Coinbase Global

COIN

Financial - Data & Stock Exchanges · Financial Services

Price

$157.12

-3.37 (-2.10%)

Market Cap

$41.39B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+30.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 220.0M (2021) → 287.2M (2025)

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment. The company was founded in 2012 and is based in Wilmington, Delawar

Winston Score History

Politician Trades

28 trades / 12mo

17 Congressional buys and 11 sells on COIN in the last 12 months.

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Score breakdown

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Quality

Gross Margin

71.9%

Premium pricing power — 71.9% gross margin

Operating Margin

-43.1%

Losing money on operations — -43.1%

ROCE

-2.0%

Weak — -2.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-2.0%

Shrinking sales (-2.0% YoY)

EPS YoY

-51.8%

Earnings shrinking (-51.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

193%

Turns 193% of profit into real cash

FCF Margin

37.7%

Converts sales into free cash efficiently (37.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.52

Conservative — low debt load (0.52)

Interest Cover

8.40x

Comfortably covers interest (8.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.3x

Pricey — P/E 31.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.3 → 25.9)

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Dividends

Not applicable for this business.

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