Coinbase (COIN)
Forward P/E is 105.68x against a peer median of 23.02x, a ratio of 4.59x — far above the fair range, at an extreme absolute level — with no trailing P/E available and PEG 7.65. Latest-quarter revenue fell 18.5% year over year (PRIMARY, EDGAR), so the price only makes sense if demand accelerates sharply from here, not if it merely continues. Delivered demand check: the Financial exchanges, data & ratings group's median growth was 10.7% — demand rising across the group, while this company's revenue is falling, so the extreme multiple rests entirely on a future rebound.
What would change this label: Move to OVERVALUED if the forward P/E compresses to about 26.47x or below (1.15x the peer median) at unchanged estimates, or if revenue growth turns strongly positive — above the 10.7% cluster median for two quarters — with forward earnings rising enough to bring PEG below about 2. The bubble case strengthens if revenue growth stays below 0% year over year while the forward P/E stays above 50x.
Coinbase is a leading place to trade crypto, but its sales fell about 19% in the latest quarter and its recent profits were negative. Even so, its shares cost about 106 times next year's expected profit — more than four times similar companies. That price only works if business booms from here, which is the definition of a bubble label in this framework.
Both lines start at 100 on 2021-04-14. Over the full window Coinbase returned -50.93% and the S&P 500 +87.06% (price returns; dividends not reinvested). Worst peak-to-trough fall for Coinbase: -90.9% (2021-11-09 to 2022-12-28). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 105.68x against a peer median of 23.02x, a ratio of 4.59x — far above the fair range, at an extreme absolute level — with no trailing P/E available and PEG 7.65. Latest-quarter revenue fell 18.5% year over year (PRIMARY, EDGAR), so the price only makes sense if demand accelerates sharply from here, not if it merely continues. Delivered demand check: the Financial exchanges, data & ratings group's median growth was 10.7% — demand rising across the group, while this company's revenue is falling, so the extreme multiple rests entirely on a future rebound. The company’s forward P/E is 105.7× against a peer median of 23.0×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Financial exchanges, data & ratings group's median latest-quarter revenue growth was 10.7% year over year (SEC filings) — demand rising. Latest-quarter sales growth was -18.5% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Coinbase (COIN) | $157.99 | 105.7× | — |
| MSCI | $605.62 | 27.9× | 32.1× |
| CBOE | $321.04 | 22.4× | 25.0× |
| NDAQ | $105.30 | 23.0× | 28.8× |
| FDS | $308.64 | 15.8× | 21.2× |
| MCO | $476.73 | 26.4× | 29.1× |
| Peer median | 23.0× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $1.2B | — | $-359M | -1.36 | — |
| Q/E Mar 2026 2026-03-31 | $1.4B | — | $-394M | -1.49 | — |
| Q/E Dec 2025 2025-12-31 | $1.8B | — | $-667M | — | — |
| Q/E Sep 2025 2025-09-30 | $1.9B | — | $433M | 1.50 | — |
| Q/E Jun 2025 2025-06-30 | $1.5B | — | $1.4B | 5.14 | — |
| Q/E Mar 2025 2025-03-31 | $2.0B | — | $66M | 0.24 | — |
| Q/E Dec 2024 2024-12-31 | $2.3B | — | $1.3B | — | — |
| Q/E Sep 2024 2024-09-30 | $1.2B | — | $75M | 0.28 | — |
| Q/E Jun 2024 2024-06-30 | $1.4B | — | $36M | 0.14 | — |
| Q/E Mar 2024 2024-03-31 | $1.6B | — | $1.2B | 4.40 | — |
| Q/E Dec 2023 2023-12-31 | $954M | — | $273M | — | — |
| Q/E Sep 2023 2023-09-30 | $674M | — | $-2M | -0.01 | $314M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Coinbase Global, Inc. |
| Chief executive | Brian Armstrong (source: https://en.wikipedia.org/wiki/Coinbase) |
| Sector | Financials — Financial Exchanges & Data — runs a platform for buying, selling and holding crypto assets |
| Share price (Oct 28, 2026) | $157.99 |
| Market value (market cap) | $42.4B — share price times shares outstanding of 263,412,000 (SEC filings; SEC EDGAR WeightedAverageNumberOfDilutedSharesOutstanding (latest quarter; dei EntityCommonStockSharesOutstanding series is stale for this filer)) |
| Sales, last twelve months | $6.3B |
| Net income, last twelve months | $-988M |
| Free cash flow, last twelve months | — |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | -50.93% vs +87.06% |
| Worst peak-to-trough fall | -90.9% (2021-11-09 to 2022-12-28) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- PE Ratio shown as n/a on statistics page
- Trailing P/E is not available because trailing twelve-month earnings are negative; the label rests on the forward P/E test.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001679788.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001679788.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/COIN/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.