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Coinbase Global
(NASDAQ:COIN)
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Rating:59Neutral
Price Target:
$153.00
▼(-3.34% Downside)
Action:Reiterated
Date:08/01/26
The score is driven mainly by a middle-of-the-road financial profile: strong and resilient cash flow plus manageable leverage, but pressured by volatile profitability and a TTM revenue decline. Technicals detract meaningfully as the stock trades below all key moving averages, and valuation metrics are not supportive due to a negative P/E and no dividend yield provided. The latest earnings call adds a partial offset with evidence of subscription and Base-driven diversification, though regulatory uncertainty and weaker trading volumes remain material headwinds.
Positive Factors
Strong cash generation
Sustained positive operating and free cash flow (~$2.66B TTM) provides a durable liquidity buffer that funds product investment, supports infrastructure (Base, custody), and absorbs cyclical trading downturns. Reliable cash generation improves optionality for long-term strategy and capital allocation even amid earnings variability.
Negative Factors
Regulatory uncertainty
Ongoing uncertainty around the CLARITY Act is a structural risk that could materially affect product availability, custody economics, and cross‑border operations. Regulatory outcomes will shape permissible business models and counterparty arrangements for months, influencing long‑term revenue and compliance costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating and free cash flow (~$2.66B TTM) provides a durable liquidity buffer that funds product investment, supports infrastructure (Base, custody), and absorbs cyclical trading downturns. Reliable cash generation improves optionality for long-term strategy and capital allocation even amid earnings variability.
Read all positive factors
Coinbase Global Key Performance Indicators (KPIs)
Any
Trading Volume
Measures the total amount of cryptocurrency traded on the platform, indicating user engagement, market activity, and Coinbase's ability to generate transaction fees.
Measures the total amount of cryptocurrency traded on the platform, indicating user engagement, market activity, and Coinbase's ability to generate transaction fees.
Data provided by:
The Fly
The FlyCoinbase Global (COIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$38.53B
Dividend YieldN/A
Average Volume (3M)7.30M
Price to Earnings (P/E)―
Beta (1Y)2.99
Revenue Growth-43.42%
EPS Growth-132.70%
CountryUS
Employees4,951
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)-3.69
Shares Outstanding222,426,880
10 Day Avg. Volume7,048,260
30 Day Avg. Volume7,302,555
Financial Highlights & Ratios
PEG Ratio-0.87
Price to Book (P/B)3.98
Price to Sales (P/S)8.19
P/FCF Ratio24.24
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$201.42Price Target Upside27.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering27
EPS Forecast (FY)-2.07
Revenue Forecast (FY)$5.22B
Coinbase Global Business Overview & Revenue Model
Company Description
Coinbase Global, Inc. (COIN) operates a crypto-asset platform that enables individuals and institutions to buy, sell, store, transfer, and use cryptocurrencies. The company provides a consumer-focused retail brokerage experience (including a walle...
How the Company Makes Money
Coinbase makes money primarily through two broad categories: (1) transaction revenue from its trading marketplace and (2) subscription and services revenue from non-trading products.
1) Transaction revenue (trading fees and spreads)
- Retail trad...
Coinbase Global Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call emphasized strong product momentum, continued diversification away from Bitcoin-centric revenue, growing subscription engagement (Coinbase One surpassing one million subscribers), and leadership in Base and USDC transaction volume. These operational and product positives were tempered by regulatory uncertainty (CLARITY Act), lower overall crypto trading volumes this quarter, senior leadership turnover, and competitive/structural pressures (new L2s, AI-driven price sensitivity, concentration risk in stablecoin economics). Overall, the company presented a confident growth and diversification story while acknowledging near-term market and regulatory headwinds.Positive Updates
Coinbase One Subscriber Growth
Reached an all-time high in paid Coinbase One subscribers (past one million). Management noted Coinbase One members trade more, generate higher revenue per user, have better retention, and drive cross-product adoption (staking, card, other services), with membership growth occurring even while crypto trading volumes were down.
Negative Updates
Regulatory Uncertainty around CLARITY Act
CLARITY Act progress was uncertain: management discussed it being near a Senate vote but noted external odds (~30%) and that passage is not guaranteed. Management expects to operate in either outcome, but regulatory uncertainty remains a material risk for the industry.
Read all updates
Q2-2026 Updates
Positive
Negative
Coinbase One Subscriber Growth
Reached an all-time high in paid Coinbase One subscribers (past one million). Management noted Coinbase One members trade more, generate higher revenue per user, have better retention, and drive cross-product adoption (staking, card, other services), with membership growth occurring even while crypto trading volumes were down.
Read all positive updates
Company Guidance
Management’s guidance was largely qualitative but included several key metrics: they’re optimistic CLARITY will reach a Senate floor vote (prediction‑market/Galaxy Research odds ~30%) ahead of the August recess, though they expect “business as usual” if it doesn’t pass and noted the Circle contract will auto‑renew on the same terms; Coinbase reported an all‑time high in paid Coinbase One members (now over 1 million), said Bitcoin’s share of company revenue has fallen from >50% historically to ~12% today, and highlighted Base metrics — roughly 32 trillion in stablecoin transfer volume over the last 12 months, sub‑cent and sub‑1‑second settlement, and >90% of agentic stablecoin transaction volume settling on Base — plus that marketing payback is typically ~1 year (recently outperforming) and Coinbase One members trade more and generate higher unit economics while agentic finance remains early but growing.Coinbase Global Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.53B | 7.18B | 6.56B | 3.11B | 3.19B | 7.84B |
| Gross Profit | 4.37B | 5.36B | 4.91B | 1.97B | 2.56B | 6.10B |
| EBITDA | -678.88M | 1.80B | 3.15B | 145.56M | -2.82B | 3.12B |
| Net Income | -987.77M | 1.26B | 2.58B | 94.87M | -2.62B | 3.62B |
Balance Sheet | ||||||
| Total Assets | 26.46B | 29.67B | 22.54B | 14.75B | 89.72B | 21.27B |
| Cash, Cash Equivalents and Short-Term Investments | 9.06B | 11.91B | 9.55B | 5.53B | 5.29B | 7.22B |
| Total Debt | 6.67B | 7.83B | 4.63B | 2.99B | 3.49B | 3.51B |
| Total Liabilities | 13.38B | 14.88B | 12.27B | 8.47B | 84.27B | 14.89B |
| Stockholders Equity | 13.08B | 14.79B | 10.28B | 6.28B | 5.45B | 6.38B |
Cash Flow | ||||||
| Free Cash Flow | 2.66B | 2.43B | 2.56B | 922.95M | -1.59B | 3.96B |
| Operating Cash Flow | 2.66B | 2.43B | 2.56B | 922.95M | -1.59B | 4.04B |
| Investing Cash Flow | -1.63B | -2.05B | -282.38M | 5.39M | -663.82M | -1.12B |
| Financing Cash Flow | -1.55B | 740.28M | 2.83B | -811.33M | -5.84B | 9.98B |
Coinbase Global Risk Analysis
Coinbase Global disclosed 84 risk factors in its most recent earnings report. Coinbase Global reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Coinbase Global Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $32.47B | 24.10 | 25.75% | 1.01% | 11.68% | 50.39% | |
79 Outperform | $96.29B | 22.60 | 15.53% | 4.41% | 5.10% | 14.78% | |
79 Outperform | $2.84B | 12.69 | 17.42% | ― | 12.56% | 20.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $20.92B | 31.98 | 6.18% | ― | 34.08% | -0.29% | |
60 Neutral | $77.87B | 37.47 | 21.61% | ― | 39.14% | 14.06% | |
59 Neutral | $38.53B | -39.64 | -6.89% | ― | -43.42% | -132.70% |
* Financial Sector Average
COIN
Coinbase Global
149.89
-153.69
-50.63%
CBOE
Cboe Global Markets
284.76
39.23
15.98%
CME
CME Group
264.78
-6.03
-2.23%
SOFI
SoFi
18.25
-3.21
-14.96%
HOOD
Robinhood
92.80
-12.85
-12.16%
ETOR
eToro
36.11
-20.18
-35.85%
Coinbase Global Corporate Events
Business Operations and StrategyExecutive/Board Changes
Coinbase Announces Chief People Officer Leadership Transition
Neutral
Jul 23, 2026
On July 22, 2026, Coinbase Global, Inc. announced that Chief People Officer Lawrence Brock intended to step down from his role effective August 17, 2026, and would remain with the company through September 1, 2026 to support the transition of his ...
Executive/Board Changes
Coinbase Announces Chief Legal Officer Transition and Succession
Neutral
Jul 9, 2026
On July 8, 2026, Coinbase Global, Inc. announced that Chief Legal Officer and Secretary Paul Grewal notified the company of his intention to resign, effective July 31, 2026, marking a significant change in the leadership of its legal function. In ...
Executive/Board ChangesShareholder Meetings
Coinbase Shareholders Reelect Board, Ratify Deloitte Auditor
Positive
Jun 18, 2026
On June 16, 2026, Coinbase Global, Inc. held its 2026 annual meeting of shareholders, where investors voted on board elections and auditor ratification based on record holdings as of April 21, 2026. Holders of Class A and high-vote Class B shares ...
Business Operations and Strategy
Coinbase Announces Major Workforce Reduction and Restructuring Plan
Negative
May 5, 2026
On May 5, 2026, Coinbase Global, Inc. announced a restructuring plan aimed at managing operating expenses in response to current market conditions and optimizing its operations for the emerging AI era. The plan includes cutting about 700 jobs, or ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.