CME Group vs Coinbase
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The short version
- Coinbase is the larger business, with $7.2B of revenue in fiscal 2025 against $6.5B for CME Group.
- Coinbase grew revenue faster (9.4%, against 6.4%).
- CME Group kept more of each dollar of sales as operating profit (64.9% operating margin, against 20.0%).
- CME Group turned more of its sales into free cash flow (64.3% FCF margin, against 31.9%).
- Coinbase earned a higher return on the capital invested in it (14.5%, against 11.9%).
| Latest fiscal year | CME · FY25 | COIN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $109.6B | $43.3B |
| Revenue | $6.5B | $7.2B |
| Free cash flow | $4.2B | $2.3B |
| Net income | $4.1B | $1.3B |
| Growth | ||
| Revenue growth | 6.4% | 9.4% |
| 5-year growth | 6.0% | 41.2% |
| Share count change | 0.1% | 5.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 64.9% | 20.0% |
| Net margin | 62.5% | 17.6% |
| FCF margin | 64.3% | 31.9% |
| Return on capital | 11.9% | 14.5% |
| Return on equity | 14.8% | 10.1% |
| Balance sheet | ||
| Net debt | −$1.1B | −$3.9B |
| Net debt / EBITDA | −0.3x | −2.4x |
| Dividends and buybacks | $3.9B | $790M |
| Valuation & quality | ||
| P/E | 25.1x | — |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
CME $3.6B
COIN —
FY17
CME $3.6B
COIN —
FY18
CME $4.3B
COIN —
FY19
CME $4.9B
COIN $534M
FY20
CME $4.9B
COIN $1.3B
FY21
CME $4.7B
COIN $7.8B
FY22
CME $5.0B
COIN $3.2B
FY23
CME $5.6B
COIN $3.1B
FY24
CME $6.1B
COIN $6.6B
FY25
CME $6.5B
COIN $7.2B
CME
COIN
Operating margin
FY16
CME 61.2%
COIN —
FY17
CME 63.4%
COIN —
FY18
CME 60.5%
COIN —
FY19
CME 53.2%
COIN −8.6%
FY20
CME 54.0%
COIN 32.0%
FY21
CME 56.4%
COIN 39.2%
FY22
CME 60.1%
COIN −84.9%
FY23
CME 61.6%
COIN −5.2%
FY24
CME 64.1%
COIN 35.2%
FY25
CME 64.9%
COIN 20.0%
CME
COIN
Free cash flow
FY16
CME $1.6B
COIN —
FY17
CME $1.7B
COIN —
FY18
CME $2.3B
COIN —
FY19
CME $2.4B
COIN −$114M
FY20
CME $2.5B
COIN $284M
FY21
CME $2.3B
COIN $4.0B
FY22
CME $3.0B
COIN −$1.6B
FY23
CME $3.4B
COIN $673M
FY24
CME $3.6B
COIN $3.0B
FY25
CME $4.2B
COIN $2.3B
CME
COIN
Return on capital
FY16
CME 7.1%
COIN —
FY17
CME 10.7%
COIN —
FY18
CME 7.2%
COIN —
FY19
CME 7.1%
COIN —
FY20
CME 7.2%
COIN —
FY21
CME 7.3%
COIN —
FY22
CME 8.3%
COIN —
FY23
CME 9.8%
COIN —
FY24
CME 11.3%
COIN 43.3%
FY25
CME 11.9%
COIN 14.5%
CME
COIN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.