Circle Internet GroupCRCL
NYSE•Financial Services•Capital Markets
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.
Circle Internet Group, Inc. (CRCL) reported trailing twelve months revenue of $3.44B as of March 2026.
Circle Internet Group, Inc. reported a TTM net loss of $14.26M, with quarterly EBITDA of $71.77M. The operating margin stands at 6.5%.
The spread between operating margin (6.5%) and net margin (8.0%) indicates tight cost control with minimal non-operating drag.
CRCL trades at a P/S of 6.4x. The price-to-book ratio of 6.4x indicates a significant premium over book value.
The company generated $11.72M in free cash flow over the trailing twelve months, indicating strong cash generation ability. The balance sheet shows $80.54B in total assets with no in long-term debt against $3.43B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 4 quarters of fundamental data
Operating margins are under pressure, averaging -5.3%. The business may lack pricing power or face rising costs.'
Limited ROE data for a reliable assessment.
Only 3 of the last 4 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 4 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 13.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation