Coinbase vs S&P Global
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KIRA’s take AI analyst
I put Coinbase and S&P Global side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Coinbase
COIN
4/10
Revenue growth5-year growthReturn on capitalNet debt / EBITDA
S&P Global
SPGI
6/10
Operating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | COIN FY25 | SPGI FY25 |
|---|---|---|
| Size | ||
| Market cap | $42.0B | $134.1B |
| 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 |
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.