Is Coinbase Global, Inc. overvalued or undervalued?

As of 7 November 2025, the valuation grade for Coinbase Global, Inc. has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued at this time, with a P/E ratio of 44, a Price to Book Value of 6.11, and an EV to EBITDA ratio of 30.83. In comparison to its peers, Coinbase's P/E ratio is higher than The Charles Schwab Corp. at 25.67, which is considered attractive, but lower than The Goldman Sachs Group, Inc. at 41.63, which is deemed expensive.
Despite the recent downgrade in valuation, Coinbase has shown strong performance with a year-to-date return of 28.04%, significantly outperforming the S&P 500's return of 14.40% over the same period. This performance, along with a high ROCE of 1180.35%, suggests that while the stock is currently fairly valued, it has the potential for future growth.