Coinbase vs Intercontinental Exchange
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The short version
- Intercontinental Exchange is the larger business, with $12.6B of revenue in fiscal 2025 against $7.2B for Coinbase, about 1.8 times as much.
- Coinbase grew revenue faster (9.4%, against 7.5%).
- Intercontinental Exchange kept more of each dollar of sales as operating profit (39.0% operating margin, against 20.0%).
- Intercontinental Exchange turned more of its sales into free cash flow (33.9% FCF margin, against 31.9%).
- Coinbase earned a higher return on the capital invested in it (14.5%, against 7.7%).
| Latest fiscal year | COIN · FY25 | ICE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | $92.1B |
| Revenue | $7.2B | $12.6B |
| Free cash flow | $2.3B | $4.3B |
| Net income | $1.3B | $3.3B |
| Growth | ||
| Revenue growth | 9.4% | 7.5% |
| 5-year growth | 41.2% | 8.9% |
| Share count change | 5.1% | −0.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.0% | 39.0% |
| Net margin | 17.6% | 26.2% |
| FCF margin | 31.9% | 33.9% |
| Return on capital | 14.5% | 7.7% |
| Return on equity | 10.1% | 11.7% |
| Balance sheet | ||
| Net debt | −$3.9B | $19.8B |
| Net debt / EBITDA | −2.4x | 3.1x |
| Dividends and buybacks | $790M | $2.4B |
| Valuation & quality | ||
| P/E | — | 23.0x |
| Piotroski F-score | 4 | 8 |
Revenue
FY16
COIN —
ICE $6.0B
FY17
COIN —
ICE $5.8B
FY18
COIN —
ICE $6.3B
FY19
COIN $534M
ICE $6.5B
FY20
COIN $1.3B
ICE $8.2B
FY21
COIN $7.8B
ICE $9.2B
FY22
COIN $3.2B
ICE $9.6B
FY23
COIN $3.1B
ICE $9.9B
FY24
COIN $6.6B
ICE $11.8B
FY25
COIN $7.2B
ICE $12.6B
COIN
ICE
Operating margin
FY16
COIN —
ICE 36.4%
FY17
COIN —
ICE 40.7%
FY18
COIN —
ICE 41.2%
FY19
COIN −8.6%
ICE 40.8%
FY20
COIN 32.0%
ICE 36.8%
FY21
COIN 39.2%
ICE 37.6%
FY22
COIN −84.9%
ICE 37.8%
FY23
COIN −5.2%
ICE 37.3%
FY24
COIN 35.2%
ICE 36.6%
FY25
COIN 20.0%
ICE 39.0%
COIN
ICE
Free cash flow
FY16
COIN —
ICE $1.9B
FY17
COIN —
ICE $1.9B
FY18
COIN —
ICE $2.4B
FY19
COIN −$114M
ICE $2.5B
FY20
COIN $284M
ICE $2.7B
FY21
COIN $4.0B
ICE $2.9B
FY22
COIN −$1.6B
ICE $3.3B
FY23
COIN $673M
ICE $3.4B
FY24
COIN $3.0B
ICE $4.2B
FY25
COIN $2.3B
ICE $4.3B
COIN
ICE
Return on capital
FY16
COIN —
ICE 6.7%
FY17
COIN —
ICE 10.2%
FY18
COIN —
ICE —
FY19
COIN —
ICE —
FY20
COIN —
ICE —
FY21
COIN —
ICE —
FY22
COIN —
ICE —
FY23
COIN —
ICE 7.0%
FY24
COIN 43.3%
ICE 6.7%
FY25
COIN 14.5%
ICE 7.7%
COIN
ICE
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.