# Coinbase CDR (CAD Hedged) (COIN.TO) fundamentals

Data as of 2026-11-04. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$8.74, market value C$51.2 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Coinbase CDR (CAD Hedged) reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 9.1×**. Each dollar of revenue is priced at 9.1×.
- **Price / book: 3.5×**. The shares trade at 3.5× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 7.5%** (5-yr avg 2.7%). Free cash flow equals 7.5% of the market value, above its five-year average of 2.7%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Gross margin: 71.0%**. Coinbase CDR (CAD Hedged) keeps 71.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 5.7%**. 5.7% of revenue is left after running the business.
- **Net margin: 17.6%**. 17.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.5%**. 8.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 2.3%**. Return on all capital, debt included, is 2.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -2.4%**. Each dollar of assets produces -2.4% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 9.4%** (3-yr 31.0%/yr). Revenue grew 9.4% over the last year.
- **EPS growth (1 yr): -53.1%**. Earnings per share fell 53.1%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: C$11.9 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. Coinbase CDR (CAD Hedged) does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): -57.6%** (YTD -38.1%, 3-mo -2.6%). The shares are down 57.6% over twelve months including dividends.
- **From 52-week high: -56.5%** (7.1% above the low). Trading 56% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 32**. An RSI of 32 is neutral.
- **Beta (1 yr): 2.69** (volatility 74%). Beta of 2.69 against the S&P/TSX Composite: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=COIN.TO · Page: https://foliofundamentals.com/stocks/coin.to

Not investment advice.