Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Coinbase

COIN stock analysis · Financials · Financial Exchanges & Data

FY 2025-12-31ANNUAL FILINGSMULTIPLE SHARE CLASSES
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained. Issuer-level values span share classes. Reviewed equivalent shares are used when available; the price panel explains the capital basis.
Reference share price · USD
$146.19HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$38.6B

Reviewed economically equivalent common shares; unlisted/other class priced at the displayed class price (proxy). Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Reverse DCF

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Relative valuation

-19.0%

7 industry peers · median 24.8×

How this is calculated ↗
Valuation

Historical multiples

Requires three annual historical market caps and eligible filed earnings.

Requires three annual historical market caps and eligible filed earnings.

How this is calculated ↗
Valuation

Free cash flow yield

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Quality

ROIC / quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Value composite

Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

31.6%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Momentum

Fundamental momentum

-6.4%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 4B2020-12-31: cfo $293,548,000.002020-12-31: capex $9,913,000.0020202021-12-31: cfo $4,038,172,000.002021-12-31: capex $2,910,000.0020212022-12-31: cfo -$1,585,419,000.00 (negative; lower scale compressed)2022-12-31: capex $2,933,000.0020222023-12-31: cfo $673,376,000.0020232024-12-31: cfo $3,103,935,000.0020242025-12-31: cfo $2,426,383,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%
10.0%
12.0%

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-317.2B1.3B2.4B29.7B
2024-12-316.6B2.6B3.1B22.5B
2023-12-313.1B94.9M673.4M14.8B
2022-12-313.2B-2.6B-1.6B2.9M89.7B
2021-12-317.8B3.6B4B2.9M21.3B
2020-12-311.3B322.3M293.5M9.9M5.9B
2019-12-31533.7M-30.4M-80.6M33.5M

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue7.2BRevenues2026-02-12
netIncome1.3BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-12
Parent/common earnings proxy1.3BNetIncomeLossAvailableToCommonStockholdersBasic2026-02-12
cfo2.4BNetCashProvidedByUsedInOperatingActivities2026-02-12
capexNot reported under a supported tag
operatingIncome1.4BOperatingIncomeLoss2026-02-12
assets29.7BAssets2026-02-12
equity14.8BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-12
Parent book equity proxy14.8BStockholdersEquity2026-02-12
debt7.2BLongTermDebt2026-02-12
shortDebt452.1MShortTermBorrowings2026-02-12
cash11.3BCashAndCashEquivalentsAtCarryingValue2026-02-12
shares287.2MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-12
dividends0Reviewed manual correction
This issuer explicitly confirms in its annual filing that it has never declared or paid cash dividends on its common/capital stock. Reviewed cash-dividend zero, bounded to fiscal period ending 2025-12-31. The exact statement and source filing are retained in the evidence record. This is explicit filing evidence, not an assumption from an absent cash-flow line. Surrounding source passage reviewed as the registrant’s own common-stock policy, not a subsidiary or predecessor statement.
2026-02-12
buybacks790.2MPaymentsForRepurchaseOfCommonStock2026-02-12
issuanceNot reported under a supported tag