# Circle Internet Group, Inc. (CRCL) — Stock CV

Circle Internet Group, Inc. is a $21.5B financial services company. Revenue grew 37.2% over the last year, and it keeps 16¢ of every dollar of sales as profit. It trades at 47.8× earnings — around the middle of its own history.

> Circle Internet Group Inc is a financial technology firm engaged in digital currencies and public blockchains for payments, commerce, and financial applications.

## Identity

- **Ticker**: CRCL
- **Sector**: Financial Services
- **Industry**: Finance Services
- **Headquarters**: NEW YORK, NY
- **Employees**: 1 100
- **Website**: https://www.circle.com
- **Market cap**: $21.5B
- **Last price**: $84.79
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $2.91B
- **Net income**: $451M
- **Free cash flow**: $762M
- **Net cash**: $1.47B
- **P/E**: 47.8
- **Revenue growth (YoY)**: 37.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 29 |
| Growth | 25 |
| Profitability | 37 |
| Health | 40 |
| Quality | 46 |
| Moat | 29 |

## Qualifications (beginner checklist) — 6 of 10 passed

- [x] Revenue growing — +37.2% YoY
- [x] Profitable — $451M TTM
- [ ] Profit growing — -483.8% YoY
- [x] Generates cash — $762M TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $21.5B market cap
- [ ] Not printing shares — +293.7% shares over ~5y
- [ ] Proven track record — 2/5 profitable years
- [ ] Financially stable — Altman Z 0.2 — distress
- [x] Valuation not extreme — P/E 47.8

## Experience (career milestones)

- **2025** — A bid by Ripple Labs to acquire Circle Internet Financial for $4 to $5 billion was rejected as being…
- **May 27, 2025** — Circle launched its IPO on the NYSE, seeking $624 million for a valuation of up to $6.7 billion
- **2024** — Circle Internet confidentially filed plans for a U.S. initial public offering in January 2024
- **FY2023** — Turned profitable: $44.9M net income after a loss year
- **FY2023** — Revenue crossed $1B: $1.45B for the year
- **FY2023** — Best year on record: $44.9M net income
- **Mar 10, 2023** — USDC announced that $3.3 billion of its $40 billion USDC reserves were held at Silicon Valley…
- **FY2022** — Became debt-free: cash now exceeds total debt
- **2021** — Circle announced a plan to go public by merging with a special-purpose acquisition company called…
- **2019** — After receiving Financial Industry Regulatory Authority approval, Circle acquired SeedInvest in March 2019
- **2018** — Circle introduced the consortium Centre, which launched the dollar-pegged cryptocurrency USDC
- **2017** — Circle launched a new service for group payments and cash transfers to US accounts
- **2014** — The company debuted its first product, the mobile payment platform Circle Pay
- **2013** — Circle was founded by Jeremy Allaire and Sean Neville in October 2013 in Boston, Massachusetts

## Strengths

- High gross margin (40.5%)
- Revenue growing 37.2% year over year
- Strong cash conversion — FCF is 26.2% of revenue
- Net cash position after subtracting debt from cash

## Watch-outs

- Altman Z-Score 0.22 — elevated financial-distress risk
- Thin interest coverage (-10.3×)
- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $84.9M | -$508M | -$93.4M |
| FY2022 | $772M | -$769M | -$75.7M |
| FY2023 | $1.45B | $44.9M | $139M |
| FY2024 | $1.68B | $18.1M | $326M |
| FY2025 | $2.75B | -$69.5M | $530M |

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Source: https://stockcv.com/CRCL — derived from company filings; may be delayed or incomplete. Information, not investment advice.