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Coinbase Global Inc Ordinary Shares - Class A COIN

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Stock XNAS Rating as of
$249.80 +5.66 (2.32%)
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As of Cboe BZX Real-Time Price Closed
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Company Report

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Coinbase Earnings: Booming Cryptocurrency Markets Drive Trading Volume and Earnings Higher

Michael Miller

No-moat-rated Coinbase reported very strong first-quarter earnings as rising cryptocurrency prices and high volatility drove higher revenue across the firm's business. Net revenue increased 116% from last year and 75% from last quarter to $1.6 billion. Meanwhile, net income increased to $1.18 billion from a loss of $79 million last year, though this includes a $737 million gain from mark-to-market cryptocurrency assets.

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Price vs Fair Value

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COIN is trading at a 158% premium.
Price
$244.16
Fair Value
$182.00
Uncertainty
Very High
1-Star Price
$643.50
5-Star Price
$54.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Coinbase has established itself as the leading U.S. cryptocurrency exchange and established a strong reputation for security in an industry filled with risk for traders.

Bears

Cryptocurrency markets have historically been deeply cyclical with long periods of low prices and depressed trading volume. This adds considerable volatility to Coinbase’s revenue flow.

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Trading Information

Previous Close Price
$244.14
Day Range
$239.55–253.43
52-Week Range
$50.10–283.43
Bid/Ask
$248.00 / $252.34
Market Cap
$61.34 Bil
Volume/Avg
5.1 Mil / 10.3 Mil

Key Statistics

Price/Earnings (Normalized)
104.16
Price/Sales
16.19
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.
Sector
Financial Services
Industry
Financial Data & Stock Exchanges
Stock Style Box
Large Core
Total Number of Employees
3,416
Website
https://www.coinbase.com

Competitors

Valuation

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Metric
COIN
SQ
ICE
Price/Earnings (Normalized)
 104.1629.0323.48
Price/Book Value
 7.422.122.92
Price/Sales
 16.191.767.43
Price/Cash Flow
 48.2150.4018.01
Price/Earnings
COIN
SQ
ICE

Financial Strength

Metric
COIN
SQ
ICE
Quick Ratio
 0.031.630.05
Current Ratio
 1.031.901.00
Interest Coverage
 0.07—4.19
Quick Ratio
COIN
SQ
ICE

Profitability

Metric
COIN
SQ
ICE
Return on Assets (Normalized)
 0.73%4.31%2.34%
Return on Equity (Normalized)
 21.96%7.82%13.01%
Return on Invested Capital (Normalized)
 14.99%5.73%8.16%
Return on Assets
COIN
SQ
ICE
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