Coinbase Global, Inc. (COIN)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$169.09
▼ -7.99 (4.51%)
Fair valueFair
$167 −1.1% to fair value
$84fair band $142–$203$251
Day's range
$166.74 – $173.64
52-week range
$139.11 – $373.25
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Coinbase Global, Inc.
Crypto assets are what customers trade, store and use on the platform that Coinbase runs, and it serves customers in many countries. Retail customers use its apps to hold and trade digital currencies, while institutions use services for trading, custody and prime brokerage. It also offers staking, a subscription membership, a developer toolkit and a network built to support onchain applications. It also earns income linked to the USDC stablecoin.
Fees on trades made by customers are the main source of revenue, with subscription and services income from staking, custody and stablecoin-related activity on top. Revenue was $6.3 billion over the last twelve months and has grown at 31.0% a year across the last three years. The operating margin is 9.9%, and the business earns 5% on the capital invested in it. Net debt is -2.6 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 38 out of 100.
Price chart
52-wk range $139.11 – $373.25Volume 6,566,265Daily, split-adjusted
Vitals
Market cap$44.5B
52-week range$139.11 – $373.25
Volume (last day)6,566,265
P/E (TTM)–
EBIT / EV yield1.5%
Free-cash-flow yield–
Dividend yieldNo dividend
Revenue (TTM)$6.3B
Net income (TTM)−$948M
Operating margin9.9%
Return on capital4.5%
Debt incl. leases$6.5B
Cash & securities$8.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$167middle half of models $153 – $175
Fair
−1.1% to fair value
Average of the 9 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $169
Undervalued < $142Fair $142 – $203Overvalued > $203
P/B multiple
$217
P/S multiple
$168
EV/EBITDA multiple
$145
EV/EBIT multiple
$127
EV/revenue multiple
$175
10-year DCF, EBITDA exit
$153
5-year DCF, EBITDA exit
$166
10-year DCF, revenue exit
$173
5-year DCF, revenue exit
$182
10-year DCF, growth exit · not used
$58
5-year DCF, growth exit · not used
$54
Earnings power value · not used
$65
Growth the price implies
32.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
17/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.5%
Fair value vs price1.0×
Growth
Fair
63/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)31.0%
Growth consistency70%
Profitability
Weak
29/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital4.5%
Operating margin9.9%
Financial health
Fair
51/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA-2.6×
Interest cover6.9×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+24.2%
Mar '25
+3.3%
Jun '25
+55.1%
Sep '25
-21.6%
Dec '25
-30.5%
Mar '26
-18.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.2B, diluted EPS $-1.36.
Compare with peers
MCO Moodys Corp61 MSCI MSCI Inc.58 CBOE Cboe Global Markets, I...58 FDS Factset Research Syste...58Other Financial Exchanges & Data companies by X-Ray Score.
SWOT analysis: Coinbase Global, Inc.
Strengthsinside the company
- Revenue has grown 31.0% a year over three years (median 9.7% for industry peers).
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Weaknessesinside the company
- Return on invested capital is only 4.5% (median 15.8% for industry peers), so the business earns little above its cost of capital.
- Operating margin of 9.9% is thin against 42.3% for industry peers.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Revenue growth slowed to 9.4% last year from 31.0% a year over three years.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare COIN with peers and sector
Medians of 8 Financial Exchanges & Data peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): SPGI 48, CME 42, ICE 52, MCO 61, NDAQ 44, MSCI 58.
| Metric | COIN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 38 | 55 | 50 |
| Valuation | 17 | 29 | 52 |
| Growth | 63 | 63 | 54 |
| Profitability | 29 | 64 | 49 |
| Financial health | 51 | 48 | 50 |
| Dividends | – | 54 | 54 |
Sector leaders: highest X-Ray Score in Financials
COIN ranks #58 of 71 in Financials and #9 of 9 in Financial Exchanges & Data by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for COIN
Each factor is rated by where COIN stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 1 Average · 9 Bad of 16
Growth: 2 · 0 · 0
Profitability: 0 · 0 · 4
Financial strength: 2 · 0 · 2
Valuation: 0 · 0 · 3
Cash flow: 1 · 1 · 0
Efficiency: 1 · 0 · 0
| Factor | COIN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +31.0% | Good beats 96% | +8.3% | – | – |
| Revenue growth, last year | +9.4% | Good beats 70% | +6.9% | +9.4% | ≈ In line |
| Profitability | |||||
| Operating margin | 9.9% | Bad beats 9% | 29.1% | 20.0% | ▼ Worse |
| Net margin | -15.1% | Bad beats 1% | 21.8% | 18.1% | ▼ Worse |
| Return on invested capital | 4.5% | Bad beats 9% | 13.5% | – | – |
| Return on equity | -7.2% | Bad beats 1% | 15.7% | 8.8% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -2.6x | Good beats 95% | 1.1x | -1.9x | ▲ Better |
| Interest cover | 6.9x | Bad beats 17% | 50.0x | 16.8x | ▼ Worse |
| Current ratio | 2.42 | Good beats 98% | 1.05 | 2.07 | ▲ Better |
| Piotroski F-score | 4 / 9 | Bad beats 11% | 7 / 9 | – | – |
| Valuation | |||||
| Price / book | 3.4x | Bad beats 26% | 2.2x | 6.6x | ▲ Better |
| Price / sales | 7.1x | Bad beats 18% | 3.1x | 9.0x | ▲ Better |
| EV / EBITDA | 48.4x | Bad beats 1% | 10.8x | 25.9x | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 27.3% | Average beats 59% | 23.2% | 33.8% | ▼ Worse |
| Accruals (lower is better) | −10.1% | Good beats 99% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 19 days | Good beats 87% | 53 days | 18 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 0 Average · ● 7 BadCash quality
Earnings backed by cashGood
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
Revenue growth (3y)Good
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 48/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B |
| Operating income | $3.1B | −$2.7B | −$162M | $2.3B | $1.4B |
| Net income | $3.6B | −$2.6B | $100M | $2.6B | $1.3B |
| Operating cash flow | $4.0B | −$1.6B | $673M | $3.1B | $2.4B |
| Operating margin | 39.2% | -84.8% | -5.2% | 35.1% | 20.0% |
| Free cash flow | $4.0B | −$1.6B | – | – | – |
| Diluted EPS | $14.50 | $-11.83 | $0.37 | $9.48 | $4.45 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 1 neutral · 11 bearish
Weekly
Strongly bearish
2 bullish · 1 neutral · 9 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 175.7 | Bearish |
| EMA 10 | 175.2 | Bearish |
| SMA 20 | 180.8 | Bearish |
| EMA 20 | 178.3 | Bearish |
| SMA 50 | 179.3 | Bearish |
| EMA 50 | 177.7 | Bearish |
| SMA 100 | 169.0 | Bullish |
| EMA 100 | 178.1 | Bearish |
| SMA 200 | 180.9 | Bearish |
| EMA 200 | 191.6 | Bearish |
Oscillators (daily)
| RSI (14) | 43.90 | Neutral |
| MACD (12, 26) | -2.72 | Bearish |
| Momentum (12) | -8.96 | Bearish |
| Stochastic %K (14) | 12.19 | Bullish |
| Williams %R (14) | -87.81 | Bullish |
| CCI (20) | -112.5 | Bullish |
Pivot points (classic, last session)
S3 159.1 | S2 162.9 | S1 166.0 | Pivot 169.8 | R1 172.9 | R2 176.7 | R3 179.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold COIN
| ETF | Share of the fund |
|---|---|
| ARKK ARK Innovation | 4.17% |
| SPHB Invesco S&P 500 High Beta | 1.62% |
| VOT Vanguard Mid-Cap Growth | 0.68% |
| VFH Vanguard Financials | 0.49% |
| IYF iShares U.S. Financials | 0.49% |
| XLF Financial Select Sector SPDR | 0.43% |
| IWS iShares Russell Mid-Cap Value | 0.31% |
| VO Vanguard Mid-Cap | 0.27% |
The eight funds with the largest weight in COIN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
COIN SEC filings
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.