Coinbase Global, Inc. COIN

FinancialsFinancial Technology (Fintech) & InfrastructureUnited States of America

Last close 137.83 USD on Nov 2, 2026, −39.1% year to date

Quant rating

Quant rating B Rank 274 of 799 in Financials

Growth A 3 of 799
Valuation B 286 of 799
Quality A 104 of 799
Revisions B 248 of 799
Momentum D 722 of 799

Wall Street consensus Buy (2.24)Average target 208.94 USD +51.6%

Historical valuation

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

Key data

Market cap: 36.5B
Enterprise value: 34.4B
52-week range: 135.47 – 342.60
3-year range: 84.60 – 419.78
Dividend yield: –
Beta (5 years): 3.35
Shares outstanding: 265M
Next earnings: Feb 2, 2027

About the company

Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the onchain economy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. The Company offers products and services to various customer groups: consumers, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime trading, markets, base protocol and Coinbase wallet. The Company also provides market infrastructure in the form of exchanges for customers to trade spots and derivatives.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,181	6,564	3,108	3,194	7,839	–
Revenue growth	9.4%	111.2%	−2.7%	−59.3%	513.7%	41.2%
EPS (basic, normalized)	4.45	9.48	0.37	−11.81	14.50	–
EPS growth	−53.1%	2,462.2%	–	–	–	–
Gross margin	85.8%	86.3%	86.5%	80.3%	83.8%	84.5%
Net margin	17.6%	39.3%	3.1%	−82.2%	40.7%	3.7%
ROE	10.1%	31.2%	1.6%	−44.4%	91.7%	18.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,821
Current ratio	2.42x
Long-term debt (mil)	5,948
Net debt (mil)	−2,124
Total equity (mil)	13,940
Net debt / equity	−0.15x
Net debt / EBITDA	−0.76x

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
2025 actual	7,181	+9.4%	4.8x	2,808	−6.7%	12.2x	4.45	−53.1%	31.0x
2026	5,223	−27.3%	6.6x	1,268	−54.9%	27.1x	−1.67	−137.5%	−82.5x
2027	6,681	+27.9%	5.1x	2,217	+74.9%	15.5x	3.13	+287.2%	44.1x
2028	7,736	+15.8%	4.4x	2,891	+30.4%	11.9x	5.19	+66.1%	26.5x

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
2026	5,223	−0.6%	−2.4%	−23.4%	−1.67	+27.0%	+29.8%	−154.6%
2027	6,681	−0.1%	−1.2%	−18.4%	3.13	+10.0%	+12.2%	−42.5%
2028	7,736	+1.9%	+2.0%	−12.6%	5.19	−2.0%	−6.7%	−21.6%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413	1,220
Sales mean (mil)	1,358	1,396	1,255	1,876	2,102	1,598	1,798	1,835	1,523	1,311
Surprise	+20.6%	+3.8%	−4.0%	+21.1%	−3.2%	−6.3%	+4.0%	−3.0%	−7.2%	−7.0%
EPS reported	2.15	0.14	0.28	4.68	0.24	1.96	1.50	−2.49	−1.49	−1.17
EPS mean	1.14	0.93	0.41	1.81	1.99	1.26	1.06	0.58	0.32	−0.17
Surprise	+88.5%	−85.0%	−32.0%	+158.8%	−87.9%	+56.0%	+41.9%	−528.2%	−568.9%	−587.7%

Peer comparison Financial Technology (Fintech) & Infrastructure

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
COIN Coinbase Global, Inc.	36.5B	−0.76x	17.6%	2.62x	−82.5x	44.1x	27.1x	15.5x
HOOD Robinhood Markets, Inc.	75.5B	6.50x	42.1%	7.55x	39.6x	28.3x	32.4x	23.0x
AFRM Affirm Holdings, Inc.	24.9B	11.33x	45.3%	4.52x	37.3x	25.6x	21.3x	15.8x
CRCL Circle Internet Group, Inc	18.4B	−2.97x	−2.5%	5.19x	65.6x	52.6x	23.3x	20.3x
FIS Fidelity National Information Services, Inc.	20.7B	4.65x	3.6%	1.29x	6.5x	6.0x	7.1x	6.7x
CHYM Chime Financial, Inc.	10.8B	−8.40x	−46.2%	7.69x	61.6x	30.8x	20.1x	12.9x
Mean		1.73x	10.0%	4.81x	21.3x	31.2x	21.9x	15.7x
Median		1.95x	10.6%	4.86x	38.5x	29.5x	22.3x	15.6x

Technical analysis

1M−24.7%
3M−5.8%
1Y−59.9%
3Y+62.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Coinbase Global, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,181	6,564	3,108	3,194	7,839	1,277
Cost of revenue	1,020	898	421	630	1,268	136
Gross profit	6,161	5,666	2,688	2,564	6,572	1,142
Selling, general & administrative expenses	2,640	1,955	1,374	2,111	1,565	337
Research & development	1,485	1,346	1,325	2,326	1,292	272
Depreciation/amortization	224	123	–	–	–	–
Interest expense (income), operating	20.7	−71.7	−17.1	–	–	–
Unusual expense (income)	0	0	−9.5	660	128	8.4
Other operating expenses	356	7.9	60.4	178	510	116
Operating income	1,435	2,307	−44.3	−2,710	3,077	409
Net interest income (expense)	66.2	592	−69.0	−88.9	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	20.4	43.1	36.4	−265	−49.6	0.2
Net income before taxes	1,522	2,943	−76.8	−3,065	3,027	409
Provision for taxes	262	364	−172	−440	−597	86.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,260	2,579	94.9	−2,625	3,624	322
Extraordinary items	–	–	–	–	–	–
Net income	1,260	2,579	94.9	−2,625	3,624	322
EBIT, normalized	1,801	2,235	−37.1	−1,330	3,574	417
EBITDA, normalized	1,990	2,363	32.6	−1,176	3,638	448
Basic EPS, normalized	4.45	9.48	0.37	−11.81	14.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Coinbase Global, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	11,595	9,786	5,715	5,286	7,224	1,111
Receivables	1,726	746	425	465	457	189
Total inventory	–	–	–	–	–	–
Prepaid expenses	94.9	88.5	79.6	98.2	123	36.2
Other current assets	6,973	7,492	5,136	80,599	10,570	3,797
Total current assets	20,388	18,113	11,357	86,448	18,374	5,134
Property, plant & equipment	406	281	205	241	158	150
Goodwill	4,169	1,140	1,140	1,074	626	77.2
Intangibles	1,398	46.8	86.4	135	177	60.8
Long-term investments	623	374	343	344	365	28.1
Note receivable	62.2	60.0	–	–	–	–
Other long-term assets	2,625	2,527	1,623	1,482	1,575	405
Total assets	29,672	22,542	14,754	89,725	21,274	5,855
Liabilities
Accounts payable	118	63.3	39.3	56.0	39.8	12.0
Payable/accrued	827	792	355	26.9	–	–
Accrued expenses	425	332	313	200	374	82.7
Short-term debt	452	0	0	20.5	0	0
Current portion of long-term debt	1,270	–	–	–	–	–
Other current liabilities	5,610	6,754	4,777	80,512	11,005	4,152
Total current liabilities	8,701	7,941	5,485	80,815	11,419	4,247
Long-term debt	5,937	4,234	2,980	3,393	3,385	0
Minority interest	–	–	–	–	–	–
Other liabilities	240	89.7	7.2	61.6	88.9	82.5
Total liabilities	14,879	12,265	8,472	84,270	14,893	4,329
Shareholders' equity
Preferred stock	0	0	0	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	8,567	5,366	4,492	3,768	2,035	231
Retained earnings (accumulated deficit)	6,221	4,961	1,820	1,725	4,350	726
Treasury stock	–	–	–	–	–	–
Other equity	5.0	−50.1	−30.3	−38.6	−3.4	569
Total equity	14,793	10,277	6,282	5,455	6,382	1,526
Total liabilities & shareholders' equity	29,672	22,542	14,754	89,725	21,274	5,855

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Coinbase Global, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,260	2,579	94.9	−2,625	3,624	322
Depreciation, depletion & amortization	188	128	140	154	63.7	31.0
Deferred taxes	238	151	−216	−468	−558	0.5
Non-cash items	771	177	607	2,385	767	33.4
Changes in working capital	−31.4	69.1	48.7	−1,031	6,833	2,617
Cash from operations	2,426	3,104	673	−1,585	10,730	3,004
Investing activities
Capital expenditures	−788	−35.2	−280	−1,403	−3,073	−538
Other investing cash flows	−1,262	−166	73.7	739	1,948	589
Cash from investing	−2,050	−201	−206	−664	−1,125	50.8
Financing activities
Financing cash flow items	−1,326	1,561	−562	−5,890	−243	−1.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,067	1,342	−276	51.4	3,527	20.7
Cash from financing	740	2,903	−838	−5,839	3,284	18.8
Foreign exchange effects	92.8	−48.4	8.8	−163	−64.9	−2.1
Net change in cash	1,210	5,758	−362	−8,251	12,825	3,072
Free cash flow	1,639	3,069	394	−2,988	7,657	2,466

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.