Circle Internet Group, Inc. (CRCL) vs Tradeweb Markets Inc. (TW)

Circle Internet Group, Inc. and Tradeweb Markets Inc. are both Capital Markets companies. Circle Internet Group, Inc. and Tradeweb Markets Inc. are of similar size ($23.7B and $23.6B). Tradeweb Markets Inc. trades at the lower P/E: 24.1× against 46.6×. Circle Internet Group, Inc. grew revenue faster over the last twelve months: 37.5% against 14.0%. Tradeweb Markets Inc. has the higher net margin (40.7% vs 15.5%) and the higher return on invested capital (11.4% vs 0.00%). Across the 18 metrics below, Tradeweb Markets Inc. leads on 14 and Circle Internet Group, Inc. on 4.

Valuation

Metric CRCL TW Capital Markets median
P/E 46.60 24.07 15.78
P/S 7.60 9.73 2.32
P/B 6.29 2.93 1.89
Price to free cash flow 31.80 19.97 6.25
EV/EBITDA n/m 16.06 8.87
EV/Sales (18.47) 8.81 2.28
Earnings yield 2.15% 4.15% (3.77%)
Free cash flow yield 3.14% 5.01% (1.49%)

Profitability

Metric CRCL TW Capital Markets median
Gross margin 40.51% 100.00% 62.80%
Operating margin 7.42% 43.68% 0.00%
Net margin 15.53% 40.66% (0.55%)
Free cash flow margin 23.90% 48.75% 0.00%
Return on equity 15.35% 12.76% 0.00%
Return on assets 0.64% 11.00% 0.00%
Return on invested capital 0.00% 11.41% 0.00%

Growth

Metric CRCL TW Capital Markets median
Revenue growth (TTM) 37.54% 14.04% 21.02%
EPS growth (last fiscal year) (120.65%) 62.23% —
Revenue growth, 5-year CAGR — 18.12% 18.16%
Net income growth, 5-year CAGR — 37.35% 0.00%

Health

Metric CRCL TW Capital Markets median
Debt to equity 0.00 0.00 0.08
Current ratio 1.03 6.23 1.51
Net debt to EBITDA 3,906.55 (1.92) (0.24)

Dividend

Metric CRCL TW Capital Markets median
Dividend yield — 0.40% 2.20%
Payout ratio — 0.22 0.00

Size

Metric CRCL TW Capital Markets median
Market cap 23.61b 23.67b 724.58m

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