Operating margin
−3.5% Fiscal year 2025
No rank: too few peers or not computed yet.
Operating income divided by revenue: what the core business earns before interest and taxes.
About the company
Circle Internet Group issues the stablecoin USDC, a cryptocurrency whose value is pegged to the US dollar and backed by reserves. Revenue comes mainly from interest on these reserves. The stock has been listed since 2025. As of Oct 16, 2026
Fact sheet (from the annual report) Other financial services · New York, USA
Circle runs an internet financial platform whose core is a network of stablecoins. Its digital assets include the payment stablecoins USDC and EURC as well as USYC, a tokenized money market fund. Revenue comes mainly from interest income on the reserves that back the stablecoins. Through Circle Mint, institutional customers can have USDC and EURC issued, redeem them and hold them in custody. Issuance is free of charge for them, as is standard redemption with a somewhat longer period; a small fee applies for almost instant redemptions. The company, founded in 2013, is also developing its own blockchain, Arc, which is in public testing.
Automatically summarized from SEC annual report (10-K, filed Mar 9, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
Price performance at a glance
Last 30 trading days
- Today +2.2%
- 7 days −5.0%
- 30 days −8.3%
- 1 year −43.1%
Day range (last trading day)
−4.0%Price at 95% of the range+0.2%
52-week range
−38.8%Price at 34% of the range+75.8%
- Distance from the all-time high
- −72.7%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Pullback in trend · Analysis method
This method currently detects no pattern for CRCL. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? In an intact uptrend (price above the 200-day line, 50-day line rising), the price pulls back to the 50-day line after a rise and closes back above it.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginCircle Internet Group · Sector Financials · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Mar 9, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet · 3 without data
2 of 5 criteria met
Growth
Revenue and earnings per share · 6 without data
1 of 1 criteria met
Dividend
Level, consistency, coverage · 6 without data
0 of 1 criteria met
Financial strength
Piotroski, debt, liquidity · 3 without data
3 of 3 criteria met
Quality 2 of 5 met · 3 without data
- no data: Gross margin above 40% not stated in the SEC filings
- not met: Operating margin above 15% −3.5%
- not met: Net margin above 10% −2.5%
- no data: Return on equity above 15% equity below 5% of total assets – return on equity not meaningful
- met: Free cash flow margin above 10% 19.3%
- no data: Profit in each of the last 5 fiscal years fewer than 5 fiscal years reported
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- not met: Equity ratio above 30% 4.2%
Net margin
−2.5% Fiscal year 2025
No rank: too few peers or not computed yet.
Profit after all costs, interest and taxes divided by revenue.
Return on assets
−0.1% Fiscal year 2025 (total assets at year end)
No rank: too few peers or not computed yet.
Net income divided by total assets at fiscal year end.
Equity ratio
4.2% Fiscal year 2025
No rank: too few peers or not computed yet.
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
19.3% Fiscal year 2025
No rank: too few peers or not computed yet.
Free cash flow divided by revenue.
Free cash flow
529.7M USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 1 of 1 met · 6 without data
- no data: Over 3 years, revenue grew by more than 5% per year no comparable figures over 3 years
- no data: Over 5 years, revenue grew by more than 5% per year no comparable figures over 5 years
- no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
- no data: Over 3 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
- no data: Over 5 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
- no data: Revenue rose in at least 4 of the last 5 fiscal years fewer than 6 fiscal years reported
- met: Revenue rose in the last fiscal year +63.9%
Dividend 0 of 1 met · 6 without data
- not met: Pays a dividend no dividend per share reported for the last fiscal year
- no data: Payout ratio at most 60% of earnings pays no dividend
- no data: Dividend paid in each of the last 5 fiscal years pays no dividend
- no data: Dividend per share never lowered in the last 5 fiscal years pays no dividend
- no data: Dividend per share higher than 5 years ago pays no dividend
- no data: Free cash flow per share covers the dividend pays no dividend
- no data: Dividends paid over the last 5 years covered by free cash flow pays no dividend
Financial strength 3 of 3 met · 3 without data
- no data: Piotroski F-Score at least 7 of 9 not meaningful for banks and insurers
- no data: Long-term debt no higher than equity no long-term debt reported
- met: Current assets cover current liabilities 1.03
- met: Positive equity 3.3B USD
- no data: In 5 years, share count up by at most 5% no comparable share count 5 years ago
- met: Free cash flow positive in the last fiscal year 529.7M USD
Liquidity (current ratio)
1.03 at fiscal year end
No rank: too few peers or not computed yet.
Current assets divided by current liabilities.
Banks and insurers usually do not report gross margin, current assets or capital expenditure – those criteria then do not count. Debt is part of their business.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock.
In short
- Light red: Loss in the last fiscal year.
- Light yellow: Profit in 2 of 3 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 1.5B USD · Net income 267.6M USD · Net margin 18.4%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 1.7B USD · Net income 155.7M USD · Net margin 9.3%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 2.7B USD · Net income −69.5M USD · Net margin −2.5%
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue not available · Net income 48.6M USD · Net margin not available
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 430.0M USD · Net income 32.9M USD · Net margin 7.7%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 445.8M USD · Net income 71.0M USD · Net margin 15.9%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 435.4M USD · Net income 3.1M USD · Net margin 0.7% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 578.6M USD · Net income 64.8M USD · Net margin 11.2%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 658.1M USD · Net income −482.1M USD · Net margin −73.3%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 739.8M USD · Net income 214.4M USD · Net margin 29.0%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 770.2M USD · Net income 133.4M USD · Net margin 17.3% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 694.1M USD · Net income 55.3M USD · Net margin 8.0%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 701.3M USD · Net income 48.2M USD · Net margin 6.9%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 0.78 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 0.30 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share −0.44 USD
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share not available
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 0.00 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 0.00 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 0.00 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share −4.48 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 0.64 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 0.21 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 0.18 USD
No reported values for “Dividend per share” in this interval.
No reported values for “Dividend per share” in this interval.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 2.7B USD · Net income −69.5M USD · Net margin −2.5%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, no profit was left.
Operating loss: −3.5% of revenue
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 2.7B USD | 100.0% |
| Cost of revenue and operating expenses | 2.8B USD | 103.5% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin fell in 2 years from 18.6% to −3.5%.
Operating marginNet margin- Fiscal year 2023: Operating margin 18.6% · Net margin 18.4%
- Fiscal year 2024: Operating margin 10.0% · Net margin 9.3%
- Fiscal year 2025: Operating margin −3.5% · Net margin −2.5%
Returns
Return on assets stayed roughly the same within one year (−0.1%).
Return on equityReturn on assets Return on equity hidden where equity is below 5% of total assets.- Fiscal year 2023: Return on equity 78.8% · Return on assets not available
- Fiscal year 2024: Return on equity not available · Return on assets 0.3%
- Fiscal year 2025: Return on equity not available · Return on assets −0.1%
Equity and long-term debt
The equity ratio rose within one year from 1.2% to 4.2%.
Equity in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2023: Equity 339.5M USD
- Fiscal year 2024: Equity 570.5M USD
- Fiscal year 2025: Equity 3.3B USD
Liquidity (current ratio)
The current ratio stayed roughly the same within one year (1.03).
Current ratio- Fiscal year 2023: Current ratio not available
- Fiscal year 2024: Current ratio 1.03
- Fiscal year 2025: Current ratio 1.03
Share count
Diluted share count- Fiscal year 2023: Diluted share count not available
- Fiscal year 2024: Diluted share count not available
- Fiscal year 2025: Diluted share count 158.7M
Banks and insurers: gross margin, current assets and capital expenditure are usually not reported and cash flow is not meaningful there – those lines and charts are omitted.
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- none pays no dividend
For banks and insurers free cash flow is not meaningful; ratios to free cash flow are usually omitted.
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 79 symbols in the Financials sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth– per year, last 3 years
Sector Financials: median +9.3% (76 symbols)
What does this mean? Reported annual figures for a comparison over at least 3 fiscal years are missing (or the SEC data has not been fully loaded yet).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth– per year, last 3 years
Sector Financials: median +12.0% (64 symbols)
per share: not available
What does this mean? Reported annual figures for a comparison over at least 3 fiscal years are missing (or the SEC data has not been fully loaded yet).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin−2.5% last fiscal year
Sector Financials: median 19.4% (75 symbols)
What does this mean? Of every 100 USD in revenue there was no profit but a loss of 2.53 USD.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth– latest balance sheet
Sector Financials: median 0.63 (47 symbols)
What does this mean? No usable figure: reported financial debt or positive equity for the same balance sheet date is missing.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth– Dividend / earnings per share
Sector Financials: median 34% (58 symbols)
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin2 of 3 fiscal years with a profit
What does this mean? In 2 of the last 3 fiscal years the bottom line showed a profit. One year ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 2.7B | −69.5M | −2.5% | −0.44 | – | – |
| 2024 | Dec 31, 2024 | 1.7B | 155.7M | 9.3% | 0.30 | – | – |
| 2023 | Dec 31, 2023 | 1.5B | 267.6M | 18.4% | 0.78 | – | – |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 701.3M | 48.2M | 6.9% | 0.18 | – | – |
| Q1/26 | Mar 31, 2026 | 694.1M | 55.3M | 8.0% | 0.21 | – | – |
| Q4/25* | Dec 31, 2025 | 770.2M | 133.4M | 17.3% | – | – | – |
| Q3/25 | Sep 30, 2025 | 739.8M | 214.4M | 29.0% | 0.64 | – | – |
| Q2/25 | Jun 30, 2025 | 658.1M | −482.1M | −73.3% | −4.48 | – | – |
| Q1/25 | Mar 31, 2025 | 578.6M | 64.8M | 11.2% | 0.00 | – | – |
| Q4/24* | Dec 31, 2024 | 435.4M | 3.1M | 0.7% | – | – | – |
| Q3/24 | Sep 30, 2024 | 445.8M | 71.0M | 15.9% | 0.00 | – | – |
| Q2/24 | Jun 30, 2024 | 430.0M | 32.9M | 7.7% | 0.00 | – | – |
| Q1/24 | Mar 31, 2024 | – | 48.6M | – | – | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $40.6M8 people | −$40.6M |
| 6 months | $00 people | $200.9M10 people | −$200.9M |
| 12 months | $00 people | $325.6M10 people | −$325.6M |
Latest transactions
- Oct 21, 2026 Fox-Geen Jeremy Chief financial officer (CFO) Open-market sale · 10b5-1 plan 15,000 shares · $1.4M · SEC
- Oct 8, 2026 Chandhok Nikhil Officer Open-market sale · 10b5-1 plan 26,668 shares · $2.1M · SEC
- Oct 5, 2026 Allaire Jeremy Chief executive (CEO), Director Open-market sale · 10b5-1 plan 36 shares · $3.1K · SEC
- Oct 5, 2026 Allaire Jeremy Chief executive (CEO), Director Open-market sale · 10b5-1 plan 233 shares · $19.7K · SEC
- Oct 5, 2026 Allaire Jeremy Chief executive (CEO), Director Open-market sale · 10b5-1 plan 895 shares · $74.8K · SEC
- Oct 5, 2026 Allaire Jeremy Chief executive (CEO), Director Open-market sale · 10b5-1 plan 352 shares · $29.1K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score -25
Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200-20
ADX (trend strength)+0
Highs and lows+10
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)13.8
Rel. strength 60 d+33.8%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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News
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