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Coinbase（COIN）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.4倍（$1.8B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
COIN vs TNET — 直观对比
营收规模更大
COIN
是对方的1.4倍
$1.2B
营收增速更快
TNET
高出19.4%
-21.6%
两年增速更快
COIN
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-666.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 0.1% |
| 净利率 | -37.4% | — |
| 营收同比 | -21.6% | -2.2% |
| 净利润同比 | -151.6% | — |
| 每股收益（稀释后） | $-2.43 | $0.02 |
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COINTNET
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.6B | $1.3B |
净利润COINTNET
| Q4 25 | $-666.7M | — | ||
| Q3 25 | $432.6M | $34.0M | ||
| Q2 25 | $1.4B | $37.0M | ||
| Q1 25 | $65.6M | $85.0M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $75.5M | $45.0M | ||
| Q2 24 | $36.1M | $60.0M | ||
| Q1 24 | $1.2B | $91.0M |
营业利润率COINTNET
| Q4 25 | 15.4% | 0.1% | ||
| Q3 25 | 25.7% | 4.1% | ||
| Q2 25 | -1.6% | 4.1% | ||
| Q1 25 | 34.7% | 8.9% | ||
| Q4 24 | 45.5% | -2.9% | ||
| Q3 24 | 14.1% | 4.7% | ||
| Q2 24 | 23.7% | 6.5% | ||
| Q1 24 | 46.4% | 9.7% |
净利率COINTNET
| Q4 25 | -37.4% | — | ||
| Q3 25 | 23.1% | 2.8% | ||
| Q2 25 | 95.4% | 3.0% | ||
| Q1 25 | 3.2% | 6.6% | ||
| Q4 24 | 56.8% | — | ||
| Q3 24 | 6.3% | 3.6% | ||
| Q2 24 | 2.5% | 4.9% | ||
| Q1 24 | 71.8% | 7.2% |
每股收益（稀释后）COINTNET
| Q4 25 | $-2.43 | $0.02 | ||
| Q3 25 | $1.50 | $0.70 | ||
| Q2 25 | $5.14 | $0.77 | ||
| Q1 25 | $0.24 | $1.71 | ||
| Q4 24 | $4.66 | $-0.44 | ||
| Q3 24 | $0.28 | $0.89 | ||
| Q2 24 | $0.14 | $1.20 | ||
| Q1 24 | $4.40 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $54.0M |
| 总资产 | $29.7B | $3.8B |
| 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COINTNET
| Q4 25 | $11.6B | $287.0M | ||
| Q3 25 | $9.8B | $321.0M | ||
| Q2 25 | $7.5B | $407.0M | ||
| Q1 25 | $8.1B | $349.0M | ||
| Q4 24 | $8.5B | $360.0M | ||
| Q3 24 | $7.7B | $301.0M | ||
| Q2 24 | $7.2B | $249.0M | ||
| Q1 24 | $6.7B | $383.0M |
总债务COINTNET
| 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 | — | ||
| Q1 24 | $4.2B | — |
股东权益COINTNET
| Q4 25 | $14.8B | $54.0M | ||
| Q3 25 | $16.0B | $110.0M | ||
| Q2 25 | $12.1B | $107.0M | ||
| Q1 25 | $10.5B | $63.0M | ||
| Q4 24 | $10.3B | $69.0M | ||
| Q3 24 | $8.7B | $129.0M | ||
| Q2 24 | $8.4B | $100.0M | ||
| Q1 24 | $8.1B | $143.0M |
总资产COINTNET
| Q4 25 | $29.7B | $3.8B | ||
| Q3 25 | $31.4B | $3.4B | ||
| Q2 25 | $23.5B | $3.7B | ||
| Q1 25 | $21.7B | $3.8B | ||
| Q4 24 | $22.5B | $4.1B | ||
| Q3 24 | $290.6B | $3.7B | ||
| Q2 24 | $287.0B | $3.7B | ||
| Q1 24 | $348.0B | $4.0B |
负债/权益比COINTNET
| 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× | — | ||
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流COINTNET
| Q4 25 | $3.1B | $61.0M | ||
| Q3 25 | $-784.5M | $72.0M | ||
| Q2 25 | $328.5M | $75.0M | ||
| Q1 25 | $-182.7M | $95.0M | ||
| Q4 24 | $964.6M | $65.0M | ||
| Q3 24 | $696.5M | $84.0M | ||
| Q2 24 | $484.2M | $39.0M | ||
| Q1 24 | $411.5M | $91.0M |
自由现金流COINTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率COINTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度COINTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率COINTNET
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | 2.12× | ||
| Q2 25 | 0.23× | 2.03× | ||
| Q1 25 | -2.79× | 1.12× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 9.23× | 1.87× | ||
| Q2 24 | 13.39× | 0.65× | ||
| Q1 24 | 0.35× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
