Coinbase vs Nasdaq
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The short version
- Nasdaq is the larger business, with $8.3B of revenue in fiscal 2025 against $7.2B for Coinbase.
- Nasdaq grew revenue faster (11.7%, against 9.4%).
- Nasdaq kept more of each dollar of sales as operating profit (28.2% operating margin, against 20.0%).
- Coinbase turned more of its sales into free cash flow (31.9% FCF margin, against 24.1%).
- Coinbase earned a higher return on the capital invested in it (14.5%, against 9.5%).
| Latest fiscal year | COIN · FY25 | NDAQ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | $57.8B |
| Revenue | $7.2B | $8.3B |
| Free cash flow | $2.3B | $2.0B |
| Net income | $1.3B | $1.8B |
| Growth | ||
| Revenue growth | 9.4% | 11.7% |
| 5-year growth | 41.2% | 8.0% |
| Share count change | 5.1% | −0.1% |
| Profitability | ||
| Gross margin | — | 63.5% |
| Operating margin | 20.0% | 28.2% |
| Net margin | 17.6% | 21.6% |
| FCF margin | 31.9% | 24.1% |
| Return on capital | 14.5% | 9.5% |
| Return on equity | 10.1% | 15.3% |
| Balance sheet | ||
| Net debt | −$3.9B | $8.4B |
| Net debt / EBITDA | −2.4x | 3.4x |
| Dividends and buybacks | $790M | $1.2B |
| Valuation & quality | ||
| P/E | — | 28.0x |
| Piotroski F-score | 4 | 9 |
Revenue
FY16
COIN —
NDAQ $3.7B
FY17
COIN —
NDAQ $3.9B
FY18
COIN —
NDAQ $4.3B
FY19
COIN $534M
NDAQ $4.3B
FY20
COIN $1.3B
NDAQ $5.6B
FY21
COIN $7.8B
NDAQ $5.9B
FY22
COIN $3.2B
NDAQ $6.2B
FY23
COIN $3.1B
NDAQ $6.1B
FY24
COIN $6.6B
NDAQ $7.4B
FY25
COIN $7.2B
NDAQ $8.3B
COIN
NDAQ
Operating margin
FY16
COIN —
NDAQ 22.6%
FY17
COIN —
NDAQ 25.1%
FY18
COIN —
NDAQ 24.0%
FY19
COIN −8.6%
NDAQ 23.9%
FY20
COIN 32.0%
NDAQ 21.9%
FY21
COIN 39.2%
NDAQ 24.5%
FY22
COIN −84.9%
NDAQ 25.1%
FY23
COIN −5.2%
NDAQ 26.0%
FY24
COIN 35.2%
NDAQ 24.3%
FY25
COIN 20.0%
NDAQ 28.2%
COIN
NDAQ
Free cash flow
FY16
COIN —
NDAQ $642M
FY17
COIN —
NDAQ $765M
FY18
COIN —
NDAQ $917M
FY19
COIN −$114M
NDAQ $836M
FY20
COIN $284M
NDAQ $1.1B
FY21
COIN $4.0B
NDAQ $920M
FY22
COIN −$1.6B
NDAQ $1.6B
FY23
COIN $673M
NDAQ $1.5B
FY24
COIN $3.0B
NDAQ $1.7B
FY25
COIN $2.3B
NDAQ $2.0B
COIN
NDAQ
Return on capital
FY16
COIN —
NDAQ 8.4%
FY17
COIN —
NDAQ 9.3%
FY18
COIN —
NDAQ 5.7%
FY19
COIN —
NDAQ 9.2%
FY20
COIN —
NDAQ —
FY21
COIN —
NDAQ —
FY22
COIN —
NDAQ 10.4%
FY23
COIN —
NDAQ 7.5%
FY24
COIN 43.3%
NDAQ 6.8%
FY25
COIN 14.5%
NDAQ 9.5%
COIN
NDAQ
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.