Coinbase Global, Inc. (COIN) Financial Ratios
7 years of historical data (2019–2025) · Financial Services · Financial - Data & Stock Exchanges
EV/EBITDA
↑
24.36
-9% vs avg
5yr avg: 26.89
30Y Low16.5·High37.9
P/FCF
↑
17.73
↓-38% vs avg
5yr avg: 28.82
30Y Low14.0·High47.9
P/B Ratio
↓
3.17
↓-44% vs avg
5yr avg: 5.64
30Y Low1.4·High8.7
ROE
↓
10.1%
↑-48% vs avg
5yr avg: 19.4%
30Y Low-44%·High99%
Debt/EBITDA
↑
4.82
↑+84% vs avg
5yr avg: 2.61
30Y Low0.9·High4.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
COIN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Coinbase Global, Inc. trades at 36.7x earnings, 74% below its 5-year average of 141.1x, sitting at the 67th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 170%. On a free-cash-flow basis, the stock trades at 17.7x P/FCF, 38% below the 5-year average of 28.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $43.0B | $64.9B | $67.9B | $44.2B | $7.9B | $55.5B | — | — |
| Enterprise Value | $39.6B | $61.5B | $64.0B | $42.1B | $6.9B | $51.9B | — | — |
| P/E Ratio → | 36.69 | 50.82 | 26.19 | 470.05 | — | 17.40 | — | — |
| P/S Ratio | 5.99 | 9.04 | 10.34 | 14.23 | 2.46 | 7.08 | — | — |
| P/B Ratio | 3.17 | 4.39 | 6.61 | 7.04 | 1.44 | 8.70 | — | — |
| P/FCF | 17.73 | 26.77 | 26.55 | 47.94 | — | 14.03 | — | — |
| P/OCF | 17.73 | 26.77 | 26.55 | 47.94 | — | 13.75 | — | — |
P/E links to full P/E history page with 30-year chart
COIN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Coinbase Global, Inc.'s enterprise value stands at 24.4x EBITDA, 9% below its 5-year average of 26.9x. The Financial Services sector median is 11.4x, placing the stock at a 114% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.56 | 9.74 | 13.54 | 2.17 | 6.62 | — | — |
| EV / EBITDA | 24.36 | 37.87 | 26.27 | — | — | 16.53 | — | — |
| EV / EBIT | 27.56 | 38.26 | 21.16 | 7110.12 | — | 16.98 | — | — |
| EV / FCF | — | 25.34 | 25.02 | 45.61 | — | 13.12 | — | — |
COIN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Coinbase Global, Inc. earns an operating margin of 20.0%, roughly in line with the Financial Services sector average. Operating margins have expanded from -5.2% to 20.0% over the past 3 years, signaling improving operational efficiency. ROE of 10.1% is modest. ROIC of 5.7% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
COIN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Coinbase Global, Inc. carries a Debt/EBITDA ratio of 4.8x, which is highly leveraged (13% above the sector average of 4.3x). The company holds a net cash position — cash of $11.3B exceeds total debt of $7.8B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 18.8x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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)
COIN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Coinbase Global, Inc.'s current ratio of 2.34x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.07x to 2.34x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — |
COIN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Coinbase Global, Inc. returns 1.8% to shareholders annually primarily through share buybacks. The earnings yield of 2.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.0% | 3.8% | 0.2% | — | 5.7% | — | — |
| FCF Yield | 5.6% | 3.7% | 3.8% | 2.1% | — | 7.1% | — | — |
| Buyback Yield | 1.8% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.8% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $287M | $273M | $254M | $222M | $220M | $186M | $67M |
Peer Comparison
Compare COIN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 COINYou | $43B | 36.7 | 24.4 | 17.7 | 74.6% | 20.0% | 10.1% | 5.7% | 4.8 |
 MARA | $5B | -3.9 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 RIOT | $11B | -14.4 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 CLSK | $4B | 15.4 | 7.8 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 HUT | $14B | -58.1 | — | — | -614.6% | -2104.6% | -16.9% | -13.8% | — |
 CIFR | $12B | -13.6 | — | — | 28.4% | -150.7% | -108.3% | -11.7% | — |
 HOOD | $97B | 52.8 | 49.8 | 60.0 | 83.3% | 46.8% | 22.0% | 7.9% | 7.1 |
 IBKR | $43B | 43.2 | 4.3 | 2.7 | 89.8% | 86.0% | 5.3% | 24.7% | 0.0 |
 SCHW | $161B | 19.7 | 9.7 | 18.3 | 80.3% | 49.4% | 18.1% | 11.8% | 2.1 |
 FUTU | $13B | 9.5 | -0.0 | 2.6 | 87.1% | 61.6% | 33.1% | 22.3% | 1.3 |
 MSTR | $38B | -7.4 | — | — | 68.7% | -1140.8% | -11.6% | -9.9% | — |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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COIN — Frequently Asked Questions
Quick answers to the most common questions about buying COIN stock.
What is Coinbase Global, Inc.'s P/E ratio?
Coinbase Global, Inc.'s current P/E ratio is 36.7x. The historical average is 31.5x. This places it at the 67th percentile of its historical range.
What is Coinbase Global, Inc.'s EV/EBITDA?
Coinbase Global, Inc.'s current EV/EBITDA is 24.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.9x.
What is Coinbase Global, Inc.'s ROE?
Coinbase Global, Inc.'s return on equity (ROE) is 10.1%. The historical average is 19.3%.
Is COIN stock overvalued?
Based on historical data, Coinbase Global, Inc. is trading at a P/E of 36.7x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Coinbase Global, Inc.'s profit margins?
Coinbase Global, Inc. has 74.6% gross margin and 20.0% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Coinbase Global, Inc. have?
Coinbase Global, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.