vs
Coinbase（COIN）与Taylor Morrison Home Corp（TMHC）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Taylor Morrison Home Corp的1.3倍（$1.8B vs $1.4B），Taylor Morrison Home Corp净利率更高（7.1% vs -37.4%，领先44.5%），Coinbase同比增速更快（-21.6% vs -26.8%），过去两年Coinbase的营收复合增速更高（4.3% vs -16.5%）
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。
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
COIN vs TMHC — 直观对比
营收规模更大
COIN
是对方的1.3倍
$1.4B
营收增速更快
COIN
高出5.2%
-26.8%
净利率更高
TMHC
高出44.5%
-37.4%
两年增速更快
COIN
近两年复合增速
-16.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-666.7M | $98.6M |
| 毛利率 | — | 21.0% |
| 营业利润率 | 15.4% | — |
| 净利率 | -37.4% | 7.1% |
| 营收同比 | -21.6% | -26.8% |
| 净利润同比 | -151.6% | -53.8% |
| 每股收益（稀释后） | $-2.43 | $1.12 |
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COINTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $2.0B | $1.9B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.4B | $2.0B |
净利润COINTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $-666.7M | $174.0M | ||
| Q3 25 | $432.6M | $201.4M | ||
| Q2 25 | $1.4B | $193.6M | ||
| Q1 25 | $65.6M | $213.5M | ||
| Q4 24 | $1.3B | $242.5M | ||
| Q3 24 | $75.5M | $251.1M | ||
| Q2 24 | $36.1M | $199.5M |
毛利率COINTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | — | 22.0% | ||
| Q3 25 | — | 22.7% | ||
| Q2 25 | — | 23.0% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | — | 25.0% | ||
| Q2 24 | — | 23.7% |
营业利润率COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 25.7% | — | ||
| Q2 25 | -1.6% | — | ||
| Q1 25 | 34.7% | — | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | — | ||
| Q2 24 | 23.7% | — |
净利率COINTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | -37.4% | 8.3% | ||
| Q3 25 | 23.1% | 9.6% | ||
| Q2 25 | 95.4% | 9.5% | ||
| Q1 25 | 3.2% | 11.3% | ||
| Q4 24 | 56.8% | 10.3% | ||
| Q3 24 | 6.3% | 11.8% | ||
| Q2 24 | 2.5% | 10.0% |
每股收益（稀释后）COINTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | $-2.43 | $1.77 | ||
| Q3 25 | $1.50 | $2.01 | ||
| Q2 25 | $5.14 | $1.92 | ||
| Q1 25 | $0.24 | $2.07 | ||
| Q4 24 | $4.66 | $2.29 | ||
| Q3 24 | $0.28 | $2.37 | ||
| Q2 24 | $0.14 | $1.86 |
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 | $652.9M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $6.2B |
| 总资产 | $29.7B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.49× | — |
8季度趋势，按日历期对齐
现金及短期投资COINTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | $11.6B | $850.0M | ||
| Q3 25 | $9.8B | $370.6M | ||
| Q2 25 | $7.5B | $130.2M | ||
| Q1 25 | $8.1B | $377.8M | ||
| Q4 24 | $8.5B | $487.2M | ||
| Q3 24 | $7.7B | $256.4M | ||
| Q2 24 | $7.2B | $246.8M |
总债务COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $2.3B | ||
| Q3 25 | $7.2B | $2.2B | ||
| Q2 25 | $4.2B | $2.1B | ||
| Q1 25 | $4.2B | $2.1B | ||
| Q4 24 | $4.2B | $2.1B | ||
| Q3 24 | $4.2B | $2.1B | ||
| Q2 24 | $4.2B | $2.2B |
股东权益COINTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | $14.8B | $6.3B | ||
| Q3 25 | $16.0B | $6.2B | ||
| Q2 25 | $12.1B | $6.1B | ||
| Q1 25 | $10.5B | $6.0B | ||
| Q4 24 | $10.3B | $5.9B | ||
| Q3 24 | $8.7B | $5.7B | ||
| Q2 24 | $8.4B | $5.5B |
总资产COINTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $29.7B | $9.8B | ||
| Q3 25 | $31.4B | $9.6B | ||
| Q2 25 | $23.5B | $9.5B | ||
| Q1 25 | $21.7B | $9.4B | ||
| Q4 24 | $22.5B | $9.3B | ||
| Q3 24 | $290.6B | $9.3B | ||
| Q2 24 | $287.0B | $9.1B |
负债/权益比COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | 0.36× | ||
| Q3 25 | 0.45× | 0.35× | ||
| Q2 25 | 0.35× | 0.35× | ||
| Q1 25 | 0.40× | 0.35× | ||
| Q4 24 | 0.41× | 0.36× | ||
| Q3 24 | 0.48× | 0.37× | ||
| Q2 24 | 0.51× | 0.39× |
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COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $646.4M | ||
| Q3 25 | $-784.5M | $219.6M | ||
| Q2 25 | $328.5M | $-126.0M | ||
| Q1 25 | $-182.7M | $77.2M | ||
| Q4 24 | $964.6M | $438.2M | ||
| Q3 24 | $696.5M | $135.9M | ||
| Q2 24 | $484.2M | $-233.3M |
自由现金流COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | $635.3M | ||
| Q3 25 | — | $206.6M | ||
| Q2 25 | — | $-133.6M | ||
| Q1 25 | — | $68.7M | ||
| Q4 24 | — | $428.2M | ||
| Q3 24 | — | $127.1M | ||
| Q2 24 | — | $-241.7M |
自由现金流率COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | -6.6% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | -12.1% |
资本支出强度COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.4% |
现金转化率COINTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | 3.71× | ||
| Q3 25 | -1.81× | 1.09× | ||
| Q2 25 | 0.23× | -0.65× | ||
| Q1 25 | -2.79× | 0.36× | ||
| Q4 24 | 0.75× | 1.81× | ||
| Q3 24 | 9.23× | 0.54× | ||
| Q2 24 | 13.39× | -1.17× |
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% |
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
