Coinbase Stock Price Still Undervalued Despite Shrinking Revenue

Coinbase Global (COIN) stock has gained about 18% over the past month, but is still down around 44% from a year ago. At its current price of around $175 per share, the market values Coinbase at roughly 7.3 times sales, more than double the S&P 500's multiple of 3.2 for revenue.

Crypto trading is cyclical and has turned downward, with revenue falling 18.5% year-over-year in the second quarter of 2026 to $1.2 billion. However, the trailing twelve months brought in $6.3 billion against $7.0 billion a year earlier, showing that Coinbase's revenue has still grown at an average annual rate of 37.6%, compared to 5.9% for the S&P 500.

Coinbase is trying to shift its focus away from trading fees and towards subscription and services, which have been growing steadily. The company now offers prediction markets and perpetual futures, has added stock trading, and plans to introduce stock options trading in the future.