Coinbase Global (COIN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Coinbase Global

NasdaqGS•Financial Services•Financial Data & Stock Exchanges

$147.48+9.65(0.07%)Market open

Market Cap

$36.36B

P/S

6.5x

P/B

2.6x

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.

How this company scores

AverageMetricSide Score: 45/100

Strongest: Balance Sheet & Red Flags (17/25); weakest: Growth (2/25).

Profitability11/25

Growth2/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality15/25

Strengths

Rising free cash flowLong cash runwayLow leverageNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 53.2x5y range 9.1x – 470.8x

Currently above its 12-quarter median.

P/S · 6.5x5y range 4.2x – 16.2x

Currently below its 20-quarter median.

P/B · 2.6x5y range 2.6x – 7.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 90.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -1.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $36.36B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.63B
Q. Revenue: $1.22B
TTM EBITDA: $465.25M
TTM Op. Income: $200.51M
Q. Op. Income: $61.67M
TTM Net Income: $-701.62M
Q. Net Income: $718.70M
EPS: $2.72
Shares Out.: $263.79M

$5.63B in TTM revenue declined 26.6% YoY, reaching $1.22B last quarter. TTM EBITDA of $465.25M and TTM operating income of $200.51M show growth is flowing through to the bottom line. However, net income is negative at $701.62M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 4 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 10.1%
Op. Margin: 5.1%
Net Margin: 59.1%

Op. margin of 5.1% is down 20.6% YoY — costs are rising relative to revenue. Net margin at 59.1% Over the past year, operating margin is down 80% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 6.5x
P/B Ratio: 2.6x

P/S of 6.5x and P/B of 2.6x. Across the last 6 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $27.39B
Cash: $8.60B
Long-Term Debt: $5.95B
Book Value: $13.94B
D/E Ratio: 0.4
Debt/EBITDA: 48.4

With $27.39B in assets and $5.95B in long-term debt, D/E is 0.4and book value is $13.94B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 15% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $405.46M
TTM Free Cash Flow: $3.85B
FCF Margin: 68.4%
FCF / Net Income: -5.5

TTM FCF of $3.85B on $405.46M in operating cash flow. The FCF / Net Income ratio of -5.5x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 1082% — an improving trend.