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NASDAQ NMS - GLOBAL MARKET · Financial Services · CIK 0001679788
$169.09
-4.51% · delayed ~15 min
Last price from Oct 22, 2026
$45.29B market value
From Coinbase Global, Inc.'s FY2025 10-K, filed Feb 12, 2026 · read the filing
Coinbase Global lends money and provides credit. It took in $7.18B last year, which makes it a mid-sized company. Of every dollar it sells, about 18 cents is left as profit.
The financial picture is led by profitability, with growth and debt worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Generally healthy, with a few things to watch.
From Coinbase Global, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
$2.58B → $1.26B
Operating margin
35.1% → 20.0%
Profit margin
39.3% → 17.6%
Earnings per share
$10.17 → $4.71
Measured against FY2024, from the 10-K filed Feb 12, 2026
Deteriorated: -51.1%
$2.58B to $1.26BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
COIN fell 4.51% on the latest quote. The average Financials company tracked here moved +1.19%, and the S&P 500 −1.04%. That is 5.7 points below its sector and 3.5 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 46 analysts covering this company, as of . Their views, not this site's.
Of 46 analysts publishing on this company, 10 say strong buy, 21 say buy, 13 say hold, 1 say sell and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 18 cents of every dollar of sales as profit, earning $1.26B last year.
Slowly. Sales grew 9.4% last year.
For every $1 it owes, it owns $1.99 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $1.26B and generated $2.43B of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 12, 2026Filing for FY2025 | FY202410-K · Feb 12, 2026Filing for FY2024 | FY202310-K · Feb 12, 2026Filing for FY2023 | FY202210-K · Feb 15, 2024Filing for FY2022 | FY202110-K · Feb 21, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $7.18B | $6.56B | $3.11B | $3.19B | $7.84B | +9.4% |
| Selling, general and administrative | $1.62B | $1.30B | $1.07B | $1.60B | $909.4M | +24.6% |
| Operating income | $1.44B | $2.31B | -$161.7M | -$2.71B | $3.08B | −37.8% |
| Operating marginOperating income ÷ revenueWhat is this? | 20.0% | 35.1% | -5.2% | -84.8% | 39.2% | −15.2 pts |
| Interest expense | $85.4M | $80.6M | $82.8M | $88.9M | $29.2M | +5.9% |
| Income before tax | $1.52B | $2.94B | -$76.8M | -$3.06B | $3.03B | −48.3% |
| Net income | $1.26B | $2.58B | $94.9M | -$2.62B | $3.62B | −51.1% |
| Net marginNet income ÷ revenueWhat is this? | 17.6% | 39.3% | 3.1% | -82.2% | 46.2% | −21.7 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $4.71 | $10.17 | $0.4023 | $-11.81 | $20.44 | −53.7% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| COINCoinbase Global, Inc. · this page | 7.3/10 | 4/8 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 13,676 shares at $186.18 ($2.5M)
Holds 1,115,810 shares after this filing.
Sold on the open market — 6,838 shares at $198.00 ($1.4M)
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingWrite down why you are following Coinbase Global, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 12 subsidiaries named in its 10-K, incorporated across 6 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from COIN's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 12, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.3 | 4/8 | 10-K, filed Feb 12, 2026 |
| FY2024 | 8.7 | 6/8 | 10-K, filed Feb 13, 2025 |
| FY2023 | 3.3 | 5/8 | 10-K, filed Feb 15, 2024 |
| FY2022 | 2.0 | 2/8 | 10-K, filed Feb 21, 2023 |
| FY2021 | 8.7 | 6/8 | 10-K, filed Feb 25, 2022 |
| FY2020 | 8.7 | 3/4 | 10-K, filed Feb 25, 2022 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
4 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −15.2 pts
35.1% to 20.0%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −21.7 pts
39.3% to 17.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -53.7%
$10.17 to $4.71Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +40.2%
$4.23B to $5.94BCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -37.8%
$2.31B to $1.44BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +21.2%
$9.31B to $11.29BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +5.6%
253.6M to 267.8MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +9.4%
$6.56B to $7.18BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Jul 30, 2026 — read it.
Deteriorated: $88.8M wider
-$24.6M to -$113.5MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$1.43B to -$359.5MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −124.9 pts
95.4% to -29.5%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$5.60 to -$1.36Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: +99.9%
$2.97B to $5.94BCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -18.5%
$1.50B to $1.22BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: −7.7 pts
-1.6% to -9.3%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -8.0%
$9.37B to $8.61BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +3.4%
255.2M to 263.8MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Jul 30, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: $92.1M wider
-$21.4M to -$113.5MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −7.8 pts
-1.5% to -9.3%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -15.6%
$10.21B to $8.61BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -13.7%
$1.41B to $1.22BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: $34.6M narrower
-$394.1M to -$359.5MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −1.6 pts
-27.9% to -29.5%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $0.13 narrower
-$1.50 to -$1.36Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 9.1% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 40.9x — a high multiple relative to the current trailing profit.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
| 9.4% |
| 17.6% |
| 35.93x |
| 1.01x |
| CMECME GROUP INC. | 7.3/10 | 6/7 | 6.4% | 62.5% | 27.02x | 5.91x |
|---|
| ICEIntercontinental Exchange, Inc. | 7.3/10 | 7/8 | 7.5% | 26.2% | 28.02x | 3.73x |
|---|
| MCOMOODYS CORP /DE/ | 8.7/10 | 8/9 | 8.9% | 31.9% | 35.95x | 2.87x |
|---|
| NDAQNASDAQ, INC. | 7.3/10 | 9/9 | 11.6% | 21.6% | 32.93x | 1.54x |
|---|
| MSCIMSCI Inc. | 7.3/10 | 8/9 | 9.7% | 38.4% | 37.95x | -3.15x |
|---|
| CBOECboe Global Markets, Inc. | 8.7/10 | 8/9 | 15.1% | 23.3% | 31.18x | 0.81x |
|---|
| Median of peers | 7.3/10 | — | 9.3% | 29.0% | 32.05x | 2.20x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Holds 1,108,972 shares after this filing.
Sold on the open market — 6,838 shares at $205.05 ($1.4M)
Holds 1,129,486 shares after this filing.
Sold on the open market — 410 shares at $203.67 ($83.5K)
Holds 383,996 shares after this filing.
Sold on the open market — 35,840 shares at $205.14 ($7.4M)
Holds 348,156 shares after this filing.
Sold on the open market — 1,409 shares at $206.42 ($290.8K)
Holds 346,747 shares after this filing.
Sold on the open market — 1,371 shares at $207.10 ($283.9K)
Holds 345,376 shares after this filing.
Sold on the open market — 13,676 shares at $181.14 ($2.5M)
Holds 1,136,324 shares after this filing.
Sold on the open market — 900 shares at $176.12 ($158.5K)
Holds 9,100 shares after this filing.
Sold on the open market — 3,397 shares at $177.09 ($601.6K)
Holds 5,703 shares after this filing.
Sold on the open market — 1,403 shares at $178.28 ($250.1K)
Holds 4,300 shares after this filing.
Sold on the open market — 1,183 shares at $179.99 ($212.9K)
Holds 3,117 shares after this filing.
Sold on the open market — 1,317 shares at $180.77 ($238.1K)
Holds 1,800 shares after this filing.
Sold on the open market — 808 shares at $181.92 ($147.0K)
Holds 992 shares after this filing.
Sold on the open market — 992 shares at $182.57 ($181.1K)
Holds 0 shares after this filing.
Sold on the open market — 2,062 shares at $188.75 ($389.2K)
Holds 0 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 6,838 shares ($1.4M) on or after .
Shares originally obtained via Received in connection with pro-rata distributions for no consideration..
Filed notice to sell 13,676 shares ($2.5M) on or after .
Shares originally obtained via Received in connection with pro-rata distributions for no consideration..
Filed notice to sell 39,030 shares ($8.0M) on or after .
Shares originally obtained via Equity Compensation.
Filed notice to sell 6,838 shares ($1.4M) on or after .
Shares originally obtained via Received in connection with pro-rata distributions for no consideration..
Filed notice to sell 13,676 shares ($2.5M) on or after .
Shares originally obtained via Received in connection with pro-rata distributions for no consideration..
Filed notice to sell 10,000 shares ($1.9M) on or after .
Shares originally obtained via Private Transaction.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Revenue -18.5% · Operating margin −7.7 pts · Operating income $88.8M wider — against Q2 FY2025
Published results
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue -30.5% · Operating margin −36.2 pts · Operating income turned negative — against Q1 FY2025
Read the filingPublished results
Read the filingAnnounced restructuring or exit costs
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +9.4% · Operating margin −15.2 pts · Profit -51.1% — against FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingQuarterly report for Q3 FY2025
Revenue +55.1% · Operating margin +11.7 pts · Operating income +183.5% — against Q3 FY2024
Read the filingPublished results
Read the filingReported another event
Read the filingSigned a material agreement · Took on a direct financial obligation · Sold shares outside a public offering · Reported another event
Read the filingReported another event
Read the filingSource: Exhibit 21 of the 10-K filed 2026-02-12. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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Primary sources and further research