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 $48.5B against $41.8B — 1.2× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; MSCI Inc trades at 31.1×. 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 18 metrics below, MSCI Inc leads on 11 and Coinbase Global, Inc. on 7.

Valuation

Metric COIN MSCI Financial Data & Stock Exchanges median
P/E n/m 31.06 23.59
P/S 7.26 12.43 6.89
P/B 3.49 n/m 4.00
Price to free cash flow 41.79 27.76 19.63
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (2.13%) 3.22% 4.04%
Free cash flow yield 2.39% 3.60% 4.39%

Profitability

Metric COIN MSCI Financial Data & Stock Exchanges median
Gross margin 86.35% 82.98% 70.90%
Operating margin 9.86% 55.66% 28.27%
Net margin (15.72%) 40.73% 22.52%
Free cash flow margin 22.97% 44.77% 28.57%
Return on equity (7.85%) (75.96%) 15.12%
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% 15.41%
Revenue growth, 5-year CAGR 41.24% 13.08% 8.62%
Net income growth, 5-year CAGR 31.35% 14.84% 10.27%

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 1.19

Dividend

Metric COIN MSCI Financial Data & Stock Exchanges median
Dividend yield — 1.40% 1.28%
Payout ratio — 0.43 0.32

Size

Metric COIN MSCI Financial Data & Stock Exchanges median
Market cap 48.50b 41.81b 32.17b

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