Coinbase Global，Inc。（NASDAQ：COIN）股价在上个月的表现非常差

Coinbase Global的P/S比率对于一家预计会带来非常强劲增长的公司而言是典型的，而且重要的是，表现要比该行业要好得多。

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）股票在上个月下降了很大，股价下降了26％。在过去的十二个月中，这将其年收益降低到相对镇定的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.

虽然最近的下跌是值得注意的，但考虑到Coinbase Global股票的价格比（或“ p/s”）为8.4倍，可以原谅，而几乎美国一半的美国资本市场公司的P/S比率低于3.1倍。当然，在Coinbase Global的情况下，P/S比率可能具有令人难以置信的误导性。

See our latest analysis for Coinbase Global

请参阅我们对Coinbase Global的最新分析

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

Coinbase Global对股东的意义是什么？

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长的背景下进行讨论。

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，因为投资者希望将来会看到收入增长的快速增长。如果不是这种情况，投资者可能会被赶上为股票支付过多的费用。

Is There Enough Revenue Growth Forecasted For Coinbase Global?

Coinbase Global预测了足够的收入增长吗？

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比率对于一家预计会带来非常强劲增长的公司而言是典型的，重要的是，表现要比该行业要好得多。

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，该公司去年的收入增长了115％，这是一个巨大的表现。但是，在过去的三年中，该公司总体收入下降了20％。因此，不幸的是，我们必须承认，该公司在那段时间的收入增长方面并没有做得很好。

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.

转向前景，如分析师观看公司所估计的，接下来的三年应每年增长7.8％。同时，预计该行业的其余部分将每年扩大7.4％，这在实质上并不差异。

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.

鉴于此，奇怪的是，Coinbase Global的P/S位于其他大多数公司之上。显然，该公司的许多投资者比分析师指出的更看好，现在不愿意放弃他们的股票。但是，由于这种收入增长水平最终可能会降低股价，因此很难实现额外的收益。

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

我们可以从Coinbase Global的P/S中学到什么？

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的股票可能遭受了损失，但其P/S仍然很高。通常，我们警告说，在解决投资决策时，我们不要过多地阅读价格与销售比率，尽管它可以揭示其他市场参与者对公司的看法。

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.

分析师预测了Coinbase Global的收入仅与其他行业相等，这导致高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，我们对相对较高的股价感到不舒服，因为预测的未来收入不太可能长期支持这种积极的情绪。除非该公司在短期内可以领先于行业的其余部分，否则将股价保持在当前水平上是一个挑战。

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

还有其他风险呢？每个公司都有它们，我们发现了您应该知道的Coinbase Global的1个警告标志。

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.

如果您不确定Coinbase Global业务的实力，为什么不为您可能错过的其他一些公司探索具有稳固业务基础知识的股票清单。

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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.

对这篇文章有反馈吗？关心内容？直接与我们联系。另外，电子邮件编辑团队（at）简单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的这篇文章本质上是一般的。我们根据历史数据提供评论，分析师仅使用无偏见的方法进行预测，而我们的文章并不是要成为财务建议。它不构成购买或出售任何股票的建议，也不构成您的目标或财务状况。我们旨在为您带来以基本数据为驱动的长期关注分析。

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.

请注意，我们的分析可能不会考虑最新的价格敏感公司公告或定性材料。简单的Wall ST在提到的任何股票中都没有位置。