Latest Ratios: P/E Ratio -224.7x · EV/EBITDA N/A · ROE -3.6%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $17.4B | $19.2B | — | — | — | — | — |
| Enterprise Value | $-59966131547 | $-58165730000 | — | — | — | — | — |
| P/E Ratio → | -224.66 | — | — | — | — | — | — |
| P/S Ratio | 6.34 | 7.00 | — | — | — | — | — |
| P/B Ratio | 4.74 | 5.77 | — | — | — | — | — |
| P/FCF | 32.88 | 36.27 | — | — | — | — | — |
| P/OCF | 32.12 | 35.44 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -21.18 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | -109.81 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 8.7% | 8.7% | 23.6% | 29.4% | 32.3% | -30.5% | -46.0% |
| Operating Margin | -3.3% | -3.3% | 10.0% | 18.6% | -4.9% | -101.4% | -200.1% |
| Net Profit Margin | -2.5% | -2.5% | 9.3% | 18.4% | -99.6% | -598.8% | 24.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -3.6% | -3.6% | 15.3% | 22.8% | -1388.4% | — | — |
| ROA | -0.1% | -0.1% | 0.4% | 0.7% | -1.7% | -2.1% | 0.1% |
| ROIC | -3.4% | -3.4% | 11.7% | 16.2% | -5.1% | -40.4% | — |
| ROCE | -3.5% | -3.5% | 9.9% | 20.0% | -4.9% | -36.7% | -58.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.07 | 0.04 | 0.09 | — | — |
| Debt / EBITDA | — | — | 0.19 | 0.20 | — | — | — |
| Net Debt / Equity | — | -23.23 | -1.24 | -0.21 | -41.60 | — | — |
| Net Debt / EBITDA | — | — | -3.26 | -1.01 | — | — | — |
| Debt / FCF | — | -146.08 | -2.33 | -2.89 | — | — | — |
| Interest Coverage | -82.93 | -82.93 | 117.25 | 167.81 | -281.60 | -104.59 | -4.11 |
Net cash position: cash ($77.4B) exceeds total debt ($37M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.03 | 1.03 | 1.03 | 1.04 | 1.01 | 1.00 | 1.00 |
| Quick Ratio | 1.03 | 1.03 | 1.03 | 1.04 | 1.01 | 1.00 | 1.00 |
| Cash Ratio | 1.03 | 1.03 | 0.02 | 0.02 | 0.80 | 0.00 | 0.01 |
| Asset Turnover | — | 0.03 | 0.04 | 0.06 | 0.02 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 3.0% | 2.8% | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $242M | $73M | $68M | $47M | $44M | $44M |
Interest rate sensitivity
Based on reported figures, CRCL trades at a 7.16x price-to-sales multiple, which appears to price in significant future expansion of the USDC ecosystem relative to traditional financial services peers that typically command lower multiples due to their more mature, slower-growth revenue profiles.
The forward P/E of 72.13 suggests that investors are anticipating a substantial pivot toward profitability as the company scales its platform services beyond simple interest-bearing float. This valuation warrants caution, as it implies a high degree of confidence in the company's ability to maintain its competitive moat while simultaneously expanding margins in a potentially volatile interest rate environment.
As reported in financial statements, the company's ROIC has fluctuated significantly, reaching a low of -10.8% in 2025Q2 before recovering to 1.2% in 2026Q1, highlighting the difficulty of generating consistent returns on invested capital while maintaining a heavy, compliance-focused cost structure.
The erratic nature of these returns suggests that the business is currently in a capital-intensive phase where the cost of building regulatory infrastructure often outpaces the yield generated from reserve assets. Investors should monitor whether the company can achieve sustained positive ROIC as it moves toward a more mature operational state.
According to recent SEC filings, the company's DSO has shown extreme volatility, ranging from 2 to 30 days over the past several quarters, which suggests that the timing of reserve settlements and institutional payment flows creates significant noise in the underlying operational efficiency metrics.
The lack of clear trends in the cash conversion cycle indicates that CRCL's working capital is heavily influenced by external institutional activity rather than internal operational improvements. This volatility makes it difficult to assess the true underlying efficiency of the platform's payment processing services.
Based on a comparison with peers like Coinbase and SoFi, CRCL's negative net margin profile stands in stark contrast to the 17.6% and 10.1% margins reported by those firms, suggesting that CRCL's current focus on regulatory compliance is a structural drag on profitability.
While peers have successfully leveraged their platforms to achieve consistent profitability, CRCL appears to be prioritizing market share and institutional trust at the expense of immediate bottom-line results. This gap may be temporary, but it highlights the unique cost burden associated with the company's specific stablecoin-issuance business model.
As indicated by the company's unique financial structure, the P/E ratio is a fundamentally flawed metric for CRCL, as it fails to account for the massive, non-operating cash balances held in reserves that distort earnings through interest income and non-cash stock-based compensation charges.
Analysts should instead focus on the net interest margin and the growth of USDC circulation, as these metrics provide a more accurate reflection of the company's core earning power. Relying on P/E ratios obscures the reality that CRCL functions more like a specialized financial utility than a traditional software-as-a-service company.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying CRCL stock.
Circle Internet Group's current P/E ratio is -224.7x. This places it at the 50th percentile of its historical range.
Circle Internet Group's return on equity (ROE) is -3.6%. The historical average is 11.5%.
Based on historical data, Circle Internet Group is trading at a P/E of -224.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Circle Internet Group has 8.7% gross margin and -3.3% operating margin.