Tearsheet

Coinbase Global (COIN)


Market Price (12/18/2025): $244.05 | Market Cap: $62.3 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Coinbase Global (COIN)


Market Price (12/18/2025): $244.05
Market Cap: $62.3 Bil
Sector: Financials
Industry: 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


0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%
Expensive valuation multiples
P/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x
1 Attractive cash flow generation
CFO/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 expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 86%
2 Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody.
Key risks
COIN 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.
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49%
1 Attractive cash flow generation
CFO/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%
2 Megatrend and thematic drivers
Megatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Cryptocurrency Exchanges, and Digital Asset Custody.
3 Expensive valuation multiples
P/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x
4 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 86%
5 Key risks
COIN 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.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
COIN Return-86%391%43%2%
Peers Return-56%40%48%39%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
COIN Win Rate38%33%75%50%58% 
Peers Win Rate38%35%54%48%54% 
S&P 500 Win Rate58%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

Unique KeyEventCOINS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-90.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven998.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven911 days464 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.

About Coinbase Global (COIN)

Better Bets than Coinbase Global (COIN)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to COIN. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
WU_11212025_Dip_Buyer_FCFYield11212025WUWestern UnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
14.1%14.1%-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.1%5.1%0.0%
PYPL_11142025_Dip_Buyer_FCFYield11142025PYPLPayPalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.4%-2.4%-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper11142025VVisaMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.6%4.6%-2.7%
WD_11072025_Dip_Buyer_ValueBuy11072025WDWalker & DunlopDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-9.0%-9.0%-11.0%
COIN_12312024_Monopoly_xInd_xCD_Getting_Cheaper12312024COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
35.1%1.7%-39.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
WU_11212025_Dip_Buyer_FCFYield11212025WUWestern UnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
14.1%14.1%-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.1%5.1%0.0%
PYPL_11142025_Dip_Buyer_FCFYield11142025PYPLPayPalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-2.4%-2.4%-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper11142025VVisaMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
4.6%4.6%-2.7%
WD_11072025_Dip_Buyer_ValueBuy11072025WDWalker & DunlopDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-9.0%-9.0%-11.0%
COIN_12312024_Monopoly_xInd_xCD_Getting_Cheaper12312024COINCoinbase GlobalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
35.1%1.7%-39.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Coinbase Global

Peers to compare with:

Financials

COINHOODPYPLBKKTCMEMedian
NameCoinbase.Robinhoo.PayPal Bakkt CME  
Mkt Price244.19115.8060.1810.01273.74115.80
Mkt Cap62.3103.057.20.198.562.3
Rev LTM7,0084,20432,8623,8906,3976,397
Op Inc LTM1,8902,0046,296-764,1572,004
FCF LTM1,8071,1195,565-1154,0841,807
FCF 3Y Avg7971,2195,265-913,6741,219
CFO LTM1,8071,1756,426-1114,1611,807
CFO 3Y Avg8281,2605,972-833,7561,260

Growth & Margins

COINHOODPYPLBKKTCMEMedian
NameCoinbase.Robinhoo.PayPal Bakkt CME  
Rev Chg LTM48.6%74.6%4.5%105.3%5.8%48.6%
Rev Chg 3Y Avg23.3%47.5%6.7%455.2%8.9%23.3%
Rev Chg Q3.3%100.0%7.3%27.1%-3.0%7.3%
QoQ Delta Rev Chg LTM0.7%17.9%1.8%2.3%-0.7%1.8%
Op Mgn LTM27.0%47.7%19.2%-1.9%65.0%27.0%
Op Mgn 3Y Avg2.9%9.9%17.9%-10.5%63.1%9.9%
QoQ Delta Op Mgn LTM-6.0%5.1%0.1%0.2%-0.3%0.1%
CFO/Rev LTM25.8%27.9%19.6%-2.9%65.0%25.8%
CFO/Rev 3Y Avg10.6%47.4%19.0%-6.4%63.3%19.0%
FCF/Rev LTM25.8%26.6%16.9%-3.0%63.8%25.8%
FCF/Rev 3Y Avg9.6%45.9%16.8%-7.5%61.9%16.8%

Valuation

COINHOODPYPLBKKTCMEMedian
NameCoinbase.Robinhoo.PayPal Bakkt CME  
Mkt Cap62.3103.057.20.198.562.3
P/S12.330.31.90.015.212.3
P/EBIT24.263.59.8-1.719.419.4
P/E30.158.013.0-3.225.825.8
P/CFO47.7108.49.9-1.223.423.4
Total Yield3.3%1.7%7.7%-31.6%6.5%3.3%
Dividend Yield0.0%0.0%0.0%0.0%2.6%0.0%
FCF Yield 3Y Avg0.5%5.2%7.5%-72.8%4.5%4.5%
D/E0.10.10.20.10.00.1
Net D/E-0.10.00.0-0.40.00.0

Returns

COINHOODPYPLBKKTCMEMedian
NameCoinbase.Robinhoo.PayPal Bakkt CME  
1M Rtn-7.5%-0.1%-2.8%-40.4%-1.5%-2.8%
3M Rtn-23.8%-2.4%-12.1%3.5%4.8%-2.4%
6M Rtn-17.3%47.8%-12.0%-21.1%1.5%-12.0%
12M Rtn-21.6%178.2%-33.6%-67.3%21.1%-21.6%
3Y Rtn567.2%1,244.9%-12.9%-72.9%83.7%83.7%
1M Excs Rtn-8.2%-0.9%-3.5%-41.1%-2.2%-3.5%
3M Excs Rtn-30.2%-5.6%-13.3%-2.3%4.2%-5.6%
6M Excs Rtn-29.7%35.4%-24.4%-33.5%-10.8%-24.4%
12M Excs Rtn-32.5%177.0%-44.8%-76.3%9.5%-32.5%
3Y Excs Rtn404.8%1,040.3%-86.7%-144.0%5.3%5.3%

Financials

Segment Financials

Revenue by Segment

$ Mil2024202320222021
Single Segment3,108   
Other revenue 45485136
Subscription and services revenue 79351745
Transaction revenue 2,3566,8371,096
Total3,1083,1947,8391,277


Price Behavior

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity16,668,695
Short Interest: % Change Since 111520256.6%
Average Daily Volume11,459,386
Days-to-Cover Short Interest1.45
Basic Shares Quantity255,188,000
Short % of Basic Shares6.5%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/30/20254.6%-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%
2/15/20248.8%0.2%44.6%
...
SUMMARY STATS   
# Positive779
# Negative121210
Median Positive5.4%9.8%24.3%
Median Negative-3.9%-8.1%-17.1%
Max Positive18.3%22.6%66.8%
Max Negative-26.4%-21.0%-36.6%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251030202510-Q 9/30/2025
6302025731202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024213202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023215202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022221202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022809202210-Q 6/30/2022
3312022510202210-Q 3/31/2022
12312021225202210-K 12/31/2021