Coinbase Global, Inc. (COIN) Key Metrics
COIN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $45.69B
- Enterprise value
- $49.92B
- P/E (TTM)
- — 10-yr median 38.9
- Forward P/E
- 54.3
- PEG ratio
- 2.37
- Price / sales
- 7.6 10-yr median 9.0
- Price / book
- 4.0 10-yr median 6.6
- EV / EBITDA
- 30.7 10-yr median 13.4
- Dividend yield
- —
- Beta
- 3.41
COIN key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCOIN valuation Price multiples at each fiscal year-end price.
COIN returns How much profit the business earns on the capital it uses.
COIN per-share figures Results divided by the shares outstanding at year-end.
COIN financial health Debt, liquidity and how easily interest is covered.
COIN efficiency & capital use Working capital cycle and where the cash goes.
COIN valuation history
COIN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
COIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
COIN cash returned to shareholders
COIN price vs earnings per share
COIN key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $64.95B | $67.88B | $44.24B | $7.87B | $55.51B | — | — |
| Enterprise value | $60.87B | $62.96B | $41.71B | $6.07B | $51.80B | — | — |
| P/E ratio | 51.5 | 26.3 | 466.4 | — | 15.3 | — | — |
| Price / sales | 9.0 | 10.3 | 14.2 | 2.5 | 7.1 | — | — |
| Price / book | 4.4 | 6.6 | 7.0 | 1.4 | 8.7 | — | — |
| Price / free cash flow | 26.8 | 26.5 | 47.9 | — | 14.0 | — | — |
| Price / operating cash flow | 26.8 | 26.5 | 47.9 | — | 13.7 | — | — |
| EV / sales | 8.5 | 9.6 | 13.4 | 1.9 | 6.6 | — | — |
| EV / EBITDA | 33.9 | 20.0 | 13.4 | 2.5 | 6.6 | — | — |
| EV / free cash flow | 25.1 | 24.6 | 45.2 | — | 13.1 | — | — |
| Earnings yield | 1.9% | 3.8% | 0.2% | −33.4% | 6.5% | — | — |
| Free cash flow yield | 3.7% | 3.8% | 2.1% | −20.1% | 7.1% | — | — |
| Dividend yield | — | — | — | 3.6% | 6.0% | — | — |
| Shareholder yield (dividends + buybacks) | 1.2% | 0.0% | 0.6% | 8.0% | 6.5% | — | — |
| Share price at fiscal year-end | $226.14 | $248.30 | $173.92 | $35.39 | $252.37 | — | — |
| Per share | |||||||
| Revenue per share | $25.00 | $24.01 | $12.22 | $14.37 | $35.64 | $6.87 | $7.97 |
| Earnings per share | $4.39 | $9.43 | $0.37 | −$11.81 | $16.48 | $1.73 | −$0.45 |
| Operating cash flow per share | $8.45 | $9.35 | $3.63 | −$7.13 | $18.36 | $16.15 | −$1.20 |
| Free cash flow per share | $8.45 | $9.35 | $3.63 | −$7.13 | $17.98 | $16.05 | −$1.81 |
| Cash per share | $41.48 | $34.93 | $21.72 | $23.78 | $32.84 | $5.97 | $9.51 |
| Book value per share | $51.51 | $37.59 | $24.69 | $24.53 | $29.01 | $5.18 | $7.42 |
| Tangible book value per share | $32.12 | $33.25 | $19.87 | $19.09 | $25.36 | $2.74 | $5.56 |
| Dividends per share | — | — | — | $1.26 | $15.25 | $0.03 | $0.41 |
| Capex per share | $0.00 | $0.00 | $0.25 | $0.01 | $0.38 | $0.10 | $0.60 |
| Debt per share | $27.27 | $16.93 | $11.77 | $15.70 | $15.96 | $2.04 | $1.95 |
| Shares outstanding | 287.2M | 273.4M | 254.4M | 222.3M | 220.0M | 186.0M | 67.0M |
| Change in shares outstanding | +5.1% | +7.5% | +14.4% | +1.1% | +18.3% | +177.6% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | 10.1% | 31.2% | 1.6% | −44.4% | 98.7% | 44.1% | −6.1% |
| Return on invested capital (ROIC) | 15.0% | 44.4% | −2.4% | −66.7% | 212.1% | 290.3% | — |
| Return on assets (ROA) | 4.8% | 13.8% | 0.2% | −4.7% | 26.7% | 7.8% | −1.3% |
| Return on tangible assets | 5.2% | 12.1% | 0.7% | −3.0% | 17.7% | 6.0% | −1.3% |
| Free cash flow margin | 33.8% | 39.0% | 29.7% | −49.6% | 50.5% | 233.7% | −22.7% |
| Income quality (OCF / net income) | 1.93 | 0.99 | 9.73 | — | 1.11 | 9.32 | — |
| Financial health | |||||||
| Total debt | $7.83B | $4.63B | $2.99B | $3.49B | $3.51B | $379.1M | $130.3M |
| Cash & short-term investments | $11.91B | $9.55B | $5.53B | $5.29B | $7.22B | $1.11B | $637.4M |
| Net debt | −$4.08B | −$4.92B | −$2.53B | −$1.80B | −$3.71B | −$731.7M | −$507.1M |
| Debt / equity | 0.53 | 0.45 | 0.48 | 0.64 | 0.55 | 0.39 | 0.26 |
| Debt / assets | 0.26 | 0.21 | 0.20 | 0.04 | 0.17 | 0.06 | 0.05 |
| Net debt / EBITDA | −2.27 | −1.56 | −0.81 | −0.73 | −0.47 | −0.57 | −0.95 |
| Current ratio | 2.34 | 2.28 | 2.07 | 1.07 | 1.61 | 1.21 | 1.62 |
| Quick ratio | 2.34 | 2.28 | 2.93 | 0.07 | 0.67 | 0.31 | 0.60 |
| Interest coverage | 17.0 | 28.6 | -1.4 | -30.0 | 105.5 | — | -1.8 |
| Working capital | $11.69B | $10.17B | $5.87B | $5.63B | $6.95B | $887.1M | $763.5M |
| Invested capital | $10.71B | $5.36B | $3.75B | $3.66B | $2.67B | $231.9M | −$10.0M |
| Tangible asset value | $9.23B | $9.09B | $5.06B | $4.25B | $5.58B | $509.5M | $372.3M |
| Net current asset value | $5.51B | $5.85B | $2.88B | $2.18B | $3.48B | $242.1M | $92.3M |
| Graham number | $71.31 | $89.33 | $14.39 | — | $103.71 | $14.21 | — |
| Graham net-net per share | −$5.82 | −$7.43 | −$18.99 | −$172.24 | −$9.32 | −$9.27 | −$8.36 |
| Capital allocation | |||||||
| Dividends paid | — | — | — | $279.5M | $3.35B | $6.2M | $27.6M |
| Share buybacks (net) | $790.2M | $0 | $277.8M | $351.9M | $262.8M | $1.9M | $21.0M |
| Dividend payout ratio | — | — | — | — | 92.5% | 1.9% | — |
| Dividends + buybacks / free cash flow | 32.6% | 0.0% | 30.1% | — | 91.4% | 0.3% | — |
| Capex / revenue | 0.0% | 0.0% | 2.0% | 0.1% | 1.1% | 1.5% | 7.6% |
| Capex / operating cash flow | 0.0% | 0.0% | 6.8% | — | 2.1% | 0.6% | — |
| Capex / depreciation | 0.00 | 0.00 | 0.45 | 0.02 | 1.30 | 0.61 | 2.40 |
| Stock-based compensation / revenue | 11.7% | 13.9% | 25.1% | 49.0% | 10.5% | 5.5% | 5.8% |
| R&D / revenue | 23.3% | 22.4% | 42.6% | 72.8% | 16.5% | 21.3% | 34.7% |
| SG&A / revenue | 26.1% | 10.5% | 44.2% | 66.1% | 20.1% | 26.4% | 48.0% |
| Efficiency | |||||||
| Days sales outstanding | 67.1 | 43.0 | 64.3 | 47.5 | 12.9 | 40.2 | 62.7 |
| Days of inventory on hand | — | — | 32,953.0 | 26,472.9 | 2,090.0 | 6,851.2 | 5,591.0 |
| Days payables outstanding | 18.1 | 11.3 | 41.4 | 27.8 | 7.5 | 24.2 | 26.4 |
| Cash conversion cycle (days) | 49.0 | 31.7 | 32,976.0 | 26,492.6 | 2,095.5 | 6,867.2 | 5,627.3 |
| Receivables turnover | 5.44 | 8.49 | 5.67 | 7.69 | 28.23 | 9.09 | 5.82 |
| Payables turnover | 20.13 | 32.31 | 8.83 | 13.14 | 48.89 | 15.08 | 13.81 |
| Inventory turnover | — | — | — | 0.01 | 0.17 | 0.05 | 0.07 |
| Asset turnover | 0.28 | 0.35 | 0.06 | 0.06 | 0.58 | 0.31 | 0.22 |
| Average receivables | $1.32B | $773.0M | $548.0M | $415.4M | $277.7M | $140.6M | $91.7M |
| Average payables | $90.5M | $51.3M | $47.7M | $47.9M | $25.9M | $9.0M | $5.9M |
| Average inventory | — | — | $37.98B | $45.68B | $7.26B | $2.54B | $1.26B |
| Intangibles / total assets | 18.8% | 5.3% | 8.3% | 1.3% | 3.8% | 7.8% | 5.2% |
Computed from COIN's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
COIN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Coinbase traded at 51.5 times earnings, against a 7-year median of 38.9. Coinbase earned a return on equity of 10.1% and a return on invested capital of 15.0% in fiscal 2025. It ended the year with $7.8 billion of debt and $11.9 billion in cash and short-term investments, a net cash position of $4.1 billion. It returned $790.2 million to shareholders: $0 in dividends and $790.2 million in share buybacks, 33% of free cash flow. The share count rose 328.7% from 67.0M to 287.2M over 6 years.
See the COIN income statement, the COIN chart for price history, or the COIN stock overview for the latest quote and news.
COIN key metrics FAQ
What is Coinbase's P/E ratio?
Coinbase traded at 51.5 times earnings at the end of fiscal 2025.
What is Coinbase's EV/EBITDA?
Coinbase's enterprise value was 33.9 times EBITDA at the end of fiscal 2025 (enterprise value $60.9 billion, EBITDA $1.8 billion); the current EV/EBITDA is 30.7.
What is Coinbase's return on equity?
Coinbase's return on equity (ROE) was 10.1% in fiscal 2025: net income of $1.3 billion on average shareholders' equity of $12.5 billion.
What is Coinbase's ROIC?
Coinbase's return on invested capital was 15.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Coinbase have?
Coinbase had total debt of $7.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.53 and more cash than debt.
Does Coinbase buy back its shares?
Yes. Coinbase spent $790.2 million on net share repurchases in fiscal 2025 Shares outstanding changed +5.1% over the year, to 287.2M..
What is Coinbase's free cash flow yield?
Coinbase generated $2.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.7% on its market value at year-end ($64.9 billion).
What is Coinbase's current ratio?
Coinbase's current ratio was 2.34 at the end of fiscal 2025: current assets were 2.34 times current liabilities.