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 Rating4.7/10
Generated at:2026-04-17 17:42:18
Analysis based on real data for Coinbase Global, Inc. (COIN). Financial analysis uses 5 financial report periods: 2025-12-31, 2025-09-30, 2025-06-30, 2025-03-31, and 2024-12-31. Trading data includes 60-day period ending on 2026-04-17. Data sources include company financial reports and market trading data.

Coinbase Global, Inc. (COIN) is a leading financial technology company operating a crypto asset platform, with its business model inherently tied to cryptocurrency market volatility and growth. The company shows strong liquidity and a balanced capital structure, but profitability is extremely volatile and cyclical, dependent on trading volumes and crypto asset prices. Valuation metrics are elevated, pricing in significant future growth, making the stock not demonstrably undervalued at its current price near recent highs.

Valuation
3/10
Profitability
4/10
Financial health
7/10
  • Maintain a Hold position.
  • The stock is not undervalued at its current price near the top of its recent trading range.
  • Investors with high-risk tolerance and long-term belief in crypto adoption may maintain a position, but new investment at this level carries significant risk.
  • A Buy recommendation would require a more attractive entry point (closer to $160) or clearer signs of sustained, less volatile profitability.
  • A reasonable fundamental target price range is $190-$215.

Valuation

P/E TTM
41.32
P/E LYR
20.84
P/B MRQ
3.52
P/S TTM
--
AI Analysis
  • Valuation metrics are elevated with a high P/E of 41.32 and P/S of 7.59, indicating the stock is priced for perfection and future growth. The forward P/E of 20.84 suggests analysts expect significant earnings growth. The stock appears overvalued on traditional metrics and is trading near the top of its recent range.
  • Current Price: $206.33 (as of 2026-04-17 close).
  • P/E (TTM): 41.32. This is a high multiple, suggesting the market prices the stock based on future growth expectations rather than past earnings, which have declined.
  • Forward P/E (Dynamic): 20.84. This lower forward multiple, based on estimated future earnings, indicates analysts expect significant earnings growth.
  • Price-to-Book (P/B): 3.52. This indicates the stock is trading at a significant premium to its book value, common for high-growth tech/financial platforms.
  • Price-to-Sales (P/S): 7.59. This is a rich valuation multiple, implying high expectations for revenue growth and future margin expansion.
  • Fair Value Assessment: Given the high P/E and P/S ratios, the stock appears to be priced for perfection and future growth.
  • The current price near the top of its recent 60-day range ($216.05 high) suggests it is not undervalued on a historical basis.
  • The volatile earnings profile makes traditional discounted cash flow valuation challenging, but the premium multiples indicate the market is assigning a high value to its market-leading position.
  • Reasonable Price Range: Based on the provided trading data and valuation metrics, a reasonable short-term trading range could be between $160 - $220.
  • A fundamental target price, assuming the forward P/E of ~20.84 is sustainable and earnings stabilize, would be in the range of $190 - $215.
Valuation trend

Profitability

ROE TTM
10.05%
Net margin
17.55%
Gross margin
100.00%
Total revenue
7.18B
AI Analysis
  • Profitability is extremely volatile and cyclical, with a significant year-over-year decline in net income but strong quarterly rebounds. Margins have decreased substantially from previous years, and returns have normalized post a peak crypto cycle.
  • Margins: The company reports a gross margin of 100%, which is typical for its service-based revenue model.
  • The net margin for FY 2025 is 17.55%, a substantial decrease from the 39.29% margin in FY 2024, aligning with the net income decline.
  • Returns: Return on Equity (ROE-TTM) is 10.05% and Return on Assets (ROA-TTM) is 4.83%. These are moderate figures.
  • The sharp drop from FY 2024's exceptional ROE of 31.15% highlights the earnings normalization post a peak crypto cycle.
  • Earnings Trend: The quarterly data reveals extreme volatility: Q1 2025 saw a -94.42% YoY net profit decline, while Q2 and Q3 2025 showed strong positive growth (+23.27% and +49.63%, respectively).
  • This underscores that Coinbase's profitability is highly cyclical and dependent on trading volumes and crypto asset prices.
Profitability
2024Q42025Q12025Q22025Q32025Q4
ROE TTM--0.63%13.36%14.65%10.05%
Earnings
2024Q42025Q12025Q22025Q32025Q4
Total revenue6.56B2.03B3.53B5.40B7.18B

Financial health

Debt/Asset
50.14%
Current ratio
2.34
Quick ratio
--
Cash ratio
2.34
AI Analysis
  • The company demonstrates strong short-term liquidity with a current ratio of 2.34 and a balanced capital structure with a debt-to-asset ratio of 50.14%. However, net income has shown significant year-over-year decline, though quarterly data indicates potential recovery.
  • Based on the latest annual report (2025-12-31).
  • Liquidity: The current ratio of 2.34 indicates a strong short-term liquidity position, with current assets sufficiently covering current liabilities.
  • Solvency: The debt-to-asset ratio of 50.14% shows a balanced capital structure, with equal parts financed by debt and equity. This is a manageable level for a financial services company.
  • Profitability Health: The annual data shows a significant year-over-year decline in net income (-51.13%), which is a point of concern.
  • However, quarterly data (Q3 2025) shows a strong rebound with 49.63% YoY net profit growth, indicating potential recovery or volatility in earnings.
Leverage
2024Q42025Q12025Q22025Q32025Q4
Debt/Asset54.41%51.83%48.48%48.89%50.14%
Liquidity
2024Q42025Q12025Q22025Q32025Q4
Current ratio2.282.522.132.402.34