Coinbase Global, Inc. (COIN) vs Morningstar, Inc. (MORN)

Coinbase Global, Inc. and Morningstar, Inc. are both Financial Data & Stock Exchanges companies. Coinbase Global, Inc. is the larger, with a market value of $52.3B against $7.4B — 7.1× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Morningstar, Inc. trades at 18.5×. Morningstar, Inc. grew revenue faster over the last twelve months: 9.33% against −10.4%. Morningstar, Inc. has the higher net margin (16.4% vs −15.7%) and the higher return on invested capital (17.1% vs 2.62%). Across the 21 metrics below, Morningstar, Inc. leads on 15 and Coinbase Global, Inc. on 6.

Valuation

Metric COIN MORN Financial Data & Stock Exchanges median
P/E n/m 18.47 21.77
P/S 8.18 2.89 7.79
P/B 3.93 7.23 3.85
Price to free cash flow 47.08 14.89 18.75
EV/EBITDA 60.84 10.70 15.55
EV/Sales 8.45 3.35 6.94
Earnings yield (1.89%) 5.42% 4.49%
Free cash flow yield 2.12% 6.72% 4.68%

Profitability

Metric COIN MORN Financial Data & Stock Exchanges median
Gross margin 86.35% 62.24% 70.90%
Operating margin 9.86% 23.53% 29.55%
Net margin (15.72%) 16.43% 23.21%
Free cash flow margin 22.97% 19.38% 29.05%
Return on equity (7.85%) 31.96% 15.34%
Return on assets (3.96%) 11.13% 6.82%
Return on invested capital 2.62% 17.05% 9.96%

Growth

Metric COIN MORN Financial Data & Stock Exchanges median
Revenue growth (TTM) (10.35%) 9.33% 9.16%
EPS growth (last fiscal year) (53.06%) 3.38% —
Revenue growth, 5-year CAGR (1.74%) 11.97% 7.76%
Net income growth, 5-year CAGR (19.04%) 10.85% 9.78%

Health

Metric COIN MORN Financial Data & Stock Exchanges median
Debt to equity 0.82 1.67 0.48
Current ratio 2.42 1.06 1.06
Net debt to EBITDA 0.66 0.76 1.08

Dividend

Metric COIN MORN Financial Data & Stock Exchanges median
Dividend yield — 0.55% 1.16%
Payout ratio 0.00 2.75 0.42

Size

Metric COIN MORN Financial Data & Stock Exchanges median
Market cap 52.33b 7.37b 27.94b

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