Coinbase Global, Inc.
COIN · Other · $49.4B mkt cap · FY2025 filings · · Shallow moat ·
Doesn't clear the bar
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.
- $1.3B
- $52.28
- $84.70
- $184.41
- 253% above value if growth stopped today
What today’s price assumes: owner earnings growing ~29%/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. Flag status unavailable — four adjacent recent FY revenue observations are required.
Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Sep 4, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, 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.
Fundamentals
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Visual explainers
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Moat Score history
Score history begins Sep 4, 2026 — the record builds forward from here.
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 99 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 $184.41, that is 253% 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 1 reading 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.