Coinbase Global Inc (COIN) is overvalued and MSCI Inc (MSCI) is overvalued.
Both trade above our estimate of their intrinsic value. MSCI is the closer of the two: -53%, against -159% for COIN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.5% (average of 2 methods) values the shares at $77.60; the price of $201.07 is 159% above that value, and 77% of that value comes from beyond year five.
Leak Score 25/100 on 6 of 12 signals
Discounting its cash flows at 10.1% (average of 3 methods) values the shares at $357.60; the price of $548.88 is 53% above that value, and 73% of that value comes from beyond year five.
Leak Score 72/100 on 8 of 12 signals
| Metric | COIN | MSCI |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $201.07 | $548.88 |
| Intrinsic value | $77.60 | $357.60 |
| Margin of safety | -159% | -53% |
| Leak Score | 25/100 (6/12) | 72/100 (8/12) |
| Market cap | $53.0B | $39.9B |
| Revenue growth, 5 years | 41.2% | 13.1% |
| Operating margin | -37.6% | 55.7% |
| Net margin | -20.6% | 40.7% |
| Return on equity | -7.8% | — |
| Debt to equity | 0.51 | — |
| P/E | — | 30.0x |
| Forward P/E | 78.2x | 24.4x |
| P/B | 4.1x | — |
| Dividend yield | — | 1.5% |