COIN
Coinbase Global, Inc.
There isn't enough reported data to score COIN yet.
MKTX
MarketAxess Holdings Inc.
MKTX's fundamentals are mixed, but it looks cheap: trading at 20x earnings, about half its usual 40x. 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.
MKTX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
MKTX's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MKTX.
COIN PE Valuation
COIN has no meaningful PE right now: it lost money over the past year.
MKTX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 20x | $165 | — |
| Forward | 20x | $165 | — |
| Cheap | 29x | $238 | +44% |
| Fair | 40x | $328 | +99% |
| Expensive | 66x | $535 | +224% |
Historical ranges are pointers, not guarantees.
MKTX's PE is in its cheap range at 20.3x. If earnings grow as analysts expect, today's price would be 19.6x next year's earnings.
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.
MKTX Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect MKTX's earnings to grow and its profitability to improve, with its revenue 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.
MKTX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.43 | +3.4% |
| Q3 2026 | $8.15 | +38% |
| Q2 2026 | $8.46 | +42% |
| Q1 2026 | $8.44 | +47% |
| Q4 2025 | $6.64 | -8.8% |
| Q3 2025 | $5.89 | -20% |
| Q2 2025 | $5.95 | -14% |
| Q1 2025 | $5.76 | -15% |
| Q4 2024 | $7.28 | +6.3% |
MKTX 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.
MKTX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $210.4M | +0.8% |
| Q2 2026 | $218.4M | -0.5% |
| Q1 2026 | $233.4M | +12% |
| Q4 2025 | $209.4M | +3.5% |
| Q3 2025 | $208.8M | +1% |
| Q2 2025 | $219.5M | +11% |
| Q3 2022 | $172.1M | +6.2% |
| Q2 2022 | $182.2M | +3.3% |
MKTX has the edge over COIN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | -5.6 points |
| Q2 2026 | 41% | -0.7 points |
| Q1 2026 | 43% | +0.9 points |
| Q4 2025 | 36% | -3.2 points |
| Q3 2025 | 41% | -1.1 points |
| Q2 2025 | 42% | +0.7 points |
| Q1 2025 | 42% | N/A |
| Q4 2024 | 40% | N/A |
MKTX 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 has the edge over MKTX on cash flow, with more consistent year-over-year improvement.
MKTX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $246.7M | +178% |
| Q2 2026 | $26.2M | -74% |
| Q1 2026 | -$75.6M | -373% |
| Q4 2025 | $155.1M | -12% |
| Q3 2025 | $88.7M | -5.9% |
| Q2 2025 | $102.5M | -7.8% |
| Q1 2025 | $27.7M | +$33.8M |
| Q4 2024 | $176M | +26% |
MKTX's free cash flow was $352M over the past year, down 11% from the year before. Free cash flow isn't a meaningful measure for financial services companies like MKTX.
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 288M diluted shares, down 1.4% from a year ago.
| 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 |
MKTX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +36K shares |
| 1 year | -4.9% | -1.8M shares |
| 3 years | -6.1% | -2.3M shares |
| 5 years | -7.4% | -2.8M shares |
| Available history | -7.1% | -2.7M shares |
MKTX has the edge over COIN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $300M |
| Q3 2025 | $45.3M |
| Q2 2025 | $36.7M |
| Q1 2025 | $38.1M |
| Q4 2024 | $16.8M |
MKTX spent $300M buying back its own shares over the past year, up 119% 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 MKTX on leverage, with a lower net debt burden relative to earnings.
MKTX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
MKTX has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like MKTX.
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).
MKTX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.8 | Neutral |
| Stochastic | 93.0 | Overbought |
MKTX's weekly RSI is 60 (neutral) and its Stochastic is 93 (overbought).
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.
MKTX PE vs Financial Services Sector
| Metric | MKTX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 56% above |
| PE % | 7 | 63 | 56 pts below |
MKTX is trading at 20x earnings, a 56% premium to 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.
MKTX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $164.8 | 0.2% above |
| 20 week MA | $154.1 | 7.2% above |
| 50 week MA | $158.5 | 4.2% above |
| 100 week MA | $180.6 | 8.5% below |
| 200 week MA | $219.8 | 25% below |
MKTX 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.
MKTX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $375.0 | $573.1 | +53% |
| 2021 | $573.1 | $410.7 | -28% |
| 2022 | $410.7 | $280.9 | -32% |
| 2023 | $280.9 | $292.9 | +4.3% |
| 2024 | $292.9 | $229.0 | -22% |
| 2025 | $229.0 | $182.9 | -20% |
| 2026 YTD | $182.9 | $165.2 | -9.7% |
MKTX has the edge over COIN on returns for 2026, with the stronger performance.