Coinbase Global Inc (COIN) is overvalued and S&P Global Inc (SPGI) is slightly overvalued.
Both trade above our estimate of their intrinsic value. SPGI is the closer of the two: -18%, 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 9.8% (average of 3 methods) values the shares at $340.56; the price of $402.44 is 18% above that value, and 74% of that value comes from beyond year five.
Leak Score 51/100 on 9 of 12 signals
| Metric | COIN | SPGI |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $201.07 | $402.44 |
| Intrinsic value | $77.60 | $340.56 |
| Margin of safety | -159% | -18% |
| Leak Score | 25/100 (6/12) | 51/100 (9/12) |
| Market cap | $53.0B | $118.6B |
| Revenue growth, 5 years | 41.2% | 15.6% |
| Operating margin | -37.6% | 44.6% |
| Net margin | -20.6% | 30.5% |
| Return on equity | -7.8% | 15.2% |
| Debt to equity | 0.51 | 0.50 |
| P/E | — | 24.5x |
| Forward P/E | 78.2x | 19.9x |
| P/B | 4.1x | 3.8x |
| Dividend yield | — | 1.0% |