Coinbase Global, Inc. (COIN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-84.8%

$21.22

vs $139.60 price

Levered DCF

$59.41

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.6

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	46.63×	23.83×	434.8×	-2.99×	14.45×	566×	-713.65×
P/B	3.98×	5.98×	6.53×	1.44×	7.01×	63.36×	43.65×
P/S	8.19×	9.36×	13.19×	2.46×	5.71×	47.79×	40.65×
EV / EBITDA	30.83×	18.25×	267×	-2.46×	13.19×	137.24×	-1,133.91×
Gross margin	74.6%	74.7%	63.5%	80.3%	77.8%	89.4%	84.6%
Operating margin	20.3%	35.1%	-5.2%	-84.8%	39.2%	32.0%	-6.7%
Net margin	17.6%	39.3%	3.1%	-82.2%	46.2%	25.2%	-5.7%
Current ratio	2.34×	2.28×	2.07×	1.07×	1.61×	1.21×	1.62×
Debt / equity	0.53×	0.45×	0.48×	0.64×	0.55×	0.39×	0.26×
Interest coverage	17.05×	28.61×	-1.95×	-30.49×	105.51×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	25.1%	1.5%	-48.1%	56.8%	33.4%	-6.1%
Return on invested capital	5.3%	13.6%	2.2%	-25.9%	31.1%	16.9%	-2.0%
Return on assets	4.2%	11.4%	0.6%	-2.9%	17.0%	5.5%	-1.3%
Free cash flow yield	4.1%	4.2%	2.3%	-20.2%	8.8%	4.9%	-0.6%
Earnings yield	2.1%	4.2%	0.2%	-33.4%	8.1%	0.5%	-0.1%
Enterprise value	$55.4B	$57.5B	$38.9B	$6.9B	$41.1B	$60.4B	$21.3B
Net debt / EBITDA	-1.92×	-1.24×	-14.73×	0.33×	-1.16×	-1.55×	22.31×
Cash conversion cycle (days)	64	37	61	21	9	22	36