Is Coinbase Global, Inc. overvalued or undervalued?

As of 13 May 2025, the valuation grade for Coinbase Global, Inc. has moved from expensive to very expensive. This indicates that the company is currently overvalued. The P/E ratio stands at 44, significantly higher than its peers, with The Goldman Sachs Group, Inc. at 36.62 and The Charles Schwab Corp. at 27.45. Additionally, Coinbase's EV to EBITDA ratio is 30.83, while its PEG ratio is 3.67, further highlighting its elevated valuation compared to the industry.
In comparison to its peers, Coinbase exhibits a notably high EV to Sales ratio of 7.76, which is substantially above The Charles Schwab Corp.'s 9.67 and CME Group, Inc.'s 21.67. Despite a remarkable ROCE of 1180.35%, the overall metrics suggest that Coinbase is not justified at its current price of 307.59, especially considering its recent stock performance against the S&P 500, where it has outperformed with a 1Y return of 36.19% compared to 10.26% for the index.