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Coinbase（COIN）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是Coinbase的6.3倍（$11.2B vs $1.8B），维萨净利率更高（53.4% vs -37.4%，领先90.9%），维萨同比增速更快（17.0% vs -21.6%），过去两年维萨的营收复合增速更高（12.3% 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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
COIN vs V — 直观对比
营收规模更大
V
是对方的6.3倍
$1.8B
营收增速更快
V
高出38.6%
-21.6%
净利率更高
V
高出90.9%
-37.4%
两年增速更快
V
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $11.2B |
| 净利润 | $-666.7M | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 64.4% |
| 净利率 | -37.4% | 53.4% |
| 营收同比 | -21.6% | 17.0% |
| 净利润同比 | -151.6% | 32.0% |
| 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COINV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $1.8B | $10.9B | ||
| Q3 25 | $1.9B | $10.7B | ||
| Q2 25 | $1.5B | $10.2B | ||
| Q1 25 | $2.0B | $9.6B | ||
| Q4 24 | $2.3B | $9.5B | ||
| Q3 24 | $1.2B | $9.6B | ||
| Q2 24 | $1.4B | $8.9B |
净利润COINV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $-666.7M | $5.9B | ||
| Q3 25 | $432.6M | $5.1B | ||
| Q2 25 | $1.4B | $5.3B | ||
| Q1 25 | $65.6M | $4.6B | ||
| Q4 24 | $1.3B | $5.1B | ||
| Q3 24 | $75.5M | $5.3B | ||
| Q2 24 | $36.1M | $4.9B |
营业利润率COINV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 15.4% | 61.8% | ||
| Q3 25 | 25.7% | 57.3% | ||
| Q2 25 | -1.6% | 60.7% | ||
| Q1 25 | 34.7% | 56.6% | ||
| Q4 24 | 45.5% | 65.6% | ||
| Q3 24 | 14.1% | 66.0% | ||
| Q2 24 | 23.7% | 66.7% |
净利率COINV
| Q2 26 | — | 53.4% | ||
| Q4 25 | -37.4% | 53.7% | ||
| Q3 25 | 23.1% | 47.5% | ||
| Q2 25 | 95.4% | 51.8% | ||
| Q1 25 | 3.2% | 47.7% | ||
| Q4 24 | 56.8% | 53.8% | ||
| Q3 24 | 6.3% | 55.3% | ||
| Q2 24 | 2.5% | 54.7% |
每股收益（稀释后）COINV
| Q2 26 | — | — | ||
| 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 | — |
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 | $12.4B |
| 总债务越低越好 | $7.2B | $22.4B |
| 股东权益账面价值 | $14.8B | $35.7B |
| 总资产 | $29.7B | $95.0B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资COINV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $11.6B | $14.8B | ||
| Q3 25 | $9.8B | $17.2B | ||
| Q2 25 | $7.5B | $17.1B | ||
| Q1 25 | $8.1B | $11.7B | ||
| Q4 24 | $8.5B | $12.4B | ||
| Q3 24 | $7.7B | $12.0B | ||
| Q2 24 | $7.2B | $12.9B |
总债务COINV
| Q2 26 | — | $22.4B | ||
| 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 | — |
股东权益COINV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $14.8B | $38.8B | ||
| Q3 25 | $16.0B | $37.9B | ||
| Q2 25 | $12.1B | $38.7B | ||
| Q1 25 | $10.5B | $38.0B | ||
| Q4 24 | $10.3B | $38.3B | ||
| Q3 24 | $8.7B | $39.1B | ||
| Q2 24 | $8.4B | $39.7B |
总资产COINV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $29.7B | $96.8B | ||
| Q3 25 | $31.4B | $99.6B | ||
| Q2 25 | $23.5B | $100.0B | ||
| Q1 25 | $21.7B | $92.9B | ||
| Q4 24 | $22.5B | $91.9B | ||
| Q3 24 | $290.6B | $94.5B | ||
| Q2 24 | $287.0B | $91.0B |
负债/权益比COINV
| Q2 26 | — | 0.63× | ||
| 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× | — |
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COINV
| Q2 26 | — | — | ||
| Q4 25 | $3.1B | $6.8B | ||
| Q3 25 | $-784.5M | $6.2B | ||
| Q2 25 | $328.5M | $6.7B | ||
| Q1 25 | $-182.7M | $4.7B | ||
| Q4 24 | $964.6M | $5.4B | ||
| Q3 24 | $696.5M | $6.7B | ||
| Q2 24 | $484.2M | $5.1B |
自由现金流COINV
| Q2 26 | — | — | ||
| Q4 25 | — | $6.4B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $4.7B |
自由现金流率COINV
| Q2 26 | — | — | ||
| Q4 25 | — | 58.7% | ||
| Q3 25 | — | 54.5% | ||
| Q2 25 | — | 62.0% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 53.1% | ||
| Q3 24 | — | 66.1% | ||
| Q2 24 | — | 53.2% |
资本支出强度COINV
| Q2 26 | — | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 4.5% |
现金转化率COINV
| Q2 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | -1.81× | 1.23× | ||
| Q2 25 | 0.23× | 1.28× | ||
| Q1 25 | -2.79× | 1.03× | ||
| Q4 24 | 0.75× | 1.05× | ||
| Q3 24 | 9.23× | 1.25× | ||
| Q2 24 | 13.39× | 1.05× |
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% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
