COIN
Coinbase Global, Inc.
There isn't enough reported data to score COIN yet.
PAX
Patria Investments Limited
PAX's fundamentals are weak: its operating margin fell 13 points to 29% and earnings per share fell 18%, though revenue grew 8.3%. At 20x earnings, it's trading below its usual 23x. Analysts expect earnings to hold roughly steady.
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.
PAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
PAX's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PAX.
COIN PE Valuation
COIN has no meaningful PE right now: it lost money over the past year.
PAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 6.9x | $9.18 | — |
| Cheap | 17x | $7.80 | -15% |
| Current | 20x | $9.18 | — |
| Fair | 23x | $10.23 | +11% |
| Expensive | 29x | $12.85 | +40% |
Historical ranges are pointers, not guarantees.
PAX's PE is in its fair range at 20x. On analysts' estimates for next year's earnings, today's price would be 6.9x, in its cheap 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.
PAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect PAX's revenue to grow, but its profitability to weaken.
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.
PAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.33 | +196% |
| Q2 2026 | $0.45 | -18% |
| Q1 2026 | $0.47 | 0% |
| Q4 2025 | $0.54 | +10% |
| Q3 2025 | $0.69 | +60% |
| Q2 2025 | $0.55 | +1.9% |
| Q1 2025 | $0.47 | -39% |
| Q4 2024 | $0.49 | -38% |
| Q3 2024 | $0.43 | -46% |
PAX 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.
PAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $111.3M | +35% |
| Q1 2026 | $98.2M | +23% |
| Q4 2025 | $134.4M | -15% |
| Q3 2025 | $86.5M | +11% |
| Q2 2025 | $82.5M | +10% |
| Q1 2025 | $79.6M | +25% |
| Q4 2024 | $157.2M | +41% |
| Q3 2024 | $78.1M | +23% |
PAX has the edge over COIN on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 19% | -18 points |
| Q1 2026 | 26% | -11 points |
| Q4 2025 | 37% | -14 points |
| Q3 2025 | 35% | -0.5 points |
| Q2 2025 | 37% | -0.9 points |
| Q1 2025 | 37% | -10 points |
| Q4 2024 | 51% | +1.2 points |
| Q3 2024 | 36% | -12 points |
PAX 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.
PAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $35.5M | -51% |
| Q1 2026 | $28.4M | -71% |
| Q4 2025 | $32.3M | +40% |
| Q3 2025 | $52.1M | -22% |
| Q2 2025 | $72.9M | +879% |
| Q1 2025 | $97.8M | +144% |
| Q4 2024 | $23.1M | -29% |
| Q3 2024 | $67M | +75% |
PAX's free cash flow was $148M over the past year, down 43% from the year before. Free cash flow isn't a meaningful measure for financial services companies like PAX.
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 PAX 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 |
PAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +953K shares |
| 1 year | +0.9% | +1.5M shares |
| 3 years | +7.7% | +11.4M shares |
| 5 years | +19% | +25.6M shares |
| Available history | +36% | +42.6M shares |
PAX has 160M diluted shares, up 0.9% from a year ago, despite $69M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $12.7M |
| Q4 2025 | — |
| Q3 2025 | $56.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PAX spent $69M buying back its own shares over the past year, after none 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 PAX on leverage, with a lower net debt burden relative to earnings.
PAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.5x | Healthy |
| Q3 2024 | 1.1x | Healthy |
PAX's net debt is about 2.2 years of its operating earnings (EBITDA), up from a year a year ago. Net leverage isn't a meaningful measure for financial services companies like PAX.
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).
PAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.2 | Neutral |
| Stochastic | 8.1 | Oversold |
PAX's weekly RSI is 35 (neutral) and its Stochastic is 8 (oversold).
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.
PAX PE vs Financial Services Sector
| Metric | PAX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 57% above |
| PE % | 40 | 62 | 22 pts below |
PAX is trading at 20x earnings, a 57% 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.
PAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.4 | 12% below |
| 20 week MA | $10.8 | 15% below |
| 50 week MA | $12.4 | 26% below |
| 100 week MA | $12.6 | 27% below |
| 200 week MA | $13.2 | 31% below |
PAX is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
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.
PAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $19.9 | $16.5 | -17% |
| 2022 | $16.5 | $13.7 | -17% |
| 2023 | $13.7 | $15.5 | +13% |
| 2024 | $15.5 | $11.6 | -25% |
| 2025 | $11.6 | $16.2 | +39% |
| 2026 YTD | $16.2 | $9.18 | -43% |
PAX has the edge over COIN on returns for 2026, with the stronger performance.