Coinbase vs Robinhood
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KIRAβs take AI analyst
I put Coinbase and Robinhood side by side, using each oneβs latest annual report. Here is what stands out:
- Coinbase is the larger business, with $7.2B of revenue in fiscal 2025 against $4.5B for Robinhood, about 1.6 times as much.
- Robinhood grew revenue faster (51.6%, against 9.4%).
- Robinhood turned more of its sales into free cash flow (36.3% FCF margin, against 31.9%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Coinbase
COIN
1/6
5-year growth
Robinhood
HOOD
5/6
Revenue growthNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | COIN FY25 | HOOD FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.0B | $84.7B |
| Revenue | $7.2B | $4.5B |
| Free cash flow | $2.3B | $1.6B |
| Net income | $1.3B | $1.9B |
| Growth | ||
| Revenue growth | 9.4% | 51.6% |
| 5-year growth | 41.2% | 36.1% |
| Share count change | 5.1% | 1.4% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 20.0% | β |
| Net margin | 17.6% | 42.1% |
| FCF margin | 31.9% | 36.3% |
| Return on capital | 14.5% | β |
| Return on equity | 10.1% | 22.0% |
| Balance sheet | ||
| Net debt | β$3.9B | β |
| Net debt / EBITDA | β2.4x | β |
| Dividends and buybacks | $790M | $653M |
| Valuation & quality | ||
| P/E | β | 40.9x |
| Piotroski F-score | 4 | β |
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.