7.3% | ||
| Q2 24 | 2.5% | 10.2% | ||
| Q1 24 | 71.8% | 8.4% |
每股收益（稀释后）COINTEX
| Q4 25 | $-2.43 | $0.95 | ||
| Q3 25 | $1.50 | $0.98 | ||
| Q2 25 | $5.14 | $1.09 | ||
| Q1 25 | $0.24 | $0.31 | ||
| Q4 24 | $4.66 | $-0.03 | ||
| Q3 24 | $0.28 | $1.31 | ||
| Q2 24 | $0.14 | $2.08 | ||
| Q1 24 | $4.40 | $1.60 |
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 | $772.0M |
| 总债务越低越好 | $7.2B | $2.6B |
| 股东权益账面价值 | $14.8B | $2.1B |
| 总资产 | $29.7B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.49× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资COINTEX
| Q4 25 | $11.6B | $772.0M | ||
| Q3 25 | $9.8B | $509.0M | ||
| Q2 25 | $7.5B | $374.0M | ||
| Q1 25 | $8.1B | $298.0M | ||
| Q4 24 | $8.5B | $388.0M | ||
| Q3 24 | $7.7B | $352.0M | ||
| Q2 24 | $7.2B | $319.3M | ||
| Q1 24 | $6.7B | $364.9M |
总债务COINTEX
| Q4 25 | $7.2B | $2.6B | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | $2.6B | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINTEX
| Q4 25 | $14.8B | $2.1B | ||
| Q3 25 | $16.0B | $2.0B | ||
| Q2 25 | $12.1B | $2.0B | ||
| Q1 25 | $10.5B | $1.8B | ||
| Q4 24 | $10.3B | $1.8B | ||
| Q3 24 | $8.7B | $2.0B | ||
| Q2 24 | $8.4B | $1.8B | ||
| Q1 24 | $8.1B | $1.7B |
总资产COINTEX
| Q4 25 | $29.7B | $6.1B | ||
| Q3 25 | $31.4B | $6.2B | ||
| Q2 25 | $23.5B | $6.2B | ||
| Q1 25 | $21.7B | $5.8B | ||
| Q4 24 | $22.5B | $5.7B | ||
| Q3 24 | $290.6B | $3.8B | ||
| Q2 24 | $287.0B | $3.8B | ||
| Q1 24 | $348.0B | $3.8B |
负债/权益比COINTEX
| Q4 25 | 0.49× | 1.23× | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | 1.41× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.52× | — |
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 | $205.0M |
| 自由现金流经营现金流 - 资本支出 | — | $171.0M |
| 自由现金流率自由现金流/营收 | — | 13.0% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | — | 3.25× |
| 过去12个月自由现金流最近4个季度 | — | $322.0M |
8季度趋势，按日历期对齐
经营现金流COINTEX
| Q4 25 | $3.1B | $205.0M | ||
| Q3 25 | $-784.5M | $154.0M | ||
| Q2 25 | $328.5M | $102.0M | ||
| Q1 25 | $-182.7M | $-21.0M | ||
| Q4 24 | $964.6M | $177.0M | ||
| Q3 24 | $696.5M | $116.4M | ||
| Q2 24 | $484.2M | $66.5M | ||
| Q1 24 | $411.5M | $-33.9M |
自由现金流COINTEX
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $130.0M | ||
| Q2 25 | — | $78.0M | ||
| Q1 25 | — | $-57.0M | ||
| Q4 24 | — | $128.0M | ||
| Q3 24 | — | $87.4M | ||
| Q2 24 | — | $42.5M | ||
| Q1 24 | — | $-68.9M |
自由现金流率COINTEX
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | -5.3% |
资本支出强度COINTEX
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.7% |
现金转化率COINTEX
| Q4 25 | — | 3.25× | ||
| Q3 25 | -1.81× | 2.37× | ||
| Q2 25 | 0.23× | 1.42× | ||
| Q1 25 | -2.79× | -1.00× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 1.32× | ||
| Q2 24 | 13.39× | 0.47× | ||
| Q1 24 | 0.35× | -0.31× |
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% |
TEX
| Aerials Segment | $466.0M | 35% |
| Materials Processing Segment | $428.0M | 32% |
| Materials Processing Equipment | $279.0M | 21% |
| Specialty Equipment | $148.0M | 11% |
