Coinbase Global, Inc. (COIN) vs MSCI Inc (MSCI)

Coinbase Global, Inc. and MSCI Inc are both Financial Data & Stock Exchanges companies. Coinbase Global, Inc. is the larger, with a market value of $52.3B against $41.0B — 1.3× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; MSCI Inc trades at 30.1×. MSCI Inc grew revenue faster over the last twelve months: 11.6% against −10.4%. MSCI Inc has the higher net margin (40.7% vs −15.7%) and the higher return on invested capital (34.8% vs 2.62%). Across the 20 metrics below, MSCI Inc leads on 14 and Coinbase Global, Inc. on 6.

Valuation

Metric COIN MSCI Financial Data & Stock Exchanges median
P/E n/m 30.13 21.77
P/S 8.18 12.05 7.79
P/B 3.93 n/m 3.85
Price to free cash flow 47.08 26.92 18.75
EV/EBITDA 60.84 22.18 15.55
EV/Sales 8.45 13.86 6.94
Earnings yield (1.89%) 3.32% 4.49%
Free cash flow yield 2.12% 3.71% 4.68%

Profitability

Metric COIN MSCI Financial Data & Stock Exchanges median
Gross margin 86.35% 82.98% 70.90%
Operating margin 9.86% 55.66% 29.55%
Net margin (15.72%) 40.73% 23.21%
Free cash flow margin 22.97% 44.77% 29.05%
Return on equity (7.85%) (75.96%) 15.34%
Return on assets (3.96%) 24.74% 6.82%
Return on invested capital 2.62% 34.78% 9.96%

Growth

Metric COIN MSCI Financial Data & Stock Exchanges median
Revenue growth (TTM) (10.35%) 11.62% 9.16%
EPS growth (last fiscal year) (53.06%) 11.67% —
Revenue growth, 5-year CAGR (1.74%) 13.08% 7.76%
Net income growth, 5-year CAGR (19.04%) 14.84% 9.78%

Health

Metric COIN MSCI Financial Data & Stock Exchanges median
Debt to equity 0.82 (2.37) 0.48
Current ratio 2.42 0.89 1.06
Net debt to EBITDA 0.66 2.93 1.08

Dividend

Metric COIN MSCI Financial Data & Stock Exchanges median
Dividend yield — 1.04% 1.16%
Payout ratio 0.00 0.46 0.42

Size

Metric COIN MSCI Financial Data & Stock Exchanges median
Market cap 52.33b 41.00b 27.94b

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