CRCL Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	21.46B EUR	15.82B EUR	23.63B EUR	19.21B EUR
Enterprise Value	18.81B EUR	14.09B EUR	22.11B EUR	17.72B EUR
Valuation Multiples
Trailing P/E	57.88x	35.06x	--	--
Forward P/E	59.28x	--	--	--
Price to Sales	7.38x	5.45x	8.26x	8.86x
Price to Book	6.09x	4.51x	6.89x	5.77x
EV/Revenue	6.47x	4.85x	7.72x	8.17x
EV/EBITDA	82.2x	28.85x	203.82x	821.56x
Price to FCF (P/FCF)	104.03x	22.29x	52.92x	43.56x
EV/FCF	91.21x	19.85x	49.52x	40.18x
FCF Yield	0.96%	4.49%	1.89%	2.3%