A Business at a Glance
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Coinbase Global, Inc.
COIN
$44.8B
Mkt Cap
$158.29
-1.78%
Coinbase Global, Inc. (COIN) has a current P/E ratio of 35.6, 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 11.9%. This indicates solid capital allocation.
Coinbase Global, Inc. (COIN) has a market capitalization of $41.7B. 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 1.90%.
Based on historical P/E analysis, Coinbase Global, Inc. (COIN) appears fair. The current P/E of 35.6 is 27% above its historical median of 28.0. The estimated fair value CAGR (P/E method) is -10.9%.
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 operates a comprehensive platform serving three customer segments—consumers, institutions, and developers—to engage with crypto assets and an expanding range of financial instruments. The company monetizes through transaction fees on trading products (including spot crypto, stocks, commodity futures, perpetual futures, and prediction markets offered via Simple and Advanced trading interfaces) and subscription services (stablecoins, staking rewards, custody, and financing). The platform differentiates on trust through one-to-one custody of customer assets and regulatory compliance, and on ease of use through intuitive product design. Coinbase operates four exchanges (Coinbase Exchange, Coinbase International Exchange, Coinbase Derivatives Exchange, and Deribit) serving institutional customers via Coinbase Prime prime brokerage, while Base, a Layer 2 Ethereum blockchain, generates sequencer fee revenue and supports an ecosystem of onchain applications. The company also offers the Base App (a self-custodial wallet), staking services across eight assets with approximately $7.5 billion in consumer assets and over $15.2 billion in institutional assets staked, institutional financing and lending products, and custody services. Revenue streams include volume-based transaction fees, subscription fees, staking commissions, interest on custodial funds, and sequencer fees, positioning Coinbase as a multi-asset, multi-service platform serving global retail, institutional, and developer customers.
【Expanding asset classes and efficiency】 Management expects continued growth in subscription and services revenue driven by higher average crypto prices and stablecoin adoption, with the Everything Exchange strategy expanding trading to equities, prediction markets, and derivatives to penetrate new customer segments. The company anticipates operational leverage through sequential expense reductions in technology and development and general and administrative costs, with 2026 adjusted expenses expected to decline significantly from 2025 levels. Coinbase plans to fully integrate Deribit and Echo acquisitions in 2026, unifying spot, perpetual futures, dated futures, and options on a single platform to enhance trading efficiency. Management is focused on growing total trading volume market share across new asset classes while leveraging the Base Layer 2 blockchain and developer platform to scale the onchain economy, with expectations that tokenized real-world assets and AI agents will drive increased transaction volume and platform engagement.
| Metric | Target | Period |
|---|---|---|
| Adjusted expenses | $4.3 billion–$4.6 billion | FY2026 |
Adjusted expenses (FY2026): “We expect 2026 adjusted expenses to be between $4.3 billion and $4.6 billion.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.6B | 7.2B | 6.6B | 3.1B | 3.2B | 7.8B |
| Net Income | 801M | 1.3B | 2.6B | 95M | -2.6B | 3.1B |
| EPS | $2.75 | $4.45 | $9.48 | $0.37 | $-11.83 | $14.50 |
| Free Cash Flow | 0 | 2.4B | 3.1B | 673M | -1.6B | 4.0B |
| ROIC | 5.4% | 7.2% | 21.7% | 1.0% | -28.2% | 57.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.58 | 0.52 | 0.45 | 0.47 | 0.63 | 0.53 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 708M | 1.4B | 2.3B | -162M | -2.7B | 3.1B |
| Operating Margin | 10.8% | 20.0% | 35.1% | -5.2% | -84.8% | 39.2% |
| ROE | 5.9% | 10.1% | 31.1% | 1.6% | -44.4% | 84.3% |
| Shares Outstanding | 263M | 283M | 272M | 256M | 222M | 214M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 534M | 1.3B | 7.8B | 3.2B | 3.1B | 6.6B | 7.2B | 6.6B |
| 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 | 1.8B |
| 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 | 708M |
| Op. Margin | -8.6% | 32.0% | 39.2% | -84.8% | -5.2% | 35.1% | 20.0% | 10.8% |
| Net Income | -30M | 108M | 3.1B | -2.6B | 95M | 2.6B | 1.3B | 801M |
| Net Margin | -5.7% | 8.5% | 39.5% | -82.2% | 3.0% | 39.3% | 17.6% | 12.2% |
| Non-Recurring | 3.3M | 8.0M | 328M | 67M | 161M | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | 14.8% | 57.7% | -28.2% | 1.0% | 21.7% | 7.2% | 5.4% |
| ROE | N/A | 14.8% | 84.3% | -44.4% | 1.6% | 31.1% | 10.1% | 5.9% |
| ROA | N/A | 3.7% | 22.8% | -4.7% | 0.2% | 13.8% | 4.8% | 2.8% |
| Cash Flow | ||||||||
| Op. Cash Flow | -81M | 294M | 4.0B | -1.6B | 673M | 3.1B | 2.4B | 2.8B |
| Free Cash Flow | -114M | 284M | 4.0B | -1.6B | 673M | 3.1B | 2.4B | 0 |
| Owner Earnings | -129M | 192M | 3.2B | -3.3B | -247M | 2.1B | 1.4B | 1.7B |
| CapEx | 34M | 9.9M | 2.9M | 2.9M | 0 | 0 | 0 | 0 |
| Maint. CapEx | 17M | 31M | 64M | 154M | 140M | 128M | 188M | 223M |
| Growth CapEx | 17M | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 17M | 31M | 64M | 154M | 140M | 128M | 188M | 223M |
| 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% | 1.9% |
| Stock-Based Comp | 31M | 71M | 821M | 1.6B | 781M | 913M | 839M | 897M |
| Debt Repayment | 0 | 0 | 0 | 0 | 304M | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -549M | -1.1B | -3.7B | -988M | -2.5B | -4.7B | -3.9B | -2.7B |
| Cash & Equiv. | 549M | 1.1B | 7.1B | 4.4B | 5.5B | 9.3B | 11.3B | 10.4B |
| 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 | 0.58 |
| Interest Coverage | N/A | N/A | 105.5 | -30.5 | -2.0 | 28.6 | 16.8 | 8.1 |
| Equity | N/A | 964M | 6.4B | 5.5B | 6.3B | 10.3B | 14.8B | 13.5B |
| Total Assets | N/A | 5.9B | 21.3B | 89.7B | 14.8B | 22.5B | 29.7B | 28.8B |
| Total Liabilities | N/A | 4.3B | 14.9B | 84.3B | 8.5B | 12.3B | 14.9B | 15.4B |
| Intangibles | N/A | 377M | 177M | 135M | 86M | 47M | 1.4B | 1.4B |
| Retained Earnings | N/A | 726M | 4.4B | 1.7B | 1.8B | 5.0B | 6.2B | 5.8B |
| 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 | 1.40 | 14.50 | -11.83 | 0.37 | 9.48 | 4.45 | 2.75 |
| Owner EPS | -2.12 | 2.48 | 14.77 | -14.90 | -0.96 | 7.59 | 4.94 | 6.35 |
| Book Value | N/A | 12.46 | 29.88 | 24.58 | 24.53 | 37.79 | 52.23 | 51.18 |
| Cash Flow/Share | -1.33 | 3.80 | 18.91 | -7.15 | 2.63 | 11.42 | 8.57 | 3.89 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 60.8M | 77.3M | 213.6M | 221.9M | 256.1M | 271.9M | 283.2M | 263.4M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 18.0 | N/A | 503.7 | 28.0 | 53.2 | 57.5 |
| P/FCF | N/A | N/A | 13.8 | N/A | 70.9 | 23.3 | 27.7 | N/A |
| EV/EBIT | N/A | N/A | 14.6 | N/A | N/A | 29.3 | 44.0 | 55.1 |
| Price/Book | N/A | N/A | 8.7 | 1.3 | 7.6 | 7.0 | 4.5 | 3.1 |
| Price/Sales | N/A | N/A | 7.2 | 7.3 | 6.4 | 8.9 | 11.0 | 6.4 |
| FCF Yield | N/A | N/A | 7.2% | -22.0% | 1.4% | 4.3% | 3.6% | N/A |
| Market Cap | 0 | N/A | 55.8B | 7.2B | 47.7B | 72.3B | 67.1B | 41.7B |
| Avg. Price | 0.00 | N/A | 266.00 | 105.76 | 77.50 | 215.98 | 279.54 | 158.29 |
| Year-End Price | 0.00 | N/A | 261.33 | 32.53 | 186.36 | 265.71 | 236.90 | 158.29 |
Coinbase Global, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Coinbase Global, Inc. trades at 35.6x 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 18.5x vs a median of 25.5x. The company's 5-year average ROIC is 11.9%. Total shareholder yield (buybacks) is 1.9%. At current prices, the estimated annualized return to fair value is -19.3%.
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.
Based on recent SEC filings and earnings disclosures, Management expects continued growth in subscription and services revenue driven by higher average crypto prices and stablecoin adoption, with the Everything Exchange strategy expanding trading to equities, prediction markets, and derivatives to penetrate new customer segments. The company anticipates operational leverage through sequential expense reductions in technology and development and general and administrative costs, with 2026 adjusted expenses expected to decline significantly from 2025 levels. Coinbase plans to fully integrate Deribit and Echo acquisitions in 2026, unifying spot, perpetual futures, dated futures, and options on a single platform to enhance trading efficiency. Management is focused on growing total trading volume market share across new asset classes while leveraging the Base Layer 2 blockchain and developer platform to scale the onchain economy, with expectations that tokenized real-world assets and AI agents will drive increased transaction volume and platform engagement.
Based on recent SEC filings and earnings calls, Coinbase Global, Inc. (COIN) has provided the following forward guidance: Adjusted expenses: $4.3 billion–$4.6 billion (FY2026).