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 $88.0B against $52.3B — 1.7× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Intercontinental Exchange Inc. trades at 21.7×. 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 21 metrics below, Intercontinental Exchange Inc. leads on 17 and Coinbase Global, Inc. on 4.

Valuation

Metric COIN ICE Financial Data & Stock Exchanges median
P/E n/m 21.67 21.77
P/S 8.18 8.24 7.79
P/B 3.93 2.94 3.85
Price to free cash flow 47.08 18.75 18.75
EV/EBITDA 60.84 14.93 15.55
EV/Sales 8.45 9.92 6.94
Earnings yield (1.89%) 4.61% 4.49%
Free cash flow yield 2.12% 5.33% 4.68%

Profitability

Metric COIN ICE Financial Data & Stock Exchanges median
Gross margin 86.35% 98.59% 70.90%
Operating margin 9.86% 51.78% 29.55%
Net margin (15.72%) 38.25% 23.21%
Free cash flow margin 22.97% 43.96% 29.05%
Return on equity (7.85%) 13.89% 15.34%
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% —
Revenue growth, 5-year CAGR (1.74%) 10.47% 7.76%
Net income growth, 5-year CAGR (19.04%) 9.68% 9.78%

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 1.08

Dividend

Metric COIN ICE Financial Data & Stock Exchanges median
Dividend yield — 1.35% 1.16%
Payout ratio 0.00 0.53 0.42

Size

Metric COIN ICE Financial Data & Stock Exchanges median
Market cap 52.33b 87.99b 27.94b

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