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ZYBERNO

Stock Report

Updated Aug 29, 2026

CIRCLE INTERNET GROUP, INC. (CRCL)

Financial Services • NYSE

$92.60

Circle Internet Group Inc. is an American financial technology company headquartered in Boston, Massachusetts, that operates the USD Coin (USDC), one of the world's largest U.S. dollar-backed stablecoins. The company provides digital currency infrastructure including USDC issuance and redemption, cross-border payments, and B2B financial services. Circle went public on the NYSE in June 2025 following an earlier SPAC merger attempt.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

24.0/100

POOR BUSINESS

CIRCLE INTERNET GROUP, INC. (CRCL) scores 24/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CRCL quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CRCL valuation analysis · → View full CRCL Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-5.3%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):CRITICAL (-5.9%)

Return on Capital (Capital Efficiency):CRITICAL (-6.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CIRCLE INTERNET GROUP, INC. (CRCL) stock report — Zyberno Score 24/100 (POOR BUSINESS). Full financial analysis on Zyberno.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:92.60

Market Cap:$22.98B

Valuation Multiples (3)

P/B Ratio:6.55x

P/S Ratio:8.23x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$21.70B

Pfcf Ratio:43.39x

Price Action & Momentum (2)

12-1 Momentum:

-66.0%

📈 Click to view full CRCL Momentum analysis →

% of 52-Week High:58.1%

B. Profitability Assessment

Return Metrics (5)

ROE:

-5.3%

📊 Click to view full CRCL ROE analysis →

ROA:-0.2%

Roic:

-6.8%

📊 Click to view full CRCL ROIC analysis →

Reinvestment Rate:37.1%

Fundamental Growth Rate (g):-2.5%

Margin Analysis (3)

Operating Margin Ttm:-5.9%

Net Margin Ttm:-5.9%

Ebitda Margin:-2.6%

TTM Performance (2)

Operating Margin Ttm:-5.9%

Net Margin Ttm:-5.9%

Yield Metrics (2)

Earnings Yield:-$3.73

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):2.6%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.03x

Quick Ratio:1.03x

Cash Ratio:0.02x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-120.54x

Times Interest Earned:-120.54

Capital Structure (4)

Working Capital:2,567,465,000.00

Cash And Cash Equivalents:1,730,126,000.00

Long Term Debt:$24.84M

Net Debt:-$1.29B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $2.79B

Linear Growth: 2.6%

📊 Click to view full CRCL Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$165.20M

Bottom Line Performance (3)

-$164.24M

Income Before Tax:-$223.92M

Ebitda Ttm:-71,320,000.00

Operating Expenses (5)

Operating Expenses:1,284,681,000.00

R And D Expense:0.00

Sga Expense:212,151,000.00

Income Tax Expense:-$59.67M

Interest Expense:800,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:30.3%

Ebitda Margin:-2.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$77.17B

Current Assets:$76.17B

Ppe Net:22,177,000.00

Goodwill:265,742,000.00

Intangible Assets:$446.58M

Liability Structure (4)

Total Liabilities:73,655,485,000.00

Current Liabilities:73,602,153,000.00

Long Term Debt:$24.84M

Short Term Debt:$418.59M

Equity & Capital (3)

Equity:$3.51B

Retained Earnings:-$1.19B

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:105,431,000.00

Inventory:0.00

Accounts Payable:418,588,000.00

Special Items (2)

Contract Liabilities:246,203,000.00

Stock Based Compensation:53,600,000.00

C. Cash Flow Analysis

Operating Activities (2)

$542.13M$529.70M

Investment Activities (1)

Investing Cash Flow:-$35.19M

Financing Activities (3)

Financing Cash Flow:$1.79B

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:93,881,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-3.13

-$3.45

Earnings Per Share Ttm:-$0.66

Revenue & Cash Per Share (2)

Sales Per Share Ttm:11.25

Operating Cash Flow Per Share:$2.18

Book Value & Capital (2)

Book Value Per Share:$14.14

Cash Per Share:6.97

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.04x

Working Capital Turnover Ttm:1.09x

Receivables Management (2)

Receivables Turnover Ttm:26.49x

Days Sales Outstanding Ttm:13.78

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:54.70

Cash Conversion Cycle:-1,039.92

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (2)

Reinvestment Rate:37.1%

Fundamental Growth Rate (g):-2.5%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):2.6%

Other Growth Rates (1)

Book Value Growth Rate (Linear):44.1%

C. Company Profile & Context

Corporate Information (6)

Symbol:CRCL

Company Name:CIRCLE INTERNET GROUP, INC.

Sector:Financial Services

Industry:Finance Services

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:248.18M

Shares Outstanding Basic:248.18M

Shares Outstanding Diluted:268.64M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 00:21:33 UTC

Data Timestamp:2026-08-29T00:21:33.491492