Coinbase Global, Inc. (COIN)

FairStock Score: 62/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am wary when a fast-growing financial platform depends on asset prices and trading activity, and Coinbase fits that pattern. It has real scale: in fiscal 2025, revenue was $7.2B, net income $1.3B, and diluted EPS $4.45. But the latest filings show how quickly conditions change: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.2B and net income was -$359.5M; in fiscal Q1 2026, revenue was $1.4B and net income was -$394.1M. That is a sharp reversal from fiscal Q3 2025, when net income was $432.6M. The moat is not as durable as a low-cost utility or a consumer franchise; crypto exchange competition, regulation, and cyclical volumes can erode pricing. Still, trailing free cash flow is $1.7B, and the FairStock-calculated FCF yield is 4.1%; debt-to-equity is 0.51, so the balance sheet is not stretched. The market price is volatile, with beta of 3.39, so Mr. Market can swing widely. At the $159.60 close on 2026-10-26, the FairStock-calculated negative P/E of -41.24 tells us little, while P/B of 3.22 and ROE of -7.85% suggest investors are paying for a recovery, not current earnings. The FairStock score of 53/100 and the computed Lynch TURNAROUND label fit: annual results improved, but recent quarters are losing money. I would want evidence of durable positive earnings and cash generation before calling this a bargain.

In plain English: Coinbase runs an online platform where people and institutions buy, sell and hold crypto assets. The business looks mixed: it earned money in fiscal 2025 but has reported losses in the first two quarters of fiscal 2026. At the $159.60 close on 2026-10-26, the price looks neither clearly cheap nor clearly expensive against its mixed numbers and FairStock score of 53/100.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer