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Side-by-side financial comparison of Burford Capital Ltd (BUR) and Circle Internet Group, Inc. (CRCL). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($739.8M vs $33.4M, roughly 22.1× Burford Capital Ltd). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs -112.2%, a 141.2% gap on every dollar of revenue. Circle Internet Group, Inc. produced more free cash flow last quarter ($-14.7M vs $-29.3M).
Burford Capital is a financial services company that provides specialized finance to the legal market. Founded in 2009, it offers financing to corporate legal departments and law firms engaged in litigation and arbitration, asset recovery and other legal finance and advisory activities. It operates internationally with headquarters in Guernsey.
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
BUR vs CRCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $33.4M | $739.8M |
| Net Profit | $-37.5M | $214.4M |
| Gross Margin | — | — |
| Operating Margin | -37.9% | 11.0% |
| Net Margin | -112.2% | 29.0% |
| Revenue YoY | — | 5113.5% |
| Net Profit YoY | — | 202.0% |
| EPS (diluted) | $-0.16 | $0.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $33.4M | — | ||
| Q3 25 | $69.8M | $739.8M | ||
| Q2 25 | $191.3M | $658.1M | ||
| Q1 25 | $118.9M | — | ||
| Q3 24 | $159.7M | — | ||
| Q2 24 | $44.3M | $6.8M |
| Q4 25 | $-37.5M | — | ||
| Q3 25 | $-19.2M | $214.4M | ||
| Q2 25 | $88.3M | $-482.1M | ||
| Q1 25 | $30.9M | — | ||
| Q3 24 | $53.7M | — | ||
| Q2 24 | $-29.9M | $32.9M |
| Q4 25 | -37.9% | — | ||
| Q3 25 | 35.5% | 11.0% | ||
| Q2 25 | 74.3% | -49.5% | ||
| Q1 25 | 65.4% | — | ||
| Q3 24 | 76.1% | — | ||
| Q2 24 | 32.0% | — |
| Q4 25 | -112.2% | — | ||
| Q3 25 | -27.4% | 29.0% | ||
| Q2 25 | 46.2% | -73.3% | ||
| Q1 25 | 26.0% | — | ||
| Q3 24 | 33.7% | — | ||
| Q2 24 | -67.6% | 486.5% |
| Q4 25 | $-0.16 | — | ||
| Q3 25 | $-0.09 | $0.64 | ||
| Q2 25 | $0.39 | $-4.48 | ||
| Q1 25 | $0.14 | — | ||
| Q3 24 | $0.24 | — | ||
| Q2 24 | $-0.14 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $943.5M | $1.3B |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $2.4B | $3.0B |
| Total Assets | $6.6B | $76.8B |
| Debt / EquityLower = less leverage | 0.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | — | ||
| Q3 25 | $677.7M | $1.3B | ||
| Q2 25 | $372.2M | $1.1B | ||
| Q1 25 | $486.6M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $457.5M |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.4B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.1B | $460.9M |
| Q4 25 | $6.6B | — | ||
| Q3 25 | $6.7B | $76.8B | ||
| Q2 25 | $6.3B | $64.2B | ||
| Q1 25 | $6.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.72× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-29.0M | $-10.7M |
| Free Cash FlowOCF − Capex | $-29.3M | $-14.7M |
| FCF MarginFCF / Revenue | -87.7% | -2.0% |
| Capex IntensityCapex / Revenue | 0.8% | 0.5% |
| Cash ConversionOCF / Net Profit | — | -0.05× |
| TTM Free Cash FlowTrailing 4 quarters | $21.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.0M | — | ||
| Q3 25 | $-20.1M | $-10.7M | ||
| Q2 25 | $-84.2M | $303.7M | ||
| Q1 25 | $155.2M | — | ||
| Q3 24 | $-97.4M | — | ||
| Q2 24 | $53.0M | — |
| Q4 25 | $-29.3M | — | ||
| Q3 25 | $-20.1M | $-14.7M | ||
| Q2 25 | $-84.3M | $296.3M | ||
| Q1 25 | $155.1M | — | ||
| Q3 24 | $-97.4M | — | ||
| Q2 24 | $52.9M | — |
| Q4 25 | -87.7% | — | ||
| Q3 25 | -28.8% | -2.0% | ||
| Q2 25 | -44.1% | 45.0% | ||
| Q1 25 | 130.5% | — | ||
| Q3 24 | -61.0% | — | ||
| Q2 24 | 119.5% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.1% | 0.5% | ||
| Q2 25 | 0.1% | 1.1% | ||
| Q1 25 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | -0.95× | — | ||
| Q1 25 | 5.02× | — | ||
| Q3 24 | -1.81× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BUR
| Principal Finance Segment | $29.1M | 87% |
| Other | $3.5M | 10% |
| Management Fee Income | $878.0K | 3% |
CRCL
Segment breakdown not available.
