US · Nasdaq · COIN
Coinbase (COIN) stock analysis: valuation and financials
Finance · Finance: Consumer Services
$180.90 +0.3% Price as of Oct 13, 2026
Narrow-moat crypto exchange with $2.3B net cash, but TTM revenue -10.4%, ROIC 10.9%, 8.9% annual dilution and 52x EV/EBITDA; balanced risk, limited base-case upside.
- Market cap
- $47.7B
- P/E
- —
- EV/Sales
- 7.2x
- FCF yield
- —
- 52-week range
- $141.09 – $387.27
- Next earnings
- Oct 29, 2026
Research as of Oct 13, 2026
Business quality scorecard
- Growth47
- Profitability32
- Cash flow50
- Balance sheet80
- Capital allocation43
- Innovation78
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Consumers, institutions and developers pay trading fees, staking commissions, subscriptions, custody fees and USDC reserve economics; consumer trading is the largest revenue line at 46.3% of FY2025 revenue and the profit engine, while stablecoin revenue grows fastest at +48.2% y/y.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B |
| Revenue growth | +513.7% | -59.3% | -2.7% | +111.2% | +9.4% |
| Operating margin | 39.2% | -84.8% | -5.2% | 35.1% | 20.0% |
| Net income | $3.6B | -$2.6B | $94.9M | $2.6B | $1.3B |
| Free cash flow | $4.0B | -$1.6B | — | — | — |
| FCF margin | 51.5% | -49.7% | — | — | — |
Amounts in USD · What is free cash flow?
Margins Gross margin is not disclosed; operating margin fell to 20.0% in FY2025 from 35.2% in FY2024, 9.9% TTM and -9.3% in Q2 FY2026. Revenue fell 10.4% TTM on weaker crypto prices and spot volumes while USDC rewards and headcount costs stayed high.
- Cash flow WatchTTM operating cash flow was $1.71B against a $987.8M net loss (cash conversion 1.58x); FY2025 OCF of $2.43B exceeded net income of $1.26B, so cash earnings quality is sound at the annual level.
- Debt LowNet cash of $2.31B: cash of $8.61B against $6.48B total debt TTM, giving net debt/EBITDA of -2.64x and debt/equity of 0.50x.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $8.8B
- Total debt
- $6.5B
- Net cash
- $2.3B
- Interest coverage
- 6.9x
- Current ratio
- 2.4x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management AdequateDilution: share-based compensation totalled $4.9B over five years against $2.4B cumulative free cash flow; share count compounded 8.9% annually and buybacks total only $790M.
- Credibility HighManagement says 2025 delivered or outperformed revenue and expense guidance every quarter; Q4'25 S&S revenue $727M vs $710–790M and T&D+G&A $950M vs $925–975M support this.
Of 3 guided figures checked: 3 beat, 0 in range, 0 missed.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.