— Know what they know.
/
Not Investment Advice

COIN

NASDAQ · USD
Coinbase Global, Inc.
Financial Services · Financial - Data & Stock Exchanges
CEO Brian Armstrong Employees 4,951 R&D / revenue 23.3%
Last price
$173.16−5.79%last session
Market cap
$45.7B
P/E (TTM)
n/m
From 52w high
−53.6%
From 52w low
+24.5%
1-year return
−47.6%
RSI 14 · vs SMA200
45.0 · −5.0%
IS score
34.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

COIN   SPY   XLF (sector ETF) · weekly closes
406080100120Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107COIN 52

Score DNA

Each bar is a 0-100 score within the scored universe
20
Profitability
16
Growth
29
Value
22
Momentum
100
Risk (safety)
43
Quality
47
Balance sheet
28
Earnings quality

Flags

Strengths
✓ Net cash✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for COIN (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Intangible AssetsPiotroski 4 / 9Beta 3.393 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
62 open-market sales, $28.5M
Form 144 notices (12m): 48, $323.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
5
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−57
117 new holders, 161 closed
1,123 filers hold 56.0% · 349 added, 461 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+195
967 funds adding shares
772 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
50.8%
20-day avg 54.8%, 50-day avg 54.0%
Latest 4.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$7.2B
Revenue growth YoY+9.4%
Gross margin74.6%
Operating income$1.4B
Operating margin20.0%
Net income$1.3B
Net margin17.6%
EPS (diluted)$4.45
Cash flow
Operating cash flow$2.4B
Capital expenditure$0
Free cash flow$2.4B
FCF conversion (FCF / OCF)100.0%
Stock-based compensation$839.4M
FCF less SBC$1.6B
Buybacks$790.2M
Dividends$0
Balance sheet & returns
Cash & short-term investments$11.9B
Total debt$7.7B
Net cash$4.3B
Shareholders' equity$14.8B
Goodwill & intangibles$5.6B
Debt / equity0.51
ROE (TTM)-6.9%
ROIC (TTM)2.8%
Operating margin by fiscal year
34.6%FY2021-84.8%FY2022-5.2%FY202335.1%FY202411.2%FY2025
Revenue $7.8B (FY2021) to $7.2B (FY2025), a -2.2% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDAn/m
Price / sales7.27x
Price / FCF17.2x
FCF yield5.82%
Buyback yield1.73%
SBC / revenue14.9%
Price / book3.49x
Forward P/E FY2026n/m
Forward P/E FY202760.5x
Forward P/E FY202831.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $199.22 across 23 analysts last quarter is theirs, not ours.

COIN vs industry median

33 companies in Financial - Data & Stock Exchanges
Gross margin 76.0% 71.8% Operating margin 11.0% 38.3% Net margin -15.7% 26.4% ROIC 2.8% 13.4%
COIN (TTM)Industry median Asset turnover 0.24 vs industry 0.26 · financial leverage 2.02

Earnings delivery

Next report 2026-10-29 · consensus EPS $-0.27
58%
beat rate, 7 of 12 quarters
+16.4%
median EPS surprise
6
longest beat streak
+98+13406+43+13+50+637+0-90+20-351-2435-206
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
COIN Coinbase Global, Inc. $45.7Bn/m-6.9%-15.7%+9.4% −47.6%
MSCI MSCI Inc. $41.4B31.3x-76.0%39.4%+11.6% +7.0%
NDAQ Nasdaq, Inc. $52.5B27.1x16.5%20.0%+7.3% +7.2%
MCO Moody's Corporation $84.0B30.7x80.2%40.2%+11.7% +3.7%
ICE Intercontinental Exchange, I $90.7B22.7x13.9%35.9%−0.6% +5.7%
CME CME Group Inc. $105.7B24.8x15.7%61.1%+5.1% —
SPGI S&P Global Inc. $126.7B26.1x15.1%29.4%+9.7% —
TRU TransUnion $14.2B19.3x18.1%19.3%+12.4% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-10-02Officer/Director Change
2026-09-02Officer/Director Change
2026-07-30Earnings Release; Exhibits
2026-07-23Officer/Director Change; Exhibits
2026-07-09Officer/Director Change; Exhibits
2026-06-18Shareholder Vote

Context

Shares outstanding263,836,931
Free float83.3%
Institutional ownership56.0%
Beta3.39
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$177.08 / $182.61
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where COIN sits among 11 scored companies in Financial - Data & Stock Exchanges (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCOINIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 8.3x 7.9x
60th		 2.5x
Price / book 3.5x 4.0x
22nd		 1.3x
Price / tangible book 5.1x — 1.6x
Price / free cash flow 17.2x 22.7x
20th		 11.8x
Price / operating cash flow 17.2x 22.1x
40th		 11.7x
Enterprise value $43.3B $47.6B
40th		 $3.4B
EV / sales 7.8x 8.6x
40th		 6.0x
EV / EBITDA —
EV / EBIT —
EV / free cash flow 16.3x 24.1x
0th		 15.9x
Earnings yield -2.2% 4.0%
0th		 7.9%
FCF yield 5.8% 4.4%
80th		 6.3%
Operating cash flow yield 5.8% 4.5%
60th		 7.8%
Graham number (per share) —

Profitability (TTM)

MeasureCOINIndustry medianIndustry percentileSector median
Gross margin 76.0% 70.9%
70th		 71.9%
EBITDA margin -12.0% 37.4%
0th		 37.9%
Operating margin -0.4% 31.6%
0th		 23.3%
EBIT margin -16.5% 29.2%
0th		 23.3%
Net margin -17.8% 30.5%
0th		 18.7%
NOPAT margin -0.3% 25.5%
0th		 18.7%
FCF margin 48.1% 38.8%
80th		 23.3%
Operating cash flow margin 48.1% 40.7%
70th		 26.7%
R&D / revenue 34.8% 0.0%
100th		 0.0%
SG&A / revenue 44.3% 22.3%
100th		 20.1%
Stock comp / revenue 17.0% 2.2%
100th		 0.7%
Effective tax rate 21.0% 22.2%
40th		 21.0%

Returns on capital

MeasureCOINIndustry medianIndustry percentileSector median
ROE (on average equity) -7.8% 17.3%
0th		 11.9%
ROA -4.0% 8.0%
0th		 1.4%
ROIC -0.2% 12.2%
0th		 7.8%
ROCE -4.8% 13.1%
0th		 5.8%
Return on tangible assets -3.7% 10.5%
0th		 2.0%
Cash ROIC (OCF / invested capital) 24.9% 24.9%
50th		 11.4%
Gross profitability (GP / assets) 16.5% 18.9%
30th		 10.3%
ROIC, 3-yr average 42.8% 15.3%
90th		 7.1%
ROIC, 5-yr average 54.5% 12.8%
89th		 7.3%
ROE, 5-yr average 1.4% 13.8%
0th		 10.7%
Incremental ROIC -70.3% -41.1%
30th		 8.4%

Growth

MeasureCOINIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -21.0% 7.3%
0th		 7.1%
Revenue growth (QoQ) -13.7% 1.9%
10th		 2.8%
Revenue CAGR, 3 yr 27.0% 10.0%
100th		 10.8%
Revenue CAGR, 5 yr 20.0% 9.2%
100th		 11.3%
Gross profit CAGR, 3 yr 34.3% 12.9%
100th		 18.0%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 47.3% 10.8%
90th		 15.9%
FCF CAGR, 3 yr -8.0% 13.0%
0th		 8.5%
Operating cash flow CAGR, 3 yr -8.3% 10.9%
0th		 8.4%
Book value CAGR, 3 yr 26.5% 5.4%
100th		 8.9%
Dividend CAGR, 3 yr —
Sustainable growth rate —

Margin history & stability

MeasureCOINIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 74.9% 63.7%
80th		 63.4%
Operating margin, 3-yr average 16.9% 30.8%
20th		 21.4%
Net margin, 3-yr average 18.1% 25.9%
20th		 16.5%
FCF margin, 3-yr average 33.1% 34.9%
40th		 28.2%
Revenue stability (0-1) 0.74 0.97
0th		 0.86
Earnings stability (0-1) 0.00 0.42
0th		 0.37
Margin stability (0-1) 0.91 0.95
30th		 0.81

Liquidity (latest quarter)

MeasureCOINIndustry medianIndustry percentileSector median
Cash & short-term investments $9.1B $1.5B
100th		 $145.5M
Net cash (− = net debt) $2.4B −$4.8B
100th		 −$676.0M
Working capital $3.9B $68.3M
100th		 $86.3M
Current ratio 1.54 1.02
80th		 1.19
Quick ratio 1.54 1.02
80th		 1.19
Cash ratio (cash + ST investments / current liabilities) 1.26 0.45
90th		 0.55
Defensive interval (days) 924 days 569 days
80th		 417 days

Leverage & solvency (latest quarter)

MeasureCOINIndustry medianIndustry percentileSector median
Total debt $6.7B $6.5B
60th		 $1.2B
Debt / equity 0.51 0.73
33rd		 0.81
Net debt / equity −0.18 0.58
11th		 0.66
Debt / assets 25.2% 33.8%
40th		 33.5%
Debt / capital 33.8% 42.3%
33rd		 44.6%
Debt / EBITDA —
Net debt / EBITDA —
Interest coverage (EBIT / interest) −10.2x 9.2x
0th		 2.9x
Cash interest coverage 29.7x 11.1x
89th		 3.7x
Debt payback (years of OCF) 2.5 yrs 2.7 yrs
40th		 3.7 yrs
Liabilities / assets 50.6% 59.0%
20th		 86.2%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 150
90th		 175

Efficiency

MeasureCOINIndustry medianIndustry percentileSector median
Asset turnover 0.22 0.30
30th		 0.15
Fixed asset turnover 13.70 13.70
50th		 11.68
Inventory turnover —
Receivables turnover 38.2 7.1
100th		 8.2
Days sales outstanding 10 days 51 days
0th		 43 days
Days inventory outstanding —
Days payables outstanding 22 days 34 days
20th		 39 days
Cash conversion cycle (days) −13 days 14 days
0th		 0 days
Capex / revenue 0.0% 2.4%
0th		 0.2%
Capex / depreciation 0.00 0.39
0th		 0.13
Operating expense ratio 90.5% 26.5%
100th		 38.9%

Cash flow & earnings quality

MeasureCOINIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow 100.0% 92.6%
89th		 98.5%
Capex / operating cash flow 0.0% 7.4%
0th		 0.6%
Accruals ratio -14.6% -2.2%
0th		 -2.0%
Sloan accruals ratio -22.5% -4.6%
0th		 -0.6%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureCOINIndustry medianIndustry percentileSector median
Dividend yield 0.0% 1.2%
0th		 2.3%
Dividend per share (TTM) $0.00 $2.04
0th		 $1.03
Payout ratio (dividends / net income) —
Dividends / FCF 0.0% 23.2%
0th		 49.0%
Dividend growth (YoY) —
Buyback yield 4.0% 2.7%
60th		 1.7%
Shareholder yield (dividends + buybacks) 4.0% 4.0%
50th		 5.2%
Share count change (YoY) -5.6% -2.5%
30th		 -0.3%
Buybacks, last 5 years $4.9B $3.6B
70th		 $85.3M

Scores & forensic checks

MeasureCOINIndustry medianIndustry percentileSector median
IS score 34 66
0th		 53
IS profitability 20 75
0th		 59
IS growth 16 56
0th		 57
IS value 29 52
0th		 77
IS momentum 22 84
0th		 76
IS risk (safety) 100 100
10th		 65
IS quality 43 79
0th		 71
IS balance sheet 47 52
30th		 51
IS earnings quality 28 74
0th		 74
IS cash flow 77 77
60th		 71
Piotroski F-score (0-9) 4 7
0th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −7.95 −7.92
30th		 −6.00
IS credit score 53 74
10th		 68

Per share

MeasureCOINIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$3.75 $11.07
0th		 $3.36
Book value per share $49.65 $26.87
60th		 $28.13
Tangible book per share $28.93 −$27.93
100th		 $21.49
Revenue per share $21.01 $25.28
30th		 $17.62
FCF per share $10.10 $11.63
40th		 $1.99
Operating cash flow per share $10.10 $11.90
40th		 $2.45
Cash per share $34.41 $7.46
100th		 $1.75

Size (TTM)

MeasureCOINIndustry medianIndustry percentileSector median
Market cap $45.7B $45.7B
50th		 $2.5B
Revenue $5.5B $5.5B
50th		 $1.0B
EBITDA −$661.5M $2.1B
0th		 $269.3M
Net income −$987.8M $1.4B
0th		 $168.0M
Free cash flow $2.7B $2.0B
60th		 $160.0M
Total assets $26.5B $14.7B
60th		 $8.5B
Shareholders' equity $13.1B $4.8B
70th		 $1.5B
Employees 4,951 10,973
20th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-02Andreessen Marc L
Director
 Open-market sale 6,838$198.00$1.4M1,108,972
2026-10-01Andreessen Marc L
Director
 Open-market sale 13,676$186.18$2.5M1,115,810
2026-09-21Haas Alesia J
Chief Financial Officer
 Open-market sale 410$203.67$83,504383,996
2026-09-21Haas Alesia J
Chief Financial Officer
 Open-market sale 35,840$205.14$7.4M348,156
2026-09-21Haas Alesia J
Chief Financial Officer
 Open-market sale 1,409$206.42$290,843346,747
2026-09-21Haas Alesia J
Chief Financial Officer
 Open-market sale 1,371$207.10$283,941345,376
2026-09-21Andreessen Marc L
Director
 Open-market sale 6,838$205.05$1.4M1,129,486
2026-09-08Andreessen Marc L
Director
 Open-market sale 13,676$181.14$2.5M1,136,324
2026-09-01Wilson Frederick R
Director
 Open-market sale 900$176.12$158,5089,100
2026-09-01Wilson Frederick R
Director
 Open-market sale 3,397$177.09$601,5635,703
2026-09-01Wilson Frederick R
Director
 Open-market sale 1,403$178.28$250,1214,300
2026-09-01Wilson Frederick R
Director
 Open-market sale 1,183$179.99$212,9273,117

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1191,668—
Open-market saleDisposed62157,565$28.5M
Option exerciseAcquired37145,922—
Option exerciseDisposed37145,922—
Tax withholdingDisposed1066,533$11.9M
—Disposed30—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 48 notices · 1,358,340 shares · $323.1M
FiledFilerShares proposedEst. proceeds
2026-10-02Andreessen Marc L6,838$1.4M
2026-10-01Andreessen Marc L13,676$2.5M
2026-09-21Alesia Haas39,030$8.0M
2026-09-21Andreessen Marc L6,838$1.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 30 trades (14 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-18Gilbert CisnerosHouseSale$1,001 - $15,0002026-09-11
2026-08-10Ro KhannaHouseSale$1,001 - $15,0002026-09-07
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.16,710,783$2.4B6.33%
VANGUARD CAPITAL MANAGEMENT LLC14,165,975$2.1B5.37%
VANGUARD PORTFOLIO MANAGEMENT LLC9,571,891$1.4B3.63%
STATE STREET CORP9,562,203$1.4B3.62%
GEODE CAPITAL MANAGEMENT, LLC6,154,642$946.4M2.33%
Paradigm Operations LP3,185,297$465.7M1.21%
NORGES BANK2,790,018$407.9M1.06%
MORGAN STANLEY2,625,584$383.8M1.00%
GOLDMAN SACHS GROUP INC2,544,211$371.9M0.96%
ARK Investment Management LLC2,511,319$367.1M0.95%
Clear Street Group Inc.2,313,977$338.3M0.88%
UBS Group AG2,310,924$337.8M0.88%
Sumitomo Mitsui Trust Group, Inc.2,051,897$300.0M0.78%
Invesco Ltd.2,005,685$293.2M0.76%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC1,884,977$275.6M0.71%

Institutional ownership by quarter

2023-092026-0656.0%
% of shares held by 13F filers
2023-092026-061,123
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,12356.0%117349461161
2026-03-311,18054.2%140503378205
2025-12-311,26456.0%194506412227
2025-09-301,32867.9%232613323135
2025-06-301,25853.9%376451299103
2025-03-3199945.1%161433253168
2024-12-311,03046.5%27537226186
2024-09-3087542.3%107329266139
2024-06-3091642.7%122376255117
2024-03-3192540.0%214272298100
2023-12-3182640.1%28320320654
2023-09-3061039.4%6918920162

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.3%16,327,137
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-07-16SCHEDULE 13G/ABlackRock, Inc.6.9%14,618,089
2025-06-05SCHEDULE 13G/AThe Vanguard Group11.4%24,175,749
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.05%$1.3B
VTSAX0.05%$1.3B
VTI0.05%$1.3B
VSMPX0.05%$1.3B
VFINX0.06%$1.1B
VFIAX0.06%$1.1B

Share structure

Shares outstanding263,836,931
Float219,807,817
Free float83.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.8B$3.2B$3.1B$6.6B$7.2B
Cost of revenue$1.7B$629.9M$1.1B$1.7B$1.8B
Gross profit$6.1B$2.6B$2.0B$4.9B$5.4B
R&D$1.3B$2.3B$1.3B$1.5B$1.7B
SG&A$1.1B$2.1B$691.8M$1.2B$1.9B
Operating income$3.1B−$2.7B−$161.7M$2.3B$1.4B
EBITDA$3.1B−$2.8B$145.6M$3.2B$1.8B
Pretax income$3.0B−$3.1B−$76.8M$2.9B$1.5B
Income tax−$597.2M−$439.6M−$171.7M$363.6M$261.7M
Net income$3.6B−$2.6B$94.9M$2.6B$1.3B
EPS, diluted$14.50$-11.83$0.37$9.48$4.45
Diluted shares220.0M222.3M254.4M273.4M287.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$7.2B$5.3B$5.5B$9.5B$11.9B
Receivables$365.9M$464.8M$631.1M$914.9M$1.7B
Inventory$0$0$0$0$0
Total current assets$18.4B$86.4B$11.4B$18.1B$20.4B
PP&E, net$157.6M$241.2M$205.3M$281.2M$406.2M
Goodwill & intangibles$802.4M$1.2B$1.2B$1.2B$5.6B
Total assets$21.3B$89.7B$14.8B$22.5B$29.7B
Accounts payable$39.8M$56.0M$39.3M$63.3M$117.6M
Total current liabilities$11.4B$80.8B$5.5B$7.9B$8.7B
Long-term debt$3.4B$3.4B$3.0B$4.2B$5.9B
Total liabilities$14.9B$84.3B$8.5B$12.3B$14.9B
Shareholders' equity$6.4B$5.5B$6.3B$10.3B$14.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$3.6B−$2.6B$94.9M$2.6B$1.3B
Depreciation & amortization$63.7M$154.1M$139.6M$127.5M$188.4M
Stock-based compensation$820.7M$1.6B$780.7M$912.8M$839.4M
Change in working capital$141.4M−$1.0B$326.2M−$478.0M−$31.4M
Operating cash flow$4.0B−$1.6B$923.0M$2.6B$2.4B
Capital expenditure−$82.9M−$2.9M$0$0$0
Free cash flow$4.0B−$1.6B$923.0M$2.6B$2.4B
Investing cash flow−$1.1B−$663.8M$5.4M−$282.4M−$2.0B
Net debt issued / repaid$3.4B−$117,000−$324.0M$1.2B$3.0B
Buybacks$0$0$0$0−$790.2M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin82.9%74.5%65.8%74.2%77.1%
Operating margin34.6%-84.8%-5.2%35.1%11.2%
Net margin47.2%-82.2%3.1%39.3%19.6%
FCF margin119.8%72.9%29.3%39.0%37.7%
ROE44.7%-44.4%1.6%31.2%10.1%
ROIC109.9%-58.5%-3.4%37.7%5.5%
ROA13.4%-4.7%0.2%13.8%4.8%
Debt / equity0.550.640.480.450.53
Interest coverage268.1xn/m0.1x37.5x18.6x
Current ratio1.611.072.072.282.34
Revenue growth—−47.1%−2.7%+111.2%−2.0%
EPS growth—−197.0%+103.1%+2,465.4%−49.6%
P/E at year end20.8xn/m478.8x26.6x48.1x
EV / EBITDA at year end26.2xn/m294.7x20.2x31.9x
FCF yield at year end12.19%29.48%2.01%3.72%4.00%
Dividend payout0.0%—0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Bank Servicing, Consumer, Net—$2.2B$1.4B$3.4B$3.3B
Subscription and Circulation, Stablecoin——$694.2M$910.5M$1.3B
Subscription and Circulation, Blockchain Infrastructure Service$223.1M$275.5M$330.9M$705.8M$677.4M
Subscription and Circulation, Other$69.2M$110.3M$138.3M$283.4M$554.8M
Bank Servicing, Institutional$346.3M$119.3M$90.2M$345.6M$479.7M
Other Revenue——$181.8M$270.8M$297.9M
Bank Servicing, Other———$210.2M$252.9M
Subscription and Circulation, Custodial Fee$136.3M$79.8M$69.5M$141.7M—

Revenue by region · FY2025

UNITED STATES$6.0B · 84%
Rest of the World$1.2B · 16%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $-0.27 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.2B$4.7B – $6.2B$-2.92$-11.84 – $5.6017n/m
2027$6.8B$5.7B – $9.1B$2.86$-0.39 – $6.002160.5x
2028$7.8B$6.5B – $9.9B$5.46$1.84 – $10.651131.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$-0.44$-1.36−206.4%$1.3B$1.2B−5.6%
2026-05-07$0.06$-1.49−2,435.4%$1.5B$1.4B−4.9%
2026-02-12$0.99$-2.49−350.5%$1.8B$1.8B−1.5%
2025-10-30$1.20$1.44+20.0%$1.8B$1.9B+5.5%
2025-07-31$1.25$0.12−90.4%$1.6B$1.5B−5.7%
2025-05-08$1.94$1.940.0%$2.1B$2.0B−1.8%
2025-02-13$0.46$3.39+637.0%$1.8B$2.3B+23.4%
2024-10-30$0.41$0.62+49.8%$1.3B$1.1B−10.5%
2024-08-01$0.95$1.07+12.8%$1.4B$1.4B−1.3%
2024-05-02$1.15$1.65+43.5%$1.3B$1.4B+8.1%
2024-02-15$0.01$1.04+13,406.5%$826.1M$953.8M+15.5%
2023-11-02$-0.54$-0.01+98.1%$650.9M$674.1M+3.6%
2023-08-03$-0.78$-0.42+46.2%$627.6M$707.9M+12.8%
2023-05-04$-1.44$0.15+110.4%$655.3M$772.5M+17.9%
2023-02-21$-2.39$-2.46−2.9%$587.8M$629.1M+7.0%
2022-11-03$-2.23$-2.43−9.0%$639.0M$590.3M−7.6%
2022-08-09$-3.04$-4.95−62.8%$873.8M$808.3M−7.5%
2022-05-10$0.35$-1.98−665.7%$1.5B$1.2B−22.2%
2022-02-24$1.85$3.32+79.5%$2.0B$2.5B+26.9%
2021-11-09$1.57$1.62+3.2%$1.4B$1.3B−9.3%
2021-08-10$2.49$6.42+157.8%$2.2B$2.2B+0.0%
2021-05-13$3.09$3.090.0%$1.8B$1.8B−1.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.106-151.306-221.106-290.907-061.107-131.207-201.507-271.108-030.808-102.208-171.608-241.308-31
Week ofNotionalSharesTrades
2026-08-31$1.3B7,185,245177,765
2026-08-24$1.6B8,539,998181,533
2026-08-17$2.2B12,863,826227,458
2026-08-10$776.1M5,188,236121,753
2026-08-03$1.1B7,547,121164,129
2026-07-27$1.5B9,602,933189,570

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1550.8%
DateShort shareShort volumeTotal volume
2026-10-1550.8%1,806,3103,556,188
2026-10-1456.5%1,585,4292,807,672
2026-10-1353.3%909,1511,705,662
2026-10-1250.0%1,732,1843,463,457
2026-10-0954.1%2,193,9544,058,625
2026-10-0846.0%1,739,6853,783,976
2026-10-0753.7%1,584,0492,947,092
2026-10-0654.0%1,409,4312,608,253
2026-10-0550.6%1,757,3443,472,120
2026-10-0252.6%3,055,0875,803,869
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+5.4Jan+4.5Feb+3.9Mar-13.5Apr-0.2May+5.0Jun+11.7Jul-3.2Aug-0.6Sep+9.8Oct+14.4Nov-7.4Dec
MonthAvg returnUp yearsYears
Jan+5.4%40%5
Feb+4.5%20%5
Mar+3.9%60%5
Apr−13.5%20%5
May−0.2%60%5
Jun+5.0%60%5
Jul+11.7%60%5
Aug−3.2%40%5
Sep−0.6%40%5
Oct+9.8%80%5
Nov+14.4%40%5
Dec−7.4%20%5
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1445.0
MFI29.9
ADX17.0
Stochastic %K / %D26.2 / 25.9
Williams %R-78.7
CCI-102
TSI / signal-2.2 / 3.0
Chaikin money flow-0.32
ATR$11.03
Bollinger width19.3%
Volume vs 20-day avg1.05x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$186.55 (−7.2%)
SMA 50$177.63 (−2.5%)
SMA 200$182.32 (−5.0%)
EMA 21$181.62 (−4.7%)
EMA 50$178.77 (−3.1%)
EMA 200$192.43 (−10.0%)
Bollinger upper$204.51 (−15.3%)
Bollinger lower$168.58 (+2.7%)
Parabolic SAR$194.85 (−11.1%)
Open the live chart, 110+ indicators

About Coinbase Global, Inc.

Coinbase Global, Inc. delivers fundamental financial infrastructure and technological solutions to the expanding cryptoeconomy, operating across both the United States and international markets. The company provides a core financial gateway for individual consumers navigating the digital asset space. For institutional clients, it manages a dynamic trading venue that ensures abundant liquidity for cryptocurrency transactions. Moreover, Coinbase supplies developers with crucial technology and services, enabling them to build innovative crypto-based applications and seamlessly integrate secure digital asset payments. Founded in 2012, the firm is headquartered in Wilmington, Delaware.

https://www.coinbase.com

Key executives

NameTitlePayBorn
Brian ArmstrongCo-Founder, Chairman & Chief Executive Officer$9.7M1983
Emilie ChoiPresident & Chief Operating Officer$2.2M1979
Alesia Jeanne HaasChief Financial Officer$740,5001977
Lawrence J. BrockAdvisor$740,5001972
Paul GrewalAdvisor$740,5001972
Daniel SeifertVice President & Regional MD of EMEA——
Frederick Ernest EhrsamCo-Founder & Independent Director—1989
Jennifer N. JonesChief Accounting Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Emilie Choi President & Chief Operating Officer2025$875,000$20.0M$0$22.2M
Paul Grewal Chief Legal Officer & Secretary2025$730,000$20.0M$0$20.7M
Alesia Haas Chief Financial Officer2025$730,000$13.5M$0$14.2M
Lawrence Brock Chief People Officer2025$730,000$9.0M$0$9.7M
Brian Armstrong Chairman of the Board of Directors & Chief Executive Officer2025$1.0M$0$0$9.7M

Employees

4k20215k20223k20234k20245k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Intangible Assets · 2026-06-30
Cost advantage16
Intangibles85
Switching costs30
Network effect44
Efficient scale58
Our component scores (0-100) and overall 47.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms