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.
Coinbase Global, Inc. (COIN) reported trailing twelve months revenue of $6.56B as of March 2026, a 5.8% decline year-over-year. Quarterly revenue reached $1.41B, reflecting a contraction in sales.
Coinbase Global, Inc. generated $800.60M in TTM net income, with quarterly EBITDA of $46.59M. The operating margin contracted from 34.7% to -1.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-1.5%) and net margin (-27.9%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 3.2% a year ago, reflecting increased costs or interest expense.
COIN trades at a P/E of 53.2x (a premium multiple) and a P/S of 6.5x. The price-to-book ratio of 3.2x reflects a moderate premium to book value.
The company generated $182.74M in free cash flow over the trailing twelve months, a 200.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $28.85B in total assets with $5.94B in long-term debt against $13.48B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation