Circle Internet Group, Inc. (CRCL) Key Metrics
CRCL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $20.87B
- Enterprise value
- $21.80B
- P/E (TTM)
- 56.3
- Forward P/E
- 74.6
- PEG ratio
- 6.86
- Price / sales
- 7.2
- Price / book
- 6.6
- EV / EBITDA
- 42.9
- Dividend yield
- —
- Beta
- —
CRCL key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCRCL returns How much profit the business earns on the capital it uses.
CRCL per-share figures Results divided by the shares outstanding at year-end.
CRCL financial health Debt, liquidity and how easily interest is covered.
CRCL efficiency & capital use Working capital cycle and where the cash goes.
CRCL valuation history
CRCL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CRCL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CRCL cash returned to shareholders
CRCL price vs earnings per share
CRCL key metrics
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Valuation | ||||||
| Market capitalization | $19.21B | — | — | — | — | — |
| Enterprise value | $17.72B | — | — | — | — | — |
| Price / sales | 7.0 | — | — | — | — | — |
| Price / book | 5.8 | — | — | — | — | — |
| Price / free cash flow | 36.3 | — | — | — | — | — |
| Price / operating cash flow | 35.4 | — | — | — | — | — |
| EV / sales | 6.5 | — | — | — | — | — |
| EV / free cash flow | 33.5 | — | — | — | — | — |
| Earnings yield | −0.4% | — | — | — | — | — |
| Free cash flow yield | 2.8% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | — | — | — | — | — |
| Share price at fiscal year-end | $79.30 | — | — | — | — | — |
| Per share | ||||||
| Revenue per share | $11.34 | $22.95 | $21.47 | — | — | — |
| Earnings per share | −$0.29 | $2.13 | $3.96 | — | — | — |
| Operating cash flow per share | $2.24 | $4.72 | $2.07 | — | — | — |
| Free cash flow per share | $2.19 | $4.18 | $1.58 | — | — | — |
| Cash per share | $6.30 | $10.48 | $7.71 | — | — | — |
| Book value per share | $13.74 | $7.81 | $5.03 | — | — | — |
| Tangible book value per share | $10.95 | $0.95 | −$2.33 | — | — | — |
| Capex per share | $0.05 | $0.54 | $0.49 | — | — | — |
| Debt per share | $0.15 | $0.56 | $0.87 | — | — | — |
| Shares outstanding | 242.3M | 73.0M | 67.5M | — | — | — |
| Change in shares outstanding | +231.7% | +8.1% | — | — | — | — |
| Returns & profitability | ||||||
| Return on equity (ROE) | −3.6% | 34.2% | 43.9% | — | — | — |
| Return on invested capital (ROIC) | −8.5% | — | — | — | — | — |
| Return on assets (ROA) | −0.1% | 0.4% | 0.7% | −1.7% | −2.1% | 0.1% |
| Return on tangible assets | −0.1% | 0.3% | 1.0% | −1.7% | −1.2% | 0.1% |
| Free cash flow margin | 19.3% | 18.2% | 7.4% | −11.8% | −118.0% | −142.5% |
| Income quality (OCF / net income) | — | 2.21 | 0.52 | — | — | −3.94 |
| Financial health | ||||||
| Total debt | $36.8M | $40.7M | $58.5M | $81.9M | $928.2M | $57.2M |
| Cash & short-term investments | $1.53B | $765.3M | $520.8M | $45.41B | $161.6M | $40.1M |
| Net debt | −$1.49B | −$724.6M | −$462.3M | −$45.33B | $766.6M | $17.1M |
| Debt / equity | 0.01 | 0.07 | 0.17 | 0.09 | — | — |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.01 |
| Net debt / EBITDA | — | −2.64 | −1.30 | — | — | — |
| Current ratio | 1.03 | 1.03 | 1.04 | 1.01 | 1.00 | 1.00 |
| Quick ratio | 1.03 | 1.03 | 1.04 | 1.01 | 1.00 | 1.00 |
| Interest coverage | -74.3 | 87.7 | 141.0 | -14.2 | -18.0 | -9.2 |
| Working capital | $2.47B | $1.13B | $876.4M | $652.9M | $92.5M | $14.6M |
| Invested capital | $1.84B | −$154.1M | −$122.8M | −$44.45B | −$1.8M | −$269.4M |
| Tangible asset value | $2.65B | $69.6M | −$157.5M | $661.7M | −$1.04B | −$318.7M |
| Net current asset value | $2.42B | −$98.9M | −$343.2M | $392.3M | −$1.09B | −$324.4M |
| Graham number | — | $19.35 | $21.16 | — | — | — |
| Graham net-net per share | −$303.74 | −$607.57 | −$370.44 | — | — | — |
| Capital allocation | ||||||
| Share buybacks (net) | $0 | $0 | $8.7M | $0 | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | 8.2% | — | — | — |
| Capex / revenue | 0.5% | 2.3% | 2.3% | 2.4% | 9.3% | 45.9% |
| Capex / operating cash flow | 2.3% | 11.3% | 23.5% | — | — | — |
| Capex / depreciation | 0.16 | 0.77 | 0.94 | 1.38 | 2.00 | 1.57 |
| Stock-based compensation / revenue | 20.6% | 3.0% | 7.4% | 9.0% | 21.7% | 20.5% |
| SG&A / revenue | 7.9% | 9.2% | 9.4% | 20.9% | 52.8% | 92.7% |
| Efficiency | ||||||
| Days sales outstanding | 33.7 | 34.0 | 32.2 | 67.7 | 409.1 | 194.8 |
| Days payables outstanding | 16.7 | 19.1 | 3.9 | 7.7 | — | — |
| Cash conversion cycle (days) | 17.1 | 14.8 | 28.3 | 60.0 | — | — |
| Receivables turnover | 10.82 | 10.74 | 11.35 | 5.39 | 0.89 | 1.87 |
| Payables turnover | 21.92 | 19.08 | 94.42 | 47.54 | — | — |
| Asset turnover | 0.04 | 0.05 | 0.04 | 0.02 | 0.00 | 0.00 |
| Average receivables | $254.0M | $156.1M | $127.8M | $143.1M | $95.1M | $8.2M |
| Average payables | $114.5M | $67.1M | $10.8M | $11.0M | — | — |
| Intangibles / total assets | 0.9% | 1.1% | 1.9% | 0.5% | 0.6% | 0.8% |
Computed from CRCL's annual financial statements (latest annual report filed March 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CRCL valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 56.3 and the forward P/E is 74.6. Circle Internet earned a return on equity of −3.6% and a return on invested capital of −8.5% in fiscal 2025. It ended the year with $36.8 million of debt and $1.5 billion in cash and short-term investments, a net cash position of $1.5 billion.
See the CRCL income statement, the CRCL chart for price history, or the CRCL stock overview for the latest quote and news.
CRCL key metrics FAQ
What is Circle Internet's P/E ratio?
Circle Internet's trailing P/E ratio is 56.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 74.6. At the end of fiscal 2025 it was —.
What is Circle Internet's return on equity?
Circle Internet's return on equity (ROE) was −3.6% in fiscal 2025: net income of -$69.5 million on average shareholders' equity of $1.9 billion.
What is Circle Internet's ROIC?
Circle Internet's return on invested capital was −8.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Circle Internet have?
Circle Internet had total debt of $36.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is Circle Internet's free cash flow yield?
Circle Internet generated $529.7 million of free cash flow in fiscal 2025, a free cash flow yield of 2.8% on its market value at year-end ($19.2 billion).
What is Circle Internet's current ratio?
Circle Internet's current ratio was 1.03 at the end of fiscal 2025: current assets were 1.03 times current liabilities.