Coinbase Global, Inc. (COIN)
NEUTRAL基本面
43
价格
$188.90
市值
$47.35B
第一部分 · 这家公司值多少
概览
Coinbase runs an online exchange where people and institutions buy, sell and store cryptocurrencies such as Bitcoin and Ethereum. Around that core marketplace it has built a set of subscription and service products — custody for institutions, a Visa debit card, staking, and its own blockchain infrastructure — designed to earn steadier fees regardless of whether crypto prices are rising or falling that day.
盈利方式
Transaction revenue is a fee charged as a percentage of each trade, so it rises and falls sharply with how much people are trading — which itself tracks crypto prices and volatility far more than any steady economic trend. Subscription and services revenue, from custody fees, staking commissions and stablecoin interest, is far steadier because it does not depend on daily trading activity, and Coinbase has been shifting its business mix toward it.
分部营收
Fees earned on trades placed by retail users and institutions. Moves up and down with crypto trading volume.
Custody fees, staking rewards, stablecoin interest and the Coinbase One subscription — revenue that does not depend on daily trading activity.
护城河
转换成本 · 狭窄Once a customer's crypto holdings, tax records and linked bank accounts sit on Coinbase, moving them to another exchange is enough friction that many do not bother, particularly institutional clients using its custody service. That said, the core trading product is fairly easy to compare on price, and sophisticated traders do split activity across several exchanges.
需求驱动因素
周期性Trading volume, and with it transaction revenue, rises sharply when crypto prices are rising and enthusiasm is high, and collapses in bear markets when prices fall and interest fades. This is a much steeper cycle than a typical business cycle, driven by sentiment toward a single asset class rather than the broader economy.
主要风险
- Dependence on crypto trading volume — Transaction revenue still makes up more than half of Coinbase's revenue and falls quickly when crypto prices decline and trading activity dries up, as has happened repeatedly in past cycles.
- Regulatory uncertainty — The rules governing what counts as a security, how exchanges must be licensed, and what services Coinbase can offer are still being litigated and rewritten across jurisdictions, and an adverse ruling could force product or business changes.
- Security and custody risk — Coinbase holds customer crypto assets directly, making it a target for hacking and theft; a successful attack on its custody systems would be both a direct financial loss and a blow to customer trust.
- Competition from other exchanges and platforms — Other crypto exchanges, traditional brokers adding crypto trading, and decentralised platforms all compete for the same trading fees, putting pressure on the prices Coinbase can charge.
看多理由
Buyers argue that Coinbase is becoming the regulated, trusted on-ramp of choice as crypto moves further into the mainstream, that subscription and services revenue is steadily reducing dependence on trading volume, and that regulatory clarity, once it arrives, favours an established compliant player over less regulated competitors.
看空理由
Sellers fear that revenue still swings with crypto sentiment more than with any durable growth trend, that regulatory outcomes remain genuinely unpredictable, and that cheaper exchanges and brokers erode the fees Coinbase can charge on its core trading business over time.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$6.28B
最近12个月（截至2026/6/30）
净利润
$-988M
最近12个月（截至2026/6/30）
自由现金流
-
股东权益合计
$14.79B
负债合计
$14.88B
流动比率
2.42
利息覆盖率
6.92
债务/EBITDA
4.11
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$219.35
当前价格
$188.90
安全边际
+13.9%
公允价值区间
$192.09 - $246.61
估算方法
估值指标
市盈率（P/E）
40.33
ROE
8.5%
市净率（P/B）
3.62
P/FCF
-
毛利率
-
ROIC
2.5%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
2.5%
WACC
15.6%
ROIC − WACC
-13.1 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（9）
- EPS shows upward trend
- Debt/Equity ratio
- Operating Margin 9.9%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Revenue Growth 5Y 41.2%
- Analyst Consensus 70% Buy
- Piotroski F-Score 5/9
未通过（11）
- Price CAGR -5.87%
- ROIC 2.5%
- P/B Ratio 3.62
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE -6.9%
- Earnings Surprise avg -403.7%
- Share Dilution 4.1%
- Net Margin Trend -15.7% vs 40.8%
不可用（7）
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
低质量：需深入审查会计处理
股权稀释
正在发行新股，稀释所有权
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Brian Armstrong | Co-Founder, Chairman & CEO | 42 |
| Ms. Emilie M. Choi | President & COO | 46 |
| Mr. Frederick Ernest Ehrsam III | Co-Founder & Independent Director | 36 |
| Ms. Alesia Jeanne Haas | Chief Financial Officer | 48 |
| Ms. Jennifer N. Jones | Chief Accounting Officer | - |
| Mr. Rob Witoff | Chief Technology Officer | - |
| Mr. Anil K. Gupta | Vice President of Investor Relations | - |
| Molly Abraham | General Counsel & Secretary | - |
| Mr. Faryar Shirzad | Chief Policy Officer | - |
| Dr. Daniel Seifert | VP & Regional MD of EMEA | - |
审计风险
10
董事会风险
10
薪酬风险
10
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for COIN, sourced from Markets Gazette.
- 22h agoNEGATIVECoinbase Investor Class Action Can Move Forward, Federal Judge Rules
A federal judge has allowed a class-action lawsuit against Coinbase to proceed, alleging the cryptocurrency exchange misled investors regarding its compliance with securities laws and the risks associated with its products. The lawsuit, filed by investors who purchased Coinbase shares between November 2021 and September 2023, claims the company failed to disclose critical information about its business operations and regulatory exposure. This ruling could lead to significant legal costs and reputational damage for Coinbase, potentially impacting its stock price and investor sentiment.
- 1d agoPOSITIVECoinbase tokenized stocks go live on Base with Chainlink price feeds
Coinbase has launched its B20 equities on the Base network, enabling eligible non-US users to trade tokenized stocks of major companies like Apple and Nvidia 24/7. This integration allows these stocks to be utilized within the decentralized finance (DeFi) ecosystem. The move signifies a significant step in bridging traditional finance with blockchain technology, potentially increasing liquidity and accessibility for global investors. For shareholders, this innovation could drive adoption and enhance Coinbase's position in the digital asset and tokenization space.
- 5d agoNEUTRALCoinbase And Ripple CEOs Reportedly Meet Howard Lutnick Over CLARITY Act
Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse reportedly met with Howard Lutnick, CEO of Cantor Fitzgerald, to discuss the CLARITY Act. This legislation aims to provide a clearer regulatory framework for digital assets in the United States. While the meeting itself is a positive step towards potential regulatory clarity, the specifics of the discussion and the Act's eventual passage remain uncertain. Investors will be monitoring further developments regarding the CLARITY Act and its implications for the cryptocurrency industry, which could impact Coinbase's future operations and profitability.
- 5d agoPOSITIVECoinbase +8%: Trump appoggia il CLARITY Act e il rally crypto cresce
Coinbase shares surged 8% in pre-market trading on Thursday, fueled by a robust cryptocurrency price rebound and renewed support from the Trump administration for industry regulation. This surge followed President Donald Trump's meeting with crypto executives at the White House, where he advocated for the passage of the CLARITY Act. The rally was further amplified by the U.S. Treasury Department's decision to expand buyback operations for longer-dated Treasury securities, aimed at bolstering market liquidity and mitigating rising borrowing costs. Simultaneously, a wave of forced liquidations in the crypto market intensified the ongoing rally, creating a confluence of positive factors for Coinbase.
- 7d agoPOSITIVEHow the UAE has emerged as a ‘leading light’ for tokenization
Coinbase has chosen Abu Dhabi as the location for its global tokenization hub, signaling a significant expansion into the regulated digital asset space. This strategic move by the cryptocurrency exchange is expected to capitalize on the UAE's growing embrace of blockchain technology. With projections estimating $500 billion in GCC assets migrating to blockchain by 2030, Coinbase's presence in Abu Dhabi positions it to be a key player in this burgeoning market. Investors may view this as a positive step for Coinbase's global growth and its commitment to regulated digital asset innovation.
- 12d agoPOSITIVEBullish shares jump 10% as Q2 adjusted EBITDA more than triples
Coinbase Global Inc. saw its shares surge approximately 10% following the release of its Q2 financial results. The company reported a more than threefold increase in adjusted EBITDA, signaling robust operational efficiency and profitability. Furthermore, its subscription and services revenue reached an all-time high, indicating a successful diversification beyond trading fees. This performance suggests strong underlying business momentum and effective strategic execution, which is highly attractive to investors.
- 13d agoPOSITIVECrypto Market Update: Coinbase Green Lit for International Tokenization Platform
Coinbase Global has secured financial services permission from Abu Dhabi Global Market's Financial Services Regulatory Authority to establish an international platform for blockchain-based equity tokens. This strategic move allows Coinbase to build a hub for tokenized securities and onchain capital markets in the UAE, signaling strong confidence in the region's financial infrastructure. The platform will operate under regulatory supervision, with tokens backed by underlying equity shares. This development is a significant step for Coinbase in expanding its global business beyond the US and into traditional financial assets, potentially enhancing market access, transparency, and investor confidence in tokenized securities.
- 14d agoPOSITIVECoinbase Expands Derivatives Trading To UK Professional Clients
Coinbase has expanded its derivatives trading services to professional clients in the United Kingdom. This move leverages its existing MiFID authorization to offer futures, options, and perpetual contracts. The expansion is a significant step for Coinbase, allowing it to tap into the UK's sophisticated financial market and cater to institutional demand for complex trading products. This strategic growth in regulated markets could enhance Coinbase's revenue streams and solidify its position as a leading cryptocurrency exchange globally.
- 28d agoNEUTRALCoinbase and Robinhood are locked in a heated battle ahead of Q2 earnings—but only one is being called the industry’s ‘first hyperscaler’
Coinbase and Robinhood are facing off ahead of their Q2 earnings reports, with Robinhood noted for its revenue diversification and Coinbase poised to benefit from emerging AI commerce and tokenized stocks. While Robinhood has shown stronger current diversification, the long-term potential for Coinbase in new digital asset frontiers is highlighted. This competitive landscape suggests potential volatility for both companies as they navigate evolving market demands and technological advancements, making their upcoming earnings crucial for investor sentiment.
via Markets Gazette