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Coinbase Global

COIN
36
Financial - Data & Stock Exchanges · Financial Services
Price
$173.16
-10.65 (-5.79%)
Market Cap
$45.69B
Exchange
NASDAQ
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Weak
3/20
Cash Flow
Mixed
4/10
Stability
Mixed
4/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

34 of 95 counted points = Winston Score 36. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+30.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 220.0M (2021) → 287.2M (2025)

§Winston Score History

The full picture

Coinbase is one of the largest cryptocurrency exchanges in the United States. It lets regular people and businesses buy, sell, and store digital currencies like Bitcoin and Ethereum. The company also offers tools for professional traders, developers building crypto apps, and institutions like hedge funds that want exposure to digital assets.

Coinbase makes money mainly through transaction fees charged every time a customer trades crypto, plus subscription and services revenue from things like staking rewards and its Coinbase One membership. It operates primarily in the US but serves customers in over 100 countries. Its main competitive advantage is its regulatory compliance reputation and brand trust, which matter a lot in an industry full of less-regulated competitors. The biggest risk the company faces is that trading fees drop sharply when crypto markets go quiet — Coinbase's revenue is heavily tied to how much people are actively trading, making earnings very volatile from year to year.

Politician Trades

36 trades / 12mo

17 Congressional buys and 19 sells on COIN in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-18.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-124.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1.7B/ year

↑ Rising (+14% vs prior year)

23.3% of revenue

3.3x the sector average (7%)

Investing heavily in future products and technology

Insider Activity

16.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$9.7B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Coinbase Global is putting 23% of revenue into R&D and that number is rising. That's 3.3x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
84.4%
Premium pricing power — 84.4% gross margin
Profit after running costs
Operating Margin
2.6%
Thin — 2.6% operating margin
Return on the money invested
ROCE
0.4%
Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-21.0%
Shrinking sales (-21.0% YoY)
Profit growth
EPS YoY
-132.7%
Earnings shrinking (-132.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
48.1%
Converts sales into free cash efficiently (48.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.50
Conservative — low debt load (0.50)
Covers its interest
Interest Cover
0.91x
Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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