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Coinbase key statistics and ratios

In fiscal 2025, Coinbase had return on equity of 10.1%, an operating margin of 20.0%, debt equal to 51.8% of equity and a current ratio of 2.34. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin−8.6%32.0%39.2%−84.8%−5.2%35.1%20.0%3.6%
Net margin−5.7%25.2%46.2%−82.2%3.1%39.3%17.6%−12.5%
Free-cash-flow margin−21.4%22.2%51.5%−49.7%21.7%47.3%33.8%25.0%
Return on equity−6.1%44.1%98.7%−44.4%1.6%31.2%10.1%−4.9%
Return on assets—5.5%26.7%−4.7%0.2%13.8%4.8%−2.5%
Asset turnover—0.220.580.060.060.350.280.20
Current ratio—1.211.611.072.072.282.342.42
Debt to equity0.0%0.0%53.9%63.0%47.9%44.8%51.8%48.0%
Interest cover (operating income ÷ interest)——105.5xn/mn/m28.6x16.8x2.3x
Effective tax rate—21.2%−19.7%——12.4%17.2%—
R&D as % of revenue34.7%21.3%16.5%72.8%42.6%22.4%23.3%34.5%
Capital spending as % of revenue6.3%0.8%0.0%0.1%0.0%0.0%0.0%0.0%
Free cash flow ÷ net income—88.0%111.3%—709.8%120.4%192.5%—
Dividends and buybacks ÷ free cash flow—0.7%0.0%—0.0%0.0%32.6%144.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $27.4bn
Short-term assets $17.6bnLonger-term assets $9.7bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $7.3bnLonger-term liabilities $6.2bnShareholders' equity $13.9bn
  • Short-term assets cover short-term liabilities $17.6bn of assets due within a year against $7.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $17.6bn short-term assets against $6.2bn of longer-dated liabilities.
  • More cash than debt $8.6bn of cash against $5.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 52% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $5.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $201m against $87m of interest.

From Coinbase's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

32 /100

Weak moat

How hard Coinbase's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -0.0% of total assets over 6 years.

  • Durability 4 / 20

    Operating margin has been a median 15.0%; its worst year was -29.9%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 5 of 6 years, at a median 25.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CBOE vs COINCME vs COINCOIN vs MCO

More: Financial Exchanges & Data stocks compared, Financials sector, rankings of US companies

Figures from Coinbase's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Coinbase.