Coinbase Global (COIN)
Market Price (12/18/2025): $244.05 | Market Cap: $62.3 BilSector: Financials | Industry: Financial Exchanges & Data
Coinbase Global (COIN)
Market Price (12/18/2025): $244.05Market Cap: $62.3 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% | Expensive valuation multiplesP/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 86% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody. | Key risksCOIN key risks include [1] ongoing legal action from regulators like the SEC and [2] the potential for customer assets to be treated as company property in a bankruptcy proceeding. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 86% |
| Key risksCOIN key risks include [1] ongoing legal action from regulators like the SEC and [2] the potential for customer assets to be treated as company property in a bankruptcy proceeding. |
Valuation, Metrics & Events
COIN Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
For the approximate time period from August 31, 2025, to December 18, 2025, Coinbase Global (COIN) experienced a notable decline in its stock price. Several factors contributed to this movement:
1. Crypto Market Downturn and Bitcoin Volatility: Coinbase's stock performance is highly correlated with the broader cryptocurrency market, especially the price of Bitcoin. The latter half of 2025 saw a correction in Bitcoin's price and ongoing "fear" sentiment in the crypto market, contributing to downward pressure on COIN shares.
2. General Market Sentiment and Economic Concerns: Broader economic concerns in the U.S., including fears of a recession and the impact of trade wars, led investors to pull back from riskier assets like cryptocurrencies and related stocks. This "risk-off" sentiment affected Coinbase and other crypto-linked companies.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| COIN Return | � | � | -86% | 391% | 43% | 2% | � |
| Peers Return | � | � | -56% | 40% | 48% | 39% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| COIN Win Rate | � | 38% | 33% | 75% | 50% | 58% | |
| Peers Win Rate | � | 38% | 35% | 54% | 48% | 54% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| COIN Max Drawdown | � | � | -87% | -6% | -33% | -39% | |
| Peers Max Drawdown | � | � | -59% | -19% | -30% | -29% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HOOD, PYPL, BKKT, CME.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)
How Low Can It Go
| Event | COIN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.9% | -25.4% |
| % Gain to Breakeven | 998.6% | 34.1% |
| Time to Breakeven | 911 days | 464 days |
Compare to HOOD, ICE, PYPL, MGLD, SPGI
In The Past
Coinbase Global's stock fell -90.9% during the 2022 Inflation Shock from a high on 11/9/2021. A -90.9% loss requires a 998.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
Trade Ideas
Select past ideas related to COIN. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.1% | 14.1% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.1% | 5.1% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.4% | -2.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.6% | 4.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -9.0% | -9.0% | -11.0% |
| 12312024 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 35.1% | 1.7% | -39.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.1% | 14.1% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.1% | 5.1% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.4% | -2.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.6% | 4.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -9.0% | -9.0% | -11.0% |
| 12312024 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 35.1% | 1.7% | -39.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Coinbase Global
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 115.80 |
| Mkt Cap | 62.3 |
| Rev LTM | 6,397 |
| Op Inc LTM | 2,004 |
| FCF LTM | 1,807 |
| FCF 3Y Avg | 1,219 |
| CFO LTM | 1,807 |
| CFO 3Y Avg | 1,260 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 48.6% |
| Rev Chg 3Y Avg | 23.3% |
| Rev Chg Q | 7.3% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 27.0% |
| Op Mgn 3Y Avg | 9.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 25.8% |
| CFO/Rev 3Y Avg | 19.0% |
| FCF/Rev LTM | 25.8% |
| FCF/Rev 3Y Avg | 16.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 62.3 |
| P/S | 12.3 |
| P/EBIT | 19.4 |
| P/E | 25.8 |
| P/CFO | 23.4 |
| Total Yield | 3.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.8% |
| 3M Rtn | -2.4% |
| 6M Rtn | -12.0% |
| 12M Rtn | -21.6% |
| 3Y Rtn | 83.7% |
| 1M Excs Rtn | -3.5% |
| 3M Excs Rtn | -5.6% |
| 6M Excs Rtn | -24.4% |
| 12M Excs Rtn | -32.5% |
| 3Y Excs Rtn | 5.3% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 4.6% | -10.1% | -19.9% |
| 7/31/2025 | -16.7% | -17.7% | -19.4% |
| 5/8/2025 | -3.5% | 18.4% | 24.3% |
| 2/13/2025 | -8.0% | -21.0% | -36.6% |
| 10/30/2024 | -15.3% | 20.1% | 39.9% |
| 8/1/2024 | -3.9% | -9.6% | -13.8% |
| 5/2/2024 | -2.4% | -8.0% | 1.1% |
| 2/15/2024 | 8.8% | 0.2% | 44.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 9 |
| # Negative | 12 | 12 | 10 |
| Median Positive | 5.4% | 9.8% | 24.3% |
| Median Negative | -3.9% | -8.1% | -17.1% |
| Max Positive | 18.3% | 22.6% | 66.8% |
| Max Negative | -26.4% | -21.0% | -36.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 5082025 | 10-Q 3/31/2025 |
| 12312024 | 2132025 | 10-K 12/31/2024 |
| 9302024 | 10302024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2152024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2212023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8092022 | 10-Q 6/30/2022 |
| 3312022 | 5102022 | 10-Q 3/31/2022 |
| 12312021 | 2252022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |