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Held by 1,102 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $790.2M buybacks = $790.2M returned on $2.43B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for a bank.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest is easily covered by operating profit. Effective rate ~1.3% on $6.39B of debt.
Cash of $11.29B fully covers short-term debt of $452.1M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
A reverse discounted cash flow is not shown for a bank.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Classified from the filings: SIC code.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $7.18B 100.0% | $6.56B 100.0% | $3.11B 100.0% | $3.19B 100.0% | $7.84B 100.0% | $1.28B 100.0% | $533.7M 100.0% |
| Research & Development | $1.67B 23.3% | $1.47B 22.4% | $1.32B 42.6% | $2.33B 72.8% | $1.29B 16.5% | $271.7M 21.3% | $185.0M 34.7% |
| Selling, General & Admin | $1.62B 22.6% | $1.30B 19.8% | $1.07B 34.6% | $1.60B 50.1% | $909.4M 11.6% | $279.9M 21.9% | $231.9M 43.5% |
| Total Operating Expenses | $5.75B 80.0% | $4.26B 64.9% | $3.27B 105.2% | $5.90B 184.8% | $4.76B 60.8% | $868.5M 68.0% | $579.5M 108.6% |
| Operating Income | $1.44B 20.0% | $2.31B 35.1% | -$161.7M -5.2% | -$2.71B -84.8% | $3.08B 39.2% | $409.0M 32.0% | -$45.8M -8.6% |
| Interest Expense | $85.4M 1.2% | $80.6M 1.2% | $82.8M 2.7% | $88.9M 2.8% | $29.2M 0.4% | $0 0.0% | — |
| Other Income (Expense), net | $700.9M 9.8% | $29.1M 0.4% | $167.6M 5.4% | -$265.5M -8.3% | -$20.5M -0.3% | $248K 0.0% | $367K 0.1% |
| Pretax Income | $1.52B 21.2% | $2.94B 44.8% | -$76.8M -2.5% | -$3.06B -95.9% | $3.03B 38.6% | $409.2M 32.0% | -$45.4M -8.5% |
| Income Tax Expense | $261.7M 3.6% | $363.6M 5.5% | -$171.7M -5.5% | -$439.6M -13.8% | -$597.2M -7.6% | $86.9M 6.8% | -$15.0M -2.8% |
| Net Income | $1.30B 18.1% | $2.60B 39.6% | $100.0M 3.2% | -$2.60B -81.4% | $3.60B 45.9% | $322.3M 25.2% | -$30.4M -5.7% |
| Per Share | |||||||
| EPS (Basic) | $4.85 | $10.42 | $0.40 | -$11.81 | $17.47 | $1.58 | -$0.50 |
| EPS (Diluted) | $4.45 | $9.48 | $0.37 | -$11.83 | $14.50 | $1.40 | -$0.50 |
| Weighted Avg Shares (Basic) | 260.1M | 247.4M | 235.8M | 222.3M | 177.3M | 68.7M | 61.3M |
| Weighted Avg Shares (Diluted) | 287.2M | 273.4M | 254.4M | 222.3M | 220.0M | 91.2M | 61.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AXP | $207.3B | 20.0× | — | 5.0× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,932 |
| COIN | $45.6B | 38.9× | 25.1× | 6.3× | 9.4% | — | 17.6% | 8.5% | 5.9% | -3.0× | 1,102 |
| BMNP | $23.0B | 7.4× | 50.6× | — | 84.1% | 5.1% | — | 4.0% | 4.0% | -1.1× | — |
| SOFI | $18.4B | 36.5× | — | 29.6× | 23.1% | 1.7% | 77.7% | 4.6% | 3.9% | — | 916 |
| CHYM | $11.0B | — | — | 5.0× | 30.7% | 88.0% | -46.2% | -72.1% | -72.1% | — | 272 |
| HUT | $9.2B | — | — | 39.3× | 44.8% | 54.2% | -96.2% | -15.9% | -15.9% | — | 417 |
| WULF | $5.8B | — | — | 34.2× | 20.3% | 39.2% | -393% | -471% | -20.4% | — | 493 |
| DAVE | $4.6B | 26.4× | 23.1× | 8.2× | 59.7% | — | 35.3% | 55.5% | 55.5% | -0.4× | 336 |
| CIFR | $4.1B | — | — | 18.4× | 48.0% | 63.7% | -367% | -102% | -23.1% | — | 462 |
| GPGI | $3.6B | — | — | 60.4× | -85.8% | 48.1% | -227% | -55.9% | -55.9% | — | 192 |
| CLSK | $2.4B | — | 4.5× | 3.1× | 102% | 55.2% | 47.6% | 16.8% | 12.9% | 0.9× | 411 |
| UPST | $2.2B | 50.5× | 50.2× | 2.1× | 64.0% | — | 5.1% | 6.7% | 2.0% | 17.4× | 366 |
| WLTH | $1.6B | — | — | 4.5× | 18.2% | 89.6% | -11.5% | -6.8% | -6.8% | — | 137 |
| KEEL | $1.6B | — | — | 6.9× | 72.0% | -8.2% | -124% | -50.8% | -23.1% | — | — |
| PGY | $1.4B | 18.1× | 4.0× | 1.1× | 26.1% | 42.4% | 6.3% | 17.0% | 17.0% | -0.8× | — |
| WD | $1.1B | 19.5× | — | 0.9× | 9.0% | — | 4.6% | 3.2% | 3.2% | — | 259 |
| PWP | $1.0B | 27.7× | 12.2× | 1.3× | -14.5% | — | 4.7% | -27.9% | -27.9% | -4.2× | 161 |
| RHLD | $884M | — | 6.0× | 1.9× | 9.9% | 56.3% | -1.3% | -91.1% | -3.1% | 0.1× | 120 |
| BUR | $722M | 11.8× | — | 1.8× | -24.3% | — | 15.1% | 2.6% | 1.4% | — | 237 |
| QFIN | $692M | 1.8× | 0.0× | 0.3× | 16.8% | 84.4% | 31.1% | 24.8% | 24.8% | -0.7× | 156 |
| ABTC | $557M | — | — | 3.0× | 159% | 50.3% | -82.7% | -23.0% | -23.0% | — | 126 |
| HKD | $525M | 3.8× | 69.7× | 3.9× | 566% | — | 71.3% | 36.8% | 18.5% | — | 17 |
| FWDI | $518M | — | — | 28.5× | -9.0% | 28.5% | -918% | -11.4% | -11.4% | — | 3 |
| WYFI | $495M | — | — | 6.3× | 66.2% | 60.2% | -31.2% | -5.1% | -4.9% | — | 127 |
| OPRT | $404M | 16.6× | — | 0.4× | -4.5% | — | 2.6% | 6.5% | 6.5% | — | 132 |
Peers = companies sharing COIN's sector (Finance Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-14
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2019 | not reported | -8.6% | -5.7% |
| FY2020 | not reported | 32.0% | 25.2% |
| FY2021 | not reported | 39.2% | 46.2% |
| FY2022 | not reported | -84.8% | -82.2% |
| FY2023 | not reported | -5.2% | 3.1% |
| FY2024 | not reported | 35.1% | 39.3% |
| FY2025 | not reported | 20.0% | 17.6% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Where each multiple sits in its own 5-yr range · 44th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 9% against ROIC 6% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 10.1% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| R&D | 34.7 | 21.3 | 16.5 | 72.8 | 42.6 | 22.4 | 23.3 |
| SG&A | 43.5 | 21.9 | 11.6 | 50.1 | 34.6 | 19.8 | 22.6 |
| Operating Income | -8.6 | 32.0 | 39.2 | -84.8 | -5.2 | 35.1 | 20.0 |
| Income Tax | -2.8 | 6.8 | -7.6 | -13.8 | -5.5 | 5.5 | 3.6 |
| Net Income | -5.7 | 25.2 | 45.9 | -81.4 | 3.2 | 39.6 | 18.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on COIN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Leverage and buybacks account for 3 points of the 9% return on equity in FY2025. The business earns 6% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
Converts 2.31x of reported profit into free cash flow over 5 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.26B | $1.26B |
| Share-based comp | $839M | $2.10B |
| Other non-cash & working capital | $327M | $2.43B |
| Operating cash flow | $2.43B | $2.43B |
| Capex | $0 | $2.43B |
| Free cash flow | $2.43B | $2.43B |
| FCF after SBC | $1.59B | $1.59B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 139.3% | not reported | not reported |
| FY2021 | 513.7% | not reported | not reported |
| FY2022 | -59.3% | not reported | not reported |
| FY2023 | -2.7% | -23.6% | -20.9 points |
| FY2024 | 111.2% | 57.6% | -53.6 points |
| FY2025 | 9.4% | 15.8% | 6.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | not reported | not reported | not reported | not reported |
| FY2020 | not reported | not reported | not reported | not reported |
| FY2021 | not reported | not reported | not reported | not reported |
| FY2022 | 25.2 days | not reported | not reported | not reported |
| FY2023 | 19.8 days | not reported | not reported | not reported |
| FY2024 | 14.7 days | not reported | not reported | not reported |
| FY2025 | 15.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | not reported |
| FY2020 | 0.5 percent |
| FY2021 | -1.9 percent |
| FY2022 | -1.2 percent |
| FY2023 | -3.9 percent |
| FY2024 | -2.3 percent |
| FY2025 | -3.9 percent |
Reported free cash flow is $2.43B; after share-based compensation it is $1.59B. The difference is a real cost that the cash flow statement adds back. Buybacks of $790M covered 94% of the $839M charge, so the repurchase is absorbing dilution rather than returning capital.
Leverage is not measurable this way for a bank.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Funded by deposits, so debt-weighted leverage and a WACC are not defined. Capital adequacy (CET1, LCR) is the right question and is not collected yet.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $172.89, free cash flow must compound 14.93%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 1408.6% | 14.9% |
| FY2022 | −198.1% | 14.9% |
| FY2025 | −27.6% | 14.9% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.