CRCL and 9 peers, year by year
The 9 Crypto companies closest to CRCL in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.
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| Company | Year | Revenue | Sales growth | Gross margin | Operating margin | Net margin | FCF margin | Return on equity | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|
| CRCL Circle Internet Group | FY2025 | $2.7B | +624% | - | −3.5% | −2.5% | 19.3% | −2.1% | - |
| GME GameStop | FY2025 | $3.6B | −5.1% | 33.0% | 6.4% | 11.5% | 16.5% | 7.7% | 0.76 |
| BKKT Bakkt | FY2025 | $2.3B | −32.1% | - | −6.3% | −4.6% | - | −95.1% | - |
| MARA MARA Holdings | FY2025 | $907.1M | −39.2% | - | −135.0% | −144.6% | −133.4% | −37.8% | 1.04 |
| FIGR Figure Technology Solutions | FY2025 | $506.9M | +48.7% | - | 23.2% | 26.4% | - | 10.9% | 0.45 |
| CLSK CleanSpark | FY2025 | $766.3M | +102% | - | 41.6% | 47.6% | −79.0% | 16.8% | 0.30 |
| RIOT Riot Platforms | FY2025 | $647.4M | +71.9% | - | −96.1% | −102.4% | −119.6% | −23.2% | 0.29 |
| CORZ Core Scientific | FY2025 | $319.0M | −37.5% | 11.9% | −77.0% | −90.5% | −141.3% | n/m | n/m |
| MSTR Strategy | FY2025 | $477.2M | +3.0% | 68.7% | n/m | −806.3% | −15.8% | −8.7% | 0.19 |
| HUT Hut 8 | FY2025 | $235.1M | +44.8% | - | −136.9% | −96.2% | - | −15.9% | - |
Revenue, FY2023 to FY2025
Revenue as reported in the 10-K.| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CRCL Dec | $1.5B | $1.7B | $2.7B |
| GME Jan | $5.3B | $3.8B | $3.6B |
| BKKT Dec | $727.0M | $3.4B | $2.3B |
| MARA Dec | $387.5M | $656.4M | $907.1M |
| FIGR Dec | $209.5M | $340.9M | $506.9M |
| CLSK Sep | $168.4M | $379.0M | $766.3M |
| RIOT Dec | $280.7M | $376.7M | $647.4M |
| CORZ Dec | $502.4M | $510.7M | $319.0M |
| MSTR Dec | $496.3M | $463.5M | $477.2M |
| HUT Dec | $96.0M | $162.4M | $235.1M |
| Peer median | $387.5M | $463.5M | $647.4M |
Sales growth, FY2023 to FY2025
Revenue against the fiscal year before.| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CRCL Dec | - | −23.6% | +624% |
| GME Jan | −11.0% | −27.5% | −5.1% |
| BKKT Dec | n/m | +373% | −32.1% |
| MARA Dec | +484% | +67.3% | −39.2% |
| FIGR Dec | - | +62.7% | +48.7% |
| CLSK Sep | +28.0% | +125% | +102% |
| RIOT Dec | +8.3% | +34.2% | +71.9% |
| CORZ Dec | −21.5% | +1.6% | −37.5% |
| MSTR Dec | −0.6% | −6.6% | +3.0% |
| HUT Dec | - | +69.1% | +44.8% |
| Peer median | +3.8% | +62.7% | +3.0% |
Gross margin, FY2023 to FY2025
Gross profit / revenue.Operating margin, FY2023 to FY2025
Operating income / revenue.| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CRCL Dec | 18.6% | 10.0% | −3.5% |
| GME Jan | −0.7% | −0.7% | 6.4% |
| BKKT Dec | −21.5% | −2.4% | −6.3% |
| MARA Dec | 57.0% | 46.6% | −135.0% |
| FIGR Dec | −23.6% | 2.7% | 23.2% |
| CLSK Sep | −77.8% | −39.3% | 41.6% |
| RIOT Dec | −22.5% | 40.8% | −96.1% |
| CORZ Dec | 1.8% | −27.8% | −77.0% |
| MSTR Dec | −23.2% | −399.8% | n/m |
| HUT Dec | 9.8% | 283.6% | −136.9% |
| Peer median | −21.5% | −0.7% | −41.7% |
Net margin, FY2023 to FY2025
Net income / revenue.| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CRCL Dec | 18.4% | 9.3% | −2.5% |
| GME Jan | 0.1% | 3.4% | 11.5% |
| BKKT Dec | −10.3% | −1.4% | −4.6% |
| MARA Dec | 67.4% | 82.5% | −144.6% |
| FIGR Dec | −22.9% | 5.0% | 26.4% |
| CLSK Sep | −82.0% | −38.5% | 47.6% |
| RIOT Dec | −17.6% | 29.0% | −102.4% |
| CORZ Dec | −49.1% | −281.6% | −90.5% |
| MSTR Dec | 86.5% | −251.7% | −806.3% |
| HUT Dec | 22.7% | 204.4% | −96.2% |
| Peer median | −10.3% | 3.4% | −90.5% |
Free cash flow, FY2023 to FY2025
Cash from operations minus capital spending.| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CRCL Dec | $138.9M | $326.4M | $529.7M |
| GME Jan | −$238.6M | $129.6M | $597.3M |
| BKKT Dec | −$70.1M | −$24.3M | - |
| MARA Dec | −$343.3M | −$927.8M | −$1.2B |
| FIGR Dec | - | - | - |
| CLSK Sep | −$78.7M | −$299.8M | −$605.7M |
| RIOT Dec | −$160.6M | −$495.4M | −$774.3M |
| CORZ Dec | $49.0M | −$52.1M | −$450.8M |
| MSTR Dec | $9.8M | −$56.0M | −$75.5M |
| HUT Dec | - | - | - |
| Peer median | −$78.7M | −$56.0M | −$528.2M |
FCF margin, FY2023 to FY2025
Free cash flow / revenue.Return on equity, FY2023 to FY2025
Net income / shareholders' equity at the year end.Debt / equity, FY2023 to FY2025
Total debt / shareholders' equity at the year end.EPS (diluted), FY2023 to FY2025
Diluted earnings per share, on today's share count after splits.| Company | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CRCL Dec | $0.78 | $0.30 | −$0.44 |
| GME Jan | $0.02 | $0.33 | $0.77 |
| BKKT Dec | −$21.01 | −$7.97 | −$8.87 |
| MARA Dec | $1.06 | $1.72 | −$3.69 |
| FIGR Dec | −$0.93 | $0.00 | $0.44 |
| CLSK Sep | −$1.30 | - | - |
| RIOT Dec | −$0.28 | $0.34 | −$1.95 |
| CORZ Dec | −$0.65 | −$4.87 | −$0.88 |
| MSTR Dec | $2.64 | −$6.06 | −$15.23 |
| HUT Dec | $0.44 | $3.40 | −$2.14 |
| Peer median | −$0.28 | $0.17 | −$2.04 |
Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out CRCL and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →
Work on CRCL in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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