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US fintech company issuing USDC, a US dollar-backed stablecoin used for payments and settlement on blockchain networks.
US fintech company issuing USDC, a US dollar-backed stablecoin used for payments and settlement on blockchain networks.
Earns almost all its revenue as interest on the dollar cash and short-term US Treasuries held against every USDC in circulation, not from payment fees, so income follows the amount of USDC outstanding and short-term interest rates. A large part is paid away to distribution partners, most of all Coinbase. Listed in New York in 2025.
Moat: narrow (scale, regulatory licence, network effects). USDC's scale and regulatory compliance (money transmitter licenses) give it trust advantages over smaller stablecoins.
Headquarters: Boston, Massachusetts, US · Founded: 2013 · Employees: 1,100
Size Circle Internet (CRCL) is a United States Information Technology company (Packaged Software) with a market value of $17.3B, the 540th largest of 3,117 United States companies the cockpit tracks. Shares closed at $67.88 on 6 Nov 2026.
Performance Over six months the shares fell 40.3%, against +32.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 25.7% over the last twelve months (peer median +18.6%); the operating margin is 12.7% (peer median 19.9%).
Valuation It trades at 68.1× forward earnings against a peer median of 22.2× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +53%, so the hurdle is -29 pp: the price already allows for a slowdown.
Short interest Short interest is 11.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.03B | $2.75B | $1.68B | $1.45B | $772M |
| Revenue growth | — | +64% | +16% | +88% | — |
| Gross profit | $689M | $161M | $345M | $392M | $236M |
| EBITDA | $500M | -$3.47M | $218M | $269M | $79.1M |
| Net income | $463M | -$69.5M | $156M | $268M | -$769M |
| Free cash flow | $741M | $530M | $326M | $139M | -$75.7M |
| Capital expenditure | $105M | $68.6M | $57.2M | $33.5M | $21.4M |
| Total debt | $17.2M | $51.5M | $56.4M | $60.3M | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Circle Internet CRCL | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% |
| PayPal PYPL | $49.2B | +31% | +5% | 19% | 10.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRCL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.0% | +4.3% | 4th lowest of 21 |
| 6-month return | -40.3% | +32.6% | lowest of 20 |
| Distance from 52-week high | -51.5% | -13.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +25.7% | +18.6% | 7th highest of 21 |
| Operating margin | 12.7% | 19.9% | 9th lowest of 21 |
| Forward P/E | 68.1× | 22.2× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 23.2% | 15.3% | 8th most demanding of 18 |
| Growth delivered (Del g) | +52.7% | +17.2% | highest of 18 |
| Hurdle (Req g minus delivered) | -29.5 pp | +0.8 pp | 2nd least demanding of 18 |
| EV / EBITDA | 31.3× | 17.4× | 4th most expensive of 12 |
| Net debt / EBITDA | -3.4× | -0.5× | 3rd least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |