Latest Ratios: P/E Ratio 44.5x · EV/EBITDA 30.0x · ROE 10.1%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $52.2B | $64.9B | $67.9B | $44.2B | $7.9B | $55.5B | — | — |
| Enterprise Value | $48.7B | $61.5B | $64.0B | $42.1B | $6.9B | $51.9B | — | — |
| P/E Ratio → | 44.52 | 50.82 | 26.19 | 470.05 | — | 17.40 | — | — |
| P/S Ratio | 7.36 | 9.15 | 10.47 | 14.62 | 2.53 | 7.11 | — | — |
| P/B Ratio | 3.85 | 4.39 | 6.61 | 7.04 | 1.44 | 8.70 | — | — |
| P/FCF | 21.51 | 26.77 | 26.55 | 47.94 | — | 14.03 | — | — |
| P/OCF | 21.51 | 26.77 | 26.55 | 47.94 | — | 13.75 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.67 | 9.87 | 13.91 | 2.23 | 6.65 | — | — |
| EV / EBITDA | 30.02 | 37.87 | 26.27 | — | — | 16.53 | — | — |
| EV / EBIT | 33.96 | 38.26 | 21.16 | 7110.12 | — | 16.98 | — | — |
| EV / FCF | — | 25.34 | 25.02 | 45.61 | — | 13.12 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.6% | 74.6% | 74.7% | 63.5% | 80.3% | 77.8% | 89.4% | 84.6% |
| Operating Margin | 20.0% | 20.0% | 35.1% | -5.2% | -84.8% | 39.2% | 32.0% | -6.7% |
| Net Profit Margin | 17.6% | 17.6% | 39.3% | 3.1% | -82.2% | 46.2% | 25.2% | -5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 31.2% | 1.6% | -44.4% | 98.7% | 44.1% | -6.1% |
| ROA | 4.8% | 4.8% | 13.8% | 0.2% | -4.7% | 26.7% | 7.8% | -1.3% |
| ROIC | 5.7% | 5.7% | 14.3% | -1.3% | -21.6% | 41.1% | 31.1% | -4.3% |
| ROCE | 8.1% | 8.1% | 19.3% | -1.8% | -28.9% | 53.7% | 29.5% | -3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.45 | 0.48 | 0.64 | 0.55 | 0.39 | 0.26 |
| Debt / EBITDA | 4.82 | 4.82 | 1.90 | — | — | 1.12 | 0.86 | — |
| Net Debt / Equity | — | -0.23 | -0.38 | -0.34 | -0.17 | -0.57 | -0.71 | -0.84 |
| Net Debt / EBITDA | -2.13 | -2.13 | -1.61 | — | — | -1.15 | -1.55 | — |
| Debt / FCF | — | -1.42 | -1.53 | -2.32 | — | -0.91 | -0.23 | — |
| Interest Coverage | 18.82 | 18.82 | 37.49 | 0.07 | -33.47 | 104.80 | — | — |
Net cash position: cash ($11.3B) exceeds total debt ($7.8B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.34 | 2.34 | 2.28 | 2.07 | 1.07 | 1.61 | 1.21 | 1.62 |
| Quick Ratio | 2.34 | 2.34 | 2.28 | 2.07 | 1.07 | 1.61 | 1.21 | 1.62 |
| Cash Ratio | 1.30 | 1.30 | 1.08 | 0.94 | 0.05 | 0.62 | 0.25 | 0.45 |
| Asset Turnover | — | 0.24 | 0.29 | 0.21 | 0.04 | 0.37 | 0.22 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.0% | 3.8% | 0.2% | — | 5.7% | — | — |
| FCF Yield | 4.6% | 3.7% | 3.8% | 2.1% | — | 7.1% | — | — |
| Buyback Yield | 1.5% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.5% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $287M | $273M | $254M | $222M | $220M | $186M | $67M |
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COIN stock.
Coinbase Global, Inc.'s current P/E ratio is 44.5x. The historical average is 31.5x. This places it at the 67th percentile of its historical range.
Coinbase Global, Inc.'s current EV/EBITDA is 30.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.9x.
Coinbase Global, Inc.'s return on equity (ROE) is 10.1%. The historical average is 19.3%.
Based on historical data, Coinbase Global, Inc. is trading at a P/E of 44.5x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Coinbase Global, Inc. has 74.6% gross margin and 20.0% operating margin. Operating margin between 10-20% is typical for established companies.
Coinbase Global, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory and revenue volatility
Metrics are mathematically derived from official filings.
Premium Priced as Tech Platform
At 2.84x tangible book and 32.9x trailing earnings, COIN trades at a premium to traditional exchanges, implying the market prices it as a high-growth technology platform rather than a commodity financial intermediary, per current market data.
The P/B of 2.84x is roughly double that of traditional exchanges like ICE and Nasdaq, which typically trade around 1-2x book. This premium appears justified only if the market expects sustained double-digit ROTCE, a challenging prospect given the recent negative ROE. The PEG of 0.65 suggests the market is pricing in significant earnings growth, but the lack of forward P/E and dividend yield underscores the uncertainty in normalized earnings power.
ROE Collapses on Revenue Mix Shift
ROE swung from 13.6% in 2024Q4 to -4.3% in 2025Q4, with 2026Q2 at -2.7%, reflecting a sharp decline in asset utilization and a spike in the efficiency ratio to 90.5%, as reported in quarterly financials.
The DuPont decomposition reveals that the collapse in ROE is driven by a dramatic fall in asset utilization (revenue/assets) and a deterioration in cost efficiency, rather than a change in leverage. The efficiency ratio's jump from 28.6% in 2024Q1 to 90.5% in 2026Q2 indicates that fixed costs are not being covered by revenue, a sign of negative operating leverage. The negative NIM in several quarters suggests that interest income from stablecoin and fiat balances is highly volatile and not a reliable profit driver.
NIM Volatility Masks Core Economics
Net interest margin swung from 5.9% in 2025Q4 to -0.1% in 2026Q1, while the efficiency ratio deteriorated to 90.5% in 2026Q2, indicating that interest income is unpredictable and cost control is insufficient, per financial statements.
The extreme NIM volatility reflects the company's reliance on interest earned on customer fiat and stablecoin reserves, which is sensitive to both rate changes and customer behavior. The negative NIM in several quarters suggests that interest expense on customer balances may exceed interest income, a concerning trend. The efficiency ratio's spike to 90.5% in 2026Q2 indicates that operating expenses are consuming nearly all revenue, leaving little room for profit, and suggests that the cost structure is not aligned with the current revenue environment.
Equity Cushion Distorted by SAB 121
Equity-to-assets ratio improved from 0.02 in 2024Q1 to 0.49 in 2026Q2, but this is inflated by the removal of customer custodial assets under SAB 121; actual equity declined from $16.0B to $13.1B, per SEC filings.
The apparent improvement in capital adequacy is an accounting artifact; the removal of customer assets from the balance sheet under SAB 121 has artificially boosted the equity ratio. In reality, the company's equity base has contracted, and with negative net income in recent quarters, retained earnings are being eroded. The company continues to repurchase stock despite losses, which may further pressure capital levels if losses persist. Investors should monitor the tangible book value per share, which has declined from $39.08 in 2025Q2 to $28.93 in 2026Q2, indicating a reduction in underlying net asset value.
Provisioning Signals Credit Stress
Loan loss provisions totaled $167.3M in 2026Q2, down from $406.0M in 2026Q1, but remain elevated relative to revenue, indicating ongoing credit concerns, as per quarterly disclosures.
The elevated provisions, despite a relatively small loan book, suggest that the credit quality of certain assets, possibly related to lending activities or counterparty risks, is deteriorating. The fact that provisions are outpacing actual losses may indicate that the company is building reserves in anticipation of future charge-offs, or that it is recognizing impairments on crypto assets held. Given the volatility in crypto prices, the adequacy of these reserves is uncertain, and investors should monitor the trend in non-performing assets if disclosed.
P/E Misleads on Earnings Power
The most misapplied ratio for Coinbase is the P/E, which is distorted by extreme earnings volatility from crypto price swings and one-time items; a more reliable metric is P/B adjusted for tangible book value, as reported in financial data.
The trailing P/E of 32.9x is misleading because earnings are highly volatile and often negative, as seen in recent quarters. The P/E can swing from extremely high to negative based on non-operating factors like impairment charges on crypto assets. Instead, investors should focus on P/TBV, which currently stands at 2.84x, and compare it to the company's historical range and peers. Additionally, the price-to-sales ratio of 5.37x may be more informative, but it too is affected by revenue volatility. A better approach is to normalize earnings over a full crypto cycle and use a mid-cycle earnings estimate to derive a more meaningful valuation multiple.