Coinbase (COIN)
Financials · $53.0B market cap · SEC CIK 0001679788
fundamentals score out of 100
Next reports on Oct 28, 2026, after the close, with analysts expecting $-0.12 in earnings per share.
The case for COIN
- Has compounded revenue at 41.2% a year over five years.
- Gross margin of 86% absorbs cost shocks.
The case against
- Losing money over the last year: net margin -15.7%, return on equity -7%.
- Pricey at 42.1× earnings, against a long-run market average nearer 20×.
- Down 41.3% over the past year.
- Swings harder than the market (beta 3.34).
- Price/sales of 8.4× is higher than 90% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 28 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 83 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 16 |
| Momentumhow the price has behaved lately | 39 |
| Stabilityhow violently it moves, what it owes and what it pays you | 17 |
- The P/E (42.1×) says it made money over the last year but its net margin (-15.7%) says it lost money, so the P/E is not counted in its favour.
- Its one-year revenue change (-10%) is far out of line with its five-year trend (+41% a year). In the Financials sector that is usually interest income swinging with rates rather than growth, so only the five-year figure is used.
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 42.1× |
|---|---|
| Price / book | 2.94× |
| Price / sales | 8.4× |
| Revenue growth (YoY) | -10.3% (not used: out of line with the five-year +41.2% a year) |
| EPS growth (YoY) | — |
| Gross margin | 86% |
| Operating margin | 10% |
| Net margin | -16% |
| Return on equity | -7% |
| Debt / equity | 0.50× |
| Current ratio | 2.42 |
| Dividend yield | none |
| Beta | 3.34 |
| 52-week range | $139.11 – $402.16 |
| Position in that range | 24% of the way up |
| 3-month return | +23.1% |
| 1-year return | -41.3% |
Five years of financials, as filed
Pulled from Coinbase's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $7.2B | $6.6B | $3.1B | $3.2B | $7.8B |
| Operating income | $1.4B | $2.3B | -$162M | -$2.7B | $3.1B |
| Net income | $1.3B | $2.6B | $100M | -$2.6B | $3.6B |
| Operating cash flow | $2.4B | $3.1B | $673M | -$1.6B | $4.0B |
| Capital expenditure | — | — | — | $2.9M | $2.9M |
| Total assets | $29.7B | $22.5B | $14.8B | $89.7B | $21.3B |
| Total liabilities | $14.9B | $12.3B | $8.5B | $84.3B | $14.9B |
| Shareholder equity | $14.8B | $10.3B | $6.3B | $5.5B | $6.4B |
| Cash | $11.3B | $9.3B | $5.5B | $4.4B | $7.1B |
| Long-term debt | $5.9B | $4.2B | $3.0B | $3.4B | $3.4B |
| Free cash flow | — | — | — | -$1.6B | $4.0B |
| Operating margin | 20.0% | 35.1% | -5.2% | -84.8% | 39.2% |
| Net margin | 18.1% | 39.6% | 3.2% | -81.4% | 45.9% |
| Diluted shares | 287M | 273M | 254M | 222M | 220M |
Share count is up 30.6% over 4 years. Your slice has been diluted.
What Coinbase says it does
Coinbase Overview Our mission is to increase ec onomic freedom in the world. We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. In December 2025, we took a major step forward to becoming the Everything Exchange—dramatically expanding the assets available to trade on Coinbase, including stocks, commodity futures, perpetual futures, and prediction markets. Our goal is to create a comprehensive, seamless experience for retail users, institutions, and developers to engage in the future of finance. We differentiate ourselves from our competition with: • Trust : We are deeply invested in building the most secure and compliant platform. We hold customer assets one-to-one at all times. • Ease of use : We build easy-to-use products that our customers love. We obsess over quality and craft. We strive to make financial…
Risk factors COIN lists in its 10-K
- The Most Material Risks Related to Our Business and Financial Position
- Our operating results have and will significantly fluctuate, including due to the highly volatile nature of crypto
- Interest rate fluctuations could negatively impact us
- Cyberattacks and security breaches of our platform, or those impacting our customers or third parties, could adversely affect our brand, reputation, business, operating results, and financial condition
- We operate in a highly competitive industry and our business, operating results, and financial condition could be adversely affected if we are unable to compete effectively
- We compete against a growing number of decentralized and noncustodial platforms and our business, operating results, and financial condition could be adversely affected if we fail to compete effectively
- Note 21. Commitments and Contingencies
- We currently rely on third-party service providers for certain aspects of our operations, and any interruptions in services provided by these third parties may impair our ability to support our customers
- Loss of a critical financial institution or insurance relationship could adversely affect our business, operating results, and financial condition
- Our failure to securely store and manage our and our customers’ fiat currencies and crypto assets could adversely affect our business, operating results, and financial condition
- Other Risks Related to Our Business and Financial Position
- If we do not effectively manage our growth, including through acquisitions and by maintaining and improving our systems and processes, our business, operating results, and financial condition could be adversely affected
- Our strategy and focus on delivering high-quality, compliant, easy-to-use, and secure crypto-related financial services may not maximize short-term or medium-term financial results
- Because our long-term success depends, in part, on our ability to expand our sales to customers outside the United States, our business is susceptible to risks associated with international operations