Coinbase vs Nasdaq
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KIRA’s take AI analyst
I put Coinbase and Nasdaq side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Coinbase
COIN
4/10
5-year growthFCF marginReturn on capitalNet debt / EBITDA
Nasdaq
NDAQ
6/10
Revenue growthOperating marginNet marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.