Coinbase Global, Inc. — Earnings Quality Grade C
COIN · Financial Services
Some red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 9 days, change +2 days YoY
AR growth 39.7% exceeds revenue growth 9.4%
Revenue 9.4%, CFFO -21.8%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 35.0%. Normal
Gross margin 74.6%, change -0.1pp. Stable
Cash Flow Quality
CFFO/NI = 1.93. Profits backed by cash
FCF $2.4B, FCF/NI = 1.93
Accruals ratio = -3.9%. Low accruals
Cash $11.9B covers debt $7.8B
Balance Sheet Health
Goodwill+Intangibles $5.6B = 38% of equity
Debt/EBITDA = 4.4x (>4x). Financial stress
Other assets grew 67.5% vs revenue 9.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 369% YoY
Manipulation Score
M-Score = -2.12 (grey zone)
Beneish M-Score
Altman Z-Score — Not Applicable
Coinbase Global, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-08