| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 14 | 61.7x | 17.9x | Bottom tier | |
Growth | 74 | 127.1% | 7.1% | Top tier | |
Quality | 84 | — | — | Top tier | |
Safety | 8 | — | — | Bottom tier | |
Capital Return | 76 | — | 2.11% | Top tier | |
Momentum | 41 | -48.3% | 2.7% | Around median | |
Sentiment | 47 | 13 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Circle Internet Group operates digital dollar infrastructure centered on USDC, connecting this infrastructure to banks, trading platforms, payment companies, wallets, and financial applications. In fiscal Q2 2026, the USDC network extended to 35 blockchain networks and 185 countries, supported by more than 15 partner banks and more than 150 distribution partners, while the majority of revenue comes from returns on USDC reserves alongside subscription, services, transaction, and blockchain-related partnership revenue. The company is also working to diversify its income sources through the CPN payments network, the Arc network, and other digital products such as EURC and USYC.
Total revenue and reserve income reached $701.3 million in fiscal Q2 2026, up 7% year over year, while net income was $48.2 million and earnings per share were $0.18, equivalent to a net income margin of approximately 6.9%. Other revenue reached $34 million, up 1.4 times year over year but down $8 million from the previous quarter, and therefore continued to represent only about 4.8% of total revenue and reserve income. Revenue less distribution costs margin was 41.2%, while adjusted earnings before interest, taxes, depreciation, and amortization reached $143 million at a 50% margin.
Circle ended fiscal Q2 2026 with $73.3 billion of USDC in circulation, up approximately 19% year over year, and the quarterly average reached a record level of $76.5 billion. The value of USDC held within Circle's infrastructure rose 106% to $12.4 billion, or 17% of supply, a shift that supports margins because the company retains a larger portion of the network on its platform. Adjusted operating expenses reached $146 million, up 23% year over year, due to investment in product development, commercial infrastructure, artificial intelligence, and Arc marketing. Circle does not distribute quarterly dividends, as management confirmed on the August 5, 2026 call, preferring to maintain a strong balance sheet and fund the expansion of its platform.
The analyst consensus is "Buy" with an average price target of $93.36, but targets range from $37 to $150, revealing a wide divergence in estimates of Circle's value. The average target lies within the 52-week range of $49.90–$159.47 and approximately 41% below its peak, while the highest target approaches the peak and the lowest target falls below the bottom of the range; no reported price-to-earnings ratio is available to provide an additional valuation anchor. The valuation range therefore depends heavily on the sustainability of USDC growth, the path of reserve returns, and the ability of Arc and CPN to convert usage into recurring revenue.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Circle earns income from the reserve assets backing USDC, and the reserve return rate was 3.48% in fiscal Q2 2026 after declining 66 basis points year over year. Total revenue and reserve income reached $701 million, compared with $34 million in other revenue, illustrating the dominance of reserve income in the mix. Other revenue includes blockchain-related partnerships, subscriptions, services, and transactions, and the company aims to expand it through Arc and CPN.
Circle recorded revenue and reserve income of $701.3 million, net income of $48.2 million, and earnings per share of $0.18 in fiscal Q2 2026. Adjusted earnings before interest, taxes, depreciation, and amortization reached $143 million, with a 50% margin. Revenue less distribution costs margin reached 41.2%, up three percentage points year over year and down 21 basis points from the previous quarter.
Circle set September 16, 2026 as the launch date for Arc Mainnet, after processing more than 500 million test transactions across nearly 3 million wallets and involving more than 100 partners in the private mainnet. DTCC is working to bring assets held in its custody to Arc, while BlackRock plans to deploy BUIDL on the network with USDC integration. Circle conducted a $242 million Arc token presale in fiscal Q2 2026 and included $180 million of it in its fiscal 2026 revenue recognition guidance. The company also raised its other revenue guidance to $310–330 million due to Arc's expected contribution.
Automated analysis for informational purposes only — not investment advice.
Circle ended fiscal Q2 2026 with $73.3 billion of USDC in circulation, up approximately 19% year over year, despite an approximately 40% decline in total digital asset market capitalization. USDC on-chain transaction volume rose 151% to nearly $15 trillion, and its share of stablecoin transactions reached approximately 70% in June 2026. However, transaction volume declined from the previous quarter, which included significant market-maker activity, demonstrating that annual growth does not eliminate quarterly volatility.
Annualized payment volume through CPN reached nearly $15 billion based on the last 30 days at the end of fiscal Q2 2026. On July 31, 2026, the metric rose to $23 billion, an increase of 130% since the previous earnings report. The network included 175 financial institutions after quarterly growth of approximately 30%, and its products extended to more than 58 countries. Management said on August 5, 2026 that CPN monetization would begin in the second half of 2026.
The first risk is declining reserve returns, as the rate fell to 3.48% in fiscal Q2 2026 and slowed revenue growth to 7% despite USDC expansion. The second is the rise in adjusted operating expenses to $146 million, with fiscal 2026 expected to end near the upper end of the $570–585 million range. Risks also include weak digital asset markets, competition for distribution, and uncertainty over the timing of the CLARITY Act according to management's discussion on August 5, 2026. The wide range of analyst targets between $37 and $150 further increases the valuation's sensitivity to changes in these factors.
