Coinbase Global Stock To $264?

Coinbase Global (COIN) stock has fallen 10% during the past week, and is currently trading at $309.14. Our multi-factor assessment suggests that it may be time to reduce exposure to COIN stock. We are primarily concerned current valuation and a price of $264 may not be out of reach. We believe there is not much to fear in COIN stock given its overall Strong operating performance and financial condition. But given its Very High valuation, the stock appears Relatively Expensive.

Below is our assessment:

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Let’s get into details of each of the assessed factors but before that, for quick background: With $79 Bil in market cap, Coinbase Global provides financial infrastructure and technology for the cryptoeconomy, offering primary crypto financial accounts to retail customers in the U.S. and internationally.

[1] Valuation Looks Very High

This table highlights how COIN is valued vs broader market. For more details see: COIN Valuation Ratios

[2] Growth Is Strong

• Coinbase Global has seen its top line grow at an average rate of 23.3% over the last 3 years
• Its revenues have grown 49% from $4.7 Bil to $7.0 Bil in the last 12 months
• Also, its quarterly revenues grew 3.3% to $1.5 Bil in the most recent quarter from $1.4 Bil a year ago.

This table highlights how COIN is growing vs broader market. For more details see: COIN Revenue Comparison

[3] Profitability Appears Very Strong

• COIN last 12 month operating income was $1.9 Bil representing operating margin of 27.0%
• With cash flow margin of 25.8%, it generated nearly $1.8 Bil in operating cash flow over this period
• For the same period, COIN generated nearly $2.9 Bil in net income, suggesting net margin of about 40.8%

This table highlights how COIN profitability vs broader market. For more details see: COIN Operating Income Comparison

[4] Financial Stability Looks Very Strong

• COIN Debt was $4.4 Bil at the end of the most recent quarter, while its current Market Cap is $79 Bil. This implies Debt-to-Equity Ratio of 5.6%
• COIN Cash (including cash equivalents) makes up $9.5 Bil of $23 Bil in total Assets. This yields a Cash-to-Assets Ratio of 40.7%

[5] Downturn Resilience Is Very Weak

COIN has fared much worse than the S&P 500 index during various economic downturns. We assess this based on both (a) how much the stock fell and, (b) how quickly it recovered.

2022 Inflation Shock

• COIN stock fell 90.9% from a high of $357.39 on 9 November 2021 to $32.53 on 28 December 2022 vs. a peak-to-trough decline of 25.4% for the S&P 500.
• However, the stock fully recovered to its pre-Crisis peak by 26 June 2025
• Since then, the stock increased to a high of $419.78 on 20 July 2025 , and currently trades at $309.14

But the risk is not limited to major market crashes. Stocks fall even when markets are good – think events like earnings, business updates, outlook changes. Read COIN Dip Buyer Analyses to see how the stock has recovered from sharp dips in the past.

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