CRCLCircle Internet Group, Inc.
Finance Services
- Revenue
- $110M
- 624% YoY
- Operating margin
- -87.8%
- 108% YoY
- EBITDA
- −$20M
- 109% YoY
- Market cap
- $19.4B
- Employees
- 1,100
- $100K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes516% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$100K · 15th pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 36th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$19.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$326M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $20M | $15M | $110M | 624% |
| Operating income | $270M | $167M | −$96M | 158% |
| Net income | $268M | $156M | −$70M | 145% |
| Operating cash flow | $140M | $345M | $542M | 57% |
| Capex | $654K | $18M | $12M | 31% |
| Stock-based comp | $108M | $50M | $566M | 1029% |
| Buybacks | $9M | $0 | $0 |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $326M · 324
- Net
- −$326M
Pay vs performance
No pay-versus-performance disclosure yet.