Coinbase
COIN · Financial Exchanges & Data
$164.45
2.7%Visa
V · Transaction & Payment Processing Services
$407.92
1.5%The short version
- Visa is the larger business, with $40.0B of revenue in fiscal 2025 against $7.2B for Coinbase, about 5.6 times as much.
- Visa grew revenue faster (11.3%, against 9.4%).
- Visa kept more of each dollar of sales as operating profit (60.0% operating margin, against 20.0% operating margin).
- Visa turned more of its sales into free cash flow (53.9% FCF margin, against 31.9% FCF margin).
- Visa earned a higher return on the capital invested in it (42.4%, against 14.5%).
| Latest fiscal year | COIN · FY25 | V · FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | — |
| Revenue | $7.2B | $40.0B |
| Free cash flow | $2.3B | $21.6B |
| Net income | $1.3B | $20.1B |
| Growth | ||
| Revenue growth | 9.4% | 11.3% |
| 5-year growth | 41.2% | 12.9% |
| Share count change | 5.1% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.0% | 60.0% |
| Net margin | 17.6% | 50.1% |
| FCF margin | 31.9% | 53.9% |
| Return on capital | 14.5% | 42.4% |
| Return on equity | 10.1% | 52.1% |
| Balance sheet | ||
| Net debt | −$3.9B | $8.0B |
| Net debt / EBITDA | −2.4x | 0.3x |
| Dividends and buybacks | $790M | $23.0B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 4 | — |
FY16
COIN —
V $15.1B
FY17
COIN —
V $18.4B
FY18
COIN —
V $20.6B
FY19
COIN $534M
V $23.0B
FY20
COIN $1.3B
V $21.8B
FY21
COIN $7.8B
V $24.1B
FY22
COIN $3.2B
V $29.3B
FY23
COIN $3.1B
V $32.7B
FY24
COIN $6.6B
V $35.9B
FY25
COIN $7.2B
V $40.0B
COIN
V
FY16
COIN —
V 52.3%
FY17
COIN —
V 66.2%
FY18
COIN —
V 62.9%
FY19
COIN −8.6%
V 65.3%
FY20
COIN 32.0%
V 64.5%
FY21
COIN 39.2%
V 65.6%
FY22
COIN −84.9%
V 64.2%
FY23
COIN −5.2%
V 64.3%
FY24
COIN 35.2%
V 65.7%
FY25
COIN 20.0%
V 60.0%
COIN
V
FY16
COIN —
V $5.1B
FY17
COIN —
V $8.6B
FY18
COIN —
V $12.2B
FY19
COIN −$114M
V $12.0B
FY20
COIN $284M
V $9.7B
FY21
COIN $4.0B
V $14.5B
FY22
COIN −$1.6B
V $17.9B
FY23
COIN $673M
V $19.7B
FY24
COIN $3.0B
V $18.7B
FY25
COIN $2.3B
V $21.6B
COIN
V
FY16
COIN —
V 17.0%
FY17
COIN —
V 16.8%
FY18
COIN —
V 26.5%
FY19
COIN —
V 31.0%
FY20
COIN —
V 27.8%
FY21
COIN —
V —
FY22
COIN —
V —
FY23
COIN —
V 40.5%
FY24
COIN 43.3%
V 42.9%
FY25
COIN 14.5%
V 42.4%
COIN
V
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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.