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Friday 6 November 2026
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Circle Internet Group, Inc.
CRCL Financial Capital Markets
Circle Internet Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 63.9% from fiscal 2024.
- Revenue
- +16.9%
- EPS
- −4.30%
- Free cash flow
- −88.7%
Quarter to September 2026, against a year earlier
69.88
6.24
−8.20%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 1,450 | 1,676 | 2,747 | 3,031 | +37.6% | 3,028 | 3,856 | 4,745 | +20.0% | |
| Gross margin, % | — | — | — | — | — | — | — | 49.83 | 39.31 | 39.43 | 0.00 | (10.4) pt | ||||||
| EBT | — | — | — | — | — | — | — | 319 | 222 | (103) | 477 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 21.99 | 13.22 | (3.75) | 15.75 | (25.7) pt | ||||||
| Net income | — | — | — | — | — | — | — | 268 | 156 | (70) | 463 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 30.69 | 30.81 | 17.31 | 11.98 | (24.9%) | |||||
| Earnings | — | — | — | — | — | — | — | 0.95 | 0.33 | (0.44) | 1.87 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | — | 2.95 | 6.33 | 3.42 | 3.05 | +7.6% | ||||||
| Capex | — | — | — | — | — | — | — | (0.13) | (0.96) | (0.43) | (0.41) | +81.1% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 2.82 | 5.37 | 2.98 | 2.64 | +2.9% | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 10.49 | 20.99 | 15.27 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 47 | 54 | 159 | 245 | +83.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 37.37 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 6.83 | 5.84 | 2.3 | ||||||
| P/B | — | — | — | — | — | — | — | 3.15 | 3.15 | 5.63 | 4.58 | 4.0 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | (23.59) | — | (7.9) | ||||||
| EV/FCF | — | — | — | — | — | — | — | (132.25) | (132.25) | (136.79) | — | (133.8) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 140 | 345 | 542 | 772 | +97.1% | |||||
| Capex | — | — | — | — | — | — | — | (6) | (52) | (68) | (105) | +231.8% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 133 | 292 | 474 | 667 | +88.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 1,134 | 2,473 | 2,884 | +118.1% | |||||
| Net debt | — | — | — | — | — | — | — | — | (44,923) | (77,380) | (76,263) | +72.2% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 571 | 3,331 | 3,864 | +483.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 0.08 | (0.11) | 0.60 | (0.1) pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | (3.56) | 13.44 | (3.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 900 | 1,100 | — | +22.2% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 1.86 | 2.50 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Circle Internet Group, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TW Tradeweb Markets Inc. | $29.6B | 29.0× | 34.5× | +14.93% (above 0%: growing) | +22.86% (above 0%: growing) | +2.33% (above 0%: growing) | 100.00% | 43.36% | Compare |
| NMR Nomura Holdings Inc ADR | $27.8B | 9.6× | 9.1× | +0.18% (above 0%: growing) | +4.32% (above 0%: growing) | +106.20% (above 0%: growing) | 94.68% | 70.95% | Compare |
| LPLA LPL Financial Holdings Inc. | $23.4B | 17.2× | 15.2× | +17.40% (above 0%: growing) | n/m | +103.60% (above 0%: growing) | 31.10% | 11.06% | Compare |
| CRCL Circle Internet Group, Inc. | $17.7B | 37.4× | 65.3× | +16.91% (above 0%: growing) | −4.30% (below 0%: shrinking) | −88.69% (below 0%: shrinking) | 0.00% | 24.09% | |
| BMNR BitMine Immersion Technologies, Inc. | $11.5B | — (loss-making) | — (loss-making) | +2,167.79% (above 0%: growing) | n/m | −126,594.81% (below 0%: shrinking) | 87.70% | (25.50%) | Compare |
| EVR Evercore Inc | $11.2B | 14.5× | 15.2× | +12.51% (above 0%: growing) | +24.01% (above 0%: growing) | +25.04% (above 0%: growing) | 99.76% | 21.48% | Compare |
| JEF Jefferies Financial Group Inc. | $11.2B | 12.7× | 12.4× | +8.52% (above 0%: growing) | +17.31% (above 0%: growing) | +1,563.06% (above 0%: growing) | 98.97% | 24.82% | Compare |
| SF Stifel Financial Corporation | $10.8B | 11.8× | 11.4× | −0.22% (below 0%: shrinking) | +13.26% (above 0%: growing) | −90.85% (below 0%: shrinking) | 99.05% | 22.63% | Compare |
| HLI Houlihan Lokey, Inc. | $10.2B | 24.5× | 18.2× | +4.85% (above 0%: growing) | −1.80% (below 0%: shrinking) | −25.70% (below 0%: shrinking) | 35.98% | 22.25% | Compare |
| Median of peers | $11.3B | 14.5× | 15.2× | +10.52% | +15.28% | +13.69% | 96.83% | 22.44% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
50.80%
Held by the ten largest
24.76%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 11.46m | 4.51% | +909.37k |
| IDG China Capital Fund III Associates L.P. | 8.90m | 3.51% | −101.66k |
| BlackRock | 8.37m | 3.30% | +3.31m |
| Morgan Stanley | 8.32m | 3.28% | +3.33m |
| IDG-Accel China Capital II Associates L.P. | 6.97m | 2.75% | −22.02k |
| UBS | 4.78m | 1.88% | +2.44m |
| ARK Investment Management LLC | 4.56m | 1.80% | +48.68k |
| State Street | 3.33m | 1.31% | +1.76m |
| Sumitomo Mitsui Trust | 3.19m | 1.25% | +267.96k |
| Southpoint Capital Advisors LP | 3.00m | 1.18% | −300.00k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 1 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 16.26m | 54.95m | 95.28 |
Ownership
Directors and executive officers, together
31.40% of the votes
Jeremy Allaire
23.90% of the votes
P. Sean Neville
6.10% of the votes
Entities affiliated with IDG Capital
5.70% of the votes
Entities affiliated with Oak Investment Partners
3.60% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Circle Internet Group, Inc. (CRCL) Latest News
5 Nov
4 Nov
2 Nov
29 Oct
28 Oct
27 Oct
CRCL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Shares outstanding
- Book value per share
Circle Internet Group builds financial infrastructure for moving money over blockchain networks. It was founded in 2013, and Jeremy Allaire is its chief executive officer and chairman.
Its best-known product is USDC, a digital token designed to be redeemed one-for-one for U.S. dollars. Circle also issues EURC, which is redeemable for euros. Both are backed by reserves of cash and cash equivalents. Institutional customers can create and redeem the tokens through Circle Mint; other users can obtain or exchange them in secondary markets. Circle also operates USYC, a tokenized money market fund intended primarily as collateral in digital asset markets.