Coinbase Global, Inc. (COIN) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Coinbase Global, Inc.

Updated on September 28, 2026 · accounts published on July 30, 2026

Reading of September 28, 2026

Coinbase Global trades at a P/E of 46.6 for fiscal 2025, well below its 4-year average of 129.9, yet it has lost money over the last 12 months.

• Is Coinbase Global expensive or cheap? The fiscal 2025 P/E of 46.6× sits well below its 4-year average of 129.9×, but the earnings yield is only 0.9 %.
• How is the business doing? Revenue grew 9.4 % over the last 12 months, but EPS fell 53.1 % and the net margin is -17.8 %.
• How strong is the balance sheet? Debt to equity is 0.51 over the last 12 months, right at the 0.5 ceiling considered prudent in financial services.
• Is Coinbase Global a scalable, lightly leveraged business? Revenue per share grows 32.1 % a year and free cash flow covers 192.5 % of net income, but margins miss the bar.
• What to expect from the next earnings? Next results on October 29, 2026; analysts expect EPS of -$0.22 after a -$1.36 print that missed the -$0.44 forecast.

Is Coinbase Global expensive or cheap?

Against its own history, Coinbase Global looks cheap. Its fiscal 2025 P/E of 46.6× is far below the 4-year average of 129.9× and under the 90 % line that marks a cheap multiple in financial services. Today's figures are less flattering. Over the last 12 months the earnings yield is just 0.9 % and the free cash flow yield 1.8 %, while price to book stands at 3.9×. The stock is down 36 % over the last 12 months and trades 50 % below its 52-week high of $387.27, closer to the $141.09 low. It is cheap compared with its past but expensive for what it earns today.

How is the business doing?

Growth is still there. Revenue per share grew 32.1 % a year over fiscal 2020-2025, and revenue rose 9.4 % over the last 12 months. Profits have not kept up. The operating margin went from 20.0 % in fiscal 2025 to -0.4 % over the last 12 months. The net margin is -17.8 % and EPS dropped 53.1 % year on year. A return on equity of -6.9 % means the company is currently shrinking shareholder capital instead of growing it. The gap between rising sales and falling profits is the main thing to track.

How strong is the balance sheet?

Leverage is moderate. Debt to equity of 0.51 over the last 12 months sits at the edge of the 0.5 level treated as prudent for financial services firms. That leaves the balance sheet neither stretched nor especially conservative. Cash generation offers some comfort: in fiscal 2025 free cash flow equalled 192.5 % of net income, well above the 90 % bar for healthy cash quality. With return on equity at -6.9 % over the last 12 months, however, that equity is not earning a return right now. That makes cash flow the main cushion to watch.

Is Coinbase Global a scalable, lightly leveraged business?

Brokers, exchanges and fintech firms are not banks. The useful yardsticks are revenue growth, fee-driven margins and cash quality, not loan books or capital ratios. On growth and cash, Coinbase Global passes: revenue per share grew 32.1 % a year over fiscal 2020-2025, far above the 6 % healthy mark, and its cash conversion is strong. Scalability is where it falls short. The fiscal 2025 operating margin of 20.0 % misses the 30 % threshold, and return on equity of -6.9 % is far from the 15 % benchmark. Leverage at 0.51 is borderline. A platform that scales well should show margins widening as revenue grows.

What to expect from the next earnings?

Coinbase Global reports on October 29, 2026, and analysts expect EPS of -$0.22 for the quarter. The last report, on July 30, 2026, showed EPS of -$1.36 against -$0.44 expected. The company has beaten EPS estimates in only 3 of the last 8 quarters. Analysts remain positive: of the 38 who cover the company, 21 rate the stock a buy, 14 a hold and 3 a sell. The 2026 revenue consensus has barely moved in the last 13 days. A result near the forecast would narrow the loss, while another wide miss would test that buy-leaning consensus.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.