Coinbase Global，Inc。（NASDAQ：COIN）股價在上個月的表現非常差

Coinbase Global的P/S比率對於一家預計會帶來非常強勁增長的公司而言是典型的，而且重要的是，表現要比該行業要好得多。

Coinbase Global, Inc. (NASDAQ:COIN) shares have fallen heavily over the last month, with the share price decreasing by 26%. This has reduced its annual gain to a relatively sedate 2.4% over the last twelve months.

Coinbase Global，Inc。（NASDAQ：COIN）股票在上個月下降了很大，股價下降了26％。在過去的十二個月中，這將其年收益降低到相對鎮定的2.4％。

While the recent drop is noteworthy, it could be forgiven considering that Coinbase Global shares have a price-to-sales ratio (or "P/S") of 8.4x, whereas almost half of U.S. Capital Markets companies have a P/S ratio less than 3.1x. Of course, P/S ratios can be incredibly misleading, which is easily explained in the case of Coinbase Global.

雖然最近的下跌是值得注意的，但考慮到Coinbase Global股票的價格比（或“ p/s”）為8.4倍，可以原諒，而幾乎美國一半的美國資本市場公司的P/S比率低於3.1倍。當然，在Coinbase Global的情況下，P/S比率可能具有令人難以置信的誤導性。

See our latest analysis for Coinbase Global

請參閱我們對Coinbase Global的最新分析

What Does Coinbase Global's P/S Mean For Shareholders?

Coinbase Global對股東的意義是什麼？

Coinbase Global's P/S ratio can be discussed in the context of the company's recent revenue growth.

Coinbase Global的P/S比率可以在公司最近的收入增長的背景下進行討論。

The P/S is probably high because investors are expecting to see more rapid revenue growth, in the future. If this isn't the case, investors might get caught out paying too much for the stock.

P/S可能很高，因為投資者希望將來會看到收入增長的快速增長。如果不是這種情況，投資者可能會被趕上為股票支付過多的費用。

Is There Enough Revenue Growth Forecasted For Coinbase Global?

Coinbase Global預測了足夠的收入增長嗎？

Coinbase Global's P/S ratio is typical for a company that's expected to deliver very strong growth, and importantly, perform much better than the industry.

Coinbase Global的P/S比率對於一家預計會帶來非常強勁增長的公司而言是典型的，重要的是，表現要比該行業要好得多。

To begin with, the company grew revenue by an impressive 115% last year, which is a significant outperformance. However, over the last three years, the company has seen a nasty 20% drop in revenue overall. So unfortunately, we have to acknowledge that the company has not done a great job of growing revenues over that time.

首先，該公司去年的收入增長了115％，這是一個巨大的表現。但是，在過去的三年中，該公司總體收入下降了20％。因此，不幸的是，我們必須承認，該公司在那段時間的收入增長方面並沒有做得很好。

Turning to the outlook, the next three years should generate growth of 7.8% each year as estimated by the analysts watching the company. Meanwhile, the rest of the industry is forecast to expand by 7.4% per annum, which is not materially different.

轉向前景，如分析師觀看公司所估計的，接下來的三年應每年增長7.8％。同時，預計該行業的其餘部分將每年擴大7.4％，這在實質上並不差異。

In light of this, it's curious that Coinbase Global's P/S sits above the majority of other companies. Apparently many investors in the company are more bullish than analysts indicate and aren't willing to let go of their stock right now. However, additional gains will be difficult to achieve as this level of revenue growth is likely to weigh down the share price eventually.

鑑於此，奇怪的是，Coinbase Global的P/S位於其他大多數公司之上。顯然，該公司的許多投資者比分析師指出的更看好，現在不願意放棄他們的股票。但是，由於這種收入增長水平最終可能會降低股價，因此很難實現額外的收益。

What We Can Learn From Coinbase Global's P/S?

我們可以從Coinbase Global的P/S中學到什麼？

Coinbase Global's shares may have suffered, but its P/S remains high. Typically, we'd caution against reading too much into price-to-sales ratios when settling on investment decisions, though it can reveal plenty about what other market participants think about the company.

Coinbase Global的股票可能遭受了損失，但其P/S仍然很高。通常，我們警告說，在解決投資決策時，我們不要過多地閱讀價格與銷售比率，儘管它可以揭示其他市場參與者對公司的看法。

Analysts are forecasting Coinbase Global's revenues to only grow on par with the rest of the industry, which has lead to the high P/S ratio being unexpected.

分析師預測了Coinbase Global的收入僅與其他行業相等，這導致高P/S比率是出乎意料的。

Right now we are uncomfortable with the relatively high share price as the predicted future revenues aren't likely to support such positive sentiment for long. Unless the company can jump ahead of the rest of the industry in the short-term, it'll be a challenge to maintain the share price at current levels.

目前，我們對相對較高的股價感到不舒服，因為預測的未來收入不太可能長期支持這種積極的情緒。除非該公司在短期內可以領先於行業的其餘部分，否則將股價保持在當前水平上是一個挑戰。

And what about other risks? Every company has them, and we've spotted 1 warning sign for Coinbase Global that you should know about.

還有其他風險呢？每個公司都有它們，我們發現了您應該知道的Coinbase Global的1個警告標誌。

If you're unsure about the strength of Coinbase Global's business, why not explore our interactive list of stocks with solid business fundamentals for some other companies you may have missed.

如果您不確定Coinbase Global業務的實力，為什麼不為您可能錯過的其他一些公司探索具有穩固業務基礎知識的股票清單。

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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

對這篇文章有反饋嗎？關心內容？直接與我們聯繫。另外，電子郵件編輯團隊（at）簡單wallst.com。

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data.

Simply Wall ST的這篇文章本質上是一般的。我們根據歷史數據提供評論，分析師僅使用無偏見的方法進行預測，而我們的文章並不是要成為財務建議。它不構成購買或出售任何股票的建議，也不構成您的目標或財務狀況。我們旨在為您帶來以基本數據為驅動的長期關注分析。

Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any of the stocks mentioned.

請注意，我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡單的Wall ST在提到的任何股票中都沒有位置。