Coinbase Global, Inc. (COIN) stock analysis
Close on Nov 11, 2026Market cap $36.08BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak6 of 30 checks passed
Coinbase Global passes 6 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 1/6
- Past performance
- 3/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Earnings grew over 5 years
Net income grew 31.4% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 31.0% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 21.0% of total debt.
Return on equity above the industry
Coinbase Global's return on equity of -4.7% is above the Finance services median of -33.5%.
What to watch
Margin of safety under 20%
The price is 114% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $136.27 is above our fair value estimate of $63.62.
Return on equity under 15%
Return on equity was -4.7% over the last twelve months and averaged 19.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 1.4%, below the 10% that usually covers the cost of capital.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA above its 5-year median
Coinbase Global's EV/EBITDA of 73.0 is above its 5-year median of 32.6.
P/B above the industry
Coinbase Global's price-to-book of 2.59 is above the Finance services median of 0.83.
Trading above fair value
The share price of $136.27 is above our fair value estimate of $63.62.
Margin of safety under 20%
The price is 114% above fair value, so there is no margin of safety.
Growth1/6
Revenue growing 10%+ a year
Revenue grew 31.0% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth not accelerating
Net income grew -122% over the last twelve months, against a 5-year average of 31.4% a year.
Growing slower than the industry
Revenue grew -26.6% over the last twelve months; the Finance services median is 9.8%.
Guidance lowered
Coinbase Global lowered its Q4'26 amortization of intangible assets outlook on Oct 29, 2026.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity under 15%
Return on equity was -4.7% over the last twelve months and averaged 19.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 1.4%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Coinbase Global's return on equity of -4.7% is above the Finance services median of -33.5%.
Earnings grew over 5 years
Net income grew 31.4% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was -12.5% over the last twelve months, against a 5-year average of 4.8%.
Net margin above the industry
Coinbase Global's net margin of -12.5% is above the Finance services median of -64.5%.
Financial health2/6
High debt
Debt is 48.0% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 0.0% five years ago to 48.0%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 21.0% of total debt.
Interest not well covered
Operating income covers interest expense 2.3 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 2.42 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.61; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Coinbase Global has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$63.62
The share price is 114% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDA | 23.3× | 32.6× | 13.8× | $48.88 | 58% |
| P/B | 2.5× | 4.2× | 0.8× | $131.89 | 17% |
| Earnings power | 14.9% cost of equity | – | – | $52.49 | 25% |
| Fair value | $63.62 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 26.9
- Finance services median 11.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $1.37B
- Value traded per 1% price move
- $434.95M
Downside
High risk
- Typical loss in a bad month
- 34.0%
- Volatility (annualized)
- 72%
- Sharpe ratio, 1 year
- -0.85
- Beta to the S&P 500 (5Y)
- 2.83
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.4% | +31.0% | +41.2% | – | |
| Operating income | -37.8% | – | +28.5% | – | |
| Net income | -51.1% | – | +31.4% | – | |
| EPS, diluted | -53.1% | – | +26.0% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 44.1% | 10.1% | |
| Return on assets | – | – | 4.8% | |
| Current ratio | – | 1.21 | 2.34 | |
| Debt to equity | – | 0.00 | 0.52 | |
| Net debt to EBITDA | – | -11.04× | -2.23× | |
| Interest coverage | – | – | 16.8× | |
| Capex to revenue | – | 0.8% | – | |
| Diluted shares | – | 91M | 287M |
Cash use needs five years of cash flow figures
Coinbase Global does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.6% | 0.28× | 2.08× | 10.1% |
| FY2024 | 39.3% | 0.35× | 2.25× | 31.2% |
| FY2023 | 3.1% | 0.06× | 8.90× | 1.6% |
| FY2022 | -82.2% | 0.06× | 9.38× | -44.4% |
| FY2021 | 46.2% | 0.58× | 3.69× | 98.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$1.26B
- Cash generatingOperating cash flow above zero$2.43B
- Return on assets improvedROA up on the prior year17.5% → 5.6%
- Earnings backed by cashOperating cash flow above net income$2.43B vs $1.26B
- Less leverageLong-term debt to assets fell18.8% → 20.0%
- Better liquidityCurrent ratio rose2.28 → 2.34
- No dilutionShare count did not rise273M → 287M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.44 → 0.32
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