CRCL vs. ZS: Circle Internet vs. Zscaler Stock Comparison
How do Circle Internet (CRCL) and Zscaler (ZS) 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 Zscaler (ZS) both belong to the Software industry, though CRCL is classified under Application Software while ZS falls under Systems Software.
Zscaler (ZS) has been public since March 16, 2018, 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 | ZS |
|---|---|---|
| Name | Circle Internet Group, Inc. Class A | Zscaler 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 | 32.23 billion USD |
| Currency | USD | USD |
| Exchange | NYSE | Nasdaq |
| Listing Date | June 5, 2025 | March 16, 2018 |
| Security Type | Common Stock | Common Stock |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | CRCL | ZS |
|---|---|---|
| Total Return (1Y) | -33.88% | -37.61% |
| Total Return (3Y, Annualized) | -- | 5.36% |
| Total Return (5Y, Annualized) | -- | -10.75% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | CRCL | ZS |
|---|---|---|
| Volatility (1Y, Annualized) | 96.01% | 68.66% |
| Beta (5Y) | 0.84 | 0.88 |
| Max Drawdown (5Y) | -80.93% | -76.41% |
| Avg. Volume (3M) | 12.74M | 2.92M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | CRCL | ZS |
|---|---|---|
| Sharpe Ratio (1Y) | -0.40 | -0.61 |
| Sortino Ratio (1Y) | -0.61 | -0.79 |
Profitability
ROE (TTM)
Zscaler (ZS) reports a negative ROE of -2.87%; 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%
ZS
Software & Services industry group
-2.87%
- Max
- 53.85%
- Q3
- 17.90%
- Median
- 6.59%
- ZS
- -2.87%
- Q1
- -9.59%
- Min
- -50.52%
Net Margin (TTM)
Zscaler (ZS) reports a negative net margin of -1.89%, 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%
ZS
Software & Services industry group
-1.89%
- Max
- 41.17%
- Q3
- 15.28%
- Median
- 4.63%
- ZS
- -1.89%
- Q1
- -5.42%
- Min
- -33.17%
Operating Margin (TTM)
Zscaler (ZS) reports a negative operating margin of -1.01%, 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%
ZS
Software & Services industry group
-1.01%
- Max
- 46.89%
- Q3
- 17.64%
- Median
- 8.73%
- ZS
- -1.01%
- Q1
- -2.13%
- Min
- -30.45%
Profitability Metrics
| Metric | CRCL | ZS |
|---|---|---|
| ROE (TTM) | 13.44% | -2.87% |
| ROA (TTM) | 0.28% | -1.03% |
| Net Margin (TTM) | 15.28% | -1.89% |
| Operating Margin (TTM) | 24.09% | -1.01% |
| Gross Margin (TTM) | 26.58% | 76.87% |
Growth
Revenue Growth
Circle Internet (CRCL) at 63.86% clears its industry range for revenue growth, far stronger top-line momentum than Zscaler (ZS) at 25.42%, which is closer to a typical peer reading.
EPS Growth
Only one side can be read here: Circle Internet (CRCL) reports EPS growth of -640.54%, ranked against its industry; Zscaler (ZS) has no EPS growth figure this period.
Growth Metrics
| Metric | CRCL | ZS |
|---|---|---|
| Revenue Growth (YoY) | 63.86% | 25.42% |
| Revenue Growth (3Y CAGR) | 52.66% | 27.51% |
| EPS Growth (YoY) | -640.54% | -- |
| EPS Growth (3Y CAGR) | -- | -- |
Financial Strength
Current Ratio (MRQ)
Both Circle Internet (CRCL) at 1.04 and Zscaler (ZS) at 1.70 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
ZS
Software & Services industry group
1.70
- Max
- 5.11
- Q3
- 2.77
- ZS
- 1.70
- Median
- 1.67
- Q1
- 1.01
- Min
- 0.03
Debt / Equity (MRQ)
Circle Internet (CRCL) at 0.00 keeps leverage in the lower industry quartile, while Zscaler (ZS) at 0.72 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
ZS
Software & Services industry group
0.72
- Max
- 2.52
- Q3
- 1.13
- ZS
- 0.72
- Median
- 0.40
- Q1
- 0.07
- Min
- 0.00
Financial Strength Metrics
| Metric | CRCL | ZS |
|---|---|---|
| Current Ratio (MRQ) | 1.04 | 1.70 |
| Debt / Equity (MRQ) | 0.00 | 0.72 |
| Net Debt / EBITDA | -4.68 | -36.63 |
Dividends
Dividend Yield (TTM)
Neither Circle Internet (CRCL) nor Zscaler (ZS) 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%
ZS
Software & Services industry group
0.00%
- ZS
- 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 Zscaler (ZS) 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%
ZS
Software & Services industry group
0.00%
- ZS
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | CRCL | ZS |
|---|---|---|
| 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 Zscaler (ZS) 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
ZS
Software & Services industry group
--
- Max
- 112.94
- Q3
- 60.32
- Median
- 32.91
- Q1
- 18.77
- Min
- 6.69
- ZS
- --
P/S Ratio (TTM)
Circle Internet (CRCL) at 5.75 is priced about in line with its industry on P/S ratio, while Zscaler (ZS) at 9.61 sits in the pricier quartile — ZS 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
ZS
Software & Services industry group
9.61
- Max
- 17.91
- ZS
- 9.61
- Q3
- 8.78
- Median
- 4.25
- Q1
- 2.23
- Min
- 0.02
P/B Ratio (MRQ)
Circle Internet (CRCL) at 4.50 is valued about in line with its industry on P/B ratio, while Zscaler (ZS) at 12.40 carries an above-peer premium to book — ZS is pricier on assets.
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
ZS
Software & Services industry group
12.40
- Max
- 16.63
- ZS
- 12.40
- Q3
- 8.50
- Median
- 4.30
- Q1
- 1.92
- Min
- -3.90
Valuation Metrics
| Metric | CRCL | ZS |
|---|---|---|
| P/E Ratio (TTM) | 40.89 | -- |
| P/S Ratio (TTM) | 5.75 | 9.61 |
| P/B Ratio (MRQ) | 4.50 | 12.40 |
| Free Cash Flow Yield (TTM) | 1.43% | 3.34% |