Latest Ratios: P/E Ratio 36.7x · EV/EBITDA 24.4x · ROE 10.1%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $43.1B | $64.9B | $67.9B | $44.2B | $7.9B | $55.5B | — | — |
| Enterprise Value | $39.6B | $61.5B | $64.0B | $42.1B | $6.9B | $51.9B | — | — |
| P/E Ratio → | 36.74 | 50.82 | 26.19 | 470.05 | — | 17.40 | — | — |
| P/S Ratio | 6.00 | 9.04 | 10.34 | 14.23 | 2.46 | 7.08 | — | — |
| P/B Ratio | 3.17 | 4.39 | 6.61 | 7.04 | 1.44 | 8.70 | — | — |
| P/FCF | 17.75 | 26.77 | 26.55 | 47.94 | — | 14.03 | — | — |
| P/OCF | 17.75 | 26.77 | 26.55 | 47.94 | — | 13.75 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.56 | 9.74 | 13.54 | 2.17 | 6.62 | — | — |
| EV / EBITDA | 24.40 | 37.87 | 26.27 | — | — | 16.53 | — | — |
| EV / EBIT | 27.60 | 38.26 | 21.16 | 7110.12 | — | 16.98 | — | — |
| EV / FCF | — | 25.34 | 25.02 | 45.61 | — | 13.12 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.6% | 74.6% | 74.7% | 63.5% | 80.3% | 77.8% | 89.4% | 84.6% |
| Operating Margin | 20.0% | 20.0% | 35.1% | -5.2% | -84.8% | 39.2% | 32.0% | -6.7% |
| Net Profit Margin | 17.6% | 17.6% | 39.3% | 3.1% | -82.2% | 46.2% | 25.2% | -5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 31.2% | 1.6% | -44.4% | 98.7% | 44.1% | -6.1% |
| ROA | 4.8% | 4.8% | 13.8% | 0.2% | -4.7% | 26.7% | 7.8% | -1.3% |
| ROIC | 5.7% | 5.7% | 14.3% | -1.3% | -21.6% | 41.1% | 31.1% | -4.3% |
| ROCE | 8.1% | 8.1% | 19.3% | -1.8% | -28.9% | 53.7% | 29.5% | -3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.45 | 0.48 | 0.64 | 0.55 | 0.39 | 0.26 |
| Debt / EBITDA | 4.82 | 4.82 | 1.90 | — | — | 1.12 | 0.86 | — |
| Net Debt / Equity | — | -0.23 | -0.38 | -0.34 | -0.17 | -0.57 | -0.71 | -0.84 |
| Net Debt / EBITDA | -2.13 | -2.13 | -1.61 | — | — | -1.15 | -1.55 | — |
| Debt / FCF | — | -1.42 | -1.53 | -2.32 | — | -0.91 | -0.23 | — |
| Interest Coverage | 18.82 | 18.82 | 37.49 | 0.07 | -33.47 | 104.80 | — | — |
Net cash position: cash ($11.3B) exceeds total debt ($7.8B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.34 | 2.34 | 2.28 | 2.07 | 1.07 | 1.61 | 1.21 | 1.62 |
| Quick Ratio | 2.34 | 2.34 | 2.28 | 2.07 | 1.07 | 1.61 | 1.21 | 1.62 |
| Cash Ratio | 1.30 | 1.30 | 1.08 | 0.94 | 0.05 | 0.62 | 0.25 | 0.45 |
| Asset Turnover | — | 0.24 | 0.29 | 0.21 | 0.04 | 0.37 | 0.22 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.0% | 3.8% | 0.2% | — | 5.7% | — | — |
| FCF Yield | 5.6% | 3.7% | 3.8% | 2.1% | — | 7.1% | — | — |
| Buyback Yield | 1.8% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.8% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $287M | $273M | $254M | $222M | $220M | $186M | $67M |
Regulatory and Volume Volatility
According to current market data, Coinbase trades at a forward P/E of 231.78, which suggests that investors are pricing in significant future earnings expansion rather than current profitability, a valuation profile that appears more aligned with high-growth technology platforms than traditional, stable financial exchange peers.
The disparity between the TTM P/E of 33.50 and the forward multiple indicates that the market anticipates a sharp recovery in earnings, likely contingent on sustained crypto-asset price appreciation. Investors should monitor whether this growth premium is justified by the company's ability to scale its Base network and institutional custody services without incurring proportional increases in operating expenses.
As reported in financial statements, ROIC has fluctuated significantly, reaching a low of 0.0% in 2026Q1, which highlights the company's struggle to generate consistent returns on invested capital amidst the extreme revenue volatility inherent in its primary transaction-based business model across various market cycles.
The inability to maintain a stable ROIC suggests that the company's capital allocation is heavily influenced by external market sentiment rather than internal operational efficiency. This trend warrants further investigation into whether the firm's recent investments in infrastructure and regulatory compliance will eventually yield a more stable, compounding return profile.
Based on Coinbase's reported figures, the asset turnover ratio remains exceptionally low at 0.05 as of 2026Q1, a metric that is heavily distorted by the inclusion of customer-safeguarded assets under SAB 121, which artificially inflates the balance sheet and masks the company's true operational asset utilization.
While the low turnover appears concerning, it is a structural artifact of the regulatory accounting treatment rather than a failure of operational efficiency. Analysts should focus on transaction revenue per MTU to better gauge the underlying productivity of the platform's core exchange and custodial services.
According to recent SEC filings, the debt-to-equity ratio has trended upward to 0.59 in 2026Q1, indicating that the company is increasingly utilizing leverage to fund its operations and capital allocation strategies, which may introduce additional risk during periods of declining interest income and trading volume.
The volatility in interest coverage, which swung from 76.37 in 2024Q1 to negative 19.59 in 2026Q1, suggests that the company's ability to service its debt is highly sensitive to the cyclical nature of its revenue. Investors should monitor whether this leverage profile remains sustainable if the current crypto-market downturn persists.
Based on an analysis of institutional research, the most commonly misapplied ratio for Coinbase is the Price-to-Book (P/B) ratio, which fails to account for the massive, non-operational asset bloat caused by SAB 121, thereby providing a misleading view of the company's actual capital intensity and valuation.
Investors should instead prioritize metrics like Price-to-Transaction-Revenue or adjusted EV/EBITDA, which strip out the noise of custodial assets and non-recurring impairment charges. Relying on traditional book value metrics in this context may lead to an incorrect assessment of the company's true financial health and competitive positioning.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying COIN stock.
Coinbase Global, Inc.'s current P/E ratio is 36.7x. The historical average is 31.5x. This places it at the 67th percentile of its historical range.
Coinbase Global, Inc.'s current EV/EBITDA is 24.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.9x.
Coinbase Global, Inc.'s return on equity (ROE) is 10.1%. The historical average is 19.3%.
Based on historical data, Coinbase Global, Inc. is trading at a P/E of 36.7x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Coinbase Global, Inc. has 74.6% gross margin and 20.0% operating margin. Operating margin between 10-20% is typical for established companies.
Coinbase Global, Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.