Coinbase vs Nasdaq
Nasdaq reported revenue of $8.3 billion in fiscal 2025, 1.2 times Coinbase's $7.2 billion in fiscal 2025. Coinbase's revenue grew 9.4% in its latest year, and Nasdaq's grew 11.7%. Coinbase had an operating margin of 20.0%, against 28.2% at Nasdaq. Free cash flow was $2.3 billion at Coinbase and $2.0 billion at Nasdaq.
Side by side
| Coinbase | Nasdaq | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $7.2B | $8.3B |
| Revenue growth | 9.4% | 11.7% |
| Revenue growth a year, last 5 years | 41.2% | 8.0% |
| Gross margin | — | 63.5% |
| Operating margin | 20.0% | 28.2% |
| Net margin | 17.6% | 21.6% |
| Free cash flow | $2.3B | $2.0B |
| Free cash flow margin | 31.9% | 24.1% |
| Return on capital | 14.5% | 9.5% |
| Net debt to EBITDA | −2.4x | 3.4x |
| Dividends and buybacks | $790M | $1.2B |
| Change in diluted share count | 5.1% | −0.1% |
| Last close | $159.60 | $104.72 |
| P/E at the last close | — | 28.6× |
| Insider trades, last 12 months | sold $327.2 million | bought $21.7 million, sold $87.0 million |
| Piotroski F-score | 4 of 8 | 9 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CoinbaseNasdaq
Operating margin
Percent of revenue
CoinbaseNasdaq
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CoinbaseNasdaq