# Circle Internet Group (CRCL.US)

Canonical: https://gigainvestors.com/s/CRCL

Analysis as of: 2026-10-16T07:27:43.259Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $86.97 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Duan Yongping](https://gigainvestors.com/HH): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 53% since Jul 2025 · "The $667.7 Million Question: What Happens When Stablecoin Reserve Income Gets Competed Away" (finance.yahoo.com, Aug 2026)

Story as of 2026-10-16T09:58:34.126Z; price observation 2026-10-15.

- 2026-02-25: Circle shares surge after surprise earnings beat shows strong demand for stablecoins ([finance.yahoo.com](https://finance.yahoo.com/news/circle-shares-surge-surprise-earnings-193835774.html))

- 2026-03-24: Circle stock sinks 20% over reports that Clarity Act could restrict stablecoin rewards ([finance.yahoo.com](https://finance.yahoo.com/news/circle-stock-sinks-20-over-reports-that-clarity-act-could-restrict-stablecoin-rewards-184112251.html))

- 2026-05-11: Circle sees revenue boost as stablecoin demand rises amid volatility; shares up ([finance.yahoo.com](https://finance.yahoo.com/markets/crypto/articles/circles-quarterly-earnings-benefit-stablecoin-103038261.html))

- 2026-08-05: Circle shares climb after Q2 results, federal bank charter approval and higher guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/crypto/articles/circle-shares-climb-q2-results-125824739.html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm#000187604226000062 (filed 2026-03-09); FY2025: revenue 2746642000; grossProfit 238113000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 8.7% to 29.4% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2023: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: grossProfit / revenue = 23.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm (filed 2026-03-09); FY2025: grossProfit / revenue = 8.7%.

### Where the cash goes

Paid no dividends in 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2020: growth capex 0; upkeep 7083000; owner earnings 1207000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2023: growth capex 0; upkeep 32862000; cash acquisitions 0; owner earnings 269587000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: growth capex 0; upkeep 39098000; cash acquisitions 0; owner earnings 167423000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRCL.US SharesStats.PercentInsiders = 2.238 percentage points; cache date 2026-10-16.

### What the price says

The price is 5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Closing price 86.97 USD; reporting-to-trading FX 1; FY2025 annual sales per share 17.307242011606878; price multiple 5.025064070963745. FY2025 cash earnings/share -0.03347847182401906. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-06: $181.29 per share

- 2025-07: $183.52 per share

- 2025-08: $131.98 per share

- 2025-09: $132.58 per share

- 2025-10: $126.98 per share

- 2025-11: $79.93 per share

- 2025-12: $79.30 per share

- 2026-01: $63.93 per share

- 2026-02: $83.44 per share

- 2026-03: $95.41 per share

- 2026-04: $90.88 per share

- 2026-05: $113.00 per share

- 2026-06: $62.63 per share

- 2026-07: $62.61 per share

- 2026-08: $95.55 per share

- 2026-09: $82.17 per share

- 2026-10: $86.97 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm); period 2025-12-31, filed 2026-03-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.