Coinbase Global, Inc.

Finance
Finance: Consumer Services
www.coinbase.com

Earnings Score
Moat Score

Market Cap $49.00B
PE 19
Debt $4.28B
Cash $14.61B
EV $38.66B
FCF -

Earnings

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Sales & Net Margins

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Earnings	$2.58B
EBIT	$2.94B
ROE	25%
ROA	13%
Equity	$10.28B
Growth Stability	-248%
PE	19.01
PEG	3.23
PB	4.77
P/S	7.46
Price/Cash	0.3
Debt/Equity	0.42
Net Margins	39%
Op. Margins	45%
Earnings CAGR	5%
Sales Growth YoY	138%
Sales Growth QoQ	88%
Sales CAGR	6%
FCF CAGR	-4%
Equity CAGR	77%
Earnings Stability	-0.67
Earnings Growth YoY	372%
Earnings Growth QoQ	2K%

Earnings CAGR 5Y	6%
Sales CAGR 5Y	6%
FCF CAGR 5Y	-5%
Equity CAGR 5Y	71%
Earnings CAGR 3Y	-1%
Sales CAGR 3Y	-1%
FCF CAGR 3Y	-7%
Equity CAGR 3Y	21%
Market Cap	$49.00B
Revenue	$6.56B
Assets	$22.54B
Total Debt	$4.28B
Cash	$14.61B
Shares Outstanding	247.37M
EV	38.66B
Earnings Score	6%
Moat Score	96%
Working Capital	10.17B
Current Ratio	2.28
Shares Growth 3y	5%
Equity Growth QoQ	18%
Equity Growth YoY	64%

Assets & ROA

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Stockholders Equity & ROE

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Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters.

SEC Filings

Direct access to Coinbase Global, Inc. (COIN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Coinbase Global, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Coinbase Global, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 5%

Stability -67%

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Coinbase Global, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Coinbase Global, Inc..

Years

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	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
DCF		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Value	$0

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-6%	8%	40%	-82%	3%	39%	39%
ROA	-	7%	14%	-3%	-0%	13%	13%
ROE	-	11%	49%	-48%	2%	25%	25%

Good Net Margins (39.27%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	0	0.32	-2.18	3.26	-	-
Debt over Equity	-	0	0.54	0.63	0.48	0.42	0.42
Growth Stability	-	-	-	-248%	49%	100%	-248%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.42)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-248%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	139%	514%	-59%	-3%	111%	6%
Earnings YoY growth	-	-456%	3K%	-185%	-104%	3K%	6%
Equity YoY growth	-	94%	562%	-15%	15%	64%	71%
FCF YoY growth	-	-3K%	256%	-115%	-158%	-	-5%