CME vs Coinbase
CME and Coinbase are similar in size: $6.52bn and $7.18bn of revenue in their latest fiscal years. Coinbase grew faster (9.4% against 6.4%). CME kept more of each dollar of sales as profit: a net margin of 62.5% against 17.6%. CME carries less debt relative to equity (14.5% against 51.8%).
| Latest fiscal year | CMECME, 2025 | CoinbaseCOIN, 2025 |
|---|---|---|
| Revenue | $6.52bn | $7.18bn |
| Revenue growth | 6.4% | 9.4% |
| Net income | $4.07bn | $1.26bn |
| Operating margin | 64.9% | 20.0% |
| Net margin | 62.5% | 17.6% |
| Return on equity | 14.8% | 10.1% |
| Free cash flow | $4.19bn | $2.43bn |
| Cash | $4.42bn | $11.29bn |
| Total debt | $4.17bn | $7.66bn |
| Debt to equity | 14.5% | 51.8% |
| Dividend per share | — | — |
| Dividend yield | 3.7% | — |
| Share buybacks | — | $790m |
| Employees | 3,875 | 4,951 |
| Market value | $109.07bn | $38.44bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 66 (Moderate) | 32 (Weak) |
| Insider trades, 12 months | 7 buys, 21 sales | 0 buys, 256 sales |