Circle Internet Group, Inc. Class A (CRCL)
NYSE:CRCL
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Circle Internet Group, Inc. Class A
(NYSE:CRCL)
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Rating:68Neutral
Price Target:
$110.00
▲(11.94% Upside)
Action:ReiteratedDate:03/25/26
The score is driven primarily by solid financial footing and cash generation, plus a generally strong and growth-oriented earnings call with specific FY26 targets. Offsetting these are the 2025 profitability/margin setback, mixed near-term technicals with overbought signals, and weak valuation support due to negative earnings and no dividend.
Positive Factors
USDC circulation & market share
Sustained, large-scale USDC circulation and market-share gains create durable network effects: more issuances boost reserve income potential, deepen ecosystem liquidity, and strengthen platform defensibility versus competitors, supporting multi-year revenue growth independent of short-term market swings.
Negative Factors
Margin compression and 2025 net loss
A sharp, persistent drop in gross margins and a return to net losses undermines sustainable profitability. Even with revenue growth, structural margin weakness can impair ability to self-fund investments, reduce returns on equity, and necessitate higher future capital or cost-cutting to restore durable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
USDC circulation & market share
Sustained, large-scale USDC circulation and market-share gains create durable network effects: more issuances boost reserve income potential, deepen ecosystem liquidity, and strengthen platform defensibility versus competitors, supporting multi-year revenue growth independent of short-term market swings.
Read all positive factors
Circle Internet Group, Inc. Class A (CRCL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$24.25B
Dividend YieldN/A
Average Volume (3M)20.36M
Price to Earnings (P/E)36.0
Beta (1Y)-0.47
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees900
SectorTechnology
Sector Strength88
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.43
Shares Outstanding228,100,950
10 Day Avg. Volume21,891,925
30 Day Avg. Volume20,357,756
Financial Highlights & Ratios
PEG Ratio2.51
Price to Book (P/B)5.77
Price to Sales (P/S)7.00
P/FCF Ratio36.27
Enterprise Value/Market Cap-2.17
Enterprise Value/Revenue-19.12
Enterprise Value/Gross Profit-247.04
Enterprise Value/Ebitda482.49
Forecast
1Y Price Target
$130.19Price Target Upside32.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)0.91
Revenue Forecast (FY)$3.10B
Circle Internet Group, Inc. Class A Business Overview & Revenue Model
Company Description
Circle Internet Group, Inc. operates as a platform, network, and market infrastructure for stablecoin and blockchain applications. The company provides a suite of stablecoins and related products that include a network utility and application plat...
How the Company Makes Money
Circle’s primary revenue model is based on earning income from reserves backing USDC. When USDC is issued, the corresponding U.S. dollar proceeds are held in reserves (e.g., cash and cash-equivalent instruments), and Circle earns yield/interest on...
Circle Internet Group, Inc. Class A Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive outlook supported by very strong YoY growth in USDC circulation, massive increases in onchain transaction volume, robust Q4 revenue and profitability expansion, meaningful product and ecosystem progress (Arc Testnet, CCTP, CPN, StableFX) and accelerating enterprise partnerships. Key risks include a lower reserve return rate tied to market interest rates, rising distribution/transaction costs and investment-driven operating expense growth, regulatory uncertainty (CLARITY pending) and some lumpy, one-time revenue items. On balance the positives (large growth rates, expanding platform, high margins and strong liquidity) materially outweigh the negatives.Positive Updates
USDC Circulation Growth
USDC in circulation reached $75.3 billion at year-end, up 72% year-over-year, outpacing the broader CFX stablecoin market.
Negative Updates
Declining Reserve Yield
Reserve return rate fell to 3.81% in Q4, down 68 basis points YoY due to the decline in SOFR, which partially offsets revenue growth driven by higher USDC balances.
Read all updates
Q4-2025 Updates
Positive
Negative
USDC Circulation Growth
USDC in circulation reached $75.3 billion at year-end, up 72% year-over-year, outpacing the broader CFX stablecoin market.
Read all positive updates
Company Guidance
Circle provided limited forward guidance focused on a few key metrics: it will not guide USDC circulation quarterly but expects USDC to grow at roughly a 40% CAGR over a multi‑year through‑cycle; for FY‑2026 management guided other revenue to $150–$170 million, an RLDC (revenue less distribution, transaction and other costs) margin of 38%–40%, and adjusted operating expenses of $570–$585 million (note that beginning Q1‑2026 adjusted Opex excludes payroll tax on stock‑based compensation and certain one‑time legal/acquisition/restructuring costs). For context, FY‑2025 other revenue was $110M, FY‑2025 RLDC margin was 39.4%, FY‑2025 adjusted Opex under the new definition would be ~$478M, and FY‑2025 payroll tax on SBC and one‑time items totaled ~$20.6M and ~$10M, respectively.Circle Internet Group, Inc. Class A Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.75B | 1.68B | 1.45B | 772.05M | 84.88M |
| Gross Profit | 161.49M | 395.48M | 426.69M | 249.74M | -25.91M |
| EBITDA | -14.52M | 274.33M | 355.75M | -742.55M | -495.14M |
| Net Income | -69.51M | 155.67M | 267.56M | -768.85M | -508.21M |
Balance Sheet | |||||
| Total Assets | 78.71B | 45.83B | 26.00B | 46.73B | 43.90B |
| Cash, Cash Equivalents and Short-Term Investments | 77.42B | 765.31M | 520.81M | 45.41B | 161.56M |
| Total Debt | 36.82M | 40.72M | 60.27M | 81.89M | 928.16M |
| Total Liabilities | 75.38B | 45.26B | 24.53B | 45.85B | 44.66B |
| Stockholders Equity | 3.33B | 570.53M | 1.47B | 879.16M | -768.41M |
Cash Flow | |||||
| Free Cash Flow | 529.70M | 305.48M | 106.71M | -91.01M | -100.20M |
| Operating Cash Flow | 542.13M | 344.58M | 139.57M | -72.69M | -92.33M |
| Investing Cash Flow | -84.03M | 186.30M | 8.51B | -8.49B | -28.85M |
| Financing Cash Flow | 31.94B | 19.45B | -20.33B | 2.58B | 38.72B |
Circle Internet Group, Inc. Class A Peers Comparison
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Circle Internet Group, Inc. Class A Corporate Events
Business Operations and StrategyExecutive/Board Changes
Circle Internet Group Adds Veteran Tech Leader to Board
Positive
Mar 17, 2026
On March 16, 2026, Circle Internet Group, Inc. expanded its Board of Directors to nine members and appointed Kirk Koenigsbauer, a veteran technology executive, as a Class III director serving on the Compensation and Risk Committees. The Board dete...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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