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Coinbase（COIN）与Vici Properties（VICI）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Vici Properties的1.8倍（$1.8B vs $1.0B），Vici Properties净利率更高（59.7% vs -37.4%，领先97.1%），Vici Properties同比增速更快（3.8% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
COIN vs VICI — 直观对比
营收规模更大
COIN
是对方的1.8倍
$1.0B
营收增速更快
VICI
高出25.4%
-21.6%
净利率更高
VICI
高出97.1%
-37.4%
两年增速更快
COIN
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.0B |
| 净利润 | $-666.7M | $604.8M |
| 毛利率 | — | 99.3% |
| 营业利润率 | 15.4% | 60.2% |
| 净利率 | -37.4% | 59.7% |
| 营收同比 | -21.6% | 3.8% |
| 净利润同比 | -151.6% | -1.6% |
| 每股收益（稀释后） | $-2.43 | $0.57 |
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COINVICI
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $1.5B | $1.0B | ||
| Q1 25 | $2.0B | $984.2M | ||
| Q4 24 | $2.3B | $976.1M | ||
| Q3 24 | $1.2B | $964.7M | ||
| Q2 24 | $1.4B | $957.0M | ||
| Q1 24 | $1.6B | $951.5M |
净利润COINVICI
| Q4 25 | $-666.7M | $604.8M | ||
| Q3 25 | $432.6M | $762.0M | ||
| Q2 25 | $1.4B | $865.1M | ||
| Q1 25 | $65.6M | $543.6M | ||
| Q4 24 | $1.3B | $614.6M | ||
| Q3 24 | $75.5M | $732.9M | ||
| Q2 24 | $36.1M | $741.3M | ||
| Q1 24 | $1.2B | $590.0M |
毛利率COINVICI
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | — | 99.3% | ||
| Q1 24 | — | 99.3% |
营业利润率COINVICI
| Q4 25 | 15.4% | 60.2% | ||
| Q3 25 | 25.7% | 77.2% | ||
| Q2 25 | -1.6% | 88.3% | ||
| Q1 25 | 34.7% | 55.9% | ||
| Q4 24 | 45.5% | 64.2% | ||
| Q3 24 | 14.1% | 77.4% | ||
| Q2 24 | 23.7% | 79.0% | ||
| Q1 24 | 46.4% | 63.2% |
净利率COINVICI
| Q4 25 | -37.4% | 59.7% | ||
| Q3 25 | 23.1% | 75.6% | ||
| Q2 25 | 95.4% | 86.4% | ||
| Q1 25 | 3.2% | 55.2% | ||
| Q4 24 | 56.8% | 63.0% | ||
| Q3 24 | 6.3% | 76.0% | ||
| Q2 24 | 2.5% | 77.5% | ||
| Q1 24 | 71.8% | 62.0% |
每股收益（稀释后）COINVICI
| Q4 25 | $-2.43 | $0.57 | ||
| Q3 25 | $1.50 | $0.71 | ||
| Q2 25 | $5.14 | $0.82 | ||
| Q1 25 | $0.24 | $0.51 | ||
| Q4 24 | $4.66 | $0.58 | ||
| Q3 24 | $0.28 | $0.70 | ||
| Q2 24 | $0.14 | $0.71 | ||
| Q1 24 | $4.40 | $0.57 |
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 | $608.0M |
| 总债务越低越好 | $7.2B | $16.8B |
| 股东权益账面价值 | $14.8B | $27.8B |
| 总资产 | $29.7B | $46.7B |
| 负债/权益比越低杠杆越低 | 0.49× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资COINVICI
| Q4 25 | $11.6B | $608.0M | ||
| Q3 25 | $9.8B | $507.5M | ||
| Q2 25 | $7.5B | $233.0M | ||
| Q1 25 | $8.1B | $334.3M | ||
| Q4 24 | $8.5B | $524.6M | ||
| Q3 24 | $7.7B | $355.7M | ||
| Q2 24 | $7.2B | $347.2M | ||
| Q1 24 | $6.7B | $514.9M |
总债务COINVICI
| Q4 25 | $7.2B | $16.8B | ||
| Q3 25 | $7.2B | $16.8B | ||
| Q2 25 | $4.2B | $16.9B | ||
| Q1 25 | $4.2B | $16.8B | ||
| Q4 24 | $4.2B | $16.7B | ||
| Q3 24 | $4.2B | $16.7B | ||
| Q2 24 | $4.2B | $16.7B | ||
| Q1 24 | $4.2B | $16.7B |
股东权益COINVICI
| Q4 25 | $14.8B | $27.8B | ||
| Q3 25 | $16.0B | $27.7B | ||
| Q2 25 | $12.1B | $27.0B | ||
| Q1 25 | $10.5B | $26.6B | ||
| Q4 24 | $10.3B | $26.5B | ||
| Q3 24 | $8.7B | $26.1B | ||
| Q2 24 | $8.4B | $25.7B | ||
| Q1 24 | $8.1B | $25.4B |
总资产COINVICI
| Q4 25 | $29.7B | $46.7B | ||
| Q3 25 | $31.4B | $46.5B | ||
| Q2 25 | $23.5B | $46.1B | ||
| Q1 25 | $21.7B | $45.5B | ||
| Q4 24 | $22.5B | $45.4B | ||
| Q3 24 | $290.6B | $44.9B | ||
| Q2 24 | $287.0B | $44.5B | ||
| Q1 24 | $348.0B | $44.2B |
负债/权益比COINVICI
| Q4 25 | 0.49× | 0.60× | ||
| Q3 25 | 0.45× | 0.61× | ||
| Q2 25 | 0.35× | 0.63× | ||
| Q1 25 | 0.40× | 0.63× | ||
| Q4 24 | 0.41× | 0.63× | ||
| Q3 24 | 0.48× | 0.64× | ||
| Q2 24 | 0.51× | 0.65× | ||
| Q1 24 | 0.52× | 0.66× |
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 | $691.9M |
| 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 | — | 1.14× |
| 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COINVICI
| Q4 25 | $3.1B | $691.9M | ||
| Q3 25 | $-784.5M | $586.3M | ||
| Q2 25 | $328.5M | $639.9M | ||
| Q1 25 | $-182.7M | $591.9M | ||
| Q4 24 | $964.6M | $644.1M | ||
| Q3 24 | $696.5M | $579.1M | ||
| Q2 24 | $484.2M | $614.6M | ||
| Q1 24 | $411.5M | $543.7M |
现金转化率COINVICI
| Q4 25 | — | 1.14× | ||
| Q3 25 | -1.81× | 0.77× | ||
| Q2 25 | 0.23× | 0.74× | ||
| Q1 25 | -2.79× | 1.09× | ||
| Q4 24 | 0.75× | 1.05× | ||
| Q3 24 | 9.23× | 0.79× | ||
| Q2 24 | 13.39× | 0.83× | ||
| Q1 24 | 0.35× | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
