Recent News
On October 21, 2025 Coinbase announced a roughly $375 million acquisition of Echo to integrate token-sale and fundraising tools into its platform. On August 5, 2025 Coinbase launched a private offering of convertible senior notes, ultimately pricing an upsized $2.6 billion offering to fund corporate uses including capped-call hedges and potential acquisitions. Reports in the last week indicated Coinbase plans to increase its stake in Indian exchange CoinDCX, valuing that business at about $2.45 billion. Coinbase also summarized product and payments initiatives at its State of Crypto Summit, including merchant USDC payments on Base and DEX integration into its app.
Technical Analysis
Directional indicators show no established trend; ADX sits at 17.93, indicating a lack of a strong directional trend, while DI+ decreased and DI- increased—a directional setup that favors downside pressure relative to the current valuation and recent price action.
MACD momentum weakened: MACD measured 0.02 with a declining trajectory and sits below the MACD signal at 4.71, signaling falling bullish momentum against the near-term valuation and reducing the probability of sustained upside continuation in the coming weeks.
MRO reads 27.97 with a peak-and-reversal pattern, which implies price currently sits above the model target and faces a higher probability of downward pressure back toward fair-value metrics embedded in the valuation.
RSI at 50.59 with a decreasing trend indicates momentum faded from recent highs; RSI neutrality coupled with declining momentum supports a consolidation bias rather than a fresh breakout, given the current WMDST valuation posture.
Price sits below short-term averages—20-day average $351.41 and 50-day average $329.30—while remaining above the 200-day average $279.63. This alignment shows intermediate support from the longer-term trend but short-term resistance from recent moving averages, consistent with a volatility-led consolidation phase around the present valuation.
Bollinger bands place the close slightly below the 1× lower band (lower 1σ $324.65 vs close $322.76), reinforcing near-term dispersion and higher intraday volatility; Ichimoku baselines (Kijun $352.78, Tenkan $356.32) sit above price and act as nearby resistance aligned with the technical consolidation view.
Fundamental Analysis
Profitability and cash flow: net income totaled $1,428,900,000 and EBIT reached $1,844,308,000. EBITDA measured $1,878,209,000. WMDST-recorded EBIT margin measures 123.18%, which sits above the industry peer mean of 46.11% and above the industry peer high in the provided peer range, indicating materially elevated operating profitability on the reported period.
Earnings per share outperformed estimates: reported EPS $5.14 versus an estimate of $1.51, producing an EPS surprise of $3.63 and an EPS surprise ratio of approximately 240%. That magnitude of surprise materially altered near-term earnings visibility and underpins improvements in several return metrics.
Returns: return on equity stands at 11.81% and return on assets at 6.32%, both improved QoQ (ROE QoQ +17.84%, ROA QoQ +20.36%) and showing positive year-over-year gains where reported. Interest coverage remains strong at 89.81x despite year-over-year compression, supporting debt service capacity relative to current leverage.
Growth and margins: reported total revenue $1,497,208,000 with revenue growth year-over-year at 130.04% and revenue growth quarter-over-quarter at 152.70% as provided. Gross margin sits at 71.53% with slight QoQ and YoY compression, while operating margin shows a negative -2.228% with a notable QoQ decline; these mixed margin signals reflect strong top-line scaling and discrete operating timing items in the period.
Capital structure and liquidity: cash and short-term investments total $9,546,635,000 and cash ratio measures 1.1599; current ratio at 2.1250 remains above the industry peer mean of 1.6513. Debt to assets equals 18.78% with debt-to-equity at 0.3646, putting leverage below many peers in the provided range while preserving flexibility to execute on strategic buys and the recently announced capital markets transactions.
Valuation context: price multiples carry elevated levels—trailing PE ~62.1 and P/B ~6.70 (P/B exceeds the provided industry peer high of 6.10). WMDST values the stock as over-valued, reflecting stretched market multiples versus the firm’s operating profile despite strong reported EPS and cash metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-11-06 |
| CASH FLOW | Begin Period Cash Flow | $ 13.3 B |
| Operating Cash Flow | $ 328.5 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 90.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -669.63 M | |
| End Period Cash Flow | $ 12.6 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.5 B | |
| Forward Revenue | $ 60.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 426.2 M | |
| Depreciation | $ 33.9 M | |
| Depreciation and Amortization | $ 33.9 M | |
| Research and Development | $ 387.3 M | |
| Total Operating Expenses | $ 1.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.1 B | |
| EBITDA | $ 1.9 B | |
| EBIT | $ 1.8 B | |
| Operating Income | $ -33.35 M | |
| Interest Income | — | |
| Interest Expense | $ 20.5 M | |
| Net Interest Income | $ -20.54 M | |
| Income Before Tax | $ 1.8 B | |
| Tax Provision | $ 394.9 M | |
| Tax Rate | 21.7 % | |
| Net Income | $ 1.4 B | |
| Net Income From Continuing Operations | $ 1.4 B | |
| EARNINGS | ||
| EPS Estimate | $ 1.51 | |
| EPS Actual | $ 5.14 | |
| EPS Difference | $ 3.63 | |
| EPS Surprise | 240.397 % | |
| Forward EPS | $ 0.89 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 23.5 B | |
| Intangible Assets | $ 1.2 B | |
| Net Tangible Assets | $ 10.9 B | |
| Total Current Assets | $ 17.5 B | |
| Cash and Short-Term Investments | $ 9.5 B | |
| Cash | $ 7.5 B | |
| Net Receivables | $ 137.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 37.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 68.5 M | |
| Short-Term Debt | $ 1.3 B | |
| Total Current Liabilities | $ 8.2 B | |
| Net Debt | — | |
| Total Debt | $ 4.4 B | |
| Total Liabilities | $ 11.4 B | |
| EQUITY | ||
| Total Equity | $ 12.1 B | |
| Retained Earnings | $ 6.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 47.17 | |
| Shares Outstanding | 256.433 M | |
| Revenue Per-Share | $ 5.84 | |
| VALUATION | Market Capitalization | $ 81.0 B |
| Enterprise Value | $ 75.9 B | |
| Enterprise Multiple | 40.394 | |
| Enterprise Multiple QoQ | -88.178 % | |
| Enterprise Multiple YoY | -100.429 % | |
| Enterprise Multiple IPRWA | high: 382.869 mean: 65.968 median: 65.727 COIN: 40.394 low: -385.981 |
|
| EV/R | 50.673 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.941 | |
| Asset To Liability | 2.063 | |
| Debt To Capital | 0.267 | |
| Debt To Assets | 0.188 | |
| Debt To Assets QoQ | -5.561 % | |
| Debt To Assets YoY | 1175.153 % | |
| Debt To Assets IPRWA | high: 0.84 median: 0.197 mean: 0.189 COIN: 0.188 low: 0.0 |
|
| Debt To Equity | 0.365 | |
| Debt To Equity QoQ | -11.698 % | |
| Debt To Equity YoY | -27.819 % | |
| Debt To Equity IPRWA | high: 2.968 mean: 0.893 median: 0.815 COIN: 0.365 low: -0.953 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.697 | |
| Price To Book QoQ | 33.804 % | |
| Price To Book YoY | -2.063 % | |
| Price To Book IPRWA | COIN: 6.697 high: 6.103 median: 3.546 mean: 3.242 low: -0.233 |
|
| Price To Earnings (P/E) | 62.074 | |
| Price To Earnings QoQ | -92.762 % | |
| Price To Earnings YoY | -96.23 % | |
| Price To Earnings IPRWA | high: 167.136 mean: 83.507 median: 76.585 COIN: 62.074 low: -57.167 |
|
| PE/G Ratio | 0.03 | |
| Price To Sales (P/S) | 54.104 | |
| Price To Sales QoQ | 110.053 % | |
| Price To Sales YoY | 37.012 % | |
| Price To Sales IPRWA | high: 81.86 COIN: 54.104 mean: 28.754 median: 24.971 low: -43.485 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 283.58 | |
| Forward PE/G | 0.139 | |
| Forward P/S | 1351.176 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -64.055 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.066 | |
| Asset Turnover Ratio QoQ | -27.922 % | |
| Asset Turnover Ratio YoY | 1349.453 % | |
| Asset Turnover Ratio IPRWA | high: 0.28 COIN: 0.066 mean: 0.041 median: 0.017 low: -0.117 |
|
| Receivables Turnover | 10.527 | |
| Receivables Turnover Ratio QoQ | -29.565 % | |
| Receivables Turnover Ratio YoY | 87.655 % | |
| Receivables Turnover Ratio IPRWA | COIN: 10.527 high: 10.222 mean: 1.633 median: 0.175 low: 0.035 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 8.668 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.162 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 15.1 B | |
| Net Invested Capital | $ 16.3 B | |
| Invested Capital | $ 16.3 B | |
| Net Tangible Assets | $ 10.9 B | |
| Net Working Capital | $ 9.3 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.16 | |
| Current Ratio | 2.125 | |
| Current Ratio QoQ | -15.586 % | |
| Current Ratio YoY | 106.092 % | |
| Current Ratio IPRWA | high: 7.864 COIN: 2.125 mean: 1.651 median: 1.182 low: 0.007 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.348 | |
| Cost Of Debt | 0.368 % | |
| Interest Coverage Ratio | 89.813 | |
| Interest Coverage Ratio QoQ | 1689.07 % | |
| Interest Coverage Ratio YoY | -4735.768 % | |
| Interest Coverage Ratio IPRWA | COIN: 89.813 high: 77.744 mean: 12.926 median: 11.696 low: -32.493 |
|
| Operating Cash Flow Ratio | 0.18 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 11.894 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.03 % | |
| Revenue Growth | -26.402 % | |
| Revenue Growth QoQ | 152.699 % | |
| Revenue Growth YoY | 130.043 % | |
| Revenue Growth IPRWA | high: 108.319 % mean: 9.349 % median: 4.501 % COIN: -26.402 % low: -129.816 % |
|
| Earnings Growth | 2041.667 % | |
| Earnings Growth QoQ | -2252.023 % | |
| Earnings Growth YoY | -2283.881 % | |
| Earnings Growth IPRWA | COIN: 2041.667 % high: 70.0 % median: -4.167 % mean: -4.834 % low: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 71.532 % | |
| Gross Margin QoQ | -4.994 % | |
| Gross Margin YoY | -4.618 % | |
| Gross Margin IPRWA | high: 99.211 % COIN: 71.532 % median: 66.92 % mean: 64.352 % low: 0.618 % |
|
| EBIT Margin | 123.183 % | |
| EBIT Margin QoQ | 2333.485 % | |
| EBIT Margin YoY | -4594.09 % | |
| EBIT Margin IPRWA | COIN: 123.183 % high: 81.223 % median: 46.113 % mean: 46.111 % low: -61.06 % |
|
| Return On Sales (ROS) | -2.228 % | |
| Return On Sales QoQ | -144.014 % | |
| Return On Sales YoY | -18.716 % | |
| Return On Sales IPRWA | high: 66.743 % median: 43.746 % mean: 38.012 % COIN: -2.228 % low: -44.966 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 328.5 M | |
| Free Cash Flow Yield | 0.405 % | |
| Free Cash Flow Yield QoQ | -216.046 % | |
| Free Cash Flow Yield YoY | -52.128 % | |
| Free Cash Flow Yield IPRWA | high: 17.702 % mean: 1.821 % median: 1.577 % COIN: 0.405 % low: -16.617 % |
|
| Free Cash Growth | -279.762 % | |
| Free Cash Growth QoQ | 135.207 % | |
| Free Cash Growth YoY | -1683.17 % | |
| Free Cash Growth IPRWA | high: 579.954 % median: -51.153 % mean: -60.839 % COIN: -279.762 % low: -602.593 % |
|
| Free Cash To Net Income | 0.23 | |
| Cash Flow Margin | 98.73 % | |
| Cash Flow To Earnings | 1.034 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 6.322 % | |
| Return On Assets QoQ | 2035.811 % | |
| Return On Assets YoY | 57372.727 % | |
| Return On Assets IPRWA | COIN: 6.322 % high: 4.8 % mean: 1.068 % median: 0.519 % low: -5.111 % |
|
| Return On Capital Employed (ROCE) | 12.098 % | |
| Return On Equity (ROE) | 0.118 | |
| Return On Equity QoQ | 1784.211 % | |
| Return On Equity YoY | 2634.722 % | |
| Return On Equity IPRWA | high: 0.177 COIN: 0.118 mean: 0.055 median: 0.037 low: -0.151 |
|
| DuPont ROE | 12.666 % | |
| Return On Invested Capital (ROIC) | 8.84 % | |
| Return On Invested Capital QoQ | 1487.074 % | |
| Return On Invested Capital YoY | 2155.102 % | |
| Return On Invested Capital IPRWA | high: 16.804 % COIN: 8.84 % mean: 4.636 % median: 3.535 % low: -11.843 % |
|