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Coinbase（COIN）与Toast, Inc.（TOST）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Toast, Inc.的1.1倍（$1.8B vs $1.6B），Toast, Inc.净利率更高（6.2% vs -37.4%，领先43.6%），Toast, Inc.同比增速更快（22.0% vs -21.6%），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
COIN vs TOST — 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
TOST
高出43.6%
-21.6%
净利率更高
TOST
高出43.6%
-37.4%
两年增速更快
TOST
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 | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | 15.4% | 5.2% |
| 净利率 | -37.4% | 6.2% |
| 营收同比 | -21.6% | 22.0% |
| 净利润同比 | -151.6% | 215.6% |
| 每股收益（稀释后） | $-2.43 | $0.18 |
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COINTOST
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.6B | $1.1B |
净利润COINTOST
| Q4 25 | $-666.7M | $101.0M | ||
| Q3 25 | $432.6M | $105.0M | ||
| Q2 25 | $1.4B | $80.0M | ||
| Q1 25 | $65.6M | $56.0M | ||
| Q4 24 | $1.3B | $32.0M | ||
| Q3 24 | $75.5M | $56.0M | ||
| Q2 24 | $36.1M | $14.0M | ||
| Q1 24 | $1.2B | $-83.0M |
毛利率COINTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率COINTOST
| Q4 25 | 15.4% | 5.2% | ||
| Q3 25 | 25.7% | 5.1% | ||
| Q2 25 | -1.6% | 5.2% | ||
| Q1 25 | 34.7% | 3.2% | ||
| Q4 24 | 45.5% | 2.5% | ||
| Q3 24 | 14.1% | 2.6% | ||
| Q2 24 | 23.7% | 0.4% | ||
| Q1 24 | 46.4% | -5.2% |
净利率COINTOST
| Q4 25 | -37.4% | 6.2% | ||
| Q3 25 | 23.1% | 6.4% | ||
| Q2 25 | 95.4% | 5.2% | ||
| Q1 25 | 3.2% | 4.2% | ||
| Q4 24 | 56.8% | 2.4% | ||
| Q3 24 | 6.3% | 4.3% | ||
| Q2 24 | 2.5% | 1.1% | ||
| Q1 24 | 71.8% | -7.7% |
每股收益（稀释后）COINTOST
| Q4 25 | $-2.43 | $0.18 | ||
| Q3 25 | $1.50 | $0.16 | ||
| Q2 25 | $5.14 | $0.13 | ||
| Q1 25 | $0.24 | $0.09 | ||
| Q4 24 | $4.66 | $0.09 | ||
| Q3 24 | $0.28 | $0.07 | ||
| Q2 24 | $0.14 | $0.02 | ||
| Q1 24 | $4.40 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $2.1B |
| 总资产 | $29.7B | $3.1B |
| 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COINTOST
| Q4 25 | $11.6B | $1.4B | ||
| Q3 25 | $9.8B | $1.4B | ||
| Q2 25 | $7.5B | $1.2B | ||
| Q1 25 | $8.1B | $1.0B | ||
| Q4 24 | $8.5B | $903.0M | ||
| Q3 24 | $7.7B | $761.0M | ||
| Q2 24 | $7.2B | $691.0M | ||
| Q1 24 | $6.7B | $578.0M |
总债务COINTOST
| 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COINTOST
| Q4 25 | $14.8B | $2.1B | ||
| Q3 25 | $16.0B | $2.0B | ||
| Q2 25 | $12.1B | $1.8B | ||
| Q1 25 | $10.5B | $1.7B | ||
| Q4 24 | $10.3B | $1.5B | ||
| Q3 24 | $8.7B | $1.4B | ||
| Q2 24 | $8.4B | $1.3B | ||
| Q1 24 | $8.1B | $1.2B |
总资产COINTOST
| Q4 25 | $29.7B | $3.1B | ||
| Q3 25 | $31.4B | $3.0B | ||
| Q2 25 | $23.5B | $2.8B | ||
| Q1 25 | $21.7B | $2.6B | ||
| Q4 24 | $22.5B | $2.4B | ||
| Q3 24 | $290.6B | $2.2B | ||
| Q2 24 | $287.0B | $2.2B | ||
| Q1 24 | $348.0B | $2.1B |
负债/权益比COINTOST
| 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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | — | $178.0M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | — | $608.0M |
8季度趋势，按日历期对齐
经营现金流COINTOST
| Q4 25 | $3.1B | $194.0M | ||
| Q3 25 | $-784.5M | $165.0M | ||
| Q2 25 | $328.5M | $223.0M | ||
| Q1 25 | $-182.7M | $79.0M | ||
| Q4 24 | $964.6M | $147.0M | ||
| Q3 24 | $696.5M | $109.0M | ||
| Q2 24 | $484.2M | $124.0M | ||
| Q1 24 | $411.5M | $-20.0M |
自由现金流COINTOST
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
自由现金流率COINTOST
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
资本支出强度COINTOST
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
现金转化率COINTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | -1.81× | 1.57× | ||
| Q2 25 | 0.23× | 2.79× | ||
| Q1 25 | -2.79× | 1.41× | ||
| Q4 24 | 0.75× | 4.59× | ||
| Q3 24 | 9.23× | 1.95× | ||
| Q2 24 | 13.39× | 8.86× | ||
| Q1 24 | 0.35× | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
