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ValueScreener company report

Coinbase Global, Inc. (COIN)

NASDAQ / Financial Services / Financial - Data & Stock Exchanges

Share price

183.81 USD Market dataClose of Oct 15, 2026

Market capitalisation

48.50B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 12, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

10.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

37.90x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 533.7M USDFY2019 Net income: -30.4M USDFY2020 Revenue: 1.28B USDFY2020 Net income: 322.3M USDFY2021 Revenue: 7.84B USDFY2021 Net income: 3.62B USDFY2022 Revenue: 3.19B USDFY2022 Net income: -2.62B USDFY2023 Revenue: 3.11B USDFY2023 Net income: 94.9M USDFY2024 Revenue: 6.56B USDFY2024 Net income: 2.58B USDFY2025 Revenue: 7.18B USDFY2025 Net income: 1.26B USD
Revenue Net income7 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 37.90x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Financial Services sector (657 companies), 37.90x sits at the 83rd percentile; the middle half of that group runs from 11.29x to 24.29x.

Is it good

Return on invested capital was 10.5% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Financial Services sector (75 companies), 10.5% sits at the 77th percentile; the middle half of that group runs from -0.5% to 9.4%.

Is it safe

Interest coverage was 16.81x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Coinbase Global, Inc.'s return on equity stayed above the median of the Financial Services sector, year by year. (FY2024 to FY2025, 2 fiscal years of Coinbase Global, Inc. with a comparable figure)
The direction
Which way Coinbase Global, Inc.'s return on equity has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Coinbase Global, Inc.)
What could explain it
What in Coinbase Global, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines Coinbase Global, Inc. filed)
What to check next
What to check next on Coinbase Global, Inc., and where in its filings. (3 questions for Coinbase Global, Inc.)
In one paragraph
One paragraph on Coinbase Global, Inc.'s returns, cash, balance sheet and price. (11 of sixteen figures read for Coinbase Global, Inc.)

These are COIN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research COINPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 12, 2026, accession 0001679788-26-000015.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Coinbase Global, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax10.5% ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Return on equity8.5% ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Return on capital employed, pre-tax6.8% ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Return on assets4.3% ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Operating margin20.0% ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Net margin17.6% ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
COIN 17.6%
FDS 25.7%NDAQ 21.6%MCO 31.9%ICE 26.2%MSCI 38.4%
17.6%38.4%
Net margin: COIN against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Coinbase Global, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.53 ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Current ratio2.34 ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Quick ratio2.34 ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Interest coverage16.81x ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Altman Z-score
Why n/m

Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Net debt-3.76B ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Total assets 29.67BTotal liabilities 14.88BShareholders' equity 14.79BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Coinbase Global, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 12, 2026, 0001679788-26-000015).

Coinbase Global, Inc: balance sheet position
Total assets29.67B FiledFY2025 10-K, filed Feb 12, 2026
Total liabilities14.88B FiledFY2025 10-K, filed Feb 12, 2026
Shareholders' equity14.79B FiledFY2025 10-K, filed Feb 12, 2026
Cash11.60B FiledFY2025 10-K, filed Feb 12, 2026
Total debt7.83B FiledFY2025 10-K, filed Feb 12, 2026
Net debt-3.76B
Current ratio2.34
Debt to equity0.53

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Coinbase Global, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings37.90x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
P/E on trailing twelve months58.86x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.57x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Price to sales7.35x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Enterprise value to EBIT34.37x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Enterprise value to EBITDA30.38x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Price to earnings over growth1.51 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Diluted earnings per share4.45 USD FiledFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Graham number74.97 USD ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015

We publish no fair value or price target of our own. Value COIN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Coinbase Global, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Coinbase Global, Inc: valuation
Share price183.81 USD
Market capitalisation48.50B USD
Enterprise value to EBITDA30.38x
Graham number74.97 USD
Diluted earnings per share, FY20254.45 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 11, 2021: low 11.14x, median 33.22x, high 755.97x, latest 58.86x. 864 trading days with a meaningful ratio, 435 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Coinbase Global, Inc

  1. FactSet Research Systems Inc. (FDS)Market cap 10.73B USD
  2. Nasdaq, Inc. (NDAQ)Market cap 52.26B USD
  3. Moody's Corporation (MCO)Market cap 83.78B USD
  4. Intercontinental Exchange, Inc. (ICE)Market cap 88.93B USD
  5. MSCI Inc. (MSCI)Market cap 41.81B USD

Same industry (Financial - Data & Stock Exchanges) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Coinbase Global, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
FY2019 Free cash flow: -114.1M USDFY2019 Net income: -30.4M USDFY2020 Free cash flow: 283.6M USDFY2020 Net income: 322.3M USDFY2021 Free cash flow: 4.04B USDFY2021 Net income: 3.62B USDFY2022 Free cash flow: -1.59B USDFY2022 Net income: -2.62B USDFY2023 Net income: 94.9M USDFY2024 Net income: 2.58B USDFY2025 Net income: 1.26B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Coinbase Global, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
37.90xFY2025Oct 15, 2026
3.57xFY2025Oct 15, 2026
34.37xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
10.5%FY2025Feb 12, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.53FY2025Feb 12, 2026
2.34FY2025Feb 12, 2026
7.35xFY2025Oct 15, 2026
1.51FY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
-2.20FY2025Feb 12, 2026
4/9FY2025Feb 12, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 filed fiscal years, FY2019 to FY2025, read from the annual reports Coinbase Global, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Coinbase Global, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20257.18B1.44B1.26B4.45n/a20.0%8.5%10-K, Feb 12, 20260001679788-26-000015
FY20246.56B2.31B2.58B9.48n/a35.1%25.1%10-K, Feb 13, 20250001679788-25-000022
FY20233.11B-161.7M94.9M0.37n/a-5.2%1.5%10-K, Feb 15, 20240001679788-24-000022
FY20223.19B-2.71B-2.62B-11.83-1.59B-84.8%-48.1%10-K, Feb 21, 20230001679788-23-000031
FY20217.84B3.08B3.62B14.504.04B39.2%56.8%10-K, Feb 25, 20220001679788-22-000031
FY20201.28B409.0M322.3M1.40283.6M32.0%33.5%10-K, Feb 25, 20220001679788-22-000031
FY2019533.7M-45.8M-30.4M-0.50-114.1M-8.6%-6.1%10-K, Feb 25, 20220001679788-22-000031
  • Revenue, compound annual growth FY2019 to FY2025: 54.2%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2022, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Coinbase Global, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.20 ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Piotroski F-score4/9 ComputedFY2025 10-K, filed Feb 12, 2026, 0001679788-26-000015
Named tests met0 of 30 Computed
Beta2.68 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 27 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
High yield, low payout; Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(9)
  • Current Ratio: Graham set this test for industrial companies.
  • Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 9 figures could not be read on this company, among them Current Ratio, Altman Z-Score, Gross Margin. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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