Aureus
AExcellent

Coinbase Global, Inc.(COIN)

A

Financial data as of Dec 31, 2025Improving · Financials, Crypto Related

FCF Margin22.1%Free Cash Flow / Revenue
Cash Conversion192.5%Operating CF / Net Income
Free Cash Flow$2.4B
Revenue$7.2B
Net Cash$3.5BCash exceeds debt
Debt / FCF4.9xElevated debt burden
Current Ratio2.34Adequate short-term liquidity
YoY FCF Growth+200.0%3 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
+0.5Healthy FCF margin with manageable debt (22.1%, 4.9x; 0.2x sector-adjusted)
→
+1Strong YoY FCF growth (200.0% YoY)
→
-0.5Highly volatile FCF (consistency: 2.83)
→
+1Net cash position with strong FCF margin
→
+1Very low debt-to-FCF ratio (4.9x; 0.2x sector-adjusted)
→
FinalA

Analysis Summary

Strengths

  • Exceptional FCF margin (22.1%)
  • Excellent cash conversion (193%)
  • Net cash position ($3.5B)
  • Strong liquidity (current ratio: 2.34)
  • Strong YoY FCF growth (+200.0%)

Concerns

  • Only 3 positive FCF quarters recently
  • Highly volatile quarterly FCF
  • Revenue declining (-21.6% YoY)
SBC-adjusted FCF used — $0.8B stock-based compensation (35% of reported FCF) subtracted

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin22.1%
Net Margin17.6%
Operating CF Margin33.8%
CapEx Ratio0.0%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash$3.5BCash exceeds debt
Debt / FCF4.9xElevated debt burden
Current Ratio2.34Strong liquidity
Debt / Equity0.53Low leverage

Quarterly FCF Trend

+200.0% YoYImproving (+200.0%)

Free cash flow per quarter

Sector Comparison — Financials

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameCoinbase Global, Inc.
SectorFinancials
Free Cash Flow$2.4B
Revenue$7.2B
Net Income$1.3B
Operating Cash Flow$2.4B
Capital Expenditure$0
FCF Margin22.1%
Cash Conversion Rate192.5%
Net Margin17.6%
Total Debt$7.8B
Total Cash$11.3B
Net Cash$3.5B
Current Ratio2.34
Debt / Equity0.53
Debt / FCF4.9x
YoY FCF Growth+200.0%
Positive Quarters3 of 5
Trend DirectionImproving
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

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