CRCL vs. FTNT: Circle Internet vs. Fortinet Stock Comparison
How do Circle Internet (CRCL) and Fortinet (FTNT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
Circle Internet (CRCL) and Fortinet (FTNT) both belong to the Software industry, though CRCL is classified under Application Software while FTNT falls under Systems Software.
Fortinet (FTNT) has been public since November 18, 2009, giving it a longer listed trading history, while Circle Internet (CRCL) listed on June 5, 2025 and still has a shorter public-market record.
| Profile Item | CRCL | FTNT |
|---|---|---|
| Name | Circle Internet Group, Inc. Class A | Fortinet, Inc. |
| Country/Region | United States | United States |
| GICS Sector | Information Technology | Information Technology |
| GICS Industry Group | Software & Services | Software & Services |
| GICS Industry | Software | Software |
| GICS Sub-Industry | Application Software | Systems Software |
| Market Capitalization | 17.41 billion USD | 87.31 billion USD |
| Currency | USD | USD |
| Exchange | NYSE | Nasdaq |
| Listing Date | June 5, 2025 | November 18, 2009 |
| Security Type | Common Stock | Common Stock |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| Total Return (1Y) | -33.88% | 49.91% |
| Total Return (3Y, Annualized) | -- | 35.15% |
| Total Return (5Y, Annualized) | -- | 11.92% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| Volatility (1Y, Annualized) | 96.01% | 49.03% |
| Beta (5Y) | 0.84 | 1.07 |
| Max Drawdown (5Y) | -80.93% | -38.98% |
| Avg. Volume (3M) | 12.74M | 4.68M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| Sharpe Ratio (1Y) | -0.40 | 0.93 |
| Sortino Ratio (1Y) | -0.61 | 1.37 |
Profitability
ROE (TTM)
Fortinet (FTNT) at 153.08% clears its industry range for ROE, a sharper capital-efficiency signal than Circle Internet (CRCL) at 13.44%, which is closer to a typical peer reading.
CRCL
Software & Services industry group
13.44%
- Max
- 53.85%
- Q3
- 17.90%
- CRCL
- 13.44%
- Median
- 6.59%
- Q1
- -9.59%
- Min
- -50.52%
FTNT
Software & Services industry group
153.08%
- FTNT
- 153.08%
- Max
- 53.85%
- Q3
- 17.90%
- Median
- 6.59%
- Q1
- -9.59%
- Min
- -50.52%
Net Margin (TTM)
Fortinet (FTNT) at 28.96% retains a top-quartile share of revenue as profit, ahead of Circle Internet (CRCL) at 15.28%, which keeps about the industry-typical share.
CRCL
Software & Services industry group
15.28%
- Max
- 41.17%
- CRCL
- 15.28%
- Q3
- 15.28%
- Median
- 4.63%
- Q1
- -5.42%
- Min
- -33.17%
FTNT
Software & Services industry group
28.96%
- Max
- 41.17%
- FTNT
- 28.96%
- Q3
- 15.28%
- Median
- 4.63%
- Q1
- -5.42%
- Min
- -33.17%
Operating Margin (TTM)
Both Circle Internet (CRCL) at 24.09% and Fortinet (FTNT) at 33.82% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.
CRCL
Software & Services industry group
24.09%
- Max
- 46.89%
- CRCL
- 24.09%
- Q3
- 17.64%
- Median
- 8.73%
- Q1
- -2.13%
- Min
- -30.45%
FTNT
Software & Services industry group
33.82%
- Max
- 46.89%
- FTNT
- 33.82%
- Q3
- 17.64%
- Median
- 8.73%
- Q1
- -2.13%
- Min
- -30.45%
Profitability Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| ROE (TTM) | 13.44% | 153.08% |
| ROA (TTM) | 0.28% | 15.22% |
| Net Margin (TTM) | 15.28% | 28.96% |
| Operating Margin (TTM) | 24.09% | 33.82% |
| Gross Margin (TTM) | 26.58% | 79.75% |
Growth
Revenue Growth
Circle Internet (CRCL) at 63.86% clears its industry range for revenue growth, far stronger top-line momentum than Fortinet (FTNT) at 14.17%, which is closer to a typical peer reading.
EPS Growth
Fortinet (FTNT) at 7.08% is around its peer norm for EPS growth, while Circle Internet (CRCL) at -640.54% falls below its industry range, a notably weak earnings reading.
Growth Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| Revenue Growth (YoY) | 63.86% | 14.17% |
| Revenue Growth (3Y CAGR) | 52.66% | 15.46% |
| EPS Growth (YoY) | -640.54% | 7.08% |
| EPS Growth (3Y CAGR) | -- | 31.68% |
Financial Strength
Current Ratio (MRQ)
Both Circle Internet (CRCL) at 1.04 and Fortinet (FTNT) at 1.40 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.
CRCL
Software & Services industry group
1.04
- Max
- 5.11
- Q3
- 2.77
- Median
- 1.67
- CRCL
- 1.04
- Q1
- 1.01
- Min
- 0.03
FTNT
Software & Services industry group
1.40
- Max
- 5.11
- Q3
- 2.77
- Median
- 1.67
- FTNT
- 1.40
- Q1
- 1.01
- Min
- 0.03
Debt / Equity (MRQ)
Circle Internet (CRCL) at 0.00 keeps leverage in the lower industry quartile, while Fortinet (FTNT) at 0.25 runs a more typical debt-to-equity mix.
CRCL
Software & Services industry group
0.00
- Max
- 2.52
- Q3
- 1.13
- Median
- 0.40
- Q1
- 0.07
- CRCL
- 0.00
- Min
- 0.00
FTNT
Software & Services industry group
0.25
- Max
- 2.52
- Q3
- 1.13
- Median
- 0.40
- FTNT
- 0.25
- Q1
- 0.07
- Min
- 0.00
Financial Strength Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| Current Ratio (MRQ) | 1.04 | 1.40 |
| Debt / Equity (MRQ) | 0.00 | 0.25 |
| Net Debt / EBITDA | -4.68 | -1.54 |
Dividends
Dividend Yield (TTM)
Neither Circle Internet (CRCL) nor Fortinet (FTNT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
CRCL
Software & Services industry group
0.00%
- CRCL
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
FTNT
Software & Services industry group
0.00%
- FTNT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
Neither Circle Internet (CRCL) nor Fortinet (FTNT) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
CRCL
Software & Services industry group
0.00%
- CRCL
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
FTNT
Software & Services industry group
0.00%
- FTNT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| Dividend Yield (TTM) | 0.00% | 0.00% |
| Dividend Payout Ratio (TTM) | 0.00% | 0.00% |
Valuation
P/E Ratio (TTM)
Both Circle Internet (CRCL) at 40.89 and Fortinet (FTNT) at 38.84 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.
CRCL
Software & Services industry group
40.89
- Max
- 112.94
- Q3
- 60.32
- CRCL
- 40.89
- Median
- 32.91
- Q1
- 18.77
- Min
- 6.69
FTNT
Software & Services industry group
38.84
- Max
- 112.94
- Q3
- 60.32
- FTNT
- 38.84
- Median
- 32.91
- Q1
- 18.77
- Min
- 6.69
P/S Ratio (TTM)
Circle Internet (CRCL) at 5.75 is priced about in line with its industry on P/S ratio, while Fortinet (FTNT) at 11.08 sits in the pricier quartile — FTNT costs more per dollar of sales.
CRCL
Software & Services industry group
5.75
- Max
- 17.91
- Q3
- 8.78
- CRCL
- 5.75
- Median
- 4.25
- Q1
- 2.23
- Min
- 0.02
FTNT
Software & Services industry group
11.08
- Max
- 17.91
- FTNT
- 11.08
- Q3
- 8.78
- Median
- 4.25
- Q1
- 2.23
- Min
- 0.02
P/B Ratio (MRQ)
Circle Internet (CRCL) at 4.50 sits near its industry’s typical P/B ratio, while Fortinet (FTNT) at 38.85 prices above its benchmark range — FTNT looks rich relative to book.
CRCL
Software & Services industry group
4.50
- Max
- 16.63
- Q3
- 8.50
- CRCL
- 4.50
- Median
- 4.30
- Q1
- 1.92
- Min
- -3.90
FTNT
Software & Services industry group
38.85
- FTNT
- 38.85
- Max
- 16.63
- Q3
- 8.50
- Median
- 4.30
- Q1
- 1.92
- Min
- -3.90
Valuation Metrics
| Metric | CRCL | FTNT |
|---|---|---|
| P/E Ratio (TTM) | 40.89 | 38.84 |
| P/S Ratio (TTM) | 5.75 | 11.08 |
| P/B Ratio (MRQ) | 4.50 | 38.85 |
| Free Cash Flow Yield (TTM) | 1.43% | 2.85% |