| Intrinsic Valuation of: COIN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 5 | Market Cap | $85B | |||||
| 2021 | - | - (-) | P/E Ratio | 63 | Total Asset | $23B | |||||
| 2022 | $4B | - (-) | Net Income | $3B | Total Debt | $4B | |||||
| 2023 | $-2B | -140.1% (-198.4%) | EBITDA | $3B | Total Liab | $12B | |||||
| 2024 | $923M | 158.2% (159.8%) | Opr Margin | 0.34 | Debt/Equity | 0.41 | |||||
| 2025 | $3B | 177.0% (31.2%) | PreTax Margin | 32.83 | BV/Share | 43 | |||||
| 5Y Average FCF | $1B | 65.1% (-2.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $3B | MBG Intrinsic Value | $48 | ||||||||
| 2027 | $4B | ||||||||||
| 2028 | $5B | ||||||||||
| 2029 | $6B | ||||||||||
| 2030 | $8B | ||||||||||
| 2031 | $10B | ||||||||||
| Terminal Value | $203B | Net Worth/Share | $49 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $159B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $9B | $772 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $4B | WACC | 7.3% | 674 | 726 | 789 | 866 | 964 | |||
| Equity Value | $163B | 7.4% | 668 | 719 | 780 | 856 | 951 | ||||
| Shares Outstanding | 211,407,008 | 7.4% | 662 | 712 | 772 | 846 | 938 | ||||
| 7.9% | 606 | 648 | 697 | 755 | 827 | ||||||
| DCF Intrinsic Value | $772 | 8.4% | 559 | 594 | 634 | 682 | 739 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||