Circle - Public Comps and Valuation Multiples

Circle Overview

About Circle

Circle Internet Group Inc is a financial technology firm engaged in digital currencies and public blockchains for payments, commerce, and financial applications. The company is the issuer of USD Coin (USDC).

Founded

2024

HQ

Employees

n/a

Website

circle.com

Sectors

Blockchain & Crypto
FinTech

Financials

LTM Revenue $2.7B

LTM EBITDA $545M

EV

$12.2B

Valuation Multiples

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Circle Financials

As of January 2026, Circle reported last 12-month revenue of $2.7B and EBITDA of $545M.

In the same period, Circle generated $1.0B in LTM gross profit and -$171M in net income.

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Circle P&L

In the most recent fiscal year, Circle reported revenue of $1.7B and EBITDA of $274M.

Circle expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$2.7B	XXX	$1.7B	XXX	XXX	XXX
Gross Profit	$1.0B	XXX	$395M	XXX	XXX	XXX
Gross Margin	38%	XXX	24%	XXX	XXX	XXX
EBITDA	$545M	XXX	$274M	XXX	XXX	XXX
EBITDA Margin	20%	XXX	16%	XXX	XXX	XXX
EBIT	-$113M	XXX	$163M	XXX	XXX	XXX
EBIT Margin	-4%	XXX	10%	XXX	XXX	XXX
Net Profit	-$171M	XXX	$156M	XXX	XXX	XXX
Net Margin	-6%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Circle including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.7B. EBITDA for the last twelve months was $545M. In the most recent fiscal year, Circle achieved $1.7B in revenue and $274M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$2.7B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.0B	Analyst estimates available to subscribers	$395M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	38.5% gross margin	Analyst estimates available to subscribers	23.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$545M	Analyst estimates available to subscribers	$274M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	20.1% EBITDA margin	Analyst estimates available to subscribers	16.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$113M	Analyst estimates available to subscribers	$163M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-4.1% EBIT margin	Analyst estimates available to subscribers	9.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$171M	Analyst estimates available to subscribers	$156M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-6.3% net profit margin	Analyst estimates available to subscribers	9.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Circle

This financial data table provides comprehensive performance metrics for Circle, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Circle generated $2.7B in revenue over the last twelve months.
The company achieved $545M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.0B.
Net income over the last twelve months reached -$171M.

Fiscal Year Performance

In the most recent fiscal year, Circle reported $1.7B in total revenue.
Fiscal year EBITDA was $274M.
The company maintained a gross profit margin of 23.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 16.4%.
Net profit margin reached 9.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Circle. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Circle Stock Performance

Circle has current market cap of $13.4B, and EV of $12.2B.

Market Cap Evolution

Circle Stock Data

As of February 10, 2026, Circle's stock price is $57.

See Circle trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.2B	$13.4B	XXX	XXX	XXX	XXX	$-1.25

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Circle Valuation Multiples

Circle's trades at 4.5x EV/Revenue multiple, and 22.4x EV/EBITDA.

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Circle Financial Valuation Multiples

As of February 10, 2026, Circle has market cap of $13.4B and EV of $12.2B.

Equity research analysts estimate Circle's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Circle has a P/E ratio of -78.7x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$13.4B	XXX	$13.4B	XXX	XXX	XXX
EV (current)	$12.2B	XXX	$12.2B	XXX	XXX	XXX
EV/Revenue	4.5x	XXX	4.5x	XXX	XXX	XXX
EV/EBITDA	22.4x	XXX	22.4x	XXX	XXX	XXX
EV/EBIT	-108.6x	XXX	-108.6x	XXX	XXX	XXX
EV/Gross Profit	11.7x	XXX	n/a	XXX	XXX	XXX
P/E	-78.7x	XXX	-78.7x	XXX	XXX	XXX
EV/FCF	36.1x	XXX	36.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Circle Margins & Growth Rates

Circle's last 12 month revenue growth is 20%

Circle's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Circle's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Circle's rule of X is 70% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Circle Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	20%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	20%	XXX	20%	XXX	XXX	XXX
EBITDA Growth	17%	XXX	24%	XXX	XXX	XXX
Rule of 40	45%	XXX	40%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	70%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	14%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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