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 Margin1.0%
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-27.9%
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
C
Years to Pay Off Debt-20.2 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$4.5B
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$10.5B
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
D
Price-to-Book2.69x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$183M
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.
About Coinbase Global, Inc.
Coinbase Global, Inc. operates platform for crypto assets in the United States and internationally. It provides the primary financial account in the crypto economy for consumers; a brokerage platform with a pool of liquidity across the crypto marketplace for institutions; and a suite of products granting access to build onchain for developers. The company was founded in 2012 and is based in New York, New York.
Coinbase Global, Inc. operates platform for crypto assets in the United States and internationally. It provides the primary financial account in the crypto economy for consumers; a brokerage platform with a pool of liquidity across the crypto marketplace for institutions; and a suite of products granting access to build onchain for developers. The company was founded in 2012 and is based in New York, New York.
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.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
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.
Net Income From Continuing Operation Net Minority Interest
-394,117
-666,733
Reconciled Depreciation
68,006
71,116
Reconciled Cost Of Revenue
428,598
417,864
EBITDA
-374,130
-792,598
EBIT
-442,136
-863,714
Net Interest Income
-22,569
-22,593
Interest Expense
22,569
22,593
Normalized Income
5,045
193,567
Net Income From Continuing And Discontinued Operation
-394,117
-666,733
Total Expenses
1,399,252
1,476,595
Total Operating Income As Reported
-21,421
273,753
Diluted Average Shares
264,775
268,267
Basic Average Shares
264,775
268,267
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-394,117
-661,498
Average Dilution Earnings
5,235
14,277
Net Income Common Stockholders
-394,117
-666,733
Net Income
-394,117
-666,733
Net Income Including Noncontrolling Interests
-394,117
-666,733
Net Income Continuous Operations
-394,117
-666,733
Tax Provision
-70,588
-219,574
Pretax Income
-464,705
-886,307
Other Income Expense
-455,866
-1,168,248
Other Non Operating Income Expenses
14,844
-24,627
Gain On Sale Of Security
-470,710
-1,143,621
Net Non Operating Interest Income Expense
-22,569
-22,593
Interest Expense Non Operating
22,569
22,593
Operating Income
13,730
304,534
Operating Expense
970,654
1,058,731
Other Operating Expenses
34,925
-7,280
Research And Development
525,648
497,330
Selling General And Administration
410,081
568,681
Selling And Marketing Expense
227,348
281,632
General And Administrative Expense
182,733
287,049
Other Gand A
182,733
287,049
Gross Profit
984,384
1,363,265
Cost Of Revenue
428,598
417,864
Total Revenue
1,412,982
1,781,129
Operating Revenue
1,339,348
1,710,039
Balance Sheet
2026
2025
2024
Ordinary Shares Number
263,411
267,836
Share Issued
263,411
267,836
Total Debt
7,964,423
7,831,459
Tangible Book Value
7,907,201
9,226,297
Invested Capital
21,256,867
22,451,782
Working Capital
10,488,920
11,687,163
Net Tangible Assets
7,907,201
9,226,297
Capital Lease Obligations
188,129
172,735
Common Stock Equity
13,480,573
14,793,058
Total Capitalization
19,421,201
20,730,092
Total Equity Gross Minority Interest
13,480,573
14,793,058
Stockholders Equity
13,480,573
14,793,058
Gains Losses Not Affecting Retained Earnings
-13,309
4,973
Other Equity Adjustments
-13,309
4,973
Retained Earnings
5,827,111
6,221,228
Additional Paid In Capital
7,666,768
8,566,854
Capital Stock
3
3
Common Stock
3
3
Total Liabilities Net Minority Interest
15,368,219
14,878,774
Total Non Current Liabilities Net Minority Interest
6,177,329
6,177,492
Other Non Current Liabilities
48,572
67,723
Long Term Debt And Capital Lease Obligation
6,128,757
6,109,769
Long Term Capital Lease Obligation
188,129
172,735
Long Term Debt
5,940,628
5,937,034
Current Liabilities
9,190,890
8,701,282
Other Current Liabilities
6,628,475
6,174,311
Current Debt And Capital Lease Obligation
1,835,666
1,721,690
374,268
Current Debt
1,835,666
1,721,690
374,268
Other Current Borrowings
1,835,666
1,721,690
374,268
Payables And Accrued Expenses
726,749
805,281
Current Accrued Expenses
409,911
425,235
Payables
316,838
380,046
Other Payable
140,939
196,459
Total Tax Payable
63,693
65,982
Income Tax Payable
63,693
65,982
Accounts Payable
112,206
117,605
Total Assets
28,848,792
29,671,832
Total Non Current Assets
9,168,982
9,283,387
Other Non Current Assets
44,136
55,514
Non Current Deferred Assets
647,664
570,819
Non Current Deferred Taxes Assets
647,664
570,819
Non Current Accounts Receivable
62,807
62,233
Investments And Advances
2,433,651
2,621,856
Other Investments
2,433,651
2,621,856
Goodwill And Other Intangible Assets
5,573,372
5,566,761
Other Intangible Assets
1,364,983
1,397,794
Goodwill
4,208,389
4,168,967
Net PPE
407,352
406,204
Accumulated Depreciation
-271,509
-184,618
Gross PPE
407,352
677,713
Other Properties
156,231
223,389
Machinery Furniture Equipment
251,121
454,324
Current Assets
19,679,810
20,388,445
Other Current Assets
137,842
149,383
Restricted Cash
6,913,054
6,504,573
Prepaid Assets
133,172
94,886
Receivables
1,811,360
1,725,537
Receivables Adjustments Allowances
-4,286
-3,162
Other Receivables
119,178
133,202
Taxes Receivable
70,390
63,726
Loans Receivable
1,444,733
1,354,692
Accounts Receivable
181,345
177,079
Allowance For Doubtful Accounts Receivable
Gross Accounts Receivable
181,345
177,079
Cash Cash Equivalents And Short Term Investments
10,684,382
11,914,066
Other Short Term Investments
479,360
628,614
Cash And Cash Equivalents
10,205,022
11,285,452
Cash Equivalents
6,607,023
Cash Financial
1,936,880
Cash Flow
2026
2025
2024
Free Cash Flow
182,744
3,065,151
Repurchase Of Capital Stock
-1,062,234
Repayment Of Debt
-101,932
0
Issuance Of Debt
393,343
626,428
Interest Paid Supplemental Data
35,119
Income Tax Paid Supplemental Data
16,869
-113,107
End Cash Position
15,934,022
16,893,420
Beginning Cash Position
16,893,420
14,305,255
Effect Of Exchange Rate Changes
-38,171
2,982
Changes In Cash
-921,227
1,512,170
Financing Cash Flow
-864,907
-1,155,814
Cash Flow From Continuing Financing Activities
-864,907
-1,155,814
Net Other Financing Charges
-112,758
-435,296
Proceeds From Stock Option Exercised
18,674
23,913
Net Common Stock Issuance
-1,062,234
Common Stock Payments
-1,062,234
Net Issuance Payments Of Debt
291,411
45,764
Net Short Term Debt Issuance
291,411
Short Term Debt Payments
-101,932
Short Term Debt Issuance
393,343
Net Long Term Debt Issuance
0
0
Long Term Debt Issuance
0
0
Investing Cash Flow
-239,064
-397,167
Cash Flow From Continuing Investing Activities
-239,064
-397,167
Net Other Investing Changes
-64,387
-387,920
Net Investment Purchase And Sale
-152,592
45,157
Sale Of Investment
147,877
530,473
Purchase Of Investment
-300,469
-485,316
Net Business Purchase And Sale
-22,085
-54,404
Purchase Of Business
-22,085
-54,404
Operating Cash Flow
182,744
3,065,151
Cash Flow From Continuing Operating Activities
182,744
3,065,151
Change In Working Capital
-156,214
2,479,439
Change In Other Working Capital
-458,661
Change In Other Current Liabilities
-130,868
Change In Other Current Assets
-25,346
Other Non Cash Items
58,631
55,416
Stock Based Compensation
248,055
230,482
Unrealized Gain Loss On Investment Securities
0
Asset Impairment Charge
18,717
Deferred Tax
-77,176
-248,190
Deferred Income Tax
-77,176
-248,190
Depreciation Amortization Depletion
68,006
71,116
Depreciation And Amortization
68,006
71,116
Operating Gains Losses
435,559
1,143,621
Gain Loss On Investment Securities
435,559
1,133,544
Net Income From Continuing Operations
-394,117
-666,733
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $2.0B▼ $1.4B-30.5%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 75.4%▼ 69.7%-5.8pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 0.7%▼ 1.0%+0.3pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 3.2%▼ -27.9%-31.1pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.4B/qtr (≈$5.7B ann.)
vs > $1.5B annualised revenue
✅ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
2.14x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$183M
vs Positive
Operating Cash Flow
$183M
Latest quarter · Buffett's cash reality check
ROIC
0.1%
Based on latest annual operating income
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.
Market Cap / Net Assets
2.7x
Net Assets: $13.5B
⚠️Net margin compressed 31.1pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
Peers & Industry
No auto-detected peers for Financial Data & Stock Exchanges. 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
Capital Allocation & Alignment
Insider Ownership
1.33%
Low — management has little skin in the game
Return on Equity (ROE)
-2.9%
Weak — poor returns on equity
Return on Assets (ROA)
-1.4%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$790M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+1.7% YoY
Debt is roughly stable
Leadership Team
Brian Armstrong
Co-Founder, Chairman & CEO
Age 42
Pay: $9,713,000
Emilie Choi
President & COO
Age 46
Pay: $2,196,839
Frederick Ernest Ehrsam III
Co-Founder & Independent Director
Age 36
Alesia Jeanne Haas
Chief Financial Officer
Age 48
Pay: $740,500
Anil Gupta
Vice President of Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
7.53%
16,745,406
Vanguard Capital Management LLC
6.35%
14,130,021
Vanguard Portfolio Management LLC
4.27%
9,488,390
State Street Corporation
4.21%
9,360,220
Geode Capital Management, LLC
2.76%
6,130,020
Morgan Stanley
1.71%
3,798,533
Paradigm Operations LP
1.61%
3,589,428
Clear Street Group Inc.
1.15%
2,554,198
⚠️Very high beta — extreme price volatility
Risk Analysis
Beta (Market Risk)
3.32
High volatility — moves more than the market
Short Interest
11.1% of float
Moderate short interest
Debt-to-Equity
0.59x
Conservative balance sheet — low financial risk
Current Ratio
2.14x
Strong liquidity — Graham approved
52-Week Price Range
Low: $139.36Current: $163.26High: $444.65
Currently at 8% of 52-week range
Coinbase Global, Inc. (COIN) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 69.7%. Operating margin: 1.0%. Net margin: -27.9%. Market cap: $43.0B. Sector: Financial Services. Industry: Financial Data & Stock Exchanges. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
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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