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 $36.2B against $9.2B — 3.9× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Morningstar, Inc. trades at 21.5×. Morningstar, Inc. grew revenue faster over the last twelve months: 9.43% against −26.6%. Morningstar, Inc. has the higher net margin (17.0% vs −12.5%) and the higher return on invested capital (18.5% vs 0.77%). Across the 19 metrics below, Morningstar, Inc. leads on 11 and Coinbase Global, Inc. on 8.

Valuation

Metric COIN MORN Financial Data & Stock Exchanges median
P/E n/m 21.46 24.85
P/S 6.51 3.53 6.75
P/B 2.63 9.01 4.56
Price to free cash flow 46.46 18.76 20.23
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (1.89%) 4.66% 4.00%
Free cash flow yield 2.15% 5.33% 4.59%

Profitability

Metric COIN MORN Financial Data & Stock Exchanges median
Gross margin 85.81% 63.07% 72.83%
Operating margin 3.56% 24.55% 29.06%
Net margin (12.46%) 17.00% 25.36%
Free cash flow margin 20.25% 18.80% 32.14%
Return on equity (4.68%) 35.08% 17.00%
Return on assets (2.39%) 11.87% 8.22%
Return on invested capital 0.77% 18.45% 10.55%

Growth

Metric COIN MORN Financial Data & Stock Exchanges median
Revenue growth (TTM) (26.62%) 9.43% 10.44%
EPS growth (last fiscal year) (53.06%) 3.38% 13.54%
Revenue growth, 5-year CAGR 41.24% 11.97% 9.24%
Net income growth, 5-year CAGR 31.35% 10.85% 10.85%

Health

Metric COIN MORN Financial Data & Stock Exchanges median
Debt to equity 0.80 1.64 0.67
Current ratio 2.42 1.05 1.04
Net debt to EBITDA 0.66 0.76 1.20

Dividend

Metric COIN MORN Financial Data & Stock Exchanges median
Dividend yield — 0.81% 1.13%
Payout ratio — 0.17 0.29

Size

Metric COIN MORN Financial Data & Stock Exchanges median
Market cap 36.22b 9.17b 38.07b

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