COMP <GO>
COIN vs MARA // ALTMAN Z-SCORE & DEBT/EQUITY
Coinbase Global, Inc. (NASDAQ) VS. MARA Holdings Inc. (NASDAQ) • 15-METRIC TALLY: COIN 8
— MARA 2
■ METRIC PARITY
LAST: $151.50 (+4.16%) • MKT CAP: $40.11B
balance-sheet
2.79
LAST: $6.87 (-4.05%) • MKT CAP: $2.48B
balance-sheet
—
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (COIN VS. MARA)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | COIN | MARA | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | — | — | — | TIE | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | 1.40% | -15.80% | +17.20 | COIN | /roic <GO> |
| EV/EBITDA & P/E Valuation | 128.8x | — | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | 3.51% | -18.00% | +21.51 | COIN | /fcf-yield <GO> |
| Operating Margin | 3.56% | -60.00% | +63.56 | COIN | /operating-margins <GO> |
| Net Profit Margin | -12.46% | -60.00% | +47.54 | COIN | /net-margins <GO> |
| Revenue Growth (YoY) | -26.62% | -39.20% | +12.58 | COIN | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 0.00% | 0.00 | TIE | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity ACTIVE | 2.79 | — | — | TIE | /balance-sheet <GO> |
| Piotroski F-Score Quality | 3/9 | 4/9 | -1.00 | MARA | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | 12.33% | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 40.6 | 28.3 | +12.35 | COIN | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | 2.81 | 1.03 | +1.78 | COIN | /macro-sensitivity <GO> |
| Forward P/E Multiple | 64.0x | 27.0x | +37.02 | MARA | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $40.11B | $2.48B | $37.63B | COIN | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | COIN REV | MARA REV | COIN GROSS % | MARA GROSS % | COIN FCF | MARA FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $7.18B | $58.7M | — | — | $2.43B | -$1.21B |
| FY 2024 | $6.56B | $96.5M | — | — | $3.10B | -$927.8M |
| FY 2023 | $3.11B | $57.7M | — | — | $673.4M | -$318.2M |
| FY 2022 | $3.19B | — | — | — | -$1.59B | — |
| FY 2021 | $7.84B | — | — | — | $4.04B | — |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
COIN // BETA 2.81
MARA // BETA 1.03