Consumer finance · 20/36 against 15/36 checks · to 2026-09-08
AXP vs COIN.
American ExpressIssues American Express cards and runs the network they use, earning fees from both sides.
CoinbaseRuns the largest US crypto exchange, earning trading fees and interest on customer assets.→American Express (AXP) is 4.7 times the size of Coinbase (COIN) at $220.2B against $47.2B, and on the filings American Express passes more, 20 checks of 36 against 15.
Which passes more checks?
widest gap first→The two are furthest apart on Trend analysis, where Coinbase passes 4 more of the six.
| AXP | COIN | |
|---|---|---|
| Trend analysis | 0/6 | 4/6 |
| Quality | 4/6 | 1/6 |
| Shareholder returns | 5/6 | 2/6 |
| Value | 3/6 | 1/6 |
| Growth | 4/6 | 2/6 |
| Health | 4/6 | 5/6 |
| All checks | 20/36 | 15/36 |
→American Express turns over $43.1B to Coinbase's $6.3B, 6.9 times as much. Coinbase is not profitable over the trailing twelve months, so a profit comparison does not hold yet.
American Express files as a bank and Coinbase as an operating company, so the measures each is judged on differ - net interest margin means nothing for one, funds from operations nothing for the other. The six axes still compare, because every company is scored on the checks its own filings support.
Which keeps more of each sale?
→American Express keeps more of each sale: operating margin of 12.6% against 9.9%, a gap of 3 points that flows into everything below it.
| AXP | COIN | |
|---|---|---|
| Gross margin | - | - |
| Operating margin | 12.6% | 9.9% |
| Return on equity | 33.4% | -7.2% |
Which hands more back to owners?
→American Express pays 1.0% at today's price and Coinbase effectively pays nothing, which is the clearest difference in what each hands back.
| AXP | COIN | |
|---|---|---|
| Dividend yield | 1.0% | - |
| Payout ratio | 19.8% | - |
| Years of unbroken dividend | - | - |
Which is cheaper?
→Coinbase has no earnings multiple to compare, so the two are set against revenue instead: 5.1x at American Express and 7.5x at Coinbase.
| AXP | COIN | |
|---|---|---|
| Share price | $326.10 | $178.94 |
| Market cap | $220.2B | $47.2B |
| P/E | 19.8x | - |
| P/E, own median own 11-year median / own 4-year median | 14.5x | 61.7x |
| P/S | 5.1x | 7.5x |
| Free cash flow yield | 6.8% | 3.6% |
Which is growing faster, AXP or COIN?
→American Express grew revenue faster last year, +8.8% against -10.4% at Coinbase - 19 points apart. Over three years the order is reversed: Coinbase compounds at +31.0% against +6.5%.
| AXP | COIN | |
|---|---|---|
| Revenue (TTM) | $43.1B | $6.3B |
| Revenue growth, 1 year | +8.8% | -10.4% |
| Revenue CAGR, 3 years | +6.5% | +31.0% |
| Net income (TTM) | $11.4B | $-948M |
| Free cash flow (TTM) | $15.1B | $1.7B |
Which balance sheet is stronger?
→Coinbase carries much the lighter balance sheet, 0.45x of debt to equity against 1.72x - which matters most in the year a downturn arrives, not this one.
| AXP | COIN | |
|---|---|---|
| Debt / equity | 1.72x | 0.45x |
| Interest coverage | 0.7x | 6.9x |
| Cash and short-term investments | $45.6B | $8.8B |
Where they differ most
the checks behind the gapTrend analysis: Coinbase 4 ahead
- Price above the Kumo cloud $178.94 against a cloud top of $167.86
- Tenkan above the Kijun Tenkan $183.94 above the Kijun $168.44, 13 sessions since they crossed
- The Senkou cloud ahead is rising the Senkou spans already drawn for the next 26 sessions are rising and it turns up partway through
- Price above the Kumo cloud $326.10, below the cloud bottom of $331.18
- Price above the Tenkan and the Kijun $326.10 against the Tenkan (9 sessions) at $330.07 and the Kijun (26) at $337.57
- Tenkan above the Kijun Tenkan $330.07 below the Kijun $337.57, 6 sessions since they crossed
Quality: American Express 3 ahead
- Wider interest margin than peers 6.0% vs 1.9% (sector 70th pct, n=39)
- Actually profitable TTM net income $11.4B
- Earns well on shareholders' money 33.4% vs 16.1% (sector 70th pct, n=79)
- Better net margins than peers -15.1% vs 18.2% (sector 70th pct, n=77)
- Runs leaner than peers (operating margin) 9.9% vs 25.6% (sector 70th pct, n=45)
- Actually profitable TTM net income $-948M