COIN Coinbase Global, Inc.
Finance Services · Deep Dive · researched Nov 2026 — score, value range and action plan are the researched record and never recomputed
Overview
$10,000 invested ~5 years ago → $4,321 in this stock vs $17,665 in the S&P 500 (SPY). End-of-day closes, dividends not reinvested.
Deep Dive: researched from primary SEC filings (10-K, 10-Q, DEF 14A, Form 4) — the score and valuation above are the published research record. Market data around it refreshes daily.
The 100-point scorecard
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Category detail pending — the researched total stands; the split is never invented.
Business
Business Quality & Moat
Category detail pending — the researched total stands; the split is never invented.
Financial Strength
Category detail pending — the researched total stands; the split is never invented.
Earnings & Cash-Flow Quality
Category detail pending — the researched total stands; the split is never invented.
Management & Governance
Category detail pending — the researched total stands; the split is never invented.
Accounting & Red Flags
Category detail pending — the researched total stands; the split is never invented.
🚩 $2.2B three-executive 10b5-1 sell program filed Aug–Sep 2026 (Armstrong window opens Nov 16, 2026) — and zero insider open-market buys in a year.
🚩 Headline GAAP income flatters: Q3 2026 GAAP net income +$719M included +$715M of unrealized gains on Coinbase's own crypto treasury; adjusted net income was $78M.
Growth & Catalysts
Category detail pending — the researched total stands; the split is never invented.
Valuation & Margin of Safety
Category detail pending — the researched total stands; the split is never invented.
Value range $145–$172 (mid ~$159) on through-cycle normalized adj. EBITDA ~$2.4B × 14–17× + ~$5.7B net financial assets. DCF base ~$140 ≈ the scoring price (WACC 12%): fairly priced for a mid-cycle recovery, unpaid for winter-extension risk; downside case ~$70.
Technical Setup
Category detail pending — the researched total stands; the split is never invented.
Daily closes, trailing year · — price · — 50-day · - - 200-day
Financials
| Fiscal year | Revenue | Gross profit | Operating income | Net income | Operating cash flow | Free cash flow | Diluted EPS | Cash | Total assets | Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2021 ended 2021-12-31 | $7.84B | — | $3.08B | $3.62B | $10.73B | $10.73B | $14.50 | $7.12B | $21.27B | $6.38B |
| FY2022 ended 2022-12-31 | $3.19B | — | -$2.71B | -$2.62B | -$1.59B | -$1.59B | $-11.83 | $4.43B | $89.72B | $5.45B |
| FY2023 ended 2023-12-31 | $3.11B | — | -$161.7M | $94.9M | $923.0M | — | $0.37 | $5.14B | $206.98B | $6.28B |
| FY2024 ended 2024-12-31 | $6.56B | — | $2.31B | $2.58B | $2.56B | — | $9.48 | $8.54B | $22.54B | $10.28B |
| FY2025 ended 2025-12-31 | $7.18B | — | $1.44B | $1.26B | $2.43B | — | $4.45 | $11.29B | $29.67B | $14.79B |
As reported in SEC filings (EDGAR company facts), latest restated figures.
Summary & Action Plan
The stock down the most on the board (−58% from its high at scoring) scores the lowest — and earns it. The structural positive is real (subscription & services at 49% of net revenue, USDC balances at all-time highs through the crypto winter), but the insider tape and the fake-headline earnings keep it at 57, the bottom of Mixed.