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

Coinbase Global, Inc. and Nasdaq, Inc. are both Financial Data & Stock Exchanges companies. Nasdaq, Inc. is the larger, with a market value of $59.3B against $36.2B — 1.6× the size. Coinbase Global, Inc. has negative trailing earnings, so its P/E is not meaningful; Nasdaq, Inc. trades at 28.9×. Nasdaq, Inc. grew revenue faster over the last twelve months: 11.5% against −26.6%. Nasdaq, Inc. has the higher net margin (22.8% vs −12.5%) and the higher return on invested capital (8.56% vs 0.77%). Across the 19 metrics below, Nasdaq, Inc. leads on 12 and Coinbase Global, Inc. on 7.

Valuation

Metric COIN NDAQ Financial Data & Stock Exchanges median
P/E n/m 28.91 24.85
P/S 6.51 6.53 6.75
P/B 2.63 4.98 4.56
Price to free cash flow 46.46 26.47 20.23
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (1.89%) 3.46% 4.00%
Free cash flow yield 2.15% 3.78% 4.59%

Profitability

Metric COIN NDAQ Financial Data & Stock Exchanges median
Gross margin 85.81% 63.17% 72.83%
Operating margin 3.56% 29.85% 29.06%
Net margin (12.46%) 22.78% 25.36%
Free cash flow margin 20.25% 24.68% 32.14%
Return on equity (4.68%) 17.34% 17.00%
Return on assets (2.39%) 7.18% 8.22%
Return on invested capital 0.77% 8.56% 10.55%

Growth

Metric COIN NDAQ Financial Data & Stock Exchanges median
Revenue growth (TTM) (26.62%) 11.45% 10.44%
EPS growth (last fiscal year) (53.06%) 60.10% 13.54%
Revenue growth, 5-year CAGR 41.24% 7.99% 9.24%
Net income growth, 5-year CAGR 31.35% 13.89% 10.85%

Health

Metric COIN NDAQ Financial Data & Stock Exchanges median
Debt to equity 0.80 0.71 0.67
Current ratio 2.42 1.00 1.04
Net debt to EBITDA 0.66 2.61 1.20

Dividend

Metric COIN NDAQ Financial Data & Stock Exchanges median
Dividend yield — 1.08% 1.13%
Payout ratio — 0.32 0.29

Size

Metric COIN NDAQ Financial Data & Stock Exchanges median
Market cap 36.22b 59.29b 38.07b

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