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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
$173.97+9.46(0.06%)Pre-market
Market Cap
$45.83B
P/S
7.3x
P/B
3.5x

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.

C

How this company scores

AverageMetricSide Score: 41/100

Strongest: Balance Sheet & Red Flags (16/25); weakest: Growth (2/25).

Profitability8/25
Growth2/25
Balance Sheet & Red Flags16/25
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 12.6x – 439.6x
P/E 53.2x · above its 12-quarter median

Currently above its 12-quarter median.

P/S · 7.3x5y range 1.9x – 15.4x
P/S 7.3x · near its 19-quarter median

Currently near its 19-quarter median.

P/B · 3.5x5y range 1.5x – 8.8x
P/B 3.5x · near its 20-quarter median

Currently near its 20-quarter median.

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 67.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.0x) — earnings may be inflated by non-cash items or aggressive accounting.

Leverage Risk

Watch

Debt-to-equity has risen 84.9% recently — increasing financial risk even if the current ratio is manageable.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Share Dilution

Red Flag

Shares outstanding increased 5.9% — significant dilution, likely from stock compensation or capital raises.

Price & Volume
Market Cap $45.83B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue
$6.28B
3Q
Q. Revenue
$1.22B
3Q
TTM EBITDA
$872.98M
3Q
TTM Op. Income
$619.38M
3Q
Q. Op. Income
$-113.49M
3Q
TTM Net Income
$-987.77M
3Q
Q. Net Income
$-359.47M
2Q
EPS
$-1.36
2Q
Shares Out.
$263.41M
2Q
$6.28B in TTM revenue declined 10.4% YoY, reaching $1.22B last quarter. TTM EBITDA of $872.98M and TTM operating income of $619.38M show growth is flowing through to the bottom line. However, net income is negative at $987.77M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 3 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
-4.0%
3Q
Op. Margin
-9.3%
3Q
Net Margin
-29.5%
131%
Op. margin of -9.3% is down 7.7% YoY — costs are rising relative to revenue. Net margin at -29.5% Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

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

P/E Ratio
N/A
2Q
P/S Ratio
7.3x
43%
P/B Ratio
3.5x
53%
P/S of 7.3x and P/B of 3.5x. Across the last 7 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets
$26.46B
3Q
Cash
$8.61B
2Q
Long-Term Debt
$5.94B
4Q
Book Value
$13.08B
3Q
D/E Ratio
0.5
4Q
Debt/EBITDA
N/A
2Q
With $26.46B in assets and $5.94B in long-term debt, D/E is 0.5and book value is $13.08B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 4 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow
$197.31M
40%
TTM Free Cash Flow
$2.66B
47%
FCF Margin
42.3%
64%
FCF / Net Income
-2.7
527%
TTM FCF of $2.66B on $197.31M in operating cash flow. The FCF / Net Income ratio of -2.7x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 47% — a weakening trend.

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