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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Coinbase Global's Net-Net Working Capital for the quarter that ended in Jun. 2026 was CHF-12.83.
The industry rank for Coinbase Global's Net-Net Working Capital or its related term are showing as below:
XSWX:COIN's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 4.485 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Coinbase Global (XSWX:COIN) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Coinbase Global Net-Net Working Capital Related Terms
Coinbase Global Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Coinbase Global's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:COIN vs MSCI, NDAQ, CBOE: Net-Net Working Capital Comparison
For the Financial Data & Stock Exchanges subindustry, Coinbase Global's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Coinbase Global Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Coinbase Global's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Coinbase Global's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of CHF-12.83 mean?
Coinbase Global (XSWX:COIN) has a Net-Net Working Capital of CHF-12.83 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Coinbase Global According to the industry distribution chart, Coinbase Global ranks #999999 out of 276 companies in the Capital Markets industry.
Is Coinbase Global's Net-Net Working Capital too high?
Coinbase Global's current Net-Net Working Capital is CHF-12.83. Based on the distribution chart, Coinbase Global ranks #999999 out of 276 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Coinbase Global has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Coinbase Global's Net-Net Working Capital compare to MSCI and NDAQ?
According to the Capital Markets industry distribution chart, Coinbase Global ranks #999999 out of 276 companies for Net-Net Working Capital. This places Coinbase Global in the lower half of its industry. The industry median Net-Net Working Capital is 4.49. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.49, based on 276 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Coinbase Global For the Capital Markets industry, the median Net-Net Working Capital is 4.49 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Coinbase Global's current Net-Net Working Capital is CHF-12.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Coinbase Global stock overvalued right now?
Coinbase Global (XSWX:COIN) has a current Net-Net Working Capital of CHF-12.83. The stock's GF Value™ is CHF186.72, compared to a current price of CHF120.74 — trading 35.3% below its estimated fair value. The current Net-Net Working Capital is CHF-12.83. Coinbase Global's overall GF Score™ is 79/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Coinbase Global (XSWX:COIN), the current Net-Net Working Capital is CHF-12.83 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Coinbase Global (XSWX:COIN) Overvalued in 2026?
Based on GuruFocus' analysis, Coinbase Global stock appears to be undervalued.
The current stock price of CHF120.74 is trading 35.3% below its estimated GF Value™ of CHF186.72.
Key valuation signals for XSWX:COIN:
Net-Net Working Capital: CHF-12.83
GF Value™: CHF186.72 vs. price of CHF120.74 (35.3% below fair value)
No single metric tells the full story. See the XSWX:COIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.
79GF Score
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