Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin20.3%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin17.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
B
Years to Pay Off Debt6.2 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$5.8B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$11.7B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
A
Free Cash Flow$2.4B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Market Data
Key Margins
Gross Profit74.6%
Operating Margin20.3%
Net Margin17.6%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
74.6%▼
74.8%▲
63.5%▼
80.3%•
N/A
Operating Margin %
20.3%▼
34.1%▲
-1.7%▲
-61.0%•
N/A
Net Income %
17.6%▼
39.3%▲
3.1%▲
-82.2%•
N/A
Diluted EPS
4.45▼
9.48▲
0.37▲
-11.83•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$29.7B
$22.5B
$14.8B
$89.7B
N/A
Total Debt
$7.8B▲
$4.7B▲
$3.0B▼
$3.5B•
N/A
Working Capital
$11.7B▲
$10.2B▲
$5.9B▲
$5.6B•
N/A
Years to Pay Debt
6.21
1.82
31.45
-1.33
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.4B▼
$3.1B▲
$673M▲
-$1.6B•
N/A
Owner Earnings
N/A
N/A
$298M
-$2.4B
N/A
CapEx % of Net Income
N/A
N/A
66.6%
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
22,525
92,357
-17,546
-147,214
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
1,664,947
2,403,580
229,114
-1,795,730
Total Unusual Items
130,959
747,227
-83,551
-1,025,882
Total Unusual Items Excluding Goodwill
130,959
747,227
-83,551
-1,025,882
Net Income From Continuing Operation Net Minority Interest
1,260,327
2,579,066
94,871
-2,624,949
Reconciled Depreciation
188,428
127,518
139,642
154,069
Reconciled Cost Of Revenue
1,821,220
1,655,297
1,135,550
629,880
EBITDA
1,795,906
3,150,807
145,563
-2,821,612
EBIT
1,607,478
3,023,289
5,921
-2,975,681
Net Interest Income
-85,413
-80,645
-82,766
-88,901
Interest Expense
85,413
80,645
82,766
88,901
Normalized Income
1,151,893
1,924,196
160,876
-1,746,281
Net Income From Continuing And Discontinued Operation
1,260,327
2,579,066
94,871
-2,624,949
Total Expenses
5,725,180
4,328,593
3,162,126
5,141,502
Total Operating Income As Reported
1,435,441
2,307,160
-161,662
-2,710,208
Diluted Average Shares
287,209
273,377
254,391
222,338
Basic Average Shares
260,088
247,374
235,796
222,314
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,277,314
2,591,248
94,751
-2,631,179
Average Dilution Earnings
16,987
13,493
-1
-6,230
Net Income Common Stockholders
1,260,327
2,577,755
94,752
-2,624,949
Otherunder Preferred Stock Dividend
0
1,311
119
0
Net Income
1,260,327
2,579,066
94,871
-2,624,949
Net Income Including Noncontrolling Interests
1,260,327
2,579,066
94,871
-2,624,949
Net Income Continuous Operations
1,260,327
2,579,066
94,871
-2,624,949
Tax Provision
261,738
363,578
-171,716
-439,633
Pretax Income
1,522,065
2,942,644
-76,845
-3,064,582
Other Income Expense
151,333
787,854
59,664
-1,028,387
Other Non Operating Income Expenses
20,374
40,627
143,215
-2,505
Special Income Charges
0
0
-107,919
-762,914
Other Special Charges
-117,383
Impairment Of Capital Assets
0
0
-34,675
722,211
Restructuring And Mergern Acquisition
0
0
142,594
40,703
Gain On Sale Of Security
130,959
747,227
24,368
-262,968
Net Non Operating Interest Income Expense
-85,413
-80,645
-82,766
-88,901
Interest Expense Non Operating
85,413
80,645
82,766
88,901
Operating Income
1,456,145
2,235,435
-53,743
-1,947,294
Operating Expense
3,903,960
2,673,296
2,026,576
4,511,622
Other Operating Expenses
356,126
7,933
10,260
74,593
Research And Development
1,670,605
1,468,252
1,324,541
2,326,354
Selling General And Administration
1,877,229
1,197,111
691,775
2,110,675
Selling And Marketing Expense
922,348
503,408
188,550
510,089
General And Administrative Expense
954,881
693,703
503,225
1,600,586
Other Gand A
954,881
693,703
503,225
1,600,586
Salaries And Wages
642,388
760,818
470,620
Gross Profit
5,360,105
4,908,731
1,972,833
2,564,328
Cost Of Revenue
1,821,220
1,655,297
1,135,550
629,880
Total Revenue
7,181,325
6,564,028
3,108,383
3,194,208
Operating Revenue
6,883,438
6,293,246
2,926,540
3,148,815
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
267,836
253,640
242,048
230,866
Share Issued
267,836
253,640
242,048
230,866
Total Debt
7,831,459
4,694,138
2,983,778
3,489,745
Tangible Book Value
9,226,297
9,090,368
5,055,557
4,245,222
Invested Capital
22,451,782
14,885,191
9,261,606
8,868,524
Working Capital
11,687,163
10,171,333
5,871,715
5,632,922
Net Tangible Assets
9,226,297
9,090,368
5,055,557
4,245,222
Capital Lease Obligations
172,735
85,789
3,821
75,778
Common Stock Equity
14,793,058
10,276,842
6,281,649
5,454,557
Total Capitalization
20,730,092
14,510,923
9,261,606
8,848,005
Total Equity Gross Minority Interest
14,793,058
10,276,842
6,281,649
5,454,557
Stockholders Equity
14,793,058
10,276,842
6,281,649
5,454,557
Gains Losses Not Affecting Retained Earnings
4,973
-50,051
-30,270
-38,606
Other Equity Adjustments
4,973
-50,051
-30,270
-38,606
Retained Earnings
6,221,228
4,960,901
1,820,346
1,725,475
Additional Paid In Capital
8,566,854
5,365,990
4,491,571
3,767,686
Capital Stock
3
2
2
2
Common Stock
3
2
2
2
Total Liabilities Net Minority Interest
14,878,774
12,265,109
8,472,252
84,270,316
Total Non Current Liabilities Net Minority Interest
6,177,492
4,323,789
2,987,173
3,455,023
Other Non Current Liabilities
67,723
3,919
3,395
19,531
Long Term Debt And Capital Lease Obligation
6,109,769
4,319,870
2,983,778
3,435,492
Long Term Capital Lease Obligation
172,735
85,789
3,821
42,044
Long Term Debt
5,937,034
4,234,081
2,979,957
3,393,448
Current Liabilities
8,701,282
7,941,320
5,485,079
80,815,293
Other Current Liabilities
6,174,311
6,951,074
4,988,896
80,394,280
Current Deferred Liabilities
197,153,905
80,242,775
10,480,612
Current Deferred Revenue
197,153,905
80,242,775
10,480,612
Current Debt And Capital Lease Obligation
1,721,690
374,268
10,902
54,253
Current Capital Lease Obligation
10,902
33,734
32,366
Current Debt
1,721,690
374,268
20,519
20,060
Other Current Borrowings
1,721,690
374,268
20,519
20,060
Payables And Accrued Expenses
805,281
615,978
496,183
366,760
Current Accrued Expenses
425,235
331,520
313,491
192,663
Payables
380,046
284,458
182,692
174,097
Other Payable
196,459
130,232
126,032
112,520
Total Tax Payable
65,982
90,910
17,366
5,534
Income Tax Payable
65,982
90,910
17,366
5,534
Accounts Payable
117,605
63,316
39,294
56,043
Total Assets
29,671,832
22,541,951
14,753,901
89,724,873
Total Non Current Assets
9,283,387
4,429,298
3,397,107
3,276,658
Other Non Current Assets
55,514
33,135
19,840
17,257
Non Current Prepaid Assets
16,250
10,989
13,347
Non Current Deferred Assets
570,819
941,298
1,272,233
1,046,791
Non Current Deferred Taxes Assets
570,819
941,298
1,272,233
1,046,791
Non Current Accounts Receivable
62,233
60,004
Investments And Advances
2,621,856
1,927,156
673,655
751,076
Other Investments
2,621,856
1,927,156
673,655
751,076
Long Term Equity Investment
17,257
1,463
Goodwill And Other Intangible Assets
5,566,761
1,186,474
1,226,092
1,209,335
Other Intangible Assets
1,397,794
46,804
86,422
135,429
Goodwill
4,168,967
1,139,670
1,139,670
1,073,906
Net PPE
406,204
281,231
205,287
241,210
Accumulated Depreciation
-271,509
-184,618
-120,727
-85,015
Gross PPE
677,713
465,849
326,014
326,225
Leases
17,131
45,262
43,048
Construction In Progress
163
535
Other Properties
223,389
104,089
32,547
69,357
Machinery Furniture Equipment
454,324
361,760
293,467
211,606
Current Assets
20,388,445
18,112,653
11,356,794
86,448,215
Other Current Assets
149,383
266,287
143,365
75,432,025
Restricted Cash
6,504,573
7,273,602
4,977,422
5,166,999
Prepaid Assets
94,886
88,500
79,552
98,204
Receivables
1,725,537
914,946
631,086
464,817
Receivables Adjustments Allowances
-3,162
-29,429
-22,559
-11,500
Other Receivables
133,202
167,921
109,361
28,837
Taxes Receivable
63,726
5,530
63,726
60,441
Accrued Interest Receivable
223,413
85,204
Loans Receivable
1,354,692
644,165
399,070
184,029
Accounts Receivable
177,079
126,759
81,488
203,010
Allowance For Doubtful Accounts Receivable
-22,559
-11,500
Gross Accounts Receivable
177,079
126,759
81,488
203,010
Cash Cash Equivalents And Short Term Investments
11,914,066
9,569,318
5,525,369
5,286,170
Other Short Term Investments
628,614
261,052
386,018
861,149
Cash And Cash Equivalents
11,285,452
9,308,266
5,139,351
4,425,021
Cash Equivalents
6,607,023
3,682,917
Cash Financial
1,936,880
1,456,434
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,426,383
3,103,935
673,376
-1,585,419
Repurchase Of Capital Stock
-790,195
0
0
Repayment Of Debt
-580,664
-48,407
-355,655
-191,073
Issuance Of Debt
3,583,563
1,368,591
31,640
190,956
Capital Expenditure
-63,202
-63,971
-82,873
Interest Paid Supplemental Data
68,543
76,142
82,399
3,793
Income Tax Paid Supplemental Data
164,868
140,341
0
35,888
End Cash Position
16,893,420
15,683,455
9,925,812
9,429,646
Beginning Cash Position
15,683,455
9,925,812
10,288,045
17,680,662
Effect Of Exchange Rate Changes
92,850
-48,367
8,772
-163,257
Changes In Cash
1,117,115
5,806,010
-371,005
-8,087,759
Financing Cash Flow
740,282
2,903,078
-838,205
-5,838,518
Cash Flow From Continuing Financing Activities
740,282
2,903,078
-838,205
-5,838,518
Net Other Financing Charges
-1,583,824
1,440,330
-578,431
-5,914,425
Proceeds From Stock Option Exercised
111,402
142,564
64,241
76,024
Net Common Stock Issuance
-790,195
0
0
Common Stock Payments
-790,195
0
0
Net Issuance Payments Of Debt
3,002,899
1,320,184
-324,015
-117
Net Short Term Debt Issuance
45,764
74,159
-20,482
-117
Short Term Debt Payments
-580,664
-48,407
-52,122
-191,073
Short Term Debt Issuance
626,428
122,566
31,640
190,956
Net Long Term Debt Issuance
2,957,135
1,246,025
-303,533
0
Long Term Debt Payments
0
0
-303,533
0
Long Term Debt Issuance
2,957,135
1,246,025
0
0
Investing Cash Flow
-2,049,550
-201,003
-206,176
-663,822
Cash Flow From Continuing Investing Activities
-2,049,550
-201,003
-206,176
-663,822
Net Other Investing Changes
-899,109
-202,832
-346,585
-46,825
Net Investment Purchase And Sale
-408,403
1,829
171,139
-430,847
Sale Of Investment
756,844
96,926
469,842
969,185
Purchase Of Investment
-1,165,247
-95,097
-298,703
-1,400,032
Net Business Purchase And Sale
-742,038
0
-30,730
-186,150
Purchase Of Business
-742,038
0
-30,730
Net Intangibles Purchase And Sale
0
0
-60,800
Purchase Of Intangibles
0
0
-60,800
Net PPE Purchase And Sale
-2,850
-2,879
Sale Of PPE
83
31
Purchase Of PPE
-2,933
-2,910
Capital Expenditure Reported
-63,202
-61,038
-22,073
Operating Cash Flow
2,426,383
3,103,935
673,376
-1,585,419
Cash Flow From Continuing Operating Activities
2,426,383
3,103,935
673,376
-1,585,419
Change In Working Capital
-31,407
69,089
48,652
-1,031,448
Change In Other Working Capital
-90,297
123,928
-106,844
-1,031,448
Change In Other Current Liabilities
108,101
-2,835
43,442
-110,994
Change In Other Current Assets
-47,228
48,564
28,033
-828,901
Change In Payables And Accrued Expense
18,612
27,330
Change In Payable
18,612
27,330
Change In Account Payable
18,612
27,330
Change In Prepaid Assets
28,952
-36,527
Change In Receivables
-1,983
-100,568
84,021
-139,117
Changes In Account Receivables
-1,983
-100,568
84,021
-141,023
Other Non Cash Items
62,246
11,336
-11,505
-2,915
Stock Based Compensation
839,440
912,838
780,668
1,565,823
Unrealized Gain Loss On Investment Securities
0
-145,594
-36,666
-178,234
Provisionand Write Offof Assets
11,059
-13,051
22,390
Asset Impairment Charge
0
0
96,783
858,702
Deferred Tax
238,308
151,315
-216,334
-468,035
Deferred Income Tax
238,308
151,315
-216,334
-468,035
Depreciation Amortization Depletion
188,428
127,518
139,642
154,069
Depreciation And Amortization
188,428
127,518
139,642
154,069
Operating Gains Losses
-130,959
-747,227
-259,401
38,924
Gain Loss On Investment Securities
-130,959
-747,227
-24,368
10,466
Net Foreign Currency Exchange Gain Loss
17,190
28,516
-14,944
Gain Loss On Sale Of PPE
-58
1,425
Net Income From Continuing Operations
1,260,327
2,579,066
94,871
-2,624,949
3/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $14.8B
Warren's Owner Earnings
N/A
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$7.2B
vs > $1.5B revenue
✅
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
2.34x
vs Current Ratio > 2.0x
❌
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
1 loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
✅
Earnings Growth
EPS grew from $0.37 to $4.45 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+1102.7% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $7.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Strong Financial Condition — 2.34xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 1 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $0.37 to $4.45 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what COIN is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
5.5%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
N/A
N/A
66.6%
N/A
N/A
Repurchase of Capital Stock
-$790M
$0M
$0M
N/A
N/A
Free Cash Flow
$2.4B▼
$3.1B▲
$673M▲
-$1.6B•
N/A•
Warren's Owner Earnings
N/A
N/A
$298M
-$2.4B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare COIN against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
COIN (COIN) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 74.6%. Operating margin: 20.3%. Net margin: 17.6%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
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