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Coinbase（COIN）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是Coinbase的3.5倍（$6.3B vs $1.8B），Block, Inc.净利率更高（1.9% vs -37.4%，领先39.3%），Block, Inc.同比增速更快（3.6% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
COIN vs XYZ — 直观对比
营收规模更大
XYZ
是对方的3.5倍
$1.8B
营收增速更快
XYZ
高出25.2%
-21.6%
净利率更高
XYZ
高出39.3%
-37.4%
两年增速更快
COIN
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $6.3B |
| 净利润 | $-666.7M | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 15.4% | 7.8% |
| 净利率 | -37.4% | 1.9% |
| 营收同比 | -21.6% | 3.6% |
| 净利润同比 | -151.6% | -94.1% |
| 每股收益（稀释后） | $-2.43 | $0.19 |
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COINXYZ
| Q4 25 | $1.8B | $6.3B | ||
| Q3 25 | $1.9B | $6.1B | ||
| Q2 25 | $1.5B | $6.1B | ||
| Q1 25 | $2.0B | $5.8B | ||
| Q4 24 | $2.3B | $6.0B | ||
| Q3 24 | $1.2B | $6.0B | ||
| Q2 24 | $1.4B | $6.2B | ||
| Q1 24 | $1.6B | $6.0B |
净利润COINXYZ
| Q4 25 | $-666.7M | $115.8M | ||
| Q3 25 | $432.6M | $461.5M | ||
| Q2 25 | $1.4B | $538.5M | ||
| Q1 25 | $65.6M | $189.9M | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $75.5M | $283.8M | ||
| Q2 24 | $36.1M | $195.3M | ||
| Q1 24 | $1.2B | $472.0M |
毛利率COINXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
营业利润率COINXYZ
| Q4 25 | 15.4% | 7.8% | ||
| Q3 25 | 25.7% | 6.7% | ||
| Q2 25 | -1.6% | 8.0% | ||
| Q1 25 | 34.7% | 5.7% | ||
| Q4 24 | 45.5% | 0.2% | ||
| Q3 24 | 14.1% | 5.4% | ||
| Q2 24 | 23.7% | 5.0% | ||
| Q1 24 | 46.4% | 4.2% |
净利率COINXYZ
| Q4 25 | -37.4% | 1.9% | ||
| Q3 25 | 23.1% | 7.5% | ||
| Q2 25 | 95.4% | 8.9% | ||
| Q1 25 | 3.2% | 3.3% | ||
| Q4 24 | 56.8% | 32.3% | ||
| Q3 24 | 6.3% | 4.7% | ||
| Q2 24 | 2.5% | 3.2% | ||
| Q1 24 | 71.8% | 7.9% |
每股收益（稀释后）COINXYZ
| Q4 25 | $-2.43 | $0.19 | ||
| Q3 25 | $1.50 | $0.74 | ||
| Q2 25 | $5.14 | $0.87 | ||
| Q1 25 | $0.24 | $0.30 | ||
| Q4 24 | $4.66 | $3.06 | ||
| Q3 24 | $0.28 | $0.45 | ||
| Q2 24 | $0.14 | $0.31 | ||
| Q1 24 | $4.40 | $0.74 |
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 | $22.2B |
| 总资产 | $29.7B | $39.5B |
| 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COINXYZ
| Q4 25 | $11.6B | $6.6B | ||
| Q3 25 | $9.8B | $8.3B | ||
| Q2 25 | $7.5B | $6.4B | ||
| Q1 25 | $8.1B | $7.1B | ||
| Q4 24 | $8.5B | $8.1B | ||
| Q3 24 | $7.7B | $8.3B | ||
| Q2 24 | $7.2B | $7.8B | ||
| Q1 24 | $6.7B | $5.8B |
总债务COINXYZ
| Q4 25 | $7.2B | — | ||
| Q3 25 | $7.2B | $7.3B | ||
| Q2 25 | $4.2B | $5.1B | ||
| Q1 25 | $4.2B | $5.1B | ||
| Q4 24 | $4.2B | $6.1B | ||
| Q3 24 | $4.2B | $6.1B | ||
| Q2 24 | $4.2B | $6.1B | ||
| Q1 24 | $4.2B | $4.1B |
股东权益COINXYZ
| Q4 25 | $14.8B | $22.2B | ||
| Q3 25 | $16.0B | $22.5B | ||
| Q2 25 | $12.1B | $22.2B | ||
| Q1 25 | $10.5B | $21.5B | ||
| Q4 24 | $10.3B | $21.3B | ||
| Q3 24 | $8.7B | $19.9B | ||
| Q2 24 | $8.4B | $19.3B | ||
| Q1 24 | $8.1B | $19.0B |
总资产COINXYZ
| Q4 25 | $29.7B | $39.5B | ||
| Q3 25 | $31.4B | $39.2B | ||
| Q2 25 | $23.5B | $36.9B | ||
| Q1 25 | $21.7B | $36.4B | ||
| Q4 24 | $22.5B | $36.8B | ||
| Q3 24 | $290.6B | $36.4B | ||
| Q2 24 | $287.0B | $37.5B | ||
| Q1 24 | $348.0B | $35.6B |
负债/权益比COINXYZ
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | 0.32× | ||
| Q2 25 | 0.35× | 0.23× | ||
| Q1 25 | 0.40× | 0.24× | ||
| Q4 24 | 0.41× | 0.29× | ||
| Q3 24 | 0.48× | 0.31× | ||
| Q2 24 | 0.51× | 0.32× | ||
| Q1 24 | 0.52× | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | — | $579.8M |
| 自由现金流率自由现金流/营收 | — | 9.3% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.36× |
| 过去12个月自由现金流最近4个季度 | — | $2.4B |
8季度趋势，按日历期对齐
经营现金流COINXYZ
| Q4 25 | $3.1B | $621.0M | ||
| Q3 25 | $-784.5M | $1.5B | ||
| Q2 25 | $328.5M | $374.3M | ||
| Q1 25 | $-182.7M | $133.3M | ||
| Q4 24 | $964.6M | $13.8M | ||
| Q3 24 | $696.5M | $684.8M | ||
| Q2 24 | $484.2M | $519.4M | ||
| Q1 24 | $411.5M | $489.4M |
自由现金流COINXYZ
| Q4 25 | — | $579.8M | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $343.0M | ||
| Q1 25 | — | $101.5M | ||
| Q4 24 | — | $-13.2M | ||
| Q3 24 | — | $628.2M | ||
| Q2 24 | — | $481.0M | ||
| Q1 24 | — | $457.4M |
自由现金流率COINXYZ
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | -0.2% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | — | 7.7% |
资本支出强度COINXYZ
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.5% |
现金转化率COINXYZ
| Q4 25 | — | 5.36× | ||
| Q3 25 | -1.81× | 3.14× | ||
| Q2 25 | 0.23× | 0.70× | ||
| Q1 25 | -2.79× | 0.70× | ||
| Q4 24 | 0.75× | 0.01× | ||
| Q3 24 | 9.23× | 2.41× | ||
| Q2 24 | 13.39× | 2.66× | ||
| Q1 24 | 0.35× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
