Does Coinbase Global, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Coinbase Global, Inc. (COIN) 48.5 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 31, pricing power not measurable from the filings, returns on capital 38, balance-sheet safety 92, capital allocation 33.

Is COIN trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $52.28 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $173.16, that is 231% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has COIN's Moat Score changed over time?

The record logs 15 readings since Sep 4, 2026; the latest reads 48.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Coinbase Global, Inc.

COIN · Other · $46.4B mkt cap · FY2025 filings · as of Oct 18, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $7.8B to $7.2B, decreasing; diluted EPS 14.50 to 4.45, decreasing.

—

Not enough years of gross-margin data to score pricing power.

Median ROIC 10.6%, above the 12% hurdle in 40% of years.

Net cash position — no leverage risk.

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

231% above value if growth stopped today

: $1.3B
: $52.28
: $84.70
: $173.16
: 231% above value if growth stopped today

What today’s price assumes: owner earnings growing ~27%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 18, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

8 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $534M (FY2019) to $7.2B (FY2025) — about 54.2% a year compounded over 6 years.

It earned 10.6% on invested capital in the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was 10.6%. Over the v3 recent window (5 measurable filed years), median ROIC was 10.6%. The Returns on Capital filter above scores it 38/100.

The balance sheet carried $7.7B of total debt in FY2025 against $1.3B of owner earnings — roughly 6.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 92/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$7.2B FY2025

Revenue kept after cost of goods

Not disclosed in COIN’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC 14.2% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$1.3B FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Coinbase Global, Inc. makes its money

Coinbase Global, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed line	Value	% of revenue	Source
	$7.2B	100%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
	$1.4B	20%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Income before tax	$1.5B	21%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Income tax	$262M	4%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
	$1.3B	18%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What Coinbase Global, Inc. owns — and owes

Coinbase Global, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$29.7B	100%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Cash and equivalents	$11.3B	38%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
	$7.7B	26%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Stockholders’ equity	$14.8B	50%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What drives Coinbase Global, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$1.3B	FY2025	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Income before tax	$1.5B	FY2025	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Operating income	$1.4B	FY2025	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
	$7.2B	FY2025	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Ending assets	$29.7B	FY2025	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Beginning assets	$22.5B	FY2024	10-K · FY 2024Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
	$14.8B	FY2025	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
	$10.3B	FY2024	10-K · FY 2024Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

Source:

10-K · filed Feb 12, 2026Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where Coinbase Global, Inc.'s cash went

Coinbase Global, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$2.4B	100%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026
Depreciation and amortization	$188M	8%	10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001679788-26-000015 · filed Feb 12, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Coinbase Global, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 18, 2026

Flagship explainer

What Coinbase Global, Inc. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.5 / 100

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — COIN has read Shallow moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for COIN.

Other context

#41 of 104 scored Other companies, ranked by Moat Score.

Nearest peers by Moat Score

#39ABX Abacus Global Management, Inc.49.9 out of 100, Shallow moatShallow moat
#40BEN FRANKLIN RESOURCES INC49.7 out of 100, Shallow moatShallow moat
#42ICE Intercontinental Exchange, Inc.47.7 out of 100, Shallow moatShallow moat
#43ASST Strive, Inc.46.4 out of 100, Shallow moatShallow moat

Compare COIN with its nearest peers →All Other companies on the Index →

Common questions about COIN

Does Coinbase Global, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Coinbase Global, Inc. (COIN) 48.5 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 31, pricing power not measurable from the filings, returns on capital 38, balance-sheet safety 92, capital allocation 33.
Is COIN trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $52.28 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $173.16, that is 231% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has COIN's Moat Score changed over time?: The record logs 15 readings since Sep 4, 2026; the latest reads 48.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell COIN. See the disclaimer.