Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.
It is a $47.6B financial services company. Revenue shrank 10.4% over the last year, and it currently loses money.
- Website
- coinbase.com
- Location
- New York, NY
- Employees
- 4 951
- Sector
- Financial Services
- Founded
- 2012
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation, Growth, Profitability, Quality and Moat lag behind.
Valuation32
- P/E vs own history86th pct · 0/25
- FCF yield5.6% · 20/25
- P/S7.5x · 12/25
- EV/EBITDA48.3x · 0/25
Growth0
- Revenue CAGR-2.2% · 0/25
- Net income CAGR-23.2% · 0/25
- EPS CAGR ~5Y-28.2% · 0/25
- Fwd implied growth-76.7% · 0/25
Profitability24
- ROIC13.1% · 12/25
- ROE-6.9% · 0/25
- Net margin-15.7% · 0/25
- Operating margin9.9% · 12/25
Health50
- Altman Zn/a · 0/25
- Current ratio2.42 · 25/25
- Interest coverage-0.5x · 0/25
- Net cash / debtNet cash · 25/25
Quality30
- Piotroski F4/9 · 10/25
- Beneish M-2.41 · 20/25
- FCF conversionn/a · 0/25
- Margin stabilityσ 42.5% · 0/25
Moat6
- ROIC >12% years2/5 yrs · 6/25
- Median gross marginn/a · 0/25
- FCF-positive yearsn/a · 0/25
- Worst-year net marginworst -82.2% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025MilestoneCoinbase said it was the largest node operator on the Ethereum network, controlling 11.42% of all…
- May 8, 2025AcquisitionCoinbase announced the acquisition of Deribit, a Dubai-based cryptocurrency derivatives exchange,…
- 2024MilestoneCoinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's…
- 2023ProductCoinbase launched its own layer 2 blockchain on Ethereum, based on MIT-licensed OP Stack of…
- FY2021FinancialFirst recorded profitable year$3.62B net income
- FY2021FinancialRevenue already above $1B$7.84B in first reported year
- FY2021FinancialBest year on record$3.62B net income
- 2021IPOWith its final earnings release before its April 14 direct listing, Coinbase reported a nine-fold…
- Apr 14, 2021MilestoneCoinbase became a public company on the Nasdaq exchange via a direct stock listing
- 2016MilestoneCoinbase rebranded the Coinbase Exchange, changing the name to Global Digital Asset Exchange (GDAX)
- 2014AcquisitionCoinbase grew to one million users, acquired the blockchain explorer service Blockr and the web bookmarking…
- 2012FoundedCoinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer
- 2012ProductThe company launched the services to buy and sell bitcoins through bank transfers
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (86.3%)
- Strong cash conversion — FCF is 42.3% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
- Revenue shrinking 10.4% year over year
- Not profitable — 15.7% net margin
- Thin interest coverage (-0.5×)
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago-10.4% YoY
- Profitable — makes more than it spends-$988M TTM
- Profit growing — earnings are higher than last year+22.1% YoY
- Generates cash — cash left after running and investing$2.66B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$47.6B market cap
- Not printing shares — share count not ballooning — you keep your slice+30.6% shares over ~5y
- Proven track record — years of profitability behind it4/5 profitable years
- Financially stable — balance sheet not near distresshealth score 25/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 37.6
Peer comparisonCoinbase Global, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| COIN this company | $47.6B | 37.6 | -10.4% | -15.7% | Strained |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: COIN vs BRK.A · COIN vs BRK.B · COIN vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/COIN
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of COIN on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $180.36 · market cap $47.6B.