COINCoinbase Global, Inc.
Finance Services
- Revenue
- $7.2B
- 9.4% YoY
- Operating margin
- 20.0%
- 43% YoY
- EBITDA
- $1.6B
- 33% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -1.7×
- −$2.7B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear187% of net incomeCash flow under 80% of net income
- Dilutive SBCFired12% of revenueOver 10% of revenue
- Payouts exceed cash flowClear33% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear15% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B | 9.4% |
| Operating income | $3.1B | −$2.7B | −$162M | $2.3B | $1.4B | 38% |
| Net income | $3.6B | −$2.6B | $100M | $2.6B | $1.3B | 50% |
| Operating cash flow | $4.0B | −$1.6B | $673M | $3.1B | $2.4B | 22% |
| Capex | $3M | $3M | — | — | — | |
| Stock-based comp | $821M | $1.6B | $781M | $913M | $839M | 8.0% |
| Buybacks | — | — | $0 | $0 | $790M |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $17M · 12
- Net
- −$17M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $37M | 69 | 209 |
| FY2024 | $7M | $524M | 76 | 163 |
| FY2023 | $5M | $681M | 53 | 120 |
| FY2022 | $7M | −$1.4B | 11 | 74 |
| FY2021 | $3M | $2.1B | 77 | 115 |