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Side-by-side financial comparison of Coinbase (COIN) and NGL Energy Partners LP (NGL). Click either name above to swap in a different company.
Coinbase is the larger business by last-quarter revenue ($1.8B vs $909.8M, roughly 2.0× NGL Energy Partners LP). NGL Energy Partners LP runs the higher net margin — 5.2% vs -37.4%, a 42.6% gap on every dollar of revenue. On growth, Coinbase posted the faster year-over-year revenue change (-21.6% vs -41.3%). Over the past eight quarters, Coinbase's revenue compounded faster (4.3% CAGR vs -6.4%).
Coinbase Global, Inc. is an American cryptocurrency exchange. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's biggest bitcoin custodian, as of 2024. The company operates in more than 100 countries and holds nearly US$516 billion in assets, including nearly 12 percent of all bitcoin in existence and 11 percent of all staked Ether.
NGL Energy Partners LP is a U.S.-based midstream energy services firm. It offers transportation, storage, and logistics solutions for crude oil, natural gas liquids, and renewable fuels, plus water management services for upstream energy producers, operating primarily across North American markets.
COIN vs NGL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $909.8M |
| Net Profit | $-666.7M | $47.2M |
| Gross Margin | — | 29.0% |
| Operating Margin | 15.4% | 12.1% |
| Net Margin | -37.4% | 5.2% |
| Revenue YoY | -21.6% | -41.3% |
| Net Profit YoY | -151.6% | 249.3% |
| EPS (diluted) | $-2.43 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.8B | $909.8M | ||
| Q3 25 | $1.9B | $674.7M | ||
| Q2 25 | $1.5B | $622.2M | ||
| Q1 25 | $2.0B | $971.1M | ||
| Q4 24 | $2.3B | $982.4M | ||
| Q3 24 | $1.2B | $756.5M | ||
| Q2 24 | $1.4B | $759.2M | ||
| Q1 24 | $1.6B | $1.0B |
| Q4 25 | $-666.7M | $47.2M | ||
| Q3 25 | $432.6M | $29.3M | ||
| Q2 25 | $1.4B | $68.9M | ||
| Q1 25 | $65.6M | $13.7M | ||
| Q4 24 | $1.3B | $13.5M | ||
| Q3 24 | $75.5M | $2.5M | ||
| Q2 24 | $36.1M | $9.7M | ||
| Q1 24 | $1.2B | $-236.8M |
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
| Q4 25 | 15.4% | 12.1% | ||
| Q3 25 | 25.7% | 14.0% | ||
| Q2 25 | -1.6% | 15.7% | ||
| Q1 25 | 34.7% | 8.4% | ||
| Q4 24 | 45.5% | 8.6% | ||
| Q3 24 | 14.1% | 10.8% | ||
| Q2 24 | 23.7% | 10.8% | ||
| Q1 24 | 46.4% | -9.4% |
| Q4 25 | -37.4% | 5.2% | ||
| Q3 25 | 23.1% | 4.3% | ||
| Q2 25 | 95.4% | 11.1% | ||
| Q1 25 | 3.2% | 1.4% | ||
| Q4 24 | 56.8% | 1.4% | ||
| Q3 24 | 6.3% | 0.3% | ||
| Q2 24 | 2.5% | 1.3% | ||
| Q1 24 | 71.8% | -22.8% |
| Q4 25 | $-2.43 | — | ||
| Q3 25 | $1.50 | — | ||
| Q2 25 | $5.14 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $4.66 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.14 | — | ||
| Q1 24 | $4.40 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.6B | $6.5M |
| Total DebtLower is stronger | $7.2B | $2.9B |
| Stockholders' EquityBook value | $14.8B | — |
| Total Assets | $29.7B | $4.4B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.6B | $6.5M | ||
| Q3 25 | $9.8B | $8.7M | ||
| Q2 25 | $7.5B | $5.4M | ||
| Q1 25 | $8.1B | $13.5M | ||
| Q4 24 | $8.5B | $5.7M | ||
| Q3 24 | $7.7B | $4.5M | ||
| Q2 24 | $7.2B | $5.3M | ||
| Q1 24 | $6.7B | $38.9M |
| Q4 25 | $7.2B | $2.9B | ||
| Q3 25 | $7.2B | $2.9B | ||
| Q2 25 | $4.2B | $2.9B | ||
| Q1 25 | $4.2B | $3.0B | ||
| Q4 24 | $4.2B | $3.1B | ||
| Q3 24 | $4.2B | $3.1B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $4.2B | $2.9B |
| Q4 25 | $14.8B | — | ||
| Q3 25 | $16.0B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $8.7B | — | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.1B | — |
| Q4 25 | $29.7B | $4.4B | ||
| Q3 25 | $31.4B | $4.3B | ||
| Q2 25 | $23.5B | $4.2B | ||
| Q1 25 | $21.7B | $4.6B | ||
| Q4 24 | $22.5B | $4.8B | ||
| Q3 24 | $290.6B | $4.9B | ||
| Q2 24 | $287.0B | $4.8B | ||
| Q1 24 | $348.0B | $5.0B |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.52× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | $182.3M |
| Free Cash FlowOCF − Capex | — | $45.7M |
| FCF MarginFCF / Revenue | — | 5.0% |
| Capex IntensityCapex / Revenue | — | 15.0% |
| Cash ConversionOCF / Net Profit | — | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $126.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.1B | $182.3M | ||
| Q3 25 | $-784.5M | $40.5M | ||
| Q2 25 | $328.5M | $33.2M | ||
| Q1 25 | $-182.7M | $155.0M | ||
| Q4 24 | $964.6M | $153.8M | ||
| Q3 24 | $696.5M | $6.7M | ||
| Q2 24 | $484.2M | $-18.1M | ||
| Q1 24 | $411.5M | $152.2M |
| Q4 25 | — | $45.7M | ||
| Q3 25 | — | $9.5M | ||
| Q2 25 | — | $11.1M | ||
| Q1 25 | — | $60.4M | ||
| Q4 24 | — | $152.1M | ||
| Q3 24 | — | $-82.9M | ||
| Q2 24 | — | $-78.0M | ||
| Q1 24 | — | $119.8M |
| Q4 25 | — | 5.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | — | -11.0% | ||
| Q2 24 | — | -10.3% | ||
| Q1 24 | — | 11.5% |
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 9.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 11.8% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 3.1% |
| Q4 25 | — | 3.86× | ||
| Q3 25 | -1.81× | 1.38× | ||
| Q2 25 | 0.23× | 0.48× | ||
| Q1 25 | -2.79× | 11.29× | ||
| Q4 24 | 0.75× | 11.39× | ||
| Q3 24 | 9.23× | 2.74× | ||
| Q2 24 | 13.39× | -1.87× | ||
| Q1 24 | 0.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
