Coinbase Global, Inc. (COIN) vs Intercontinental Exchange Inc. (ICE)

Coinbase Global, Inc. and Intercontinental Exchange Inc. are both Financial Data & Stock Exchanges companies. Intercontinental Exchange Inc. is the larger, with a market value of $88.9B against $48.5B — 1.8× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Intercontinental Exchange Inc. trades at 22.7×. Intercontinental Exchange Inc. grew revenue faster over the last twelve months: 8.98% against −10.4%. Intercontinental Exchange Inc. has the higher net margin (38.3% vs −15.7%) and the higher return on invested capital (7.48% vs 2.62%). Across the 19 metrics below, Intercontinental Exchange Inc. leads on 14 and Coinbase Global, Inc. on 5.

Valuation

Metric COIN ICE Financial Data & Stock Exchanges median
P/E n/m 22.69 23.59
P/S 7.26 8.63 6.89
P/B 3.49 3.08 4.00
Price to free cash flow 41.79 19.63 19.63
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (2.13%) 4.41% 4.04%
Free cash flow yield 2.39% 5.09% 4.39%

Profitability

Metric COIN ICE Financial Data & Stock Exchanges median
Gross margin 86.35% 98.59% 70.90%
Operating margin 9.86% 51.78% 28.27%
Net margin (15.72%) 38.25% 22.52%
Free cash flow margin 22.97% 43.96% 28.57%
Return on equity (7.85%) 13.89% 15.12%
Return on assets (3.96%) 2.54% 6.82%
Return on invested capital 2.62% 7.48% 9.96%

Growth

Metric COIN ICE Financial Data & Stock Exchanges median
Revenue growth (TTM) (10.35%) 8.98% 9.16%
EPS growth (last fiscal year) (53.06%) 20.71% 15.41%
Revenue growth, 5-year CAGR 41.24% 10.47% 8.62%
Net income growth, 5-year CAGR 31.35% 9.68% 10.27%

Health

Metric COIN ICE Financial Data & Stock Exchanges median
Debt to equity 0.82 0.63 0.48
Current ratio 2.42 1.01 1.06
Net debt to EBITDA 0.66 2.53 1.19

Dividend

Metric COIN ICE Financial Data & Stock Exchanges median
Dividend yield — 1.58% 1.28%
Payout ratio — 0.36 0.32

Size

Metric COIN ICE Financial Data & Stock Exchanges median
Market cap 48.50b 88.93b 32.17b

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