Coinbase Global, Inc. (COIN)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$173.16
▼ -10.65 (5.79%)
Fair valueData under review
$30
$15fair band $18–$42$45
Day's range
$168.86 – $183.40
52-week range
$139.11 – $373.25
Red flags⚠ 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 34 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $139.11 – $373.25Volume 9,061,900Daily, split-adjusted
Vitals
Market cap$45.6B
52-week range$139.11 – $373.25
Volume (last day)9,061,900
P/E (TTM)–
EBIT / EV yield1.4%
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 like Apple). 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
$30model spread $30 – $30
Data under review
+0.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is High, so the safety margin is 40%.
Multiples use through-the-cycle earnings (0.40x of the last twelve months)
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so the fair value range is widened
Price $173
Undervalued < $18Fair $18 – $42Overvalued > $42
10-year DCF (market-scaled) · excluded
$166
Peer multiples
$19
Earnings power floor (not blended)
$11
Fundamentals-adjusted multiple
$41
Growth the price implies
32.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Read the lenses below
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.
Valuation
Weak
3/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.4%
Fair value vs price0.2×
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
CBOE Cboe Global Markets, I...64 MCO Moodys Corp62 FDS Factset Research Syste...59 MSCI MSCI Inc.56Other Financial Exchanges & Data companies by X-Ray Score.
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 46/100.
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
Strongly bearish
2 bullish · 3 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 | 179.6 | Bearish |
| EMA 10 | 179.8 | Bearish |
| SMA 20 | 186.5 | Bearish |
| EMA 20 | 181.6 | Bearish |
| SMA 50 | 177.6 | Bearish |
| EMA 50 | 178.8 | Bearish |
| SMA 100 | 169.4 | Bullish |
| EMA 100 | 178.7 | Bearish |
| SMA 200 | 182.3 | Bearish |
| EMA 200 | 192.4 | Bearish |
Oscillators (daily)
| RSI (14) | 45.04 | Neutral |
| MACD (12, 26) | -1.03 | Bearish |
| Momentum (12) | -7.11 | Bearish |
| Stochastic %K (14) | 21.30 | Neutral |
| Williams %R (14) | -78.70 | Neutral |
| CCI (20) | -105.9 | Bullish |
Pivot points (classic, last session)
S3 152.3 | S2 160.6 | S1 166.9 | Pivot 175.1 | R1 181.4 | R2 189.7 | R3 196.0 |
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.
COIN SEC filings
2 Oct 2026
8-KSEC EDGAR
Director or officer change
2 Sep 2026
8-KSEC EDGAR
Director or officer change
30 Jul 2026
10-QSEC EDGAR
Quarterly report
30 Jul 2026
8-KSEC EDGAR
Results of operations
23 Jul 2026
8-KSEC EDGAR
Director or officer change
9 Jul 2026
8-KSEC EDGAR
Director or officer change
18 Jun 2026
8-KSEC EDGAR
Shareholder vote results
7 May 2026
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.