Coinbase Global
Coinbase Global returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 3.59% | — | -7.85% | -3.96% | — |
| FY 2026 Q1 | Mar 31, 2026 | 6.57% | 4.11% | -34.15% | 6.69% | 3.17% | -1.1 pp |
| FY 2025 Q4 | Dec 31, 2025 | 13.58% | 8.07% | -17.27% | 10.05% | 4.83% | 5.9 pp |
| FY 2025 Q3 | Sep 30, 2025 | 18.29% | 12.5% | 4.68% | 26% | 2% | 10.6 pp |
| FY 2025 Q2 | Jun 30, 2025 | 21.93% | 13.53% | 13.41% | 27.96% | 1.84% | 14.2 pp |
| FY 2025 Q1 | Mar 31, 2025 | 34.04% | 16.62% | 135.02% | 15.83% | 0.79% | 26.3 pp |
| FY 2024 Q4 | Dec 31, 2024 | 38.65% | 19.33% | — | 31.14% | 2.25% | 31 pp |
| FY 2024 Q3 | Sep 30, 2024 | 30.08% | 12.64% | — | 21.3% | 0.75% | 22.4 pp |
| FY 2024 Q2 | Jun 30, 2024 | 23.54% | 10.49% | — | 20.99% | 0.7% | 15.8 pp |
| FY 2024 Q1 | Mar 31, 2024 | 13.27% | 6.75% | — | 19.63% | 0.55% | 5.6 pp |
| FY 2023 Q4 | Dec 31, 2023 | — | -1.78% | — | 1.61% | 0.06% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | -9.19% | — | -12.74% | -0.62% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | -14.24% | — | -22.09% | -1.05% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | -23.9% | — | -37.37% | -2.84% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | -28.89% | — | -44.35% | -4.73% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | -13.75% | — | -22.08% | -1.89% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | -5% | — | -5.09% | -0.46% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 23.76% | — | 54.94% | 15.58% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | — | — | — | — | — |
| FY 2021 Q3 | Sep 30, 2021 | — | — | — | — | — | — |
| FY 2021 Q2 | Jun 30, 2021 | — | — | — | — | — | — |
| FY 2021 Q1 | Mar 31, 2021 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · COIN, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.