COIN · NMS · Financial Services
Coinbase Global, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 34.53
Market price
USD 137.83
Implied upside
-74.9%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
AdjustedBeta of 3.353 is not usable in a cost of equity. Clamped to 2.50.
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 12.3%
- Payout
- 0%
- Cost of equity
- 15.47%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 14.8bn | USD 16.5bn | USD 18.2bn | USD 19.9bn | USD 21.5bn | USD 23.1bn | USD 24.6bn | USD 25.9bn | USD 27.1bn | USD 28.0bn |
| Return on equity | 12.3% | 12.3% | 12.3% | 12.3% | 12.3% | 12.3% | 12.3% | 12.3% | 12.3% | 12.3% |
| Excess return | USD -474.2m | USD -527.7m | USD -582.1m | USD -636.4m | USD -689.6m | USD -740.5m | USD -787.9m | USD -830.7m | USD -867.7m | USD -897.9m |
| Present value | USD -410.6m | USD -395.8m | USD -378.1m | USD -358.0m | USD -336.0m | USD -312.4m | USD -287.9m | USD -262.9m | USD -237.8m | USD -213.1m |
| Book equity | USD 14.8bn |
| Present value of excess returns | USD -3.2bn |
| Terminal, growing at 2.50% | USD -1.7bn |
| Equity value | USD 9.9bn |
| Per share | USD 34.53 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 2.500 | Clamped from a reported 3.353 |
| Cost of equity | 15.47% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.