Financials · Financial Exchanges & Data · US stock · price as of 22 Oct 2026
Key indicators
Price
$169.09
52-week range
$139.11 – $373.25
Market cap
$44.5B
P/E (trailing)
–
EV / EBITDA
48.4×
Free-cash-flow yield
3.8%
Dividend yield
–
Revenue (last 12 months)
$6.3B
Revenue growth (3y a year)
31.0%
Operating margin
9.9%
Return on invested capital
4.5%
Net debt / EBITDA
-2.6×
Fair value
Fair value (average of valid models)$167.27 middle half of models $153 – $175
Versus priceFair−1% to fair value
P/B multiple
$216.78
P/S multiple
$167.98
EV/EBITDA multiple
$144.61
EV/EBIT multiple
$126.87
EV/revenue multiple
$174.77
10-year DCF, EBITDA exit
$152.69
5-year DCF, EBITDA exit
$165.98
10-year DCF, revenue exit
$173.39
5-year DCF, revenue exit
$182.32
Model uncertainty
High
X-Ray Score
38/ 100 · Medium confidence · ahead of 18% of sector peers
Valuation17
Growth63
Profitability29
Financial health51
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Coinbase Global, Inc. an X-Ray Score of 38 out of 100 (medium confidence), ahead of 18% of the S&P 500 stocks in its sector. Its strongest lens is growth (63) and its weakest is valuation (17).
Our fair value (the average of the valid models) is $167.27 (range $152.69 to $174.77). At $169.09 the stock trades 1% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Coinbase Global, Inc. (COIN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$252.37
$35.39
$173.92
$248.30
$226.14
$169.09
Market cap
$55.5B
$7.9B
$44.2B
$67.9B
$64.9B
$44.5B
P/E
17.4×
–
470.1×
26.2×
50.8×
–
EV / revenue
6.6×
2.1×
13.4×
9.6×
8.5×
6.7×
EV / EBITDA
16.5×
–
–
25.9×
37.6×
48.4×
Price / free cash flow
13.8×
–
65.7×
21.9×
26.8×
26.0×
Free-cash-flow yield
7.3%
−20.2%
1.5%
4.6%
3.7%
3.8%
Price / book
8.7×
1.4×
7.0×
6.6×
4.4×
3.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 5 Good · ● 0 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.1%Good
Risk models
Altman Z score4.4×Good
Piotroski F-Score4 of 9Bad
Growth
Revenue growth (3y)31.0%Good
Growth consistency70%Bad
Balance sheet
Current ratio2.4×Good
Net debt / EBITDA-2.6×Good
Interest cover6.9×Bad
Valuation
Fair value vs price1.0×Bad
EBIT / EV yield1.5%Bad
Profitability
Return on invested capital4.5%Bad
Operating margin9.9%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Coinbase Global, Inc. (COIN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,839
3,194
3,108
6,564
7,181
6,283
Gross profit
–
–
–
–
–
–
Operating income
3,077
-2,710
-162
2,307
1,435
619
Net income
3,600
-2,600
100
2,600
1,300
-948
Diluted EPS ($)
14.50
-11.83
0.37
9.48
4.45
-3.42
Free cash flow
4,035
-1,588
673
3,104
2,426
1,714
Gross margin
–
–
–
–
–
–
Operating margin
39.2%
−84.8%
−5.2%
35.1%
20.0%
9.9%
Net margin
45.9%
−81.4%
3.2%
39.6%
18.1%
−15.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
21,274
89,725
14,754
22,542
29,672
26,460
Cash
7,123
4,425
5,489
9,308
11,285
8,614
Total debt
3,405
3,414
2,980
4,608
7,659
6,483
Equity
6,382
5,455
6,282
10,277
14,793
13,080
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
