Coinbase Global, Inc. (COIN) intrinsic value & 10-year financials
Coinbase Global, Inc. (COIN) has a Graham intrinsic value of $147.81 per share. At $173.16 on Oct 17, 2026, the stock trades 17% above that value. Over the last 8 fiscal years revenue grew 54.2% a year to $7.2B, with an average return on invested capital of -262.4%.
- Graham intrinsic value
- $147.81
- Share price (Oct 17, 2026)
- $173.16
- Price vs Graham value
- 17% above
- Market cap
- $49.7B
- Revenue (FY2025)
- $7.2B
- Revenue growth (8-yr CAGR)
- 54.2%
- ROIC (10-yr avg)
- -262.4%
- Free cash flow (FY2025)
- —
COIN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.3B | $4.45 | — | 20.0% | 14.0% |
| FY2024 | $6.6B | $2.6B | $9.48 | — | 35.1% | 39.7% |
| FY2023 | $3.1B | $94.9M | $0.37 | — | -5.2% | -1.9% |
| FY2022 | $3.2B | -$2.6B | -$11.83 | -$1.6B | -84.8% | -64.3% |
| FY2021 | $7.8B | $3.6B | $14.50 | $10.7B | 39.2% | 226.1% |
| FY2020 | $1.3B | $322.3M | $1.40 | $3.0B | 32.0% | -2044.2% |
| FY2019 | $533.7M | -$30.4M | -$0.50 | -$114.1M | -8.6% | -6.1% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Coinbase revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Coinbase has historically struggled to out-earn its cost of capital, averaging just -5.1% ROIC.
Coinbase capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Coinbase is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $147.81 per share.