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 Rating3.7/10
Generated at:2026-06-03 17:40:28
Analysis based on 5 financial reports: 2026-03-31, 2025-12-31, 2025-09-30, 2025-06-30, 2025-03-31. Stock price data as of 2026-06-03 close. TTM metrics calculated based on trailing twelve months data. 60-day trading range analysis provided. Data completeness: Full financial statements for 5 quarters analyzed.
Overview
Coinbase Global, Inc. (COIN) is a leading financial technology company in the cryptocurrency industry. Its financial performance is highly volatile and intrinsically linked to crypto market conditions. The company shows mixed financial health with sufficient liquidity but moderate leverage, and recent quarterly performance has deteriorated significantly with a substantial net loss.
Valuation
3/10
Profitability
3/10
Financial health
5/10
Operation Advice
Hold the stock and await clearer signs of a fundamental turnaround.
The current price of $163.22 is near the lower end of the recent trading range ($159.83-$222.35).
A reasonable 12-month target price is $175, contingent on recovery in crypto trading volumes and return to profitability.
Consider buying only after seeing sustained revenue growth and quarterly profitability.
Valuation
P/E TTM
41.32
P/E LYR
20.84
P/B MRQ
3.52
P/S TTM
--
AI Analysis
Valuation metrics suggest the stock is richly valued relative to current fundamentals. The P/E(TTM) of 41.32 is very high, especially given recent losses, though forward P/E of 20.84 suggests expected earnings improvement. Current price is near the lower end of recent trading range, with fair value estimated at $150-$180.
Current price is $163.22 as of 2026-06-03 close
P/E (TTM) is 41.32, a very high multiple reflecting market expectations for future recovery rather than current earnings
Forward P/E (Dynamic) is 20.84, suggesting analysts expect significant earnings improvement in next twelve months
Price-to-Book (P/B) is 3.52, indicating market values company at substantial premium to book value
Price-to-Sales (P/S) is 6.56, an elevated sales multiple indicating high price for each dollar of declining revenue
Recent 60-day trading range: low of $159.83 (2026-03-27) to high of $222.35 (2026-05-14)
Stock appears overvalued on trailing basis given high P/E(TTM) and recent profitability downturn
Reasonable fair value range is $150-$180 based on forward P/E of 20.84 and high uncertainty
12-month target price of $175 is reasonable contingent on recovery in crypto trading volumes and return to profitability
Valuation trend
Profitability
ROE TTM
6.63%
Net margin
-27.89%
Gross margin
100.00%
Total revenue
1.41B
AI Analysis
Profitability is highly inconsistent and volatile, reflecting the cyclical nature of the cryptocurrency industry. TTM metrics show mediocre returns, while quarterly performance shows wild swings from peak profitability to substantial losses in the most recent quarter.
TTM Return on Equity (ROE) is 6.63% and Return on Assets (ROA) is 3.18%, indicating mediocre figures and inefficient use of capital
Last five quarters show wild swings in profitability
Profitability peaked in Q3 2025 with net margin of 35.69% and ROE of 14.65%
Most recent quarter (Q1 2026) shows steep loss with net margin of -27.89% and ROE of -2.79%
Reported 100% gross margin across all periods is atypical and stems from revenue recognition model (transaction-based revenue reported net of costs)
Key metric is net margin, which has proven extremely volatile
Revenue declined -30.54% year-over-year in Q1 2026 to $1.41B
Company reported substantial net loss of -$394.12M in Q1 2026 compared to small profit in Q1 2025
Profitability
2025Q12025Q22025Q32025Q42026Q1
ROE TTM--13.36%14.65%10.05%6.63%
Earnings
2025Q12025Q22025Q32025Q42026Q1
Total revenue2.03B3.53B5.40B7.18B1.41B
Financial health
Debt/Asset
53.27%
Current ratio
2.14
Quick ratio
--
Cash ratio
2.14
AI Analysis
Financial health shows mixed signals with sufficient short-term liquidity but moderate leverage. Recent quarterly performance has deteriorated significantly, highlighting extreme sensitivity to crypto market downturns.
Current ratio of 2.14 indicates sufficient short-term liquidity to cover obligations
Debt-to-asset ratio of 53.27% shows moderate level of leverage, not excessive but requires monitoring
Leverage is concerning given company's cyclical revenue streams
Most recent quarter (Q1 2026) shows significant deterioration
Revenue declined -30.54% year-over-year to $1.41B in Q1 2026
Company reported substantial net loss of -$394.12M in Q1 2026 compared to small profit in Q1 2025
Highlights extreme sensitivity of Coinbase's business to crypto market downturns