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Circle Internet Group (CRCL) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Circle Internet Group
NYSE•Financial Services•Capital Markets
$95.31+4.71(0.05%)Market open
Market Cap
$21.12B
P/E
40.9x
P/S
6.1x
P/B
6.0x

Circle Internet Group, Inc. operates as a platform, network, and market infrastructure for stablecoin and blockchain applications. The company provides various platform including Arc Blockchain and Developer Infrastructure, an open, layer-1 blockchain network purpose-built to bring real world economic activity onchain; Circle Digital Assets and Services, which includes circle digital assets, USDC, EURC, and USYC, as well as circle mint and xreserve, related liquidity, custody, and trust infrastructure; and Circle Applications, which includes circle payments network and stablefx, applications that use circle digital assets to deliver real-world utility on the arc network and across the broader multichain ecosystem. Its stablecoins network comprises circle stablecoins, tokenized funds, liquidity, payments network, and developer services, as well as integration services. The company was founded in 2013 and is based in New York, New York.

C

How this company scores

AverageMetricSide Score: 57/100

Strongest: Growth (16/25); weakest: Cash & Earnings Quality (11/25).

Profitability15/25
Growth16/25
Balance Sheet & Red Flags15/25
Cash & Earnings Quality11/25
Strengths
Rising earningsInterest easily coveredConsistent growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 40.9x5y range 40.9x – 40.9x
P/E 40.9x
P/S · 6.1x5y range 6.1x – 6.4x
P/S 6.1x
P/B · 6.0x5y range 5.7x – 10.2x
P/B 6.0x · near its 5-quarter median

Currently near its 5-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume
Market Cap $21.12B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$3.48B
2Q
Q. Revenue
$701.32M
7%
TTM EBITDA
$427.59M
2Q
TTM Op. Income
$308.51M
Q. Op. Income
$34.36M
2Q
TTM Net Income
$516.07M
Q. Net Income
$48.22M
3Q
EPS
$0.19
104%
Shares Out.
$248.18M
4Q
$3.48B in TTM revenue grew from zero YoY, reaching $701.32M last quarter. TTM EBITDA of $427.59M and TTM operating income of $308.51M show growth is flowing through to the bottom line. TTM net income of $516.07M means revenue is converting into profit. Across the last 5 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
9.2%
3Q
Op. Margin
4.9%
2Q
Net Margin
6.9%
3Q
Op. margin of 4.9% is up 54.4% YoY — cost efficiency is improving. Net margin at 6.9% Across the last 5 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
40.9x
P/S Ratio
6.1x
P/B Ratio
6.0x
27%
At 40.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 6.1x and P/B of 6.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$77.17B
20%
Cash
$1.73B
55%
Long-Term Debt
N/A
Book Value
$3.51B
4Q
D/E Ratio
N/A
Debt/EBITDA
0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$517.43M
70%
TTM Free Cash Flow
$761.52M
2Q
FCF Margin
21.9%
FCF / Net Income
1.5
TTM FCF of $761.52M on $517.43M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Across the last 5 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.

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Share Dilution

Red Flag

Shares outstanding increased 130.8% — significant dilution, likely from stock compensation or capital raises.