Coinbase (COIN): analysis in plain words
Is Coinbase cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Coinbase (COIN) is listed on the Nasdaq and we classify it in financial services and payments. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Coinbase according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Coinbase (COIN) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $151.50 | Last price on November 4, 2026 |
| P/E ratio (TTM) | N/A | Price over earnings per share |
| Revenue growth | -34.2% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | -12.9% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | $40.1 billion | What the stock market values it at |
The Coinbase figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any COIN figure that is not available shows as N/A: we do not estimate it.
How Coinbase makes money
Coinbase runs a crypto trading platform for individuals and institutions. It earns transaction fees on trades plus subscription and services revenue, including interest tied to the USDC stablecoin, staking, custody and its Coinbase One membership. It also owns the Deribit derivatives exchange and develops the Base blockchain network.
Over the last 12 months, Coinbase brought in revenue of $5.4 billion. For every 100 it sells, Coinbase keeps 85.3 after the direct cost of what it sells (gross margin) and -1.4 after all operating costs (operating margin). With 4,951 full-time employees, that is about $1 million of revenue per employee.
Coinbase against its sector
To know whether a Coinbase figure is high or low you have to put it next to similar companies. This table compares Coinbase with the median of the 21 financial services and payments companies Fintols covers, with data as of November 4, 2026.
| Figure | Coinbase | financial services and payments median |
|---|---|---|
| Revenue growth | -34.2% | +12.4% (24) |
| Net margin | -12.9% | 25.8% (24) |
| Dividend yield | 0.00% | 0.81% (24) |
| Net debt / EBITDA | -7.1x | 0.6x (13) |
In short, against the typical financial services and payments company, Coinbase grows more slowly, earns a thinner margin and pays a lower dividend yield. By size, Coinbase ranks number 19 of 22 financial services and payments companies quoted in USD on Fintols.
The bull case for Coinbase
These are the strengths in the Coinbase figures as of November 4, 2026:
- Coinbase generates real cash: $3.7 billion of free cash flow over 12 months, 9.2% of its stock market value.
- Coinbase holds more cash than debt (net cash), so it does not depend on lenders to keep investing and is better placed to ride out a bad year.
The main risk for Coinbase
Coinbase sales fell 34.2% in the latest quarter against the same quarter a year earlier: if the decline drags on, profit usually follows.
On top of that: coinbase is losing money: its net margin over the last 12 months is -12.9%, so it spends more than it brings in. Until it turns a profit it relies on its cash or on raising money.
And, like the rest of financial services and payments, Coinbase is exposed to a drop in the payment, investment or trading volumes it earns fees on, plus regulation.
Frequently asked questions about Coinbase
Is it a good time to buy Coinbase stock?
Fintols does not tell you whether to buy or sell Coinbase, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Coinbase stock trades at $151.50, 53% below its 52-week high ($324.80) and 12% above its low ($135.46). With Coinbase, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Coinbase pay a dividend?
No. As of November 4, 2026, Coinbase does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying Coinbase today is counting on the share price rising, not on income.
Is Coinbase stock expensive?
Coinbase has no meaningful P/E as of November 4, 2026 because its last 12 months of earnings are negative or close to zero, so that yardstick cannot tell you whether it is expensive. Including its debt, Coinbase is valued at 134.7x its EBITDA (EV/EBITDA). A high P/E alone does not make Coinbase expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Coinbase's competitors?
On Fintols we compare Coinbase with Block, SoFi and Strategy, which are also in financial services and payments. As of November 4, 2026, Block is worth $52.6 billion and trades on a P/E of 115.3; SoFi is worth $22.5 billion and trades on a P/E of 31.6; Strategy is worth $60.3 billion. Each has a side-by-side comparison with Coinbase below.
Coinbase competitors
- Block (XYZ) analysis · Coinbase vs Block comparison
- SoFi (SOFI) analysis · Coinbase vs SoFi comparison
- Strategy (MSTR) analysis · Coinbase vs Strategy comparison
To understand Coinbase better
- Economic Moats Explained: From Warren Buffett to AI
- 7 Common Beginner Investing Mistakes (and How to Avoid Them)
More companies like Coinbase: financial services and payments stocks and S&P 500 companies. Open the full COIN analysis with its valuation and scenarios. Educational content about Coinbase, not investment advice.