Coinbase Global, Inc.
COIN Financial Financial Data & Stock Exchanges
Coinbase Global, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 9.40% from fiscal 2024. In the quarter to June 2026, revenue fell 18.5%, EPS fell 124.3%, free cash flow grew 128.5% and total debt rose 154.3%, each against the same quarter a year earlier. Member of the S&P 500.
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Coinbase Global, Inc. (COIN) Beneish M-score
Coinbase Global, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.97 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.62 | — | 0.65 | |
| Sales growth index | 1.09 | — | 0.98 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 1.25 | — | −0.22 | |
| Total accruals to total assets | (0.04) | — | −0.18 | |
| Leverage index | 0.91 | — | −0.30 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NDAQ Nasdaq, Inc. compare | — |
| CBOE Cboe Global Markets, Inc. compare | — |
| MSCI MSCI Inc compare | — |
| MCO Moody's Corporation compare | — |
| ICE Intercontinental Exchange Inc. compare | — |
| TRU TransUnion compare | — |
| COIN Coinbase Global, Inc. | — |
| SPGI S&P Global Inc. compare | — |
| CME CME Group Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI
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