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 $48.5B against $7.9B — 6.2× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Morningstar, Inc. trades at 19.5×. 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 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 19.54 23.59
P/S 7.26 3.05 6.89
P/B 3.49 7.66 4.00
Price to free cash flow 41.79 15.76 19.63
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (2.13%) 5.12% 4.04%
Free cash flow yield 2.39% 6.35% 4.39%

Profitability

Metric COIN MORN Financial Data & Stock Exchanges median
Gross margin 86.35% 62.24% 70.90%
Operating margin 9.86% 23.53% 28.27%
Net margin (15.72%) 16.43% 22.52%
Free cash flow margin 22.97% 19.38% 28.57%
Return on equity (7.85%) 31.96% 15.12%
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% 15.41%
Revenue growth, 5-year CAGR 41.24% 11.97% 8.62%
Net income growth, 5-year CAGR 31.35% 10.85% 10.27%

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 1.19

Dividend

Metric COIN MORN Financial Data & Stock Exchanges median
Dividend yield — 0.96% 1.28%
Payout ratio — 0.19 0.32

Size

Metric COIN MORN Financial Data & Stock Exchanges median
Market cap 48.50b 7.85b 32.17b

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