Coinbase Global, Inc.

COIN

Financial ServicesLarge CapUS Equities · NYSE / NASDAQ

AI Agents

Company Profile

Coinbase Global, Inc. operates platform for crypto assets in the United States and internationally. It provides the primary financial account in the crypto economy for consumers; a brokerage platform with a pool of liquidity across the crypto marketplace for institutions; and a suite of products granting access to build onchain for developers. The company was founded in 2012 and is based in New York, New York.

Valuation

Market Cap$43.2B

Current Price$158.82as of Jun 23, 2026

P/E Ratio34.31

P/B Ratio2.92

EV / EBITDA22.15

EV / Sales5.54

Profitability

Operating Margin20.3%

Net Profit Margin17.6%

EBITDA Margin25.0%

Returns

ROE8.5%

ROCE6.9%

ROIC %-

ROA4.2%

Solvency

Current Ratio2.34

Debt / Equity0.53

Debt / Assets0.26

CFO / Net Profit1.93

Price History▼ 48.37% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$7.2B▲ 9.4%

EBITDA$1.8B▼ 43.0%

Net Profit$1.3B▼ 51.1%

Cash from Ops (CFO)$2.4B▼ 21.8%

Free Cash Flow (FCF)$2.4B▼ 21.8%

Revenue CAGR 3Y31.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$7.2B	$1.8B	$1.3B	$2.4B	8.5%	9.4%	-51.1%
2024	$6.6B	$3.2B	$2.6B	$3.1B	25.1%	111.2%	2618.5%
2023	$3.1B	$146M	$95M	$673M	1.5%	-2.7%	-103.6%
2022	$3.2B	$-2.8B	$-2.6B	$-1.6B	-48.1%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	3,194.21	3,108.38	6,564.03	7,181.32
Operating Revenue	-	3,148.82	2,926.54	6,293.25	6,883.44
Cost Of Revenue	-	629.88	1,135.55	1,655.30	1,821.22
Gross Profit	-	2,564.33	1,972.83	4,908.73	5,360.10
Operating Expense	-	4,511.62	2,026.58	2,673.30	3,903.96
Research And Development	-	2,326.35	1,324.54	1,468.25	1,670.60
Selling General And Administration	-	2,110.68	691.78	1,197.11	1,877.23
Total Expenses	-	5,141.50	3,162.13	4,328.59	5,725.18
Operating Income	-	-1,947.29	-53.74	2,235.44	1,456.14
Total Operating Income As Reported	-	-2,710.21	-161.66	2,307.16	1,435.44
EBITDA	-	-2,821.61	145.56	3,150.81	1,795.91
Normalized EBITDA	-	-1,795.73	229.11	2,403.58	1,664.95
EBIT	-	-2,975.68	5.92	3,023.29	1,607.48
Interest Expense	-	88.90	82.77	80.64	85.41
Net Interest Income	-	-88.90	-82.77	-80.64	-85.41
Other Non Operating Income Expenses	-	-2.50	143.22	40.63	20.37
Other Income Expense	-	-1,028.39	59.66	787.85	151.33
Interest Expense Non Operating	-	88.90	82.77	80.64	85.41
Net Non Operating Interest Income Expense	-	-88.90	-82.77	-80.64	-85.41
Pretax Income	-	-3,064.58	-76.84	2,942.64	1,522.06
Tax Provision	-	-439.63	-171.72	363.58	261.74
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-147.21	-17.55	92.36	22.52
Net Income Continuous Operations	-	-2,624.95	94.87	2,579.07	1,260.33
Net Income From Continuing And Discontinued Operation	-	-2,624.95	94.87	2,579.07	1,260.33
Net Income From Continuing Operation Net Minority Interest	-	-2,624.95	94.87	2,579.07	1,260.33
Net Income	-	-2,624.95	94.87	2,579.07	1,260.33
Net Income Common Stockholders	-	-2,624.95	94.75	2,577.76	1,260.33
Net Income Including Noncontrolling Interests	-	-2,624.95	94.87	2,579.07	1,260.33
Normalized Income	-	-1,746.28	160.88	1,924.20	1,151.89
Diluted NI Availto Com Stockholders	-	-2,631.18	94.75	2,591.25	1,277.31
Basic Average Shares	-	222.31	235.80	247.37	260.09
Diluted Average Shares	-	222.34	254.39	273.38	287.21
Reconciled Depreciation	-	154.07	139.64	127.52	188.43
Reconciled Cost Of Revenue	-	629.88	1,135.55	1,655.30	1,821.22
Total Unusual Items	-	-1,025.88	-83.55	747.23	130.96
Total Unusual Items Excluding Goodwill	-	-1,025.88	-83.55	747.23	130.96
Special Income Charges	-	-762.91	-107.92	0	0
Other Special Charges	-	-	-117.38	-	-
Impairment Of Capital Assets	-	722.21	-34.67	0	0
Restructuring And Mergern Acquisition	-	40.70	142.59	0	0
Gain On Sale Of Security	-	-262.97	24.37	747.23	130.96
General And Administrative Expense	-	1,600.59	503.22	693.70	954.88
Other Gand A	-	1,600.59	503.22	693.70	954.88
Salaries And Wages	470.62	760.82	642.39	-	-
Other Operating Expenses	-	74.59	10.26	7.93	356.13
Selling And Marketing Expense	-	510.09	188.55	503.41	922.35
Otherunder Preferred Stock Dividend	-	0	0.12	1.31	0
Average Dilution Earnings	-	-6.23	0	13.49	16.99

Peer Comparison

Financial Services sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Coinbase Global, Inc.this co.	COIN	$43.2B	34.31↑ premium	2.92	8.5%	22.15
Nasdaq, Inc.	NDAQ	$50.0B	27.98	4.09	14.6%	18.81
Fifth Third Bancorp	FITB	$46.9B	18.61	2.35	12.6%	-
State Street Corporation	STT	$45.0B	15.30	1.86	12.1%	-
MSCI Inc.	MSCI	$45.0B	37.44

Learn while you research

Hand-picked academy chapters to deepen your understanding of Coinbase Global, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

Loading…

Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$7.2B

$1.8B

$1.3B

$2.4B

8.5%

9.4%

-51.1%

2024

$6.6B

$3.2B

$2.6B

$3.1B

25.1%

111.2%

2618.5%

2023

$3.1B

$146M

$95M

$673M

1.5%

-2.7%

-103.6%

2022

$3.2B

$-2.8B

$-2.6B

$-1.6B

-48.1%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

3,194.21

3,108.38

6,564.03

7,181.32

Operating Revenue

3,148.82

2,926.54

6,293.25

6,883.44

Cost Of Revenue

629.88

1,135.55

1,655.30

1,821.22

Gross Profit

2,564.33

1,972.83

4,908.73

5,360.10

Operating Expense

4,511.62

2,026.58

2,673.30

3,903.96

Research And Development

2,326.35

1,324.54

1,468.25

1,670.60

Selling General And Administration

2,110.68

691.78

1,197.11

1,877.23

Total Expenses

5,141.50

3,162.13

4,328.59

5,725.18

Operating Income

-1,947.29

-53.74

2,235.44

1,456.14

Total Operating Income As Reported

-2,710.21

-161.66

2,307.16

1,435.44

EBITDA

-2,821.61

145.56

3,150.81

1,795.91

Normalized EBITDA

-1,795.73

229.11

2,403.58

1,664.95

EBIT

-2,975.68

5.92

3,023.29

1,607.48

Interest Expense

88.90

82.77

80.64

85.41

Net Interest Income

-88.90

-82.77

-80.64

-85.41

Other Non Operating Income Expenses

-2.50

143.22

40.63

20.37

Other Income Expense

-1,028.39

59.66

787.85

151.33

Interest Expense Non Operating

88.90

82.77

80.64

85.41

Net Non Operating Interest Income Expense

-88.90

-82.77

-80.64

-85.41

Pretax Income

-3,064.58

-76.84

2,942.64

1,522.06

Tax Provision

-439.63

-171.72

363.58

261.74

Tax Rate For Calcs

Tax Effect Of Unusual Items

-147.21

-17.55

92.36

22.52

Net Income Continuous Operations

-2,624.95

94.87

2,579.07

1,260.33

Net Income From Continuing And Discontinued Operation

-2,624.95

94.87

2,579.07

1,260.33

Net Income From Continuing Operation Net Minority Interest

-2,624.95

94.87

2,579.07

1,260.33

Net Income

-2,624.95

94.87

2,579.07

1,260.33

Net Income Common Stockholders

-2,624.95

94.75

2,577.76

1,260.33

Net Income Including Noncontrolling Interests

-2,624.95

94.87

2,579.07

1,260.33

Normalized Income

-1,746.28

160.88

1,924.20

1,151.89

Diluted NI Availto Com Stockholders

-2,631.18

94.75

2,591.25

1,277.31

Basic Average Shares

222.31

235.80

247.37

260.09

Diluted Average Shares

222.34

254.39

273.38

287.21

Reconciled Depreciation

154.07

139.64

127.52

188.43

Reconciled Cost Of Revenue

629.88

1,135.55

1,655.30

1,821.22

Total Unusual Items

-1,025.88

-83.55

747.23

130.96

Total Unusual Items Excluding Goodwill

-1,025.88

-83.55

747.23

130.96

Special Income Charges

-762.91

-107.92

Other Special Charges

-117.38

Impairment Of Capital Assets

722.21

-34.67

Restructuring And Mergern Acquisition

40.70

142.59

Gain On Sale Of Security

-262.97

24.37

747.23

130.96

General And Administrative Expense

1,600.59

503.22

693.70

954.88

Other Gand A

1,600.59

503.22

693.70

954.88

Salaries And Wages

470.62

760.82

642.39

Other Operating Expenses

74.59

10.26

7.93

356.13

Selling And Marketing Expense

510.09

188.55

503.41

922.35

Otherunder Preferred Stock Dividend

0.12

1.31

Average Dilution Earnings

-6.23

13.49

16.99

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Coinbase Global, Inc.this co.

COIN

$43.2B

34.31↑ premium

2.92

8.5%

22.15

Nasdaq, Inc.

NDAQ

$50.0B

27.98

4.09

14.6%

18.81

Fifth Third Bancorp

FITB

$46.9B

18.61

2.35

12.6%

State Street Corporation

STT

$45.0B

15.30

1.86

12.1%

MSCI Inc.

MSCI

$45.0B

37.44

Coinbase Global, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Coinbase Global, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on