Coinbase vs S&P Global
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The short version
- S&P Global is the larger business, with $15.3B of revenue in fiscal 2025 against $7.2B for Coinbase, about 2.1 times as much.
- Coinbase grew revenue faster (9.4%, against 7.9%).
- S&P Global kept more of each dollar of sales as operating profit (42.2% operating margin, against 20.0%).
- S&P Global turned more of its sales into free cash flow (35.6% FCF margin, against 31.9%).
- Coinbase earned a higher return on the capital invested in it (14.5%, against 11.7%).
| Latest fiscal year | COIN · FY25 | SPGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | $134.0B |
| Revenue | $7.2B | $15.3B |
| Free cash flow | $2.3B | $5.5B |
| Net income | $1.3B | $4.5B |
| Growth | ||
| Revenue growth | 9.4% | 7.9% |
| 5-year growth | 41.2% | 15.6% |
| Share count change | 5.1% | −2.2% |
| Profitability | ||
| Gross margin | — | 70.3% |
| Operating margin | 20.0% | 42.2% |
| Net margin | 17.6% | 29.2% |
| FCF margin | 31.9% | 35.6% |
| Return on capital | 14.5% | 11.7% |
| Return on equity | 10.1% | 13.9% |
| Balance sheet | ||
| Net debt | −$3.9B | $11.3B |
| Net debt / EBITDA | −2.4x | 1.5x |
| Dividends and buybacks | $790M | $6.2B |
| Valuation & quality | ||
| P/E | — | 28.5x |
| Piotroski F-score | 4 | 7 |
Revenue
FY16
COIN —
SPGI $5.7B
FY17
COIN —
SPGI $6.1B
FY18
COIN —
SPGI $6.3B
FY19
COIN $534M
SPGI $6.7B
FY20
COIN $1.3B
SPGI $7.4B
FY21
COIN $7.8B
SPGI $8.3B
FY22
COIN $3.2B
SPGI $11.2B
FY23
COIN $3.1B
SPGI $12.5B
FY24
COIN $6.6B
SPGI $14.2B
FY25
COIN $7.2B
SPGI $15.3B
COIN
SPGI
Operating margin
FY16
COIN —
SPGI 59.0%
FY17
COIN —
SPGI 42.6%
FY18
COIN —
SPGI 44.6%
FY19
COIN −8.6%
SPGI 48.2%
FY20
COIN 32.0%
SPGI 48.6%
FY21
COIN 39.2%
SPGI 50.9%
FY22
COIN −84.9%
SPGI 44.2%
FY23
COIN −5.2%
SPGI 32.2%
FY24
COIN 35.2%
SPGI 39.3%
FY25
COIN 20.0%
SPGI 42.2%
COIN
SPGI
Free cash flow
FY16
COIN —
SPGI $1.4B
FY17
COIN —
SPGI $1.9B
FY18
COIN —
SPGI $2.0B
FY19
COIN −$114M
SPGI $2.7B
FY20
COIN $284M
SPGI $3.5B
FY21
COIN $4.0B
SPGI $3.6B
FY22
COIN −$1.6B
SPGI $2.5B
FY23
COIN $673M
SPGI $3.6B
FY24
COIN $3.0B
SPGI $5.6B
FY25
COIN $2.3B
SPGI $5.5B
COIN
SPGI
Return on capital
FY16
COIN —
SPGI 114.2%
FY17
COIN —
SPGI 114.2%
FY18
COIN —
SPGI 124.1%
FY19
COIN —
SPGI 126.8%
FY20
COIN —
SPGI —
FY21
COIN —
SPGI —
FY22
COIN —
SPGI 16.2%
FY23
COIN —
SPGI 7.0%
FY24
COIN 43.3%
SPGI 10.0%
FY25
COIN 14.5%
SPGI 11.7%
COIN
SPGI
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.