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CRCL vs. NET: Circle Internet vs. Cloudflare Stock Comparison

How do Circle Internet (CRCL) and Cloudflare (NET) 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 Cloudflare (NET) both fall under the Software & Services industry group, but CRCL is classified in Software while NET is classified in IT Services.

Cloudflare (NET) has been public since September 13, 2019, giving it a longer listed trading history, while Circle Internet (CRCL) listed on June 5, 2025 and still has a shorter public-market record.

Company profile comparison for Circle Internet (CRCL) and Cloudflare (NET)
Profile ItemCRCLNET
NameCircle Internet Group, Inc. Class ACloudflare, Inc. Class A Common Stock
Country/RegionUnited StatesUnited States
GICS SectorInformation TechnologyInformation Technology
GICS Industry GroupSoftware & ServicesSoftware & Services
GICS IndustrySoftwareIT Services
GICS Sub-IndustryApplication SoftwareInternet Services & Infrastructure
Market Capitalization17.41 billion USD96.32 billion USD
CurrencyUSDUSD
ExchangeNYSENYSE
Listing DateJune 5, 2025September 13, 2019
Security TypeCommon StockCommon Stock

Price Performance

Cumulative Growth

CRCL
NET
GSPC
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Circle Internet (CRCL) vs. Cloudflare (NET), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Circle Internet (CRCL) and Cloudflare (NET). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Circle Internet (CRCL) and Cloudflare (NET). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
Total Return (1Y)-33.88%27.13%
Total Return (3Y, Annualized)--68.21%
Total Return (5Y, Annualized)--7.66%

Risk Profile

Drawdown History

CRCL
NET
GSPC
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Circle Internet (CRCL) vs. Cloudflare (NET), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Circle Internet (CRCL) and Cloudflare (NET). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
Volatility (1Y, Annualized)96.01%67.16%
Beta (5Y)0.841.34
Max Drawdown (5Y)-80.93%-82.58%
Avg. Volume (3M)12.74M3.45M

Risk-Adjusted Performance

Risk-Return Positioning

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CRCL and NET are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
Sharpe Ratio (1Y)-0.400.34
Sortino Ratio (1Y)-0.610.48

Profitability

ROE (TTM)

Cloudflare (NET) reports a negative ROE of -17.00%; negative ROE can reflect losses or negative shareholders’ equity, so it is harder to read as capital efficiency. Meanwhile Circle Internet (CRCL) reports 13.44%, ranking against industry peers normally.

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%

NET

Software & Services industry group

-17.00%

Max
53.85%
Q3
17.90%
Median
6.59%
Q1
-9.59%
NET
-17.00%
Min
-50.52%
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their ROE against the Software & Services industry group benchmark.

Net Margin (TTM)

Cloudflare (NET) reports a negative net margin of -8.75%, usually indicating a net loss over the period. Meanwhile Circle Internet (CRCL) reports 15.28%, ranking against industry peers normally.

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%

NET

Software & Services industry group

-8.75%

Max
41.17%
Q3
15.28%
Median
4.63%
Q1
-5.42%
NET
-8.75%
Min
-33.17%
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their net margin against the Software & Services industry group benchmark.

Operating Margin (TTM)

Cloudflare (NET) reports a negative operating margin of -7.27%, usually indicating that operating costs exceeded revenue at the operating-income line. Meanwhile Circle Internet (CRCL) reports 24.09%, ranking against industry peers normally.

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%

NET

Software & Services industry group

-7.27%

Max
46.89%
Q3
17.64%
Median
8.73%
Q1
-2.13%
NET
-7.27%
Min
-30.45%
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their operating margin against the Software & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
ROE (TTM)13.44%-17.00%
ROA (TTM)0.28%-2.00%
Net Margin (TTM)15.28%-8.75%
Operating Margin (TTM)24.09%-7.27%
Gross Margin (TTM)26.58%71.90%

Growth

Revenue Growth

Both companies are growing quickly, but Circle Internet (CRCL) at 63.86% is the standout with revenue growth above its industry range; Cloudflare (NET) at 29.85% also sits in the top quartile.

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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Circle Internet (CRCL) reports EPS growth of -640.54%, ranked against its industry; Cloudflare (NET) has no EPS growth figure this period.

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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
Revenue Growth (YoY)63.86%29.85%
Revenue Growth (3Y CAGR)52.66%30.51%
EPS Growth (YoY)-640.54%--
EPS Growth (3Y CAGR)----

Financial Strength

Current Ratio (MRQ)

Circle Internet (CRCL) at 1.04 keeps current ratio within its industry’s typical mid-range, while Cloudflare (NET) at 3.80 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets 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

NET

Software & Services industry group

3.80

Max
5.11
NET
3.80
Q3
2.77
Median
1.67
Q1
1.01
Min
0.03
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their current ratio against the Software & Services industry group benchmark.

Debt / Equity (MRQ)

Circle Internet (CRCL) at 0.00 keeps leverage in the lower quartile, while Cloudflare (NET) at 3.21 is above its industry debt-to-equity ratio range.

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

NET

Software & Services industry group

3.21

NET
3.21
Max
2.52
Q3
1.13
Median
0.40
Q1
0.07
Min
0.00
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their debt-to-equity ratio against the Software & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
Current Ratio (MRQ)1.043.80
Debt / Equity (MRQ)0.003.21
Net Debt / EBITDA-4.68--

Dividends

Dividend Yield (TTM)

Neither Circle Internet (CRCL) nor Cloudflare (NET) 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%

NET

Software & Services industry group

0.00%

NET
0.00%
Max
0.00%
Q3
0.00%
Median
0.00%
Q1
0.00%
Min
0.00%
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their dividend yield against the Software & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Circle Internet (CRCL) nor Cloudflare (NET) 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%

NET

Software & Services industry group

0.00%

NET
0.00%
Max
0.00%
Q3
0.00%
Median
0.00%
Q1
0.00%
Min
0.00%
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their payout ratio against the Software & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
Dividend Yield (TTM)0.00%0.00%
Dividend Payout Ratio (TTM)0.00%0.00%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Circle Internet (CRCL) trades at 40.89 times trailing earnings, ranked against its peers, while Cloudflare (NET) has no P/E ratio this period.

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

NET

Software & Services industry group

--

Max
112.94
Q3
60.32
Median
32.91
Q1
18.77
Min
6.69
NET
--
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Circle Internet (CRCL) vs. Cloudflare (NET): NET does not report P/E ratio, so it has no value marker; CRCL is benchmarked against the Software & Services industry group.

P/S Ratio (TTM)

Circle Internet (CRCL) at 5.75 prices around its industry’s typical P/S ratio, while Cloudflare (NET) at 35.24 clears its benchmark range — NET looks notably rich on 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

NET

Software & Services industry group

35.24

NET
35.24
Max
17.91
Q3
8.78
Median
4.25
Q1
2.23
Min
0.02
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Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their P/S ratio against the Software & Services industry group benchmark.

P/B Ratio (MRQ)

Circle Internet (CRCL) at 4.50 sits near its industry’s typical P/B ratio, while Cloudflare (NET) at 65.73 prices above its benchmark range — NET 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

NET

Software & Services industry group

65.73

NET
65.73
Max
16.63
Q3
8.50
Median
4.30
Q1
1.92
Min
-3.90
Loading chart…
Circle Internet (CRCL) vs. Cloudflare (NET): A comparison of their P/B ratio against the Software & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Circle Internet (CRCL) and Cloudflare (NET)
MetricCRCLNET
P/E Ratio (TTM)40.89--
P/S Ratio (TTM)5.7535.24
P/B Ratio (MRQ)4.5065.73
Free Cash Flow Yield (TTM)1.43%0.83%