A Business at a Glance
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Coinbase Overview Our mission is to increase economic freedom in the world. We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. In December 2025, we took a major step forward to becoming the Everything Exchange—dramatically expanding the assets available to trade on Coinbase, including stocks, commodity futures, perpetual futures, and prediction markets. Our goal is to create a comprehensive, seamless experience for retail users, institutions, and developers to engage in the future of finance. We differentiate ourselves from our competition with: •Trust: We are deeply invested in building the most secure and compliant platform. We hold customer assets one-to-one at all times. •Ease of use: We build easy-to-use products that our customers love. We obsess over quality and craft. We strive to make financial transactions easy.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.2B | 7.2B | 6.6B | 3.1B | 3.2B | 7.8B |
| Net Income | 1.3B | 1.3B | 2.6B | 95M | -2.6B | 3.1B |
| EPS | $4.45 | $4.45 | $9.48 | $0.37 | $-11.83 | $14.50 |
| Free Cash Flow | 2.4B | 2.4B | 3.1B | 923M | -1.6B | 4.0B |
| ROIC | 10.6% | 7.2% | 17.8% | 1.0% | -29.7% | 31.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.52 | 0.52 | 0.45 | 0.47 | 0.63 | 0.53 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.4B | 1.4B | 2.3B | -162M | -2.7B | 3.1B |
| Operating Margin | 20.0% | 20.0% | 35.1% | -5.2% | -84.8% | 39.2% |
| ROE | 8.5% | 10.1% | 25.1% | 1.5% | -48.1% | 48.5% |
| Shares Outstanding | 283M | 283M | 272M | 256M | 222M | 214M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 534M | 1.3B | 7.8B | 3.2B | 3.1B | 6.6B | 7.2B | 7.2B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | 185M | 272M | 1.3B | 2.3B | 1.3B | 1.5B | 1.7B | 1.7B |
| SG&A | 232M | 280M | 909M | 1.6B | 1.1B | 1.3B | 1.6B | 1.6B |
| EBIT | -46M | 409M | 3.1B | -2.7B | -162M | 2.3B | 1.4B | 1.4B |
| Op. Margin | -8.6% | 32.0% | 39.2% | -84.8% | -5.2% | 35.1% | 20.0% | 20.0% |
| Net Income | -30M | 108M | 3.1B | -2.6B | 95M | 2.6B | 1.3B | 1.3B |
| Net Margin | -5.7% | 8.5% | 39.5% | -82.2% | 3.0% | 39.3% | 17.6% | 17.6% |
| Non-Recurring | 3.3M | 8.4M | 330M | 67M | 161M | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | 11.2% | 31.7% | -29.7% | 1.0% | 17.8% | 7.2% | 10.6% |
| ROE | N/A | 11.2% | 48.5% | -48.1% | 1.5% | 25.1% | 10.1% | 8.5% |
| ROA | N/A | 1.8% | 14.6% | -2.9% | 0.6% | 11.4% | 4.8% | 4.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | -81M | 3.0B | 4.0B | -1.6B | 923M | 3.1B | 2.4B | 2.4B |
| Free Cash Flow | -114M | 3.0B | 4.0B | -1.6B | 923M | 3.1B | 2.4B | 2.4B |
| Owner Earnings | -129M | 2.9B | 3.2B | -3.3B | 2.6M | 2.1B | 1.4B | 1.4B |
| CapEx | 34M | 9.9M | 2.9M | 2.9M | 0 | 0 | 0 | 0 |
| Maint. CapEx | 17M | 31M | 64M | 154M | 140M | 128M | 188M | 188M |
| Growth CapEx | 17M | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 17M | 31M | 64M | 154M | 140M | 128M | 188M | 188M |
| CapEx/OCF | N/A | N/A | 0.1% | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 21M | 1.9M | 0 | 0 | 0 | 0 | 790M | 790M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | 1.2% | 1.6% |
| Stock-Based Comp | 31M | 71M | 821M | 1.6B | 781M | 913M | 839M | 839M |
| Debt Repayment | 0 | 0 | 0 | 0 | 304M | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -549M | -2.1B | -10.8B | -5.4B | -7.3B | -4.7B | -3.9B | -3.6B |
| Cash & Equiv. | 549M | 1.1B | 7.1B | 4.4B | 5.1B | 9.3B | 11.3B | 11.3B |
| Long-Term Debt | 0 | 0 | 3.4B | 3.4B | 3.0B | 4.2B | 5.9B | 5.9B |
| Debt/Equity | N/A | 0.00 | 0.53 | 0.63 | 0.47 | 0.45 | 0.52 | 0.52 |
| Interest Coverage | N/A | N/A | 105.5 | -30.5 | -2.0 | 28.6 | 16.8 | 16.8 |
| Equity | N/A | 964M | 6.4B | 5.5B | 6.3B | 10.3B | 14.8B | 14.8B |
| Total Assets | N/A | 5.9B | 21.3B | 89.7B | 14.8B | 22.5B | 29.7B | 29.7B |
| Total Liabilities | N/A | 4.3B | 14.9B | 84.3B | 8.5B | 12.3B | 14.9B | 14.9B |
| Intangibles | N/A | 61M | 177M | 135M | 86M | 47M | 1.4B | 1.4B |
| Retained Earnings | N/A | 726M | 4.4B | 1.7B | 1.8B | 5.0B | 6.2B | 6.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | -0.50 | 0.49 | 14.50 | -11.83 | 0.37 | 9.48 | 4.45 | 4.45 |
| Owner EPS | -2.12 | 16.96 | 14.77 | -14.90 | 0.01 | 7.59 | 4.94 | 4.94 |
| Book Value | N/A | 5.63 | 29.88 | 24.58 | 24.53 | 37.79 | 52.23 | 52.23 |
| Cash Flow/Share | -1.33 | 17.55 | 18.91 | -7.15 | 3.60 | 11.42 | 8.57 | 5.12 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 60.8M | 171.2M | 213.6M | 221.9M | 256.1M | 271.9M | 283.2M | 283.2M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 18.0 | N/A | 503.7 | 28.0 | 53.2 | 39.2 |
| P/FCF | N/A | N/A | 13.8 | N/A | 51.7 | 23.3 | 27.7 | 20.4 |
| EV/EBIT | N/A | N/A | 14.6 | N/A | N/A | 29.3 | 44.0 | 31.9 |
| Price/Book | N/A | N/A | 8.7 | 1.3 | 7.6 | 7.0 | 4.5 | 3.3 |
| Price/Sales | N/A | N/A | 7.2 | 7.3 | 6.4 | 8.9 | 11.0 | 6.9 |
| FCF Yield | N/A | N/A | 7.2% | -22.0% | 1.9% | 4.3% | 3.6% | 4.9% |
| Market Cap | 0 | N/A | 55.8B | 7.2B | 47.7B | 72.3B | 67.1B | 49.4B |
| Avg. Price | 0.00 | N/A | 266.00 | 105.76 | 77.50 | 215.98 | 279.54 | 174.53 |
| Year-End Price | 0.00 | N/A | 261.33 | 32.53 | 186.36 | 265.71 | 236.90 | 174.53 |
Coinbase Global, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Coinbase Global, Inc. trades at 39.2x trailing earnings, compared to its 15-year median P/E of 28.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 20.4x vs a median of 25.5x. The company's 5-year average ROIC is 5.6%. Total shareholder yield (buybacks) is 1.6%. At current prices, the estimated annualized return to fair value is -20.3%.
Coinbase Global, Inc. (COIN) has a current P/E ratio of 39.2, compared to its historical median P/E of 28.0. The stock is currently considered Fair based on its historical valuation range.
Coinbase Global, Inc. (COIN) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
Coinbase Global, Inc. (COIN) has a market capitalization of $49.4B. It is classified as a large-cap stock.
Coinbase Global, Inc. (COIN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.60%.
Based on historical P/E analysis, Coinbase Global, Inc. (COIN) appears fair. The current P/E of 39.2 is 40% above its historical median of 28.0. The estimated fair value CAGR (P/E method) is -11.6%.
Coinbase Global, Inc. (COIN) operates in the Finance Services industry, within the Financials sector.
Coinbase Global, Inc. (COIN) reported annual revenue of $7.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Coinbase Global, Inc. (COIN) has a net profit margin of 17.6%. This is a healthy margin.
Coinbase Global, Inc. (COIN) generated $2.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Coinbase Global, Inc. (COIN) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
Coinbase Global, Inc. (COIN) reported earnings per share (EPS) of $4.45 in its most recent fiscal year.
Coinbase Global, Inc. (COIN) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
The Ledger Terminal provides 7 years of financial data for Coinbase Global, Inc. (COIN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Coinbase Global, Inc. (COIN) has a book value per share of $52.23, based on its most recent annual SEC filing.