Circle Internet Group issues the stablecoin USDC, a cryptocurrency whose value is pegged to the US dollar and backed by reserves. Revenue comes mainly from interest on these reserves. The stock has been listed since 2025. As of Oct 16, 2026
Circle runs an internet financial platform whose core is a network of stablecoins. Its digital assets include the payment stablecoins USDC and EURC as well as USYC, a tokenized money market fund. Revenue comes mainly from interest income on the reserves that back the stablecoins. Through Circle Mint, institutional customers can have USDC and EURC issued, redeem them and hold them in custody. Issuance is free of charge for them, as is standard redemption with a somewhat longer period; a small fee applies for almost instant redemptions. The company, founded in 2013, is also developing its own blockchain, Arc, which is in public testing.
Automatically summarized from SEC annual report (10-K, filed Mar 9, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Growth, margin and debt compared with the sector – in detail in the fundamental analysis further down. The chart shows the candles without a buy zone.
Growth: grayMargin: redDebt: gray
Circle Internet Group · Sector Financials · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Mar 9, 2026.
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
−3.5% Fiscal year 2025
Rank 18 of 100: higher than 18% of 192 peers (All). weak.
Rank 12 of 100: higher than 12% of 13 peers (Sector). weak.
Median Financials: 39.0%
Operating income divided by revenue: what the core business earns before interest and taxes.
−2.5% Fiscal year 2025
Rank 15 of 100: higher than 15% of 237 peers (All). weak.
Rank 5 of 100: higher than 5% of 33 peers (Sector). weak.
Median Financials: 26.2%
Profit after all costs, interest and taxes divided by revenue.
−0.1% Fiscal year 2025 (total assets at year end)
Rank 17 of 100: higher than 17% of 238 peers (All). weak.
Rank 5 of 100: higher than 5% of 33 peers (Sector). weak.
Median Financials: 2.4%
Net income divided by total assets at fiscal year end.
4.2% Fiscal year 2025
Rank 9 of 100: higher than 9% of 239 peers (All). weak.
Rank 2 of 100: higher than 2% of 33 peers (Sector). weak.
Median Financials: 18.2%
Equity as a share of total assets. Usually low for banks.
19.3% Fiscal year 2025
Rank 67 of 100: higher than 67% of 213 peers (All). strong.
Rank 41 of 100: higher than 41% of 23 peers (Sector). medium.
Median Financials: 25.8%
Free cash flow divided by revenue.
529.7M USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
0.00 at fiscal year end
Rank 98 of 100: lower than 98% of 199 peers (All). strong.
Rank 96 of 100: lower than 96% of 26 peers (Sector). strong.
Median Financials: 0.83
Long-term financial debt divided by equity.
1.03 at fiscal year end
Rank 27 of 100: higher than 27% of 215 peers (All). weak.
Rank 27 of 100: higher than 27% of 13 peers (Sector). weak.
Median Financials: 1.10
Current assets divided by current liabilities.
Banks and insurers usually do not report gross margin, current assets or capital expenditure – those criteria then do not count. Debt is part of their business.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
No reported values for “Dividend per share” in this interval.
No reported values for “Dividend per share” in this interval.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 2.7B USD · Net income −69.5M USD · Net margin −2.5%
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Of 100 USD of revenue, no profit was left.
Operating loss: −3.5% of revenue
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 2.7B USD | 100.0% |
| Cost of revenue and operating expenses | 2.8B USD | 103.5% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
The operating margin fell in 2 years from 18.6% to −3.5%.
Operating marginNet marginReturn on assets stayed roughly the same within one year (−0.1%).
Return on equityReturn on assets Return on equity hidden where equity is below 5% of total assets.The equity ratio rose within one year from 1.2% to 4.2%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.The current ratio stayed roughly the same within one year (1.03).
Current ratioBanks and insurers: gross margin, current assets and capital expenditure are usually not reported and cash flow is not meaningful there – those lines and charts are omitted.
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Over 3 years, 8.7M USD went back to shareholders, 100% of it through share repurchases. That is 1% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USDFor banks and insurers free cash flow is not meaningful; ratios to free cash flow are usually omitted.
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Circle Internet Group next to 8 stocks of the sector Financials we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| SPGI S&P Global | 15.3B USD | +15.6% | – | 42.2% | 29.2% | 14.4% | 50.9% | – | – |
| BX Blackstone Inc. | 14.5B USD | +18.8% | – | – | 20.9% | 34.8% | 18.2% | – | – |
| ICE Intercontinental Exchange | 12.6B USD | +8.9% | – | 39.0% | 26.2% | 11.5% | 21.1% | – | – |
| MCO Moody's Corporation | 7.7B USD | +7.5% | – | 43.4% | 31.9% | 60.7% | 25.6% | – | – |
| COIN Coinbase | 7.2B USD | +41.2% | – | 20.0% | 17.6% | 8.5% | 49.9% | – | – |
| CME CME Group | 6.5B USD | +6.0% | – | 64.9% | 62.5% | 14.2% | 14.5% | – | – |
| HOOD Robinhood Markets | 4.5B USD | +36.1% | – | – | 42.1% | 20.6% | 24.0% | – | – |
| CRCL Circle Internet Group this stock | 2.7B USD | – | – | −3.5% | −2.5% | – | 4.2% | – | – |
| SOFI SoFi Technologies | 619.4M USD | +43.1% | – | – | 77.7% | 4.6% | 20.7% | – | – |
| Median of the sector 33 symbols | 27.0B USD | +9.1% | – | 39.0% | 26.2% | 13.9% | 18.2% | – | – |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Banks and insurers: gross margin (only if reported), free cash flow margin and Piotroski are not meaningful there (“–”).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 79 symbols in the Financials sector on our list (current members of the S&P 500 and other lists).
– per year, last 3 years
Sector Financials: median +9.3% (76 symbols)
What does this mean? Reported annual figures for a comparison over at least 3 fiscal years are missing (or the SEC data has not been fully loaded yet).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
– per year, last 3 years
Sector Financials: median +12.0% (64 symbols)
per share: not available
What does this mean? Reported annual figures for a comparison over at least 3 fiscal years are missing (or the SEC data has not been fully loaded yet).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
−2.5% last fiscal year
Sector Financials: median 19.4% (75 symbols)
What does this mean? Of every 100 USD in revenue there was no profit but a loss of 2.53 USD.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
0.00 latest balance sheet
Sector Financials: median 0.63 (60 symbols)
What does this mean? No financial debt reported – no more than the median company in the sector (0.63). For banks and insurers, debt is part of the business – so the comparison is only with their own sector.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
– Dividend / earnings per share
Sector Financials: median 34% (58 symbols)
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
2 of 3 fiscal years with a profit
What does this mean? In 2 of the last 3 fiscal years the bottom line showed a profit. One year ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 2.7B | −69.5M | −2.5% | −0.44 | – | – |
| 2024 | Dec 31, 2024 | 1.7B | 155.7M | 9.3% | 0.30 | – | – |
| 2023 | Dec 31, 2023 | 1.5B | 267.6M | 18.4% | 0.78 | – | – |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 701.3M | 48.2M | 6.9% | 0.18 | – | – |
| Q1/26 | Mar 31, 2026 | 694.1M | 55.3M | 8.0% | 0.21 | – | – |
| Q4/25* | Dec 31, 2025 | 770.2M | 133.4M | 17.3% | – | – | – |
| Q3/25 | Sep 30, 2025 | 739.8M | 214.4M | 29.0% | 0.64 | – | – |
| Q2/25 | Jun 30, 2025 | 658.1M | −482.1M | −73.3% | −4.48 | – | – |
| Q1/25 | Mar 31, 2025 | 578.6M | 64.8M | 11.2% | 0.00 | – | – |
| Q4/24* | Dec 31, 2024 | 435.4M | 3.1M | 0.7% | – | – | – |
| Q3/24 | Sep 30, 2024 | 445.8M | 71.0M | 15.9% | 0.00 | – | – |
| Q2/24 | Jun 30, 2024 | 430.0M | 32.9M | 7.7% | 0.00 | – | – |
| Q1/24 | Mar 31, 2024 | – | 48.6M | – | – | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $40.6M8 people | −$40.6M |
| 6 months | $00 people | $200.9M10 people | −$200.9M |
| 12 months | $00 people | $325.6M10 people | −$325.6M |
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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