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Coinbase（COIN）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是Coinbase的1.7倍（$3.0B vs $1.8B），Tennessee Valley Authority净利率更高（8.7% vs -37.4%，领先46.2%），Tennessee Valley Authority同比增速更快（4.4% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -1.7%）
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。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
COIN vs TVE — 直观对比
营收规模更大
TVE
是对方的1.7倍
$1.8B
营收增速更快
TVE
高出26.0%
-21.6%
净利率更高
TVE
高出46.2%
-37.4%
两年增速更快
COIN
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.0B |
| 净利润 | $-666.7M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 18.1% |
| 净利率 | -37.4% | 8.7% |
| 营收同比 | -21.6% | 4.4% |
| 净利润同比 | -151.6% | 112.8% |
| 每股收益（稀释后） | $-2.43 | — |
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COINTVE
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $1.9B | $3.9B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $2.0B | $3.5B | ||
| Q4 24 | $2.3B | $2.9B | ||
| Q3 24 | $1.2B | $3.5B | ||
| Q2 24 | $1.4B | $2.9B | ||
| Q1 24 | $1.6B | $3.2B |
净利润COINTVE
| Q4 25 | $-666.7M | $266.0M | ||
| Q3 25 | $432.6M | $615.0M | ||
| Q2 25 | $1.4B | $212.0M | ||
| Q1 25 | $65.6M | $408.0M | ||
| Q4 24 | $1.3B | $125.0M | ||
| Q3 24 | $75.5M | $520.0M | ||
| Q2 24 | $36.1M | $181.0M | ||
| Q1 24 | $1.2B | $307.0M |
营业利润率COINTVE
| Q4 25 | 15.4% | 18.1% | ||
| Q3 25 | 25.7% | 23.6% | ||
| Q2 25 | -1.6% | 15.6% | ||
| Q1 25 | 34.7% | 20.3% | ||
| Q4 24 | 45.5% | 14.1% | ||
| Q3 24 | 14.1% | 22.7% | ||
| Q2 24 | 23.7% | 15.9% | ||
| Q1 24 | 46.4% | 18.4% |
净利率COINTVE
| Q4 25 | -37.4% | 8.7% | ||
| Q3 25 | 23.1% | 15.7% | ||
| Q2 25 | 95.4% | 6.4% | ||
| Q1 25 | 3.2% | 11.6% | ||
| Q4 24 | 56.8% | 4.3% | ||
| Q3 24 | 6.3% | 14.8% | ||
| Q2 24 | 2.5% | 6.3% | ||
| Q1 24 | 71.8% | 9.7% |
每股收益（稀释后）COINTVE
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | — | ||
| Q2 25 | $5.14 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.14 | — | ||
| Q1 24 | $4.40 | — |
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 | $501.0M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | — |
| 总资产 | $29.7B | $59.5B |
| 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COINTVE
| Q4 25 | $11.6B | $501.0M | ||
| Q3 25 | $9.8B | $1.6B | ||
| Q2 25 | $7.5B | $501.0M | ||
| Q1 25 | $8.1B | $502.0M | ||
| Q4 24 | $8.5B | $507.0M | ||
| Q3 24 | $7.7B | $502.0M | ||
| Q2 24 | $7.2B | $501.0M | ||
| Q1 24 | $6.7B | $508.0M |
总债务COINTVE
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | $22.1B | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | $19.1B | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
股东权益COINTVE
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | — | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.1B | — |
总资产COINTVE
| Q4 25 | $29.7B | $59.5B | ||
| Q3 25 | $31.4B | $60.9B | ||
| Q2 25 | $23.5B | $59.9B | ||
| Q1 25 | $21.7B | $59.3B | ||
| Q4 24 | $22.5B | $58.4B | ||
| Q3 24 | $290.6B | $57.7B | ||
| Q2 24 | $287.0B | $56.2B | ||
| Q1 24 | $348.0B | $52.3B |
负债/权益比COINTVE
| 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 | $330.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-814.0M |
| 自由现金流率自由现金流/营收 | — | -26.7% |
| 资本支出强度资本支出/营收 | — | 37.5% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $-1.2B |
8季度趋势，按日历期对齐
经营现金流COINTVE
| Q4 25 | $3.1B | $330.0M | ||
| Q3 25 | $-784.5M | $1.2B | ||
| Q2 25 | $328.5M | $615.0M | ||
| Q1 25 | $-182.7M | $1.0B | ||
| Q4 24 | $964.6M | $450.0M | ||
| Q3 24 | $696.5M | $1.1B | ||
| Q2 24 | $484.2M | $508.0M | ||
| Q1 24 | $411.5M | $1.0B |
自由现金流COINTVE
| Q4 25 | — | $-814.0M | ||
| Q3 25 | — | $233.0M | ||
| Q2 25 | — | $-431.0M | ||
| Q1 25 | — | $-176.0M | ||
| Q4 24 | — | $-759.0M | ||
| Q3 24 | — | $164.0M | ||
| Q2 24 | — | $-248.0M | ||
| Q1 24 | — | $276.0M |
自由现金流率COINTVE
| Q4 25 | — | -26.7% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -26.0% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | -8.6% | ||
| Q1 24 | — | 8.8% |
资本支出强度COINTVE
| Q4 25 | — | 37.5% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 33.6% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 26.3% | ||
| Q1 24 | — | 24.2% |
现金转化率COINTVE
| Q4 25 | — | 1.24× | ||
| Q3 25 | -1.81× | 2.03× | ||
| Q2 25 | 0.23× | 2.90× | ||
| Q1 25 | -2.79× | 2.48× | ||
| Q4 24 | 0.75× | 3.60× | ||
| Q3 24 | 9.23× | 2.05× | ||
| Q2 24 | 13.39× | 2.81× | ||
| Q1 24 | 0.35× | 3.38× |
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% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
