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Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Coinbase Global's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2024 was 186.36%.
The historical rank and industry rank for Coinbase Global's ROC (Joel Greenblatt) % or its related term are showing as below:
During the past 5 years, Coinbase Global's highest ROC (Joel Greenblatt) % was 1986.36%. The lowest was -1492.22%. And the median was 2.65%.
Coinbase Global's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The historical data trend for Coinbase Global's ROC (Joel Greenblatt) % 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.
Coinbase Global Annual Data | |||||||||||
Trend | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | ||||||
ROC (Joel Greenblatt) % | -20.90 | 255.12 | 1,986.36 | -1,492.22 | 2.65 |
Coinbase Global Quarterly Data | ||||||||||||||||||||
Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | 105.19 | 286.71 | 2,852.33 | -80.93 | 186.36 |
For the Financial Data & Stock Exchanges subindustry, Coinbase Global's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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.
For the Capital Markets industry and Financial Services sector, Coinbase Global's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Coinbase Global's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
ROC (Joel Greenblatt) % | = | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) |
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Working Capital | (Q: Jun. 2024 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (236.444 | + | 0 | + | 269695.254) | - | (448.17 | + | 273395.904 | + | 509.64500000002) |
= | -4422.021 |
Working Capital | (Q: Sep. 2024 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (187.004 | + | 0 | + | 273181.477) | - | (500.603 | + | 0 | + | 277087.835) |
= | -4219.9570000001 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of Coinbase Global for the quarter that ended in Sep. 2024 can be restated as:
ROC (Joel Greenblatt) % | (Q: Sep. 2024 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Jun. 2024 | Q: Sep. 2024 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | 356.444 | / | ( ( (189.533 + max(-4422.021, 0)) | + | (193 + max(-4219.9570000001, 0)) ) | / | 2 ) |
= | 356.444 | / | ( ( 189.533 | + | 193 ) | / | 2 ) |
= | 356.444 | / | 191.2665 | ||||
= | 186.36 % |
Note: The EBIT data used here is four times the quarterly (Sep. 2024) EBIT data.
* 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.
Coinbase Global (NAS:COIN) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.
Thank you for viewing the detailed overview of Coinbase Global's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Paul Grewal | officer: Chief Legal Officer | C/O COINBASE GLOBAL, INC., 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Emilie Choi | officer: President | C/O COINBASE GLOBAL, INC., 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Lawrence J Brock | officer: Chief People Officer | C/O COINBASE GLOBAL, INC., 248 3RD ST #434, OAKLAND CA 94607 |
Brian Armstrong | director, 10 percent owner, officer: Chairman and CEO | 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Ehrsam Frederick Ernest Iii | director | C/O COINBASE GLOBAL, INC., 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Jennifer N. Jones | officer: Chief Accounting Officer | C/O COINBASE GLOBAL, INC., 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Alesia J Haas | officer: Chief Financial Officer | 3333 BEVERLY ROAD, HOFFMAN ESTATES IL 60179 |
Frederick R Wilson | director, 10 percent owner | |
Gokul Rajaram | director | 301 CONGRESS AVENUE, SUITE 700, AUSTIN TX 78701 |
Marc L Andreessen | director, 10 percent owner | C/O ARNOLD & PORTER LLP, 3 EMBARCADERO CENTER 7TH FLOOR, SAN FRANCISCO CA 94111 |
Kathryn Haun | director | C/O COINBASE GLOBAL, INC., 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Tobias Lutke | director | C/O SHOPIFY INC., 150 ELGIN ST., 8TH FLOOR, OTTAWA A6 K2P 1L4 |
Surojit Chatterjee | officer: Chief Product Officer | C/O COINBASE GLOBAL, INC., 100 PINE STREET, SUITE 1250, SAN FRANCISCO CA 94111 |
Andreessen Horowitz Fund Iii, L.p. | 10 percent owner | 2865 SAND HILL ROAD, SUITE 101, MENLO PARK CA 94025 |
Andreessen Horowitz Lsv Fund I-b, L.p. | 10 percent owner | 2865 SAND HILL ROAD, SUITE 101, MENLO PARK CA 94025 |
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