vs
Coinbase（COIN）与西联汇款（WU）财务数据对比。点击上方公司名可切换其他公司
Coinbase的季度营收约是西联汇款的1.8倍（$1.8B vs $982.7M），西联汇款净利率更高（6.6% vs -37.4%，领先44.0%），西联汇款同比增速更快（0.0% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -1.9%）
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。
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，在全球范围内为个人及机构用户提供便捷的跨境汇款、支付等相关金融服务，凭借广泛的服务网点覆盖和成熟的业务体系，在跨境资金流转领域拥有较高的行业知名度。
COIN vs WU — 直观对比
营收规模更大
COIN
是对方的1.8倍
$982.7M
营收增速更快
WU
高出21.6%
-21.6%
净利率更高
WU
高出44.0%
-37.4%
两年增速更快
COIN
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $982.7M |
| 净利润 | $-666.7M | $64.7M |
| 毛利率 | — | — |
| 营业利润率 | 15.4% | 12.5% |
| 净利率 | -37.4% | 6.6% |
| 营收同比 | -21.6% | 0.0% |
| 净利润同比 | -151.6% | -47.6% |
| 每股收益（稀释后） | $-2.43 | $0.41 |
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COINWU
| Q1 26 | — | $982.7M | ||
| Q4 25 | $1.8B | $972.0M | ||
| Q3 25 | $1.9B | $985.3M | ||
| Q2 25 | $1.5B | $983.6M | ||
| Q1 25 | $2.0B | $938.7M | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $1.2B | $993.4M | ||
| Q2 24 | $1.4B | $1.0B |
净利润COINWU
| Q1 26 | — | $64.7M | ||
| Q4 25 | $-666.7M | $114.4M | ||
| Q3 25 | $432.6M | $139.6M | ||
| Q2 25 | $1.4B | $122.1M | ||
| Q1 25 | $65.6M | $123.5M | ||
| Q4 24 | $1.3B | $385.7M | ||
| Q3 24 | $75.5M | $264.8M | ||
| Q2 24 | $36.1M | $141.0M |
毛利率COINWU
| Q1 26 | — | — | ||
| Q4 25 | — | 33.6% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 34.6% | ||
| Q1 25 | — | 34.0% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | — | 34.2% | ||
| Q2 24 | — | 35.0% |
营业利润率COINWU
| Q1 26 | — | 12.5% | ||
| Q4 25 | 15.4% | 19.1% | ||
| Q3 25 | 25.7% | 20.5% | ||
| Q2 25 | -1.6% | 19.6% | ||
| Q1 25 | 34.7% | 18.9% | ||
| Q4 24 | 45.5% | 17.5% | ||
| Q3 24 | 14.1% | 16.6% | ||
| Q2 24 | 23.7% | 18.7% |
净利率COINWU
| Q1 26 | — | 6.6% | ||
| Q4 25 | -37.4% | 11.8% | ||
| Q3 25 | 23.1% | 14.2% | ||
| Q2 25 | 95.4% | 12.4% | ||
| Q1 25 | 3.2% | 13.2% | ||
| Q4 24 | 56.8% | 37.9% | ||
| Q3 24 | 6.3% | 26.7% | ||
| Q2 24 | 2.5% | 13.8% |
每股收益（稀释后）COINWU
| Q1 26 | — | $0.41 | ||
| Q4 25 | $-2.43 | $0.36 | ||
| Q3 25 | $1.50 | $0.43 | ||
| Q2 25 | $5.14 | $0.37 | ||
| Q1 25 | $0.24 | $0.36 | ||
| Q4 24 | $4.66 | $1.14 | ||
| Q3 24 | $0.28 | $0.78 | ||
| Q2 24 | $0.14 | $0.41 |
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 | $909.2M |
| 总债务越低越好 | $7.2B | — |
| 股东权益账面价值 | $14.8B | $910.5M |
| 总资产 | $29.7B | $8.1B |
| 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COINWU
| Q1 26 | — | $909.2M | ||
| Q4 25 | $11.6B | $1.2B | ||
| Q3 25 | $9.8B | $947.8M | ||
| Q2 25 | $7.5B | $1.0B | ||
| Q1 25 | $8.1B | $1.3B | ||
| Q4 24 | $8.5B | $1.5B | ||
| Q3 24 | $7.7B | $1.1B | ||
| Q2 24 | $7.2B | $1.0B |
总债务COINWU
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | $2.9B | ||
| Q3 25 | $7.2B | $2.5B | ||
| Q2 25 | $4.2B | $2.5B | ||
| Q1 25 | $4.2B | $2.5B | ||
| Q4 24 | $4.2B | $3.0B | ||
| Q3 24 | $4.2B | $2.1B | ||
| Q2 24 | $4.2B | $2.1B |
股东权益COINWU
| Q1 26 | — | $910.5M | ||
| Q4 25 | $14.8B | $957.8M | ||
| Q3 25 | $16.0B | $925.4M | ||
| Q2 25 | $12.1B | $883.6M | ||
| Q1 25 | $10.5B | $939.4M | ||
| Q4 24 | $10.3B | $968.9M | ||
| Q3 24 | $8.7B | $652.7M | ||
| Q2 24 | $8.4B | $440.8M |
总资产COINWU
| Q1 26 | — | $8.1B | ||
| Q4 25 | $29.7B | $8.3B | ||
| Q3 25 | $31.4B | $7.8B | ||
| Q2 25 | $23.5B | $8.0B | ||
| Q1 25 | $21.7B | $8.3B | ||
| Q4 24 | $22.5B | $8.4B | ||
| Q3 24 | $290.6B | $7.7B | ||
| Q2 24 | $287.0B | $8.0B |
负债/权益比COINWU
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | 3.01× | ||
| Q3 25 | 0.45× | 2.70× | ||
| Q2 25 | 0.35× | 2.83× | ||
| Q1 25 | 0.40× | 2.61× | ||
| Q4 24 | 0.41× | 3.04× | ||
| Q3 24 | 0.48× | 3.29× | ||
| Q2 24 | 0.51× | 4.88× |
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 | $109.0M |
| 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 | — | 4.8% |
| 现金转化率经营现金流/净利润 | — | 1.68× |
| 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COINWU
| Q1 26 | — | $109.0M | ||
| Q4 25 | $3.1B | $135.4M | ||
| Q3 25 | $-784.5M | $260.4M | ||
| Q2 25 | $328.5M | $-300.0K | ||
| Q1 25 | $-182.7M | $148.2M | ||
| Q4 24 | $964.6M | $134.0M | ||
| Q3 24 | $696.5M | $212.1M | ||
| Q2 24 | $484.2M | $-33.8M |
自由现金流COINWU
| Q1 26 | — | — | ||
| Q4 25 | — | $115.5M | ||
| Q3 25 | — | $252.7M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $144.8M | ||
| Q4 24 | — | $119.7M | ||
| Q3 24 | — | $205.1M | ||
| Q2 24 | — | $-38.9M |
自由现金流率COINWU
| Q1 26 | — | — | ||
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | — | -0.8% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | -3.8% |
资本支出强度COINWU
| Q1 26 | — | 4.8% | ||
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.5% |
现金转化率COINWU
| Q1 26 | — | 1.68× | ||
| Q4 25 | — | 1.18× | ||
| Q3 25 | -1.81× | 1.87× | ||
| Q2 25 | 0.23× | -0.00× | ||
| Q1 25 | -2.79× | 1.20× | ||
| Q4 24 | 0.75× | 0.35× | ||
| Q3 24 | 9.23× | 0.80× | ||
| Q2 24 | 13.39× | -0.24× |
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% |
WU
暂无分部数据
