Coinbase Global, Inc. (COIN)财务
NASDAQ · Financial Services · Financial - Data & Stock Exchanges · 员工4,951人 · CEO Brian Armstrong
- 股价
- $143.54 -10.62%
- 市值
- $380亿
- 企业价值
- $363亿
- 最近财报
- Q3 '26 2026-10-29提交
- 下次财报
- 2027-02-11 EPS预期 $0.04
营收(TTM)$56.3亿-26.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)5.4%-23.0 百分点 对比去年同期营业利润 $3.06亿
净利润(TTM)-$7.02亿-121.8% 对比去年同期税后,含营业外收益
自由现金流(TTM)$38.5亿+1,081.7% 对比去年同期资本支出 $0
稀释EPS(TTM)-$2.83-124.5% 对比去年同期最近4个季度之和
净现金$19.4亿-67.5% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $380亿 EV $363亿
- 营收
- $56.3亿 过去12个月
- 营收增速
- -28% FY2026年一致预期
- 净利润率
- -12.5% 净利润 / 营收,TTM
- P/E
- -54.8× 预期 -127.7×(FY2026)
- P/S
- 6.8× 股价 / 营收,TTM
- EV / EBITDA
- -97.4× TTM
- 自由现金流
- $38.5亿 过去12个月
- 净利润
- -$7.02亿 过去12个月
- 营收预期
- $51.9亿 FY2026年一致预期
- 盈利
- 2027-02-11 营收预期 $13.1亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收符合预期,EPS 超预期1,189.2%营收$12.2亿,预期$12.2亿(0.0%);EPS $2.51,预期-$0.23(+1,189.2%)。
- 营收增长放缓:同比-35.0%Q3 '26营收$12.2亿,此前四个季度的平均值为-3.9%。
- 营业利润率5.4%(TTM),较去年同期-23.0 百分点营收增长-26.6%,营业利润增长-86.0%。
- 资本支出占营收的0.0%(去年为0.0%)最近4个季度投入$0(同比–)。自由现金流$38.5亿。
- 股东回报$17.3亿 = 自由现金流的44.9%回购$17.3亿(去年为$3.09亿),股息$0,股权激励$9.5亿(TTM)。
- 稀释股数一年内减少1.4%Q3 '26稀释股数2.88亿,一年前为2.92亿。
- 净现金 $19.4亿现金 + 短期投资 $88.2亿,含租赁债务 $68.9亿;一年前净现金 $59.6亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $12.2亿 | $18.7亿 | -35.0% |
| 毛利率 | 84.0% | 74.6% | +9.4 百分点 |
| 营业利润 | $6170万 | $4.45亿 | -86.1% |
| 营业利润率 | 5.1% | 23.8% | -18.7 百分点 |
| 净利润 | $7.19亿 | $4.33亿 | +66.2% |
| 稀释EPS | $2.51 | $1.50 | +67.3% |
| 经营现金流 | $4.05亿 | -$7.85亿 | +151.7% |
| 资本支出 | $0 | $0 | – |
| 自由现金流 | $4.05亿 | -$7.85亿 | +151.7% |
| R&D | $4.47亿 | $4.31亿 | +3.9% |
| 股权激励费用 | $2.33亿 | $2.22亿 | +4.9% |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $12.2亿 | $12.2亿 | 0.0% |
| EPS(一致预期口径) | $2.51 | -$0.23 | +1,189.2% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Bank Servicing, Consumer, Net | $4.5亿 | -46.6% | 39.2% | $22亿 | -44.0% | |
| Subscription and Circulation, Stablecoin | $3.07亿 | -13.5% | 26.8% | $12.7亿 | +4.8% | |
| Subscription and Circulation, Blockchain Infrastructure Service | $8570万 | -53.6% | 7.5% | $4.22亿 | -43.1% | |
| Bank Servicing, Institutional | $9170万 | -32.1% | 8.0% | $5.12亿 | +17.5% | |
| Subscription and Circulation, Other | $1.09亿 | -23.6% | 9.5% | $4.84亿 | -2.2% | |
| Other Revenue | $5510万 | -27.2% | 4.8% | $2.66亿 | -11.9% | |
| Bank Servicing, Other | $4850万 | -28.4% | 4.2% | $2.13亿 | -17.1% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $10.2亿 | -33.1% | 83.6% | $47.3亿 | -25.5% | |
| Rest of the World | $1.99亿 | -43.0% | 16.4% | $8.98亿 | -31.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $38.5亿
- 资本支出
- $0
- 股票回购
- -$17.3亿
- 股息
- $0
- 收购
- -$7650万
- 债务净发行
- $36亿
- 股权激励费用
- $9.5亿
- 自由现金流
- $38.5亿
- 股东回报 / FCF
- 44.9%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | -54.8× | 129.9× 5年中的4年 | 14.4× – 434.8× |
| EV / EBITDA | -97.4× | 82.3× 5年中的4年 | 13.2× – 267.0× |
| EV / 营收 | 6.4× | 7.3× | 2.2× – 12.5× |
| 股价 / FCF | 9.9× | 26.0× 5年中的4年 | 11.3× – 44.4× |
| 股价 / 净资产 | 2.7× | 5.0× | 1.4× – 7.0× |
| FCF收益率 | 10.1% | -0.2% | -20.2% – 8.8% |
| 投入资本回报率 | 1.1% | 5.2% | -25.9% – 31.1% |
| 净资产收益率 | -5.1% | 8.8% | -48.1% – 56.8% |
分析师
一致目标价 $208.79 (+45.5%)
区间 $110.00 – $330.00 · 评级 Buy
强烈买入0
买入21
持有16
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $51.9亿 | -27.8% | -$1.12 | -125.3% | -127.7× | 7 |
| FY2027 | $66.3亿 | +27.7% | $2.84 | +352.7% | 50.5× | 21 |
| FY2028 | $78.2亿 | +18.0% | $5.09 | +79.1% | 28.2× | 11 |
| FY2029 | $80.7亿 | +3.2% | $6.77 | +33.1% | 21.2× | 4 |
| FY2030 | $51.7亿 | -35.9% | $1.25 | -81.5% | 114.8× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Coinbase Global, Inc.在近期10-Q / 10-K文件中标记的全部273项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.05亿 | $8590万 | +22.2% | $1.18亿 | $6330万 | +85.7% |
| Accounts Payable, Other, Current | $1.61亿 | $2.8亿 | -42.7% | $1.96亿 | $1.3亿 | +50.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.7亿 | $3.08亿 | -12.4% | $3.07亿 | $2.65亿 | +15.8% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $2.77亿 | $3.22亿 | -14.2% | $3.1亿 | $2.95亿 | +5.3% |
| Accrued Income Taxes, Current | $3130万 | $6330万 | -50.5% | $6600万 | $9090万 | -27.4% |
| Accrued Liabilities, Current | $7.54亿 | $8.35亿 | -9.7% | $6.88亿 | $5.53亿 | +24.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.72亿2025-12-31 | $1.85亿 | +47.1% | $2.72亿 | $1.85亿 | +47.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.14亿 | $354万 | -3,317.4% | $497万 | -$5010万 | +109.9% |
| Additional Paid in Capital, Common Stock | $78.7亿 | $91.3亿 | -13.8% | $85.7亿 | $53.7亿 | +59.7% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | -$1050万2024-12-31 | – | – |
| Amortization of Intangible Assets | $3380万 | $2080万 | +62.2% | $6710万 | $2700万 | +148.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 564万 | 386万 | +46.3% | 428万 | 658万 | -35.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2.36亿 | $2.34亿 | +1.2% | $8.9亿 | $9.61亿 | -7.4% |
| Assets | $274亿 | $314亿 | -12.7% | $297亿 | $225亿 | +31.6% |
| Assets, Current | $176亿 | $221亿 | -20.1% | $204亿 | $181亿 | +12.6% |
| Capitalized Computer Software, Additions | – | – | – | $1.38亿 | $1.11亿 | +25.2% |
| Capitalized Computer Software, Net | $2.65亿2025-12-31 | $2亿 | +32.2% | $2.65亿 | $2亿 | +32.2% |
| Cash and Cash Equivalents, at Carrying Value | $86亿 | $120亿 | -28.2% | $113亿 | $93.1亿 | +21.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $132亿 | $180亿 | -26.9% | $169亿 | $157亿 | +7.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $3620万 | $32.8亿 | -98.9% | $11.2亿 | $58.1亿 | -80.8% |
| Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -$7.17亿 | $804万 | -9,020.6% | $3.17亿 | -$3130万 | +1,115.6% |
| Common Stock, Shares Authorized | 105亿 | 105亿 | 0.0% | 105亿 | 105亿 | 0.0% |
| Common Stock, Shares, Issued | 2.65亿 | 2.69亿 | -1.5% | 2.68亿 | 2.54亿 | +5.6% |
| Common Stock, Shares, Outstanding | 2.65亿 | 2.69亿 | -1.5% | 2.68亿 | 2.54亿 | +5.6% |
| Common Stock, Value, Issued | $3000 | $3000 | 0.0% | $3000 | $2000 | +50.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $7.03亿 | $4.36亿 | +61.2% | $13.2亿 | $25.6亿 | -48.6% |
| CryptoAssetAddition | – | – | – | $12亿 | $1.08亿 | +1,011.5% |
| CryptoAssetDisposition | – | – | – | $2.65亿 | $2.44亿 | +8.9% |
| CryptoAssetFairValue | $22.2亿 | $26亿 | -14.3% | $20亿 | $15.5亿 | +28.7% |
| CryptoAssetFairValueNoncurrent | $22.2亿 | $26亿 | -14.3% | $20亿 | $15.5亿 | +28.7% |
| CryptoAssetFairValueRestricted | $1.58亿 | $1.15亿 | +37.6% | $6830万 | $2.02亿 | -66.1% |
| CryptoAssetRealizedAndUnrealizedGainLossNonoperating | $7.15亿 | $4.24亿 | +68.7% | -$5.29亿 | $6.87亿 | -177.0% |
| CryptoAssetRealizedAndUnrealizedGainLossOperating | $2610万 | $3570万 | -27.0% | -$2070万 | $7170万 | -128.9% |
| CryptoAssetRealizedAndUnrealizedGainNonoperating | – | – | – | $1.69亿 | $8亿 | -78.9% |
| CryptoAssetRealizedAndUnrealizedLossNonoperating | – | – | – | $6.97亿 | $1.13亿 | +518.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$2920万 | $1.2亿 | -124.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $5060万 | $3190万 | +58.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $2340万 | $2.12亿 | -89.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $194万 | $6000万 | -96.8% |
| Debt Instrument, Fair Value Disclosure | $54亿 | $78.8亿 | -31.5% | $69亿 | $42.1亿 | +63.9% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $6890万2025-12-31 | $4140万 | +66.4% | $6890万 | $4140万 | +66.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.1亿 | $1.35亿 | +55.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1190万 | -$578万 | -105.2% |
| Deferred Income Tax Assets, Net | $5.84亿 | $3.24亿 | +80.3% | $5.71亿 | $9.41亿 | -39.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $2.38亿 | $1.51亿 | +57.5% |
| Deferred Income Taxes and Tax Credits | $9860万 | $8650万 | +13.9% | $2.38亿 | $1.51亿 | +57.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $4020万 | $2240万 | +79.6% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $02025-12-31 | $4860万 | -100.0% | $0 | $4860万 | -100.0% |
| Deferred Tax Assets, Gross | $11.4亿2025-12-31 | $15.4亿 | -25.7% | $11.4亿 | $15.4亿 | -25.7% |
| Deferred Tax Assets, Net | $5.71亿2025-12-31 | $9.41亿 | -39.4% | $5.71亿 | $9.41亿 | -39.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $10.1亿2025-12-31 | $14.1亿 | -28.7% | $10.1亿 | $14.1亿 | -28.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $6840万2025-12-31 | $5310万 | +28.9% | $6840万 | $5310万 | +28.9% |
| Deferred Tax Assets, Tax Credit Carryforwards | $1.51亿2025-12-31 | $2.41亿 | -37.4% | $1.51亿 | $2.41亿 | -37.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $3310万2025-12-31 | $3070万 | +8.0% | $3310万 | $3070万 | +8.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $3670万2025-12-31 | $2730万 | +34.8% | $3670万 | $2730万 | +34.8% |
| Deferred Tax Assets, Valuation Allowance | $1.35亿2025-12-31 | $1.24亿 | +9.0% | $1.35亿 | $1.24亿 | +9.0% |
| Deferred Tax Liabilities, Gross | $4.37亿2025-12-31 | $4.73亿 | -7.5% | $4.37亿 | $4.73亿 | -7.5% |
| Deferred Tax Liabilities, Leasing Arrangements | $3980万2025-12-31 | $2040万 | +95.4% | $3980万 | $2040万 | +95.4% |
| Deferred Tax Liabilities, Other | $1240万2025-12-31 | $3110万 | -60.3% | $1240万 | $3110万 | -60.3% |
| Deferred Tax Liabilities, Other Finite-Lived Assets | $8290万2025-12-31 | $0 | – | $8290万 | $0 | – |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02