Explain this page
Arphra AIPlain-English read on Coinbase Global, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $61.42B | $58.82B | — | — | — | — |
| Enterprise value | — | — | — | $57.51B | $55.36B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 8.76 | 7.71 | — | — | — | — |
| EV / FCF | — | — | — | 22.49 | 22.82 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +4.20% | +2.14% | — | — | — | — |
| Free cash flow yield | — | — | — | +4.16% | +4.13% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +77.82% | +80.28% | +63.47% | +74.75% | +74.64% | +72.57% | +69.46% | +72.59% | +71.68% |
| Operating margin | +39.24% | -84.85% | -5.20% | +35.15% | +19.99% | +16.57% | +16.95% | +16.75% | +16.72% |
| EBITDA margin | +39.80% | -88.34% | +4.68% | +48.00% | +25.01% | +25.92% | +25.47% | +26.18% | +25.45% |
| EBIT margin | +38.98% | -93.16% | +0.19% | +46.06% | +22.38% | +23.46% | +22.75% | +22.86% | +22.61% |
| Pre-tax margin | +38.61% | -95.94% | -2.47% | +44.83% | +21.19% | +20.65% | +21.65% | +21.78% | +21.51% |
| Net margin | +46.23% | -82.18% | +3.05% | +39.29% | +17.55% | +17.00% | +16.32% | +16.57% | +16.84% |
| Cost structure | |||||||||
| Cost of revenue / sales | +22.18% | +19.72% | +36.53% | +25.25% | +25.36% | +29.79% | +28.88% | +29.91% | +29.54% |
| R&D intensity | +16.48% | +72.83% | +42.61% | +22.37% | +23.26% | +29.51% | +29.76% | +29.72% | +30.29% |
| SG&A intensity | +14.06% | +66.08% | +22.26% | +18.20% | +26.14% | +22.51% | +22.79% | +22.33% | +21.74% |
| Effective tax rate | -19.73% | — | — | +12.36% | +17.20% | +15.32% | +14.31% | +14.59% | +14.84% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +56.79% | -48.12% | +1.51% | +25.10% | +8.52% | +9.13% | +8.90% | +8.94% | +8.82% |
| Return on assets (ROA) | +17.04% | -2.93% | +0.64% | +11.44% | +4.25% | +4.13% | +4.02% | +4.06% | +4.06% |
| Return on capital (ROC) | +31.10% | -30.30% | -1.74% | +15.48% | +6.34% | +5.99% | +6.21% | +6.09% | +5.92% |
| Return on invested capital (ROIC) | +36.63% | -22.73% | -1.31% | +17.30% | +5.57% | +6.15% | +5.97% | +6.03% | +5.97% |
| Asset turnover | +36.85% | +3.56% | +21.07% | +29.12% | +24.20% | +24.31% | +24.63% | +24.50% | +24.10% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +46.23% | -82.18% | +3.05% | +39.29% | +17.55% | +17.00% | +16.32% | +16.57% | +16.84% |
| Asset turnover (× revenue / assets) | +36.85% | +3.56% | +21.07% | +29.12% | +24.20% | +24.31% | +24.63% | +24.50% | +24.10% |
| Equity multiplier (× assets / equity) | +333.37% | +1644.95% | +234.87% | +219.35% | +200.58% | +220.88% | +221.49% | +220.15% | +217.25% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.37 | 0.04 | 0.21 | 0.29 | 0.24 | 0.24 | 0.25 | 0.25 | 0.24 |
| Fixed-asset turnover | 49.74 | 13.24 | 15.14 | 23.34 | 17.68 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 21.42 | 6.87 | 4.93 | 7.17 | 4.16 | — | — | — | — |
| Payables turnover | 43.65 | 11.24 | 28.90 | 26.18 | 15.49 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 17.04 | 53.11 | 74.10 | 50.88 | 87.70 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 8.36 | 32.48 | 12.63 | 13.94 | 23.57 | — | — | — | — |
| Cash conversion cycle | 8.68 | 20.64 | 61.47 | 36.93 | 64.13 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.11 | 0.60 | 9.73 | 0.99 | 1.93 | 1.96 | 2.11 | 2.09 | 1.98 |
| FCF / Net income | 1.09 | 0.60 | 9.73 | 0.99 | 1.93 | 2.04 | 2.08 | 2.00 | 2.02 |
| FCF margin | +50.45% | -49.63% | +29.69% | +38.95% | +33.79% | +34.73% | +33.91% | +33.16% | +33.98% |
| OCF margin | +51.51% | -49.63% | +29.69% | +38.95% | +33.79% | +33.40% | +34.38% | +34.69% | +33.37% |
| CapEx / Revenue | +1.06% | +0.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| CapEx / D&A | 1.30 | 0.02 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Stock-based comp / Revenue | +10.47% | +49.02% | +25.11% | +13.91% | +11.69% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 14.50 | -11.83 | 0.37 | 9.48 | 4.45 | 0.77 | 5.14 | 6.43 | 6.35 |
| EPS · basic | 17.47 | -11.84 | 0.40 | 10.42 | 4.85 | 0.84 | 5.66 | 7.03 | 7.01 |
| Book value / share | 29.01 | 24.53 | 24.69 | 37.59 | 51.51 | 39.46 | 48.70 | 54.46 | 59.23 |
| Tangible BV / share | 25.36 | 19.09 | 19.87 | 33.25 | 32.12 | 39.46 | 48.70 | 54.46 | 59.23 |
| Sales / share | 35.64 | 14.37 | 12.22 | 24.01 | 25.00 | 21.19 | 26.57 | 29.38 | 31.02 |
| Operating CF / share | 18.36 | -7.13 | 3.63 | 9.35 | 8.45 | 7.08 | 9.13 | 10.19 | 10.35 |
| Free cash flow / share | 17.98 | -7.13 | 3.63 | 9.35 | 8.45 | 7.36 | 9.01 | 9.74 | 10.54 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -59.25% | -2.69% | +111.17% | +9.40% | -15.25% | +24.66% | +11.02% | +5.20% | +1.54% |
| Gross profit · YoY | — | -57.97% | -23.07% | +148.70% | +9.25% | -17.60% | +19.31% | +16.03% | +3.89% | +0.51% |
| Profit | ||||||||||
| Operating income · YoY | — | -188.09% | +94.04% | +1527.15% | -37.78% | -29.73% | +27.51% | +9.71% | +4.98% | -8.73% |
| EBITDA · YoY | — | -190.44% | +105.16% | +2064.57% | -43.00% | -12.14% | +22.49% | +14.12% | +2.27% | -3.97% |
| Net income · YoY | — | -172.43% | +103.61% | +2618.50% | -51.13% | -17.89% | +19.64% | +12.70% | +6.95% | -10.50% |
| Operating | ||||||||||
| EBIT · YoY | — | -197.37% | +100.20% | +50960.45% | -46.83% | -11.17% | +20.91% | +11.55% | +4.02% | -5.14% |
| R&D · YoY | — | +80.12% | -43.06% | +10.85% | +13.78% | +7.51% | +25.71% | +10.88% | +7.22% | +9.58% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -181.59% | +103.13% | +2462.16% | -53.06% | -82.74% | +569.04% | +25.12% | -1.24% | -9.81% |
| EPS · basic · YoY | — | -167.77% | +103.38% | +2505.00% | -53.45% | -82.59% | +570.25% | +24.28% | -0.37% | -10.79% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $3.51B | $3.49B | $2.99B | $4.63B | $7.83B | $5.49B | $6.82B | $7.54B | $8.09B |
| Net debt | -$3.61B | -$935.28M | -$2.14B | -$3.91B | -$3.45B | -$3.46B | -$4.54B | -$4.98B | -$5.52B |
| Net debt / EBITDA | -1.16 | 0.33 | -14.73 | -1.24 | -1.92 | -2.19 | -2.35 | -2.26 | -2.45 |
| Debt / equity | 0.55 | 0.64 | 0.48 | 0.45 | 0.53 | 0.48 | 0.49 | 0.48 | 0.48 |
| Debt / assets | +16.50% | +3.89% | +20.30% | +20.54% | +26.39% | +21.93% | +22.13% | +21.94% | +22.00% |
| Equity / assets | +30.00% | +6.08% | +42.58% | +45.59% | +49.86% | +45.27% | +45.15% | +45.42% | +46.03% |
| Coverage | |||||||||
| EBITDA / interest expense | 106.99 | -31.74 | 1.76 | 39.07 | 21.03 | 15.16 | 15.13 | 15.06 | 14.60 |
| Operating income / interest | 105.51 | -30.49 | -1.95 | 28.61 | 16.81 | 9.69 | 10.07 | 9.63 | 9.59 |
| Interest expense | $29.16M | $88.9M | $82.77M | $80.65M | $85.41M | $104.1M | $127.77M | $146.45M | $154.52M |
| Liquidity | |||||||||
| Current ratio | 1.61 | 1.07 | 2.07 | 2.28 | 2.34 | — | — | — | — |
| Quick ratio | 0.66 | 0.07 | 1.12 | 1.32 | 1.57 | — | — | — | — |
| Cash ratio | 0.62 | 0.05 | 0.94 | 1.08 | 1.30 | — | — | — | — |
| Working capital | $6.95B | $5.63B | $5.87B | $10.17B | $11.69B | — | — | — | — |
| Working capital / revenue | +88.72% | +176.35% | +188.90% | +154.96% | +162.74% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 7.71x | 8.76x |
| Earnings yield | 2.1% | 4.2% |
| FCF yield | 4.1% | 4.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 8.5% | 25.1% |
| ROA | 4.2% | 11.4% |
| ROIC | 5.2% | 13.6% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -1.92 | -1.24 |
| Interest coverage | — | — |
| Current ratio | 2.34x | 2.28x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).