Coinbase Global, Inc.(COIN) - Stock detail

Coinbase Global, Inc.

US
COIN
Coinbase Global, Inc.(Listing date: 04/14/2021)

Coinbase Global, Inc. was founded in Delaware in May 2012 by Brian Armstrong and Fred Ehrsam, with its headquarters located in San Francisco, California, USA. It has 1,249 full-time employees and operates as a digital currency exchange. They facilitate the trading of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, and many other cryptocurrencies. It enables trading and storage using fiat currencies in approximately 32 countries and Bitcoin in 190 countries worldwide. By trading volume, Coinbase is currently the largest cryptocurrency exchange in the United States. Nearly all of Coinbase's revenue comes from the trading of BTC and ETH.

AI Value AnalystHold
Overall Rating7.3/10
Generated at:2026-03-04 16:37:02
Analysis based on 5 financial reports covering periods: 2025-09-30, 2025-06-30, 2025-03-31, 2024-12-31, and 2024-09-30. Data sourced from company financial statements and market data, providing comprehensive coverage of recent financial performance metrics.
Overview

Coinbase Global, Inc. is a leading cryptocurrency exchange platform demonstrating strong financial health, exceptional profitability metrics, and reasonable valuation. The company shows robust liquidity, moderate leverage, and consistent revenue growth, though its performance remains highly correlated with crypto market cycles and regulatory developments.

Valuation
5/10
Profitability
9/10
Financial health
8/10
Operation Advice
  • Existing holders should maintain positions while new investors should wait for better entry points below $190-200.
  • Consider scaling into positions during market pullbacks with strict risk management protocols given the stock's historical volatility pattern.

Valuation

P/E TTM
38.21
P/E LYR
20.84
P/B MRQ
3.26
P/S TTM
--
AI Analysis
  • Coinbase appears reasonably valued with forward PE of 20.84 and trailing PE of 38.21, supported by growth-adjusted metrics and industry comparisons. Base case target suggests $240-260 (15-25% upside) based on forward earnings multiples.
  • Forward PE: 20.84 based on estimated future earnings
  • Trailing PE: 38.21 reflecting historical performance
  • PB Ratio: 3.26 indicates moderate premium to book value, justified by high ROE
  • PS Ratio: 7.22 reflects market expectations for continued growth in the crypto exchange sector
  • Growth-adjusted PE: Using PEG ratio approximation (PE 38.21 ÷ 25% growth rate) ≈ 1.53, suggesting fair valuation
  • Current multiples are supported by improved profitability relative to historical performance
  • Valuation metrics are in line with high-growth financial technology companies
  • Base Case Target: $240-260 (15-25% upside) based on 22-24x forward earnings
  • Bull Case Target: $280-300 (35-45% upside) if crypto market activity accelerates
  • Conservative Target: $220-235 (5-12% upside) assuming moderate growth continuation
Valuation trend

Profitability

ROE TTM
28.64%
Net margin
35.69%
Gross margin
100.00%
Total revenue
5.40B
AI Analysis
  • Coinbase exhibits exceptional profitability with ROE-TTM of 28.64%, consistently high margins, and remarkable year-over-year growth patterns, demonstrating superior capital efficiency and effective cost management.
  • ROE-TTM: 28.64% indicates superior capital efficiency and shareholder value creation
  • Consistently high margins with net margin of 35.69% in Q3 2025 and 39.29% in FY2024
  • Remarkable year-over-year growth patterns including 49.63% YoY net income growth in Q3 2025
  • 2618.50% YoY net income growth in FY2024 (from a depressed base)
  • Four consecutive quarters of profitability with improving margins
  • 100% gross margin reflects the platform-based nature of their business with minimal cost of goods sold
  • Dramatic improvement from Q1 2025's 3.23% net margin to Q3 2025's 35.69% demonstrates operational leverage
  • Effective cost management during periods of increased transaction volume
Profitability
2024Q32024Q42025Q12025Q22025Q3
ROE TTM--31.15%0.63%13.36%28.64%
Earnings
2024Q32024Q42025Q12025Q22025Q3
Total revenue4.29B6.56B2.03B3.53B5.40B

Financial health

Debt/Asset
48.89%
Current ratio
2.40
Quick ratio
--
Cash ratio
2.40
AI Analysis
  • Coinbase demonstrates strong financial health with robust liquidity, moderate leverage, and consistent revenue growth, providing a solid foundation for continued operations and potential expansion.
  • Current ratio of 2.40 indicates robust short-term liquidity, well above the conservative threshold of 1.5
  • Debt-to-equity ratio of 48.89% shows moderate leverage, providing financial flexibility while maintaining stability
  • Strong asset utilization evidenced by ROA-TTM of 20.14%
  • Consistent top-line expansion with recent quarterly revenue growth rates ranging from 14.39% to 25.81%
  • Financial structure appears well-positioned to withstand market volatility while maintaining operational flexibility
  • Absence of significant debt concerns and strong liquidity metrics provide a solid foundation for continued operations and potential expansion
Leverage
2024Q32024Q42025Q12025Q22025Q3
Debt/Asset97.00%54.41%51.83%48.48%48.89%
Liquidity
2024Q32024Q42025Q12025Q22025Q3
Current ratio1.032.282.522.132.40