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

Circle Internet Group, Inc. and Tradeweb Markets Inc. are both Capital Markets companies. Tradeweb Markets Inc. is the larger, with a market value of $29.6B against $17.7B — 1.7× the size. Tradeweb Markets Inc. trades at the lower P/E: 29.0× against 37.4×. Circle Internet Group, Inc. grew revenue faster over the last twelve months: 25.1% against 14.4%. Tradeweb Markets Inc. has the higher net margin (39.8% vs 15.3%) and the higher return on invested capital (12.1% vs 0.00%). Across the 17 metrics below, Tradeweb Markets Inc. leads on 14 and Circle Internet Group, Inc. on 3.

Valuation

Metric CRCL TW Capital Markets median
P/E 37.37 29.01 14.35
P/S 5.84 11.77 2.07
P/B 4.58 3.66 1.36
Price to free cash flow 26.49 24.80 9.28
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 2.68% 3.45% (8.28%)
Free cash flow yield 3.78% 4.03% (1.12%)

Profitability

Metric CRCL TW Capital Markets median
Gross margin 0.00% 100.00% 68.15%
Operating margin 11.31% 44.12% 0.00%
Net margin 15.28% 39.83% (0.34%)
Free cash flow margin 22.02% 47.44% 0.00%
Return on equity 13.44% 12.74% 0.00%
Return on assets 0.60% 11.07% 0.00%
Return on invested capital 0.00% 12.06% 0.00%

Growth

Metric CRCL TW Capital Markets median
Revenue growth (TTM) 25.12% 14.43% 19.72%
EPS growth (last fiscal year) (246.67%) 62.23% 16.79%
Revenue growth, 5-year CAGR — 18.12% 17.41%
Net income growth, 5-year CAGR — 37.35% 0.00%

Health

Metric CRCL TW Capital Markets median
Debt to equity 0.00 0.00 0.07
Current ratio 1.04 4.55 1.51
Net debt to EBITDA 3,906.55 (1.92) (0.03)

Dividend

Metric CRCL TW Capital Markets median
Dividend yield — 0.42% 1.58%
Payout ratio — 0.12 0.19

Size

Metric CRCL TW Capital Markets median
Market cap 17.72b 29.61b 527.01m

Compare with another peer

Any metric, up to five companies and an Excel export Powerpack