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Coinbase（COIN）与福泰制药（VRTX）财务数据对比。点击上方公司名可切换其他公司
福泰制药的季度营收约是Coinbase的1.8倍（$3.2B vs $1.8B），福泰制药净利率更高（37.3% vs -37.4%，领先74.8%），福泰制药同比增速更快（9.5% vs -21.6%），过去两年福泰制药的营收复合增速更高（8.9% 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。
福泰制药是总部位于美国马萨诸塞州波士顿的生物制药企业，是全球首批明确采用理性药物设计策略、而非组合化学方法开发药物的生物技术公司之一。除波士顿总部外，公司还在加州圣迭戈、英国牛津郡米尔顿公园设有三处研发中心。
COIN vs VRTX — 直观对比
营收规模更大
VRTX
是对方的1.8倍
$1.8B
营收增速更快
VRTX
高出31.1%
-21.6%
净利率更高
VRTX
高出74.8%
-37.4%
两年增速更快
VRTX
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.2B |
| 净利润 | $-666.7M | $1.2B |
| 毛利率 | — | 85.4% |
| 营业利润率 | 15.4% | 37.8% |
| 净利率 | -37.4% | 37.3% |
| 营收同比 | -21.6% | 9.5% |
| 净利润同比 | -151.6% | 30.5% |
| 每股收益（稀释后） | $-2.43 | $4.64 |
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COINVRTX
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.9B | $3.1B | ||
| Q2 25 | $1.5B | $3.0B | ||
| Q1 25 | $2.0B | $2.8B | ||
| Q4 24 | $2.3B | $2.9B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.4B | $2.6B | ||
| Q1 24 | $1.6B | $2.7B |
净利润COINVRTX
| Q4 25 | $-666.7M | $1.2B | ||
| Q3 25 | $432.6M | $1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $65.6M | $646.3M | ||
| Q4 24 | $1.3B | $913.0M | ||
| Q3 24 | $75.5M | $1.0B | ||
| Q2 24 | $36.1M | $-3.6B | ||
| Q1 24 | $1.2B | $1.1B |
毛利率COINVRTX
| Q4 25 | — | 85.4% | ||
| Q3 25 | — | 86.5% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 85.5% | ||
| Q3 24 | — | 85.8% | ||
| Q2 24 | — | 85.9% | ||
| Q1 24 | — | 87.3% |
营业利润率COINVRTX
| Q4 25 | 15.4% | 37.8% | ||
| Q3 25 | 25.7% | 38.6% | ||
| Q2 25 | -1.6% | 38.8% | ||
| Q1 25 | 34.7% | 22.7% | ||
| Q4 24 | 45.5% | 35.2% | ||
| Q3 24 | 14.1% | 40.3% | ||
| Q2 24 | 23.7% | -132.9% | ||
| Q1 24 | 46.4% | 42.4% |
净利率COINVRTX
| Q4 25 | -37.4% | 37.3% | ||
| Q3 25 | 23.1% | 35.2% | ||
| Q2 25 | 95.4% | 34.8% | ||
| Q1 25 | 3.2% | 23.3% | ||
| Q4 24 | 56.8% | 31.4% | ||
| Q3 24 | 6.3% | 37.7% | ||
| Q2 24 | 2.5% | -135.8% | ||
| Q1 24 | 71.8% | 40.9% |
每股收益（稀释后）COINVRTX
| Q4 25 | $-2.43 | $4.64 | ||
| Q3 25 | $1.50 | $4.20 | ||
| Q2 25 | $5.14 | $3.99 | ||
| Q1 25 | $0.24 | $2.49 | ||
| Q4 24 | $4.66 | $3.62 | ||
| Q3 24 | $0.28 | $4.01 | ||
| Q2 24 | $0.14 | $-13.92 | ||
| Q1 24 | $4.40 | $4.21 |
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 | $6.6B |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $18.7B |
| 总资产 | $29.7B | $25.6B |
| 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COINVRTX
| Q4 25 | $11.6B | $6.6B | ||
| Q3 25 | $9.8B | $6.3B | ||
| Q2 25 | $7.5B | $6.4B | ||
| Q1 25 | $8.1B | $6.2B | ||
| Q4 24 | $8.5B | $6.1B | ||
| Q3 24 | $7.7B | $6.5B | ||
| Q2 24 | $7.2B | $5.8B | ||
| Q1 24 | $6.7B | $10.2B |
总债务COINVRTX
| 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COINVRTX
| Q4 25 | $14.8B | $18.7B | ||
| Q3 25 | $16.0B | $17.3B | ||
| Q2 25 | $12.1B | $17.2B | ||
| Q1 25 | $10.5B | $16.5B | ||
| Q4 24 | $10.3B | $16.4B | ||
| Q3 24 | $8.7B | $15.6B | ||
| Q2 24 | $8.4B | $14.8B | ||
| Q1 24 | $8.1B | $18.5B |
总资产COINVRTX
| Q4 25 | $29.7B | $25.6B | ||
| Q3 25 | $31.4B | $24.9B | ||
| Q2 25 | $23.5B | $24.0B | ||
| Q1 25 | $21.7B | $22.9B | ||
| Q4 24 | $22.5B | $22.5B | ||
| Q3 24 | $290.6B | $22.2B | ||
| Q2 24 | $287.0B | $20.1B | ||
| Q1 24 | $348.0B | $23.9B |
负债/权益比COINVRTX
| 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 | $498.0M |
| 自由现金流经营现金流 - 资本支出 | — | $348.6M |
| 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 | — | 4.7% |
| 现金转化率经营现金流/净利润 | — | 0.42× |
| 过去12个月自由现金流最近4个季度 | — | $3.2B |
8季度趋势，按日历期对齐
经营现金流COINVRTX
| Q4 25 | $3.1B | $498.0M | ||
| Q3 25 | $-784.5M | $1.2B | ||
| Q2 25 | $328.5M | $1.1B | ||
| Q1 25 | $-182.7M | $818.9M | ||
| Q4 24 | $964.6M | $584.6M | ||
| Q3 24 | $696.5M | $1.4B | ||
| Q2 24 | $484.2M | $-3.8B | ||
| Q1 24 | $411.5M | $1.3B |
自由现金流COINVRTX
| Q4 25 | — | $348.6M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $927.4M | ||
| Q1 25 | — | $778.2M | ||
| Q4 24 | — | $492.0M | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $-3.8B | ||
| Q1 24 | — | $1.2B |
自由现金流率COINVRTX
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | -144.5% | ||
| Q1 24 | — | 46.0% |
资本支出强度COINVRTX
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.5% |
现金转化率COINVRTX
| Q4 25 | — | 0.42× | ||
| Q3 25 | -1.81× | 1.15× | ||
| Q2 25 | 0.23× | 1.04× | ||
| Q1 25 | -2.79× | 1.27× | ||
| Q4 24 | 0.75× | 0.64× | ||
| Q3 24 | 9.23× | 1.31× | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | 1.19× |
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% |
VRTX
| TRIKAFTAKAFTRIO | $2.6B | 81% |
| ALYFTREK | $380.1M | 12% |
| Manufactured Product Other | $237.4M | 7% |
