Coinbase Global (COIN) AI Stock Analysis

• Market Cap: $45.47B
• Dividend Yield: N/A
• Average Volume (3M): 7.76M
• Price to Earnings (P/E): 14.6
• Beta (1Y): 2.83
• Revenue Growth: 47.86%
• EPS Growth: 96.46%
• Country: US
• Employees: 3,772
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 1.50
• Shares Outstanding: 228,176,270
• 10 Day Avg. Volume: 9,829,830
• 30 Day Avg. Volume: 7,763,960
• PEG Ratio: <0.01
• Price to Book (P/B): 5.98
• Price to Sales (P/S): 9.36
• P/FCF Ratio: 24.02
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 5.76
• Enterprise Value/Gross Profit: 7.44
• Enterprise Value/Ebitda: 10.72
• 1Y Price Target: $316.00
• Price Target Upside: 87.40% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 18
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: $202.00 ▲(19.80% Upside)

Score is driven primarily by strong profitability and a generally solid balance sheet, supported by a constructive (but risk-aware) earnings call highlighting growth in derivatives and subscription/services. The biggest drag is weak technical momentum with the stock trading well below major moving averages and a negative MACD, plus financial risk signals from sharply deteriorating free cash flow growth.

Positive Factors

High Profitability Margins

Sustained high gross and net margins indicate Coinbase captures strong unit economics from its digital exchange and services. Durable margin profiles provide funding for product investment, R&D, and strategic initiatives, supporting long-term competitiveness despite revenue cyclicality.

Institutional & Derivatives Growth

Rapid institutional and derivatives expansion diversifies revenue away from retail trading volatility. Building institutional flows and derivatives capabilities creates higher-volume, stickier client relationships and deepens product breadth, strengthening recurring fee potential over months to years.

Platform Scale & Stablecoin Leadership

Leadership in stablecoin distribution and a large on-platform asset base drive network effects across custody, trading and settlement. Control of critical infrastructure (USDC flows, custody scale) supports predictable subscription and services revenue and long-term ecosystem positioning.

Negative Factors

Severe Free Cash Flow Deterioration

An 82% decline in FCF growth and very low operating cash flow relative to reported income indicate weakening cash conversion. This undermines financing flexibility for investments or acquisitions and may increase reliance on external funding, affecting long-term financial resilience.

Revenue Dependent on Market Volatility

A business model weighted to transaction revenue leaves top-line and fee revenue exposed to crypto price moves and volatility cycles. Over a multi-month horizon, sustained low volatility or adverse market sentiment can materially depress revenue unless subscription/services scale offsets trading declines.

Rising Operating Expenses & Acquisition Costs

Sustained higher payroll and acquisition-related costs raise the company's fixed operating base, pressuring margins absent commensurate revenue gains. Integration risk and ongoing expense growth could constrain adjusted EBITDA expansion and prolong cash burn over the medium term.

Coinbase Global Business Overview & Revenue Model

Company Description

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment. The company was founded in 2012 and is based in Wilmington, Delaware.

How the Company Makes Money

Coinbase generates revenue primarily through transaction fees charged on trades executed on its platform. Users pay a fee for each transaction, which varies depending on the payment method and the size of the transaction. Additionally, Coinbase earns revenue from its subscription services and product offerings, including Coinbase Pro, which caters to professional traders with lower fees and advanced trading features. The company also generates income through staking services, where users can earn rewards for participating in the proof-of-stake networks through Coinbase. Furthermore, Coinbase has established partnerships with various financial institutions and companies to expand its services, which can enhance its revenue streams. Overall, the combination of trading fees, subscription services, and staking rewards constitutes the core of Coinbase's revenue model.

Coinbase Global Financial Statement Overview

Summary

Strong profitability and revenue growth (TTM revenue +9.47%, gross margin 77.35%, net margin 41.95%) and a solid balance sheet (D/E 0.47, ROE 26.34%) support the score. It is held back by sharply weaker cash generation (TTM free cash flow growth -81.97% and low operating cash flow to net income of 0.035) and rising debt over time.

Income Statement

Coinbase Global has demonstrated strong revenue growth with a 9.47% increase in TTM, indicating a positive trajectory. The company maintains robust profitability metrics with a gross profit margin of 77.35% and a net profit margin of 41.95% in TTM. The EBIT and EBITDA margins are also healthy at 45.16% and 52.73%, respectively. However, there was a dip in EBIT from the previous year, suggesting some operational challenges.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.47, indicating moderate leverage. The return on equity is strong at 26.34%, showcasing effective utilization of equity. The equity ratio stands at 51.12%, suggesting a solid equity base. However, the increase in total debt over the years could pose potential risks if not managed carefully.

Cash Flow

Cash flow analysis reveals a significant decline in free cash flow growth by 81.97% in TTM, which is concerning. The operating cash flow to net income ratio is low at 0.035, indicating potential cash flow challenges. However, the free cash flow to net income ratio remains stable at 1.0, suggesting that the company is still generating sufficient cash relative to its net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.67B	6.56B	3.11B	3.19B	7.84B	1.28B
Gross Profit	5.93B	4.91B	1.97B	2.56B	6.10B	1.14B
EBITDA	4.12B	3.15B	145.56M	-2.82B	3.12B	439.91M
Net Income	3.22B	2.58B	94.87M	-2.62B	3.62B	322.32M
Balance Sheet
Total Assets	31.35B	22.54B	14.75B	89.72B	21.27B	5.86B
Cash, Cash Equivalents and Short-Term Investments	13.33B	9.55B	5.53B	5.29B	7.22B	1.11B
Total Debt	7.37B	4.63B	2.99B	3.49B	3.51B	379.08M
Total Liabilities	15.33B	12.27B	8.47B	84.27B	14.89B	4.89B
Stockholders Equity	16.02B	10.28B	6.28B	5.45B	6.38B	963.58M
Cash Flow
Free Cash Flow	325.85M	2.56B	922.95M	-1.59B	3.96B	2.99B
Operating Cash Flow	325.85M	2.56B	922.95M	-1.59B	4.04B	3.00B
Investing Cash Flow	-1.70B	-282.38M	5.39M	-663.82M	-1.12B	50.82M
Financing Cash Flow	4.04B	2.83B	-811.33M	-5.84B	9.98B	18.80M

Coinbase Global Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 168.62
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COIN, the sentiment is Negative. The current price of 168.62 is below the 20-day moving average (MA) of 221.14, below the 50-day MA of 241.00, and below the 200-day MA of 291.06, indicating a bearish trend. The MACD of -18.34 indicates Positive momentum. The RSI at 18.31 is Positive, neither overbought nor oversold. The STOCH value of 7.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for COIN.

Coinbase Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CME	77 Outperform	$106.24B	26.26	13.35%	3.92%	5.84%	8.51%
CBOE	75 Outperform	$28.38B	28.84	21.51%	1.06%	16.74%	26.74%
ETOR	72 Outperform	$2.22B	10.59	―	―	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SOFI	67 Neutral	$26.15B	54.46	5.66%	―	22.40%	215.81%
COIN	65 Neutral	$45.47B	14.60	26.00%	―	47.86%	96.46%
HOOD	65 Neutral	$72.49B	33.47	27.82%	―	73.48%	315.24%

Coinbase Global Corporate Events

Coinbase Global Completes Reincorporation to Texas

On December 15, 2025, Coinbase Global, Inc. completed its reincorporation from Delaware to Texas, changing its legal governance to Texas laws without affecting its business operations, management, or shareholder rights. The company’s stock continues trading under the same symbol, with minor changes to certain financial instruments, ensuring continuity for stakeholders.

The most recent analyst rating on (COIN) stock is a Sell with a $230.00 price target. To see the full list of analyst forecasts on Coinbase Global stock, see the COIN Stock Forecast page.