(CRCL) Circle Internet - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: NYSE (USA) | Market Cap: 30.471m USD | Total Return: 264.9% in 12m
Avg Turnover: 1.65B
Qual. Beats: 0
Rev. Trend: 95.4%
Warnings
Share dilution 220.3% YoY
Choppy Below Avwap Earnings
Tailwinds
Leader
Circle Internet Group, Inc. (CRCL) operates as a financial technology firm providing infrastructure for stablecoin and blockchain-based applications. The company’s ecosystem is built around its proprietary Arc Blockchain, a layer-1 network designed for on-chain economic activity, and a suite of digital assets including USDC and EURC. These assets are supported by Circle Mint and XReserve, which provide the necessary liquidity, custody, and trust infrastructure for institutional and retail use.
The business model centers on the issuance and management of fiat-backed stablecoins, which serve as digital representations of sovereign currencies. Unlike volatile cryptocurrencies, stablecoins are designed to maintain a 1:1 peg with a reserve asset, typically held in short-term U.S. Treasuries or cash equivalents. This sector bridges traditional finance and decentralized protocols, enabling 24/7 settlement and reducing the friction typically associated with cross-border payments and remittances.
Beyond asset issuance, Circle provides developer tools and a payments network to facilitate the integration of digital assets into existing business workflows. For a deeper look into these fundamentals, ValueRay offers additional insights. Headquartered in New York, the company has evolved since its 2013 founding into a primary infrastructure provider for the multichain ecosystem.
- USDC market share growth against Tether drives transaction volumes and reserve revenue
- Federal interest rate fluctuations impact yields earned on stablecoin reserve assets
- Regulatory clarity on stablecoin frameworks influences institutional adoption and platform scale
- Expansion of Arc Blockchain network increases developer fees and ecosystem utility
- Strategic partnerships for cross-border payments volume accelerate circle payments network revenue
| Net Income: -79.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.17 > 1.0 |
| NWC/Revenue: 88.99% < 20% (prev 63.84%; Δ 25.16% < -1%) |
| CFO/TA 0.01 > 3% & CFO 506.6m > Net Income -79.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.03 > 1.5 & < 3 |
| Outstanding Shares: last quarter (242.3m) vs 12m ago 220.3% < -2% |
| Gross Margin: 7.17% > 18% (prev 0.24%; Δ 693.2% > 0.5%) |
| Asset Turnover: 4.01% > 50% (prev 3.04%; Δ 0.97% > 0%) |
| Interest Coverage Ratio: -147.3 > 6 (EBITDA TTM -47.3m / Interest Expense TTM 929k) |
| A: 0.03 (Total Current Assets 79.6b - Total Current Liabilities 77.1b) / Total Assets 80.5b |
| B: -0.02 (Retained Earnings -1.29b / Total Assets 80.5b) |
| C: -0.00 (EBIT TTM -136.8m / Avg Total Assets 71.4b) |
| D: -0.02 (Book Value of Equity -1.28b / Total Liabilities 77.1b) |
| Altman-Z'' = 0.12 = B |
| DSRI: 0.24 (Receivables 72.2m/200.3m, Revenue 2.86b/1.89b) |
| GMI: 3.35 (GM 7.17% / 24.00%) |
| AQI: 0.97 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 1.51 (Revenue 2.86b / 1.89b) |
| TATA: -0.01 (NI -79.0m - CFO 506.6m) / TA 80.5b) |
| Beneish M = -1.18 (Cap -4..+1) = D |
As of May 24, 2026, the stock is trading at USD 114.88 with a total of 10,718,968 shares traded.
Over the past week, the price has changed by -0.77%,
over one month by +8.39%,
over three months by +84.93% and
over the past year by +264.90%.
Circle Internet has no consensus analysts rating.
| Analysts Target Price | 142.3 | 23.8% |
P/S = 10.646
P/B = 8.4403
P/EG = 4.3449
Revenue TTM = 2.86b USD
EBIT TTM = -136.8m USD
EBITDA TTM = -47.3m USD
Long Term Debt = unknown (none)
Short Term Debt = 36.8m USD (from shortTermDebt, last fiscal year)
Debt = 36.8m USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -1.48b USD (calculated: Debt 36.8m - CCE 1.52b)
Enterprise Value = 29.0b USD (30.5b + Debt 36.8m - CCE 1.52b)
Interest Coverage Ratio = -147.3 (Ebit TTM -136.8m / Interest Expense TTM 929k)
EV/FCF = 56.96x (Enterprise Value 29.0b / FCF TTM 508.9m)
FCF Yield = 1.76% (FCF TTM 508.9m / Enterprise Value 29.0b)
FCF Margin = 17.78% (FCF TTM 508.9m / Revenue TTM 2.86b)
Net Margin = -2.76% (Net Income TTM -79.0m / Revenue TTM 2.86b)
Gross Margin = 7.17% ((Revenue TTM 2.86b - Cost of Revenue TTM 2.66b) / Revenue TTM)
Gross Margin QoQ = 17.64% (prev 22.36%)
Tobins Q-Ratio = 0.36 (Enterprise Value 29.0b / Total Assets 80.5b)
Interest Expense / Debt = 2.52% (Interest Expense 929k / Debt 36.8m)
Taxrate = 2.54% (1.44m / 56.7m)
NOPAT = -133.4m (EBIT -136.8m * (1 - 2.54%)) [loss with tax shield]
Current Ratio = 1.03 (Total Current Assets 79.6b / Total Current Liabilities 77.1b)
Debt / Equity = 0.01 (Debt 36.8m / totalStockholderEquity, last quarter 3.43b)
Debt / EBITDA = 31.28 (negative EBITDA) (Net Debt -1.48b / EBITDA -47.3m)
Debt / FCF = -2.91 (Net Debt -1.48b / FCF TTM 508.9m)
Total Stockholder Equity = 3.04b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.11% (Net Income -79.0m / Total Assets 80.5b)
RoE = -2.60% (Net Income TTM -79.0m / Total Stockholder Equity 3.04b)
RoCE = -3.93% (EBIT -136.8m / Capital Employed (Total Assets 80.5b - Current Liab 77.1b))
RoIC = -3.99% (negative operating profit) (NOPAT -133.4m / Invested Capital 3.34b)
WACC = 16.49% (E(30.5b)/V(30.5b) * Re(16.51%) + D(36.8m)/V(30.5b) * Rd(2.52%) * (1-Tc(0.03)))
Discount Rate = 16.51% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 87.33 | Cagr: 82.46%
[DCF] Terminal Value 56.07% ; FCFF base≈419.8m ; Y1≈481.2m ; Y5≈708.2m
[DCF] Fair Price = 25.20 (EV 4.31b - Net Debt -1.48b = Equity 5.79b / Shares 229.9m; r=16.49% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.01 | # QB: 0
Revenue Correlation: 95.36 | Revenue CAGR: 37.61% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.17 | Chg30d=-14.70% | Revisions=+20% | Analysts=12
EPS next Quarter (2026-09-30): EPS=0.22 | Chg30d=-6.38% | Revisions=+27% | Analysts=12
EPS current Year (2026-12-31): EPS=0.81 | Chg30d=-14.72% | Revisions=+17% | GrowthEPS=+285.2% | GrowthRev=+12.1%
EPS next Year (2027-12-31): EPS=1.55 | Chg30d=-0.56% | Revisions=-8% | GrowthEPS=+90.6% | GrowthRev=+39.6%
[Analyst] Revisions Ratio: +27%