COIN and 9 peers, year by year
The 9 Financials companies closest to COIN in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.
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| Company | Year | Revenue | Sales growth | Gross margin | Operating margin | Net margin | FCF margin | Return on equity | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|
| COIN Coinbase | FY2025 | $7.2B | +9.4% | - | 20.0% | 17.6% | - | 8.5% | 0.52 |
| ARES Ares Management | FY2025 | $5.6B | +44.2% | - | - | 9.4% | - | 12.3% | - |
| CBOE Cboe Global Markets | FY2025 | $4.7B | +15.1% | 51.5% | 31.1% | 23.3% | 35.7% | 21.4% | 0.28 |
| CPAY Corpay | FY2025 | $4.5B | +13.9% | - | 44.0% | 23.6% | 28.7% | 27.5% | 2.58 |
| HOOD Robinhood Markets | FY2025 | $4.5B | +51.6% | - | - | 42.1% | - | 20.6% | 0.00 |
| GL Globe Life | FY2025 | $6.0B | +3.7% | - | - | 19.4% | 20.9% | 19.4% | 0.44 |
| BRO Brown & Brown | FY2025 | $5.9B | +22.8% | - | - | 17.9% | 23.4% | 8.4% | 0.61 |
| CME CME Group | FY2025 | $6.5B | +6.4% | - | 64.9% | 62.5% | 64.3% | 14.2% | 0.00 |
| IBKR Interactive Brokers | FY2025 | $6.2B | +23.4% | - | - | 15.9% | - | 18.3% | - |
| IVZ Invesco | FY2025 | $6.4B | +5.1% | - | −10.9% | −11.4% | 22.6% | −5.9% | 0.15 |
Revenue, FY2019 to FY2025
Revenue as reported in the 10-K.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | $533.7M | $1.3B | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B |
| ARES Dec | $1.8B | $1.8B | $4.2B | $3.1B | $3.6B | $3.9B | $5.6B |
| CBOE Dec | $2.5B | $3.4B | $3.5B | $4.0B | $3.8B | $4.1B | $4.7B |
| CPAY Dec | $2.6B | $2.4B | $2.8B | $3.4B | $3.8B | $4.0B | $4.5B |
| HOOD Dec | $277.5M | $958.0M | $1.8B | $1.4B | $1.9B | $3.0B | $4.5B |
| GL Dec | $4.5B | $4.7B | $5.1B | $5.2B | $5.4B | $5.8B | $6.0B |
| BRO Dec | $2.4B | $2.6B | $3.1B | $3.6B | $4.3B | $4.8B | $5.9B |
| CME Dec | $4.9B | $4.9B | $4.7B | $5.0B | $5.6B | $6.1B | $6.5B |
| IBKR Dec | - | - | $2.7B | $3.1B | $4.3B | $5.2B | $6.2B |
| IVZ Dec | $6.1B | $6.1B | $6.9B | $6.0B | $5.7B | $6.1B | $6.4B |
| Peer median | $2.6B | $3.0B | $3.5B | $3.6B | $4.3B | $4.8B | $5.9B |
Sales growth, FY2019 to FY2025
Revenue against the fiscal year before.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | - | +139% | +514% | −59.3% | −2.7% | +111% | +9.4% |
| ARES Dec | +84.2% | −0.1% | +139% | −27.5% | +18.9% | +7.0% | +44.2% |
| CBOE Dec | −9.8% | +37.3% | +2.0% | +13.3% | −4.7% | +8.5% | +15.1% |
| CPAY Dec | +8.8% | −9.8% | +18.6% | +20.9% | +9.6% | +5.8% | +13.9% |
| HOOD Dec | - | +245% | +89.5% | −25.2% | +37.3% | +58.2% | +51.6% |
| GL Dec | +5.2% | +4.6% | +7.9% | +2.2% | +4.2% | +6.1% | +3.7% |
| BRO Dec | +18.8% | +9.2% | +16.8% | +17.1% | +19.1% | +12.9% | +22.8% |
| CME Dec | +13.0% | +0.3% | −4.0% | +7.0% | +11.1% | +9.9% | +6.4% |
| IBKR Dec | - | - | +21.8% | −4.0% | +3.4% | +27.0% | +23.4% |
| IVZ Dec | +15.1% | +0.5% | +12.2% | −12.3% | −5.5% | +6.1% | +5.1% |
| Peer median | +13.0% | +2.6% | +16.8% | +2.2% | +9.6% | +8.5% | +15.1% |
Gross margin, FY2019 to FY2025
Gross profit / revenue.Operating margin, FY2019 to FY2025
Operating income / revenue.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | −8.6% | 32.0% | 39.2% | −84.8% | −5.2% | 35.1% | 20.0% |
| ARES Dec | - | - | - | - | - | - | - |
| CBOE Dec | 21.5% | 19.3% | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% |
| CPAY Dec | 46.5% | 40.7% | 43.8% | 42.2% | 44.1% | 45.0% | 44.0% |
| HOOD Dec | - | - | - | - | - | - | - |
| GL Dec | 20.3% | 19.1% | 24.0% | 22.7% | 23.2% | - | - |
| BRO Dec | - | - | - | - | - | - | - |
| CME Dec | 53.2% | 54.0% | 56.4% | 60.1% | 61.6% | 64.1% | 64.9% |
| IBKR Dec | - | - | - | - | - | - | - |
| IVZ Dec | 13.2% | 15.0% | 25.9% | 21.8% | −7.6% | 13.7% | −10.9% |
| Peer median | 21.5% | 19.3% | 25.9% | 22.7% | 28.0% | 35.9% | 37.6% |
Net margin, FY2019 to FY2025
Net income / revenue.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | −5.7% | 25.2% | 46.2% | −82.2% | 3.1% | 39.3% | 17.6% |
| ARES Dec | 8.4% | 8.6% | 9.7% | 5.5% | 13.1% | 11.9% | 9.4% |
| CBOE Dec | 15.0% | 13.7% | 15.1% | 5.9% | 20.2% | 18.7% | 23.3% |
| CPAY Dec | 33.8% | 29.5% | 29.6% | 27.8% | 26.1% | 25.3% | 23.6% |
| HOOD Dec | −38.4% | 0.7% | −203.1% | −75.7% | −29.0% | 47.8% | 42.1% |
| GL Dec | 16.8% | 15.4% | 20.2% | 17.1% | 17.8% | 18.5% | 19.4% |
| BRO Dec | 16.7% | 18.4% | 19.2% | 18.8% | 20.5% | 20.7% | 17.9% |
| CME Dec | 43.5% | 43.1% | 56.2% | 53.6% | 57.8% | 57.5% | 62.5% |
| IBKR Dec | - | - | 11.3% | 12.4% | 13.8% | 14.6% | 15.9% |
| IVZ Dec | 9.2% | 8.5% | 20.2% | 11.3% | −5.8% | 8.9% | −11.4% |
| Peer median | 15.8% | 14.6% | 19.2% | 12.4% | 17.8% | 18.7% | 19.4% |
Free cash flow, FY2019 to FY2025
Cash from operations minus capital spending.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | −$114.1M | $283.6M | $4.0B | −$1.6B | - | - | - |
| ARES Dec | - | - | - | - | - | - | - |
| CBOE Dec | $597.7M | $1.4B | $545.8M | $591.3M | $1.0B | $1.0B | $1.7B |
| CPAY Dec | $1.1B | $1.4B | $1.1B | $603.4M | $1.9B | $1.8B | $1.3B |
| HOOD Dec | $1.3B | $1.9B | −$948.0M | −$880.0M | - | - | - |
| GL Dec | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.3B | $1.3B |
| BRO Dec | $605.1M | $642.3M | $763.8M | $829.0M | $941.0M | $1.1B | $1.4B |
| CME Dec | $2.4B | $2.5B | $2.3B | $3.0B | $3.4B | $3.6B | $4.2B |
| IBKR Dec | - | - | - | - | - | - | - |
| IVZ Dec | $992.3M | $1.1B | $969.3M | $510.3M | $1.1B | $1.1B | $1.4B |
| Peer median | $1.1B | $1.4B | $969.3M | $603.4M | $1.3B | $1.2B | $1.4B |
FCF margin, FY2019 to FY2025
Free cash flow / revenue.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | −21.4% | 22.2% | 51.5% | −49.7% | - | - | - |
| ARES Dec | - | - | - | - | - | - | - |
| CBOE Dec | 23.9% | 41.2% | 15.6% | 14.9% | 27.3% | 25.4% | 35.7% |
| CPAY Dec | 41.0% | 58.4% | 38.3% | 17.6% | 51.8% | 44.4% | 28.7% |
| HOOD Dec | 451.4% | 193.3% | −52.2% | −64.8% | - | - | - |
| GL Dec | 29.2% | 30.3% | 27.4% | 26.7% | 26.3% | 23.0% | 20.9% |
| BRO Dec | 25.3% | 24.6% | 25.0% | 23.2% | 22.1% | 22.7% | 23.4% |
| CME Dec | 49.9% | 51.6% | 48.5% | 59.1% | 60.5% | 58.7% | 64.3% |
| IBKR Dec | - | - | - | - | - | - | - |
| IVZ Dec | 16.2% | 18.1% | 14.1% | 8.4% | 19.9% | 18.5% | 22.6% |
| Peer median | 29.2% | 41.2% | 25.0% | 17.6% | 26.8% | 24.2% | 26.1% |
Return on equity, FY2019 to FY2025
Net income / shareholders' equity at the year end.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | −6.1% | 33.4% | 56.8% | −48.1% | 1.5% | 25.1% | 8.5% |
| ARES Dec | 19.4% | 12.7% | 22.4% | 10.5% | 25.1% | 13.1% | 12.3% |
| CBOE Dec | 11.2% | 14.0% | 14.7% | 6.8% | 19.1% | 17.9% | 21.4% |
| CPAY Dec | 24.1% | 21.0% | 29.3% | 37.5% | 29.9% | 32.1% | 27.5% |
| HOOD Dec | n/m | n/m | −50.6% | −14.8% | −8.1% | 17.7% | 20.6% |
| GL Dec | 10.4% | 8.3% | 51.5% | 22.6% | 21.6% | 20.2% | 19.4% |
| BRO Dec | 11.9% | 12.8% | 14.0% | 14.6% | 15.6% | 15.4% | 8.4% |
| CME Dec | 8.1% | 8.0% | 9.6% | 10.0% | 12.1% | 13.3% | 14.2% |
| IBKR Dec | - | - | 12.9% | 13.3% | 16.7% | 17.6% | 18.3% |
| IVZ Dec | 4.1% | 3.7% | 9.0% | 4.5% | −2.3% | 3.7% | −5.9% |
| Peer median | 11.2% | 12.7% | 14.0% | 10.5% | 16.7% | 17.6% | 18.3% |
Debt / equity, FY2019 to FY2025
Total debt / shareholders' equity at the year end.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | - | 0.00 | 0.53 | 0.63 | 0.47 | 0.45 | 0.52 |
| ARES Dec | - | - | - | - | - | - | - |
| CBOE Dec | 0.26 | 0.36 | 0.36 | 0.50 | 0.36 | 0.34 | 0.28 |
| CPAY Dec | 1.36 | 1.28 | 2.09 | 2.77 | 2.05 | 2.56 | 2.58 |
| HOOD Dec | - | - | - | - | - | - | 0.00 |
| GL Dec | 0.23 | 0.22 | 1.09 | 0.57 | 0.47 | 0.52 | 0.44 |
| BRO Dec | 0.46 | 0.56 | 0.48 | 0.86 | 0.68 | 0.59 | 0.61 |
| CME Dec | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.03 | 0.00 |
| IBKR Dec | - | - | - | - | - | - | - |
| IVZ Dec | 0.15 | 0.15 | 0.13 | 0.10 | 0.10 | 0.06 | 0.15 |
| Peer median | 0.24 | 0.29 | 0.42 | 0.54 | 0.42 | 0.43 | 0.28 |
EPS (diluted), FY2019 to FY2025
Diluted earnings per share, on today's share count after splits.| Company | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| COIN Dec | −$0.50 | $1.40 | $14.50 | −$11.83 | $0.37 | $9.48 | $4.45 |
| ARES Dec | - | - | - | - | - | - | - |
| CBOE Dec | $3.34 | $4.27 | $4.92 | $2.19 | $7.13 | $7.21 | $10.42 |
| CPAY Dec | $9.94 | $8.12 | $9.99 | $12.42 | $13.20 | $13.97 | $15.03 |
| HOOD Dec | −$0.48 | $0.01 | −$7.49 | −$1.17 | −$0.61 | $1.56 | $2.05 |
| GL Dec | $6.83 | $6.82 | $9.99 | $9.04 | $10.07 | $11.94 | $14.07 |
| BRO Dec | $1.40 | $1.69 | $2.07 | $2.37 | $3.05 | $3.46 | $3.16 |
| CME Dec | $5.91 | $5.87 | $7.29 | $7.40 | $8.86 | $9.67 | $11.16 |
| IBKR Dec | - | - | $0.81 | $0.94 | $1.42 | $1.73 | $2.22 |
| IVZ Dec | $1.28 | $1.13 | $2.99 | $1.49 | −$0.73 | $1.18 | −$1.60 |
| Peer median | $3.34 | $4.27 | $3.96 | $2.28 | $5.09 | $5.33 | $6.79 |
Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out COIN and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →
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