COIN
Coinbase Global, Inc.
There isn't enough reported data to score COIN yet.
FRME
First Merchants Corporation
FRME's fundamentals are weak and it looks expensive: trading at 13x earnings, above its usual 11x. Analysts expect earnings growth.
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.
FRME Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
FRME's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FRME.
COIN PE Valuation
COIN has no meaningful PE right now: it lost money over the past year.
FRME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $28.35 | -31% |
| Forward | 9.7x | $40.94 | — |
| Fair | 11x | $35.18 | -14% |
| Expensive | 13x | $41.89 | +2.3% |
| Current | 13x | $40.94 | — |
Historical ranges are pointers, not guarantees.
FRME's PE is in its expensive range at 13x. If earnings grow as analysts expect, today's price would be 9.7x next year's earnings, in its fair range.
COIN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect COIN's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
FRME Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FRME, with profitability holding steady.
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.
FRME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.21 | +31% |
| Q3 2026 | $3.22 | -19% |
| Q2 2026 | $3.11 | -19% |
| Q1 2026 | $3.39 | -4.5% |
| Q4 2025 | $3.88 | +14% |
| Q3 2025 | $3.99 | +32% |
| Q2 2025 | $3.85 | +23% |
| Q1 2025 | $3.55 | +2.6% |
| Q4 2024 | $3.41 | -8.6% |
FRME has the edge over COIN on earnings quality, reporting a profit while its opponent remains loss making.
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.
FRME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $199.1M | +20% |
| Q2 2026 | $196.1M | +19% |
| Q1 2026 | $157.1M | -2% |
| Q4 2025 | $172.2M | -2.8% |
| Q3 2025 | $166.1M | +6.5% |
| Q2 2025 | $164.3M | +2.8% |
| Q1 2025 | $160.3M | +4.3% |
| Q4 2024 | $177.1M | +13% |
FRME has the edge over COIN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +0.6 points |
| Q2 2026 | 24% | -15 points |
| Q1 2026 | 17% | -22 points |
| Q4 2025 | 38% | -5.2 points |
| Q3 2025 | 39% | +3.2 points |
| Q2 2025 | 40% | +12 points |
| Q1 2025 | 39% | +3.8 points |
| Q4 2024 | 43% | +13 points |
FRME has the edge over COIN on profitability, with a higher operating margin.
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.
FRME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $78.4M | -10% |
| Q2 2026 | $88M | +64% |
| Q1 2026 | $58.6M | -5% |
| Q4 2025 | $80.7M | +20% |
| Q3 2025 | $87.6M | +14% |
| Q2 2025 | $53.7M | -15% |
| Q1 2025 | $61.7M | +4.8% |
| Q4 2024 | $67.5M | -22% |
FRME's free cash flow was $306M over the past year, up 13% from the year before. Free cash flow isn't a meaningful measure for financial services companies like FRME.
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 FRME 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 |
FRME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -163K shares |
| 1 year | +8.6% | +5M shares |
| 3 years | +4.9% | +2.9M shares |
| 5 years | +16% | +8.5M shares |
| Available history | +12% | +6.9M shares |
FRME has 62M diluted shares, up 8.6% from a year ago, despite $61M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12M |
| Q2 2026 | $13.4M |
| Q1 2026 | $24.9M |
| Q4 2025 | $10.4M |
| Q3 2025 | $6.5M |
| Q2 2025 | $22.1M |
| Q1 2025 | $7.9M |
| Q4 2024 | $6.2M |
FRME spent $61M buying back its own shares over the past year, up 42% from the year before.
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 the edge over FRME on leverage, with a lower net debt burden relative to earnings.
FRME Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.0x | Elevated |
| Q2 2026 | 6.0x | High |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 3.2x | Elevated |
FRME's net debt is about 4.0 years of its operating earnings (EBITDA), up from 2.5 years a year ago. Net leverage isn't a meaningful measure for financial services companies like FRME.
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).
FRME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 42.5 | Neutral |
FRME's weekly RSI is 50 (neutral) and its Stochastic is 43 (neutral).
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.
FRME PE vs Financial Services Sector
| Metric | FRME | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 2.4% below |
| PE % | 79 | 63 | 16 pts above |
FRME is trading at 13x earnings, in line with the Financial Services sector's median of 13x.
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.
FRME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.3 | 1.6% above |
| 20 week MA | $41.7 | 1.8% below |
| 50 week MA | $40.4 | 1.3% above |
| 100 week MA | $39.7 | 3.2% above |
| 200 week MA | $36.9 | 11% above |
FRME has the edge over COIN on trend strength, trading above more of its moving averages.
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.
FRME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.3 | $36.8 | -11% |
| 2021 | $36.8 | $41.2 | +12% |
| 2022 | $41.2 | $40.5 | -1.6% |
| 2023 | $40.5 | $37.1 | -8.5% |
| 2024 | $37.1 | $40.3 | +8.5% |
| 2025 | $40.3 | $38.3 | -4.9% |
| 2026 YTD | $38.3 | $40.9 | +7% |
FRME has the edge over COIN on returns for 2026, with the stronger performance.