Coinbase Global, Inc.COIN
NasdaqGS•Financial Services•Financial Data & Stock Exchanges
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.
as of March 2026
Are revenues and earnings expanding?
$6.56B in TTM revenue declined 5.8% YoY, reaching $1.41B last quarter. TTM EBITDA of $931.32M on operating income of $-21.42M shows growth is flowing through. Net income of $800.60M TTM confirms the company is converting revenue into profit. Revenue is contracting — assess whether this is cyclical or structural.
Is revenue turning into profit effectively?
Op. margin of -1.5% is down 36.2% YoY — costs are rising relative to revenue. Net margin at -27.9%. ROE of 5.9% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 54.0x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 6.6x and P/B of 3.2x provide additional context. The premium P/E is not backed by strong revenue growth — the stock may be overvalued.
Is the company financially stable?
With $28.85B in assets and $5.94B in long-term debt, the D/E of 0.4 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $182.74M on $182.74M in operating cash flow. The FCF / Net Income ratio of 0.2x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $10.21B provide financial flexibility. Shares outstanding rose 4.3% YoY — shareholder dilution is eroding per-share value.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 19.5%. The business may lack pricing power or face rising costs.'
ROE averages 16.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 67.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg 1.7x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 7.5% — significant dilution, likely from stock compensation or capital raises.