Coinbase
COIN · Financial Exchanges & Data
$164.45
2.7%Jefferies
JEF · Multi-Sector Holdings
$44.79
1.9%The short version
- Jefferies is the larger business, with $7.3B of revenue in fiscal 2025 against $7.2B for Coinbase.
- Coinbase grew revenue faster (9.4%, against 4.4%).
- Coinbase turned more of its sales into free cash flow (31.9% FCF margin, against −23.2% FCF margin).
- Jefferies earned a higher return on the capital invested in it (26.1%, against 14.5%).
| Latest fiscal year | COIN · FY25 | JEF · FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | $10.0B |
| Revenue | $7.2B | $7.3B |
| Free cash flow | $2.3B | −$1.7B |
| Net income | $1.3B | $682M |
| Growth | ||
| Revenue growth | 9.4% | 4.4% |
| 5-year growth | 41.2% | 4.7% |
| Share count change | 5.1% | −0.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.0% | — |
| Net margin | 17.6% | 9.3% |
| FCF margin | 31.9% | −23.2% |
| Return on capital | 14.5% | 26.1% |
| Return on equity | 10.1% | 6.6% |
| Balance sheet | ||
| Net debt | −$3.9B | $3.6B |
| Net debt / EBITDA | −2.4x | 0.8x |
| Dividends and buybacks | $790M | $433M |
| Valuation & quality | ||
| P/E | — | 15.8x |
| Piotroski F-score | 4 | — |
FY16
COIN —
JEF $3.0B
FY17
COIN —
JEF $4.1B
FY18
COIN —
JEF $3.8B
FY19
COIN $534M
JEF $3.9B
FY20
COIN $1.3B
JEF $5.9B
FY21
COIN $7.8B
JEF $8.0B
FY22
COIN $3.2B
JEF $6.0B
FY23
COIN $3.1B
JEF $4.7B
FY24
COIN $6.6B
JEF $7.0B
FY25
COIN $7.2B
JEF $7.3B
COIN
JEF
FY16
COIN —
JEF —
FY17
COIN —
JEF —
FY18
COIN —
JEF —
FY19
COIN −8.6%
JEF —
FY20
COIN 32.0%
JEF —
FY21
COIN 39.2%
JEF —
FY22
COIN −84.9%
JEF —
FY23
COIN −5.2%
JEF —
FY24
COIN 35.2%
JEF —
FY25
COIN 20.0%
JEF —
COIN
JEF
FY16
COIN —
JEF —
FY17
COIN —
JEF —
FY18
COIN —
JEF —
FY19
COIN −$114M
JEF —
FY20
COIN $284M
JEF $1.9B
FY21
COIN $4.0B
JEF $1.4B
FY22
COIN −$1.6B
JEF $1.6B
FY23
COIN $673M
JEF −$1.9B
FY24
COIN $3.0B
JEF −$391M
FY25
COIN $2.3B
JEF −$1.7B
COIN
JEF
FY16
COIN —
JEF 0.5%
FY17
COIN —
JEF 2.6%
FY18
COIN —
JEF 2.8%
FY19
COIN —
JEF 4.8%
FY20
COIN —
JEF 14.9%
FY21
COIN —
JEF 25.4%
FY22
COIN —
JEF 17.3%
FY23
COIN —
JEF 21.0%
FY24
COIN 43.3%
JEF 26.2%
FY25
COIN 14.5%
JEF 26.1%
COIN
JEF
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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.