Coinbase Global, Inc. (COIN) vs Nasdaq, Inc. (NDAQ)

Coinbase Global, Inc. and Nasdaq, Inc. are both Financial Data & Stock Exchanges companies. Coinbase Global, Inc. and Nasdaq, Inc. are of similar size ($52.9B and $52.3B). Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Nasdaq, Inc. trades at 27.0×. Nasdaq, Inc. grew revenue faster over the last twelve months: 7.42% against −10.4%. Nasdaq, Inc. has the higher net margin (22.5% vs −15.7%) and the higher return on invested capital (8.18% vs 2.62%). Across the 21 metrics below, Nasdaq, Inc. leads on 16 and Coinbase Global, Inc. on 5.

Valuation

Metric COIN NDAQ Financial Data & Stock Exchanges median
P/E n/m 26.96 21.77
P/S 8.18 6.04 7.79
P/B 3.93 4.40 3.85
Price to free cash flow 47.08 27.05 18.75
EV/EBITDA 60.84 18.73 15.55
EV/Sales 8.45 6.94 6.94
Earnings yield (1.89%) 3.71% 4.49%
Free cash flow yield 2.12% 3.70% 4.68%

Profitability

Metric COIN NDAQ Financial Data & Stock Exchanges median
Gross margin 86.35% 64.27% 70.90%
Operating margin 9.86% 29.60% 29.55%
Net margin (15.72%) 22.52% 23.21%
Free cash flow margin 22.97% 22.34% 29.05%
Return on equity (7.85%) 16.52% 15.34%
Return on assets (3.96%) 6.82% 6.82%
Return on invested capital 2.62% 8.18% 9.96%

Growth

Metric COIN NDAQ Financial Data & Stock Exchanges median
Revenue growth (TTM) (10.35%) 7.42% 9.16%
EPS growth (last fiscal year) (53.06%) 60.10% —
Revenue growth, 5-year CAGR (1.74%) 7.99% 7.76%
Net income growth, 5-year CAGR (19.04%) 13.89% 9.78%

Health

Metric COIN NDAQ Financial Data & Stock Exchanges median
Debt to equity 0.82 0.71 0.48
Current ratio 2.42 1.01 1.06
Net debt to EBITDA 0.66 2.61 1.08

Dividend

Metric COIN NDAQ Financial Data & Stock Exchanges median
Dividend yield — 1.62% 1.16%
Payout ratio 0.00 0.37 0.42

Size

Metric COIN NDAQ Financial Data & Stock Exchanges median
Market cap 52.33b 52.94b 27.94b

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