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 $97.2B against $36.2B — 2.7× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Intercontinental Exchange Inc. trades at 23.6×. Intercontinental Exchange Inc. grew revenue faster over the last twelve months: 11.9% against −26.6%. Intercontinental Exchange Inc. has the higher net margin (38.1% vs −12.5%) and the higher return on invested capital (8.08% vs 0.77%). Across the 19 metrics below, Intercontinental Exchange Inc. leads on 13 and Coinbase Global, Inc. on 6.

Valuation

Metric COIN ICE Financial Data & Stock Exchanges median
P/E n/m 23.56 24.85
P/S 6.51 8.96 6.75
P/B 2.63 3.26 4.56
Price to free cash flow 46.46 20.23 20.23
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (1.89%) 4.24% 4.00%
Free cash flow yield 2.15% 4.94% 4.59%

Profitability

Metric COIN ICE Financial Data & Stock Exchanges median
Gross margin 85.81% 98.65% 72.83%
Operating margin 3.56% 52.26% 29.06%
Net margin (12.46%) 38.14% 25.36%
Free cash flow margin 20.25% 44.27% 32.14%
Return on equity (4.68%) 14.20% 17.00%
Return on assets (2.39%) 2.62% 8.22%
Return on invested capital 0.77% 8.08% 10.55%

Growth

Metric COIN ICE Financial Data & Stock Exchanges median
Revenue growth (TTM) (26.62%) 11.92% 10.44%
EPS growth (last fiscal year) (53.06%) 20.71% 13.54%
Revenue growth, 5-year CAGR 41.24% 10.47% 9.24%
Net income growth, 5-year CAGR 31.35% 9.68% 10.85%

Health

Metric COIN ICE Financial Data & Stock Exchanges median
Debt to equity 0.80 0.68 0.67
Current ratio 2.42 1.03 1.04
Net debt to EBITDA 0.66 2.53 1.20

Dividend

Metric COIN ICE Financial Data & Stock Exchanges median
Dividend yield — 1.17% 1.13%
Payout ratio — 0.28 0.29

Size

Metric COIN ICE Financial Data & Stock Exchanges median
Market cap 36.22b 97.24b 38.07b

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