BXSL
Blackstone Secured Lending Fund
BXSL's fundamentals are mixed, but it looks expensive: trading at 20x earnings, about twice its usual 9.4x. Analysts expect earnings to decline.
COIN
Coinbase Global, Inc.
There isn't enough reported data to score COIN yet.
BXSL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
BXSL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BXSL.
COIN Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| N/A | |
| N/A |
COIN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like COIN.
BXSL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8x | $9.65 | -59% |
| Forward | 9.3x | $23.67 | — |
| Fair | 9.4x | $11.30 | -52% |
| Expensive | 11x | $12.62 | -47% |
| Current | 20x | $23.67 | — |
Historical ranges are pointers, not guarantees.
BXSL's PE is in its expensive range at 20x. On analysts' estimates for next year's earnings, today's price would be 9.3x, in its fair range.
COIN PE Valuation
COIN has no meaningful PE right now: it lost money over the past year.
BXSL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect BXSL's earnings and revenue to decline, with profitability weakening.
COIN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Low |
COIN has the edge over BXSL on the outlook, with more favorable earnings and revenue expectations.
BXSL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.54 | +111% |
| Q3 2026 | $1.20 | -55% |
| Q2 2026 | $1.27 | -55% |
| Q1 2026 | $1.91 | -39% |
| Q4 2025 | $2.46 | -29% |
| Q3 2025 | $2.64 | -27% |
| Q2 2025 | $2.82 | -27% |
| Q1 2025 | $3.15 | -16% |
| Q4 2024 | $3.45 | -5.5% |
BXSL has the edge over COIN on earnings quality, reporting a profit while its opponent remains loss making.
COIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | — |
| Q3 2026 | -$2.77 | -124% |
| Q2 2026 | -$3.78 | -137% |
| Q1 2026 | $2.72 | -49% |
| Q4 2025 | $4.45 | -53% |
| Q3 2025 | $11.54 | +94% |
| Q2 2025 | $10.32 | +82% |
| Q1 2025 | $5.32 | +4.1% |
| Q4 2024 | $9.48 | +2462% |
COIN has swung to a loss: it lost $2.77 per share over the past year, after a profit the year before.
BXSL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $118.4M | -1.9% |
| Q1 2022 | $142.5M | +23% |
| Q4 2021 | $157.6M | +23% |
| Q3 2021 | $117.1M | -36% |
| Q2 2021 | $120.7M | -48% |
| Q4 2020 | $127.9M | +140% |
BXSL has the stronger quarterly revenue trend. Revenue is down 1.9% for BXSL versus down 35% for COIN.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 67% | +8 points |
| Q1 2022 | 76% | +11 points |
| Q4 2021 | 78% | +11 points |
| Q3 2021 | 80% | +49 points |
| Q2 2021 | 59% | +38 points |
| Q1 2021 | 66% | N/A |
| Q4 2020 | 67% | +3.5 points |
| Q3 2020 | 31% | N/A |
BXSL's operating margin was 67% last quarter, up 8 points from the same quarter a year ago.
COIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -35% |
| Q2 2026 | $1.2B | -19% |
| Q1 2026 | $1.4B | -31% |
| Q4 2025 | $1.8B | -22% |
| Q3 2025 | $1.9B | +55% |
| Q2 2025 | $1.5B | +3.3% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +138% |
COIN's revenue has slid since its 2021 peak: $1.2B last quarter, down 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.1% | -21 points |
| Q2 2026 | -9.3% | -7.7 points |
| Q1 2026 | -1.5% | -36 points |
| Q4 2025 | 15% | -30 points |
| Q3 2025 | 26% | +12 points |
| Q2 2025 | -1.6% | -25 points |
| Q1 2025 | 35% | -12 points |
| Q4 2024 | 46% | +33 points |
COIN's operating margin was 5.1% last quarter, down 21 points from the same quarter a year ago.
BXSL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $479.3M | +$911.9M |
| Q2 2026 | $561M | +$782M |
| Q1 2026 | $249.3M | -41% |
| Q4 2025 | -$229.7M | +$674.2M |
| Q3 2025 | -$432.6M | +$85.1M |
| Q2 2025 | -$221.1M | +$488.1M |
| Q1 2025 | $424.7M | +$820.2M |
| Q4 2024 | -$903.9M | -$775.9M |
BXSL has the edge over COIN on cash flow, with more consistent year-over-year improvement.
COIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $405.5M | +$1.2B |
| Q2 2026 | $197.3M | -40% |
| Q1 2026 | $182.7M | +$365.5M |
| Q4 2025 | $3.1B | +218% |
| Q3 2025 | -$784.5M | -213% |
| Q2 2025 | $328.5M | -32% |
| Q1 2025 | -$182.7M | -144% |
| Q4 2024 | $964.6M | +$969.8M |
COIN's free cash flow was $3.9B over the past year, more than ten times what it generated the year before. Free cash flow isn't a meaningful measure for financial services companies like COIN.
BXSL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +333K shares |
| 1 year | +1.1% | +2.4M shares |
| 3 years | +37% | +63M shares |
| 5 years | +39% | +65.3M shares |
| Available history | +367% | +183M shares |
BXSL has 233M diluted shares, up 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | $47.4M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
COIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.3% | +24.6M shares |
| 1 year | -1.4% | -4M shares |
| 3 years | +21% | +50.7M shares |
| 5 years | +15% | +37.4M shares |
| Available history | +330% | +221M shares |
COIN has the edge over BXSL on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5.3M |
| Q2 2026 | $181.3M |
| Q1 2026 | $1.1B |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | $10.5M |
BXSL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 12.4x | High |
| Q1 2022 | 10.6x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 10.0x | High |
| Q2 2021 | 12.9x | High |
| Q1 2021 | 20.0x | High |
BXSL's net debt is about 12 years of its operating earnings (EBITDA), down from 13 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BXSL.
COIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.4x | Net Cash |
| Q2 2026 | -2.5x | Net Cash |
| Q1 2026 | -2.8x | Net Cash |
| Q4 2025 | -2.3x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -1.6x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
COIN has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like COIN.
BXSL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 33.0 | Neutral |
BXSL's weekly RSI is 46 (neutral) and its Stochastic is 33 (neutral).
COIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.3 | Neutral |
| Stochastic | 5.0 | Oversold |
COIN's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
BXSL PE vs Financial Services Sector
| Metric | BXSL | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 52% above |
| PE % | 100 | 64 | 36 pts above |
BXSL is trading at 20x earnings, a 52% premium to the Financial Services sector's median of 13x.
COIN PE vs Financial Services Sector
| Metric | COIN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
COIN has no meaningful PE right now: it lost money over the past year.
BXSL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $23.8 | 0.5% below |
| 20 week MA | $24.0 | 1.5% below |
| 50 week MA | $24.5 | 3.3% below |
| 100 week MA | $27.5 | 14% below |
| 200 week MA | $28.0 | 15% below |
BXSL is in a downtrend: it's below all five of its weekly moving averages, and 15% below its 200-week average.
COIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $163.0 | 20% below |
| 20 week MA | $165.6 | 21% below |
| 50 week MA | $184.4 | 29% below |
| 100 week MA | $232.8 | 44% below |
| 200 week MA | $190.3 | 31% below |
COIN is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
BXSL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.0 | $37.6 | +30% |
| 2022 | $37.6 | $22.9 | -39% |
| 2023 | $22.9 | $27.6 | +20% |
| 2024 | $27.6 | $33.3 | +20% |
| 2025 | $33.3 | $27.2 | -18% |
| 2026 YTD | $27.2 | $23.7 | -13% |
BXSL has the edge over COIN on returns for 2026, with the stronger performance.
COIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $342.0 | $268.2 | -22% |
| 2022 | $268.2 | $35.5 | -87% |
| 2023 | $35.5 | $173.9 | +390% |
| 2024 | $173.9 | $265.7 | +53% |
| 2025 | $265.7 | $236.9 | -11% |
| 2026 YTD | $236.9 | $130.7 | -45% |
COIN's yearly returns have swung widely, from +390% in 2023 to −87% in 2022. It's down 45% so far in 2026.