Circle Internet Group, Inc. (CRCL) vs Morgan Stanley (MS)

Circle Internet Group, Inc. and Morgan Stanley are both Capital Markets companies. Morgan Stanley is the larger, with a market value of $309.4B against $23.6B — 13.1× the size. Morgan Stanley trades at the lower P/E: 15.7× against 46.6×. Circle Internet Group, Inc. grew revenue faster over the last twelve months: 37.5% against 14.0%. Circle Internet Group, Inc. has the higher net margin (15.5% vs 15.2%) and the lower return on invested capital (0.00% vs 123.3%). Across the 18 metrics below, Morgan Stanley leads on 11 and Circle Internet Group, Inc. on 7.

Valuation

Metric CRCL MS Capital Markets median
P/E 46.60 15.68 15.78
P/S 7.60 2.37 2.32
P/B 6.29 2.83 1.89
Price to free cash flow 31.80 n/m 6.25
EV/EBITDA n/m 2.79 8.87
EV/Sales (18.47) 1.76 2.28
Earnings yield 2.15% 6.38% (3.77%)
Free cash flow yield 3.14% (6.09%) (1.49%)

Profitability

Metric CRCL MS Capital Markets median
Gross margin 40.51% 96.13% 62.80%
Operating margin 7.42% 59.71% 0.00%
Net margin 15.53% 15.18% (0.55%)
Free cash flow margin 23.90% (14.43%) 0.00%
Return on equity 15.35% 18.87% 0.00%
Return on assets 0.64% 1.29% 0.00%
Return on invested capital 0.00% 123.28% 0.00%

Growth

Metric CRCL MS Capital Markets median
Revenue growth (TTM) 37.54% 13.96% 21.02%
EPS growth (last fiscal year) (120.65%) 28.43% —
Revenue growth, 5-year CAGR — 17.86% 18.16%
Net income growth, 5-year CAGR — 9.13% 0.00%

Health

Metric CRCL MS Capital Markets median
Debt to equity 0.00 3.34 0.08
Current ratio 1.03 0.79 1.51
Net debt to EBITDA 3,906.55 (0.46) (0.24)

Dividend

Metric CRCL MS Capital Markets median
Dividend yield — 4.12% 2.20%
Payout ratio — 0.54 0.00

Size

Metric CRCL MS Capital Markets median
Market cap 23.61b 309.40b 724.58m

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