Coincheck Group NV CNCK

FinancialsProfessional & Commercial ServicesNetherlands

Last close 1.27 USD on Nov 2, 2026, −49.6% year to date

Quant rating

Quant rating D Rank 230 of 304 in Financials

Growth C 207 of 304
Valuation C 202 of 304
Quality B 76 of 304
Revisions C 193 of 304
Momentum D 280 of 304

Wall Street consensus Buy (2.33)Average target 3.10 USD +144.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 244M
Enterprise value: 346M
52-week range: 1.20 – 9.31
3-year range: 1.20 – 13.80
Dividend yield: –
Beta (5 years): 0.52
Shares outstanding: 192M
Next earnings: Nov 9, 2026

About the company

Coincheck Group N.V. is a Netherlands based public limited liability company. Company operates as a holding company of Coincheck, Inc. Coincheck is involved in crypto exchange industry, providing Marketplace and Exchange platforms on which diverse cryptocurrencies, including Bitcoin and Ethereum, are held and exchanged, and offers other retail-focused crypto services. Company derive its total revenue from trading on its Marketplace platform business. Company support trading in 30 different types of cryptocurrencies across its Marketplace and Exchange platforms. Company operates in the crypto asset and Web3 domains.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,026	2,556	1,481	1,332	5,679	–
Revenue growth	18.4%	72.6%	11.1%	−76.5%	19.9%	−8.6%
EPS (basic, normalized)	−0.09	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	2.7%	3.5%	4.1%	4.1%	4.1%	3.7%
Net margin	−0.4%	−3.7%	0.9%	−0.3%	1.4%	−0.4%
ROE	−11.3%	−123.6%	17.2%	−4.2%	67.5%	−10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	102
Current ratio	1.21x
Long-term debt (mil)	0
Net debt (mil)	99.2
Total equity (mil)	191
Net debt / equity	0.52x
Net debt / EBITDA	8.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,026	+18.4%	0.1x	11.1	–	31.3x	−0.09	–	−14.1x
2027	2,870	−5.2%	0.1x	−15.0	−235.3%	−23.1x	−0.09	−1.4%	−13.9x
2028	3,469	+20.9%	0.1x	4.7	+131.2%	74.0x	0.04	+146.8%	29.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,870	0.0%	−0.2%	−24.2%	−0.09	0.0%	−261.7%	−324.6%
2028	3,469	0.0%	−0.4%	−22.1%	0.04	0.0%	−38.1%	−71.5%
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	583	903	931	763	703
Sales mean (mil)	–	–	–	–	–	452	615	785	808	718
Surprise	–	–	–	–	–	+29.0%	+46.6%	+18.7%	−5.5%	−2.1%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	−0.03	0.00	0.01	−0.01	−0.02
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CNCK Coincheck Group NV	244M	8.98x	−0.4%	1.05x	−13.9x	29.7x	−23.1x	74.0x
SPGI S&P Global Inc.	137.8B	2.06x	29.2%	6.99x	26.6x	23.6x	19.2x	18.1x
MCO Moody's Corporation	87.2B	1.38x	31.9%	26.70x	30.2x	27.2x	21.1x	19.5x
MSCI MSCI Inc.	45.6B	3.39x	38.4%	−15.15x	32.4x	28.5x	24.1x	21.9x
FDS FactSet Research Systems Inc.	12.1B	1.21x	21.5%	6.05x	17.5x	15.8x	12.9x	12.2x
MORN Morningstar, Inc.	8.9B	1.62x	15.3%	8.64x	19.1x	16.8x	11.8x	10.7x
Mean		3.11x	22.6%	5.71x	18.6x	23.6x	11.0x	26.1x
Median		1.84x	25.3%	6.52x	22.9x	25.4x	16.1x	18.8x

Technical analysis

1M−10.6%
3M−29.4%
1Y−64.9%
3Y−87.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Coincheck Group NV, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,026	2,556	1,481	1,332	5,679	4,737
Cost of revenue	2,944	2,467	1,420	1,277	5,445	4,549
Gross profit	82.4	89.9	61.2	55.1	234	188
Selling, general & administrative expenses	86.2	88.7	38.0	54.7	111	56.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	3.0	4.8	4.5	3.6	3.7	3.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.2	94.9	0.6	2.9	5.7	4.2
Other operating expenses	0	0	0	0	0	0
Operating income	−9.1	−98.6	18.2	−6.0	114	124
Net interest income (expense)	1.3	0	0.4	0	−0.1	−0.2
Gain (loss) on sale of assets	−1.4	−0.4	0.6	−0.4	0.6	0
Other non-operating income (expense)	3.7	9.9	−0.4	0	0.1	0.1
Net income before taxes	−5.5	−89.1	18.8	−6.4	114	124
Provision for taxes	6.0	6.6	5.8	−2.2	33.9	31.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−11.5	−95.7	13.0	−4.2	80.5	92.5
Extraordinary items	–	–	–	–	–	–
Net income	−11.5	−95.7	13.0	−4.2	80.5	92.5
EBIT, normalized	−6.8	−3.7	18.8	−3.2	120	128
EBITDA, normalized	−2.0	1.1	23.3	0.5	123	131
Basic EPS, normalized	−0.09	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Coincheck Group NV, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	62.3	57.7	71.9	63.0	146	155
Receivables	9.0	7.2	4.8	3.3	4.8	4.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	562	649	4,977	2,629	4,273	4,215
Total current assets	633	714	5,053	2,696	4,424	4,375
Property, plant & equipment	9.2	12.7	13.0	4.8	3.0	6.2
Goodwill	59.9	–	–	–	–	–
Intangibles	25.8	16.9	5.2	4.5	3.9	3.5
Long-term investments	6.1	2.9	4.1	4.4	2.6	2.8
Note receivable	–	–	–	–	–	–
Other long-term assets	3.8	2.5	2.5	6.3	6.2	4.5
Total assets	738	749	5,078	2,716	4,440	4,391
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	6.2	7.0	9.5	–
Short-term debt	0	0	0	0	1.6	0
Current portion of long-term debt	237	297	293	143	282	254
Other current liabilities	350	369	4,688	2,484	4,015	4,018
Total current liabilities	587	666	4,988	2,634	4,307	4,271
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	14.1	11.5	8.4	2.4	0.5	2.7
Total liabilities	601	677	4,996	2,637	4,308	4,274
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.7	1.4	2.6	2.9	3.2	0.9
Additional paid-in capital	216	88.8	3.2	3.6	3.9	4.6
Retained earnings (accumulated deficit)	−78.6	−18.5	76.5	72.4	125	112
Treasury stock	0	0	–	–	–	–
Other equity	−1.9	0.1	0	0	0	0
Total equity	137	71.8	82.2	78.9	132	117
Total liabilities & shareholders' equity	738	749	5,078	2,716	4,440	4,391

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Coincheck Group NV, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−5.5	−89.1	18.8	−6.4	114	124
Depreciation, depletion & amortization	4.9	4.8	4.5	3.6	3.7	3.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	5.4	82.2	−2.4	0.7	−0.1	0.3
Changes in working capital	−8.7	−10.8	4.9	−26.6	−57.2	−118
Cash from operations	−3.9	−12.8	25.8	−28.6	60.8	9.3
Investing activities
Capital expenditures	−6.3	−4.7	−4.5	−3.1	−2.4	−2.0
Other investing cash flows	8.1	−1.4	1.7	−2.6	0.6	−0.4
Cash from investing	1.8	−6.0	−2.9	−5.6	−1.8	−2.4
Financing activities
Financing cash flow items	0	2.7	0	0	0	0
Cash dividends paid	–	0	0	−37.7	−57.5	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	7.6	1.1	−2.2	−3.4	2.9	−2.0
Cash from financing	7.6	3.8	−2.2	−41.1	−54.7	−2.0
Foreign exchange effects	0.1	–	–	–	–	–
Net change in cash	5.5	−15.0	20.8	−75.4	4.4	4.9
Free cash flow	−10.2	−17.4	21.2	−31.7	58.4	7.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.