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$178.64
Market Capi
$47B
Growth-adj P/E (2-yr hist)i
0.2x
Growth-adj P/E (3-yr proj)i
2.4x
P/S 26Ei
8.8x
P/S 28Ei
6.2x
EV/EBIT 26Ei
-310x
EV/EBIT 28Ei
24x
P/E 26Ei
-62x
P/E 28Ei
40x
P/S 26Ei
8.8x
EV/EBIT 26Ei
-310x
P/E 26Ei
-62x
P/S 28Ei
6.2x
EV/EBIT 28Ei
24x
P/E 28Ei
40x
Revenue
2026E
$6.2B
Gross Margini
82%
Hist. CAGRi
31%
Proj. CAGRi
5.1%
EBIT
2026E
$693M
Op. Margini
21%
Hist. CAGRi
—
Proj. CAGRi
17%
Net profit
2026E
$143M
Net Margini
18%
Hist. CAGRi
264%
Proj. CAGRi
17%
Business Model
Recent Developments
Average Targeti
$195.52+30%
Consensusi
Outperform
33 analysts covering
Net cashi
$3.7B
Div. Yieldi
n/a
Dilutioni
7.7%
Market Capi
$47B
P/E 26Ei
-62x
Adj. P/E (fwd.)i
2.4x
Revenue 26E
$6.2B
Proj. CAGRi
5.1%
Gross Margini
82%
EBIT 26E
$693M
Proj. CAGRi
17%
Op. Margini
21%
Net Profit 26E
$143M
Proj. CAGRi
17%
Net Margini
18%
Average Targeti
$195.52+30%
Consensusi
Outperform
33 analysts covering
Profile
Coinbase operates a full-stack crypto financial platform serving retail consumers, institutions, and developers. Revenue splits across two reported lines:
Industry
Coinbase sits at the intersection of crypto exchange, custodian, and fintech infrastructure provider. The U.S. accounts for roughly 84% of revenue, making it primarily a domestic business despite global brand recognition. Retail traders dominate consumer transaction volume, but institutions (hedge funds, asset managers, corporate treasuries) are the primary growth target via Coinbase Prime. The competitive set includes Binance, Kraken, and emerging U.S.-regulated rivals, but Coinbase's regulatory compliance posture is a meaningful differentiator in the institutional segment.
Key metrics
Economic moat
Coinbase's deepest structural advantage is its regulatory trust and compliance infrastructure, built over more than a decade under U.S. securities and money transmission frameworks — an asset that takes years and tens of millions in legal and compliance spend to replicate. This directly enables institutional mandates where counterparty credibility is non-negotiable. Secondary moats include brand recognition and consumer trust (the most downloaded U.S. crypto app at multiple cycle peaks), custody scale (the largest institutional crypto custodian by assets), and the emerging Base Layer 2 network, which creates developer ecosystem lock-in and a potential future toll on onchain activity.
Brian Armstrong
Armstrong co-founded Coinbase in 2012 after working as a software engineer at Airbnb, where he saw firsthand how payments infrastructure constrained global economic participation. He has served as CEO since inception and as board chairman since the April 2021 direct listing, giving him unified strategic and governance control. His decade-plus tenure through multiple crypto cycles is the primary reason the company maintained regulatory credibility and institutional relationships when competitors stumbled.
Fred Ehrsam
Ehrsam co-founded Coinbase with Armstrong in 2013 after a stint as a Goldman Sachs trader, bringing early institutional market-making expertise that helped shape Coinbase's exchange and liquidity architecture. He stepped back from day-to-day operations in 2017 and later co-founded Paradigm, a leading crypto venture firm, while remaining on the Coinbase board. His continued involvement signals alignment with the long-term thesis rather than a clean exit.
Alesia Haas
Haas joined as CFO in March 2018 and led the financial architecture for the 2021 direct listing, one of the highest-profile tech debuts of that year. She previously held senior finance roles at Och-Ziff Capital Management and brings institutional investor relations discipline that has been critical for Coinbase's positioning with Wall Street.
Other key figures
Emilie Choi (President since 2019) drives corporate development and partnerships, with prior experience as VP of Corporate Development at LinkedIn. Jesse Pollak (CTO since late 2016) leads technical direction including the Base Layer 2 network. The board includes Marc Andreessen (a16z), Fred Wilson (Union Square Ventures), and Tobias Lütke (Shopify CEO), giving the company an unusually strong network among technology investors and operators.
P/S Ratioi
EV/EBITiEV/EBIT values for 2022, 2023, and 2026E were omitted from this chart because negative or above 250x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
P/E RatioiP/E values for 2022, 2023, and 2026E were omitted from this chart because negative or above 150x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBITEBIT year-over-year growth labels for 2023 and 2024 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 3-yr)i
n/a
CAGR (proj. 3-yr)i
0%
Net profitNet profit year-over-year growth labels for 2023 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 2-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2023 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Coinbase reported second-quarter 2026 results on July 30, 2026: net revenue of $1.15 billion, well short of the roughly $1.35 billion analysts expected.
The quarter brought a net loss of $1.36 per diluted share, far wider than the near-breakeven result forecast, as transaction revenue fell faster than newer streams could offset.
Subscription and services revenue hit $555 million, a record 48% of net revenue, lifted by stablecoin balances, Coinbase One memberships, and products like prediction markets.
Management guided Q3 subscription and services revenue roughly flat versus Q2 and cautioned against extrapolating results given crypto market volatility.
Recent developments
Coinbase is navigating a leadership transition: Chief Legal Officer Paul Grewal, who led its regulatory battles for six years, departs effective July 31, 2026, succeeded by Molly Abraham as General Counsel.
That change came amid a broader executive reshuffle, with the Chief People Officer, a co-head of Coinbase Institutional, and the Base app lead also exiting or shifting roles.
The CLARITY Act market-structure bill continued advancing toward a Senate floor vote, though passage before the August recess remained uncertain.
Coinbase's Base network processed $32 trillion in stablecoin transfer volume over the trailing twelve months.
Debate & sentiment
Bulls point to the shift toward recurring revenue, with subscription and services now near half of net revenue, as evidence of reduced dependence on volatile trading fees.
Supporters also cite record trading volume market share of 10.3%, a third straight quarterly gain, as proof of share gains even as industry volumes contract.
Skeptics counter that the core trading business keeps shrinking, with retail and institutional activity both soft, questioning whether subscription growth can offset that indefinitely.
The wave of senior departures across legal, people, institutional, and product functions has raised questions about execution continuity during a pivotal regulatory stretch.
Consensusi
Outperform
Average targeti
$195.52+30%
Highest targeti
$330.00+119%
Lowest targeti
$95.00-37%
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