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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and IES Holdings, Inc. (IESC). Click either name above to swap in a different company.
IES Holdings, Inc. is the larger business by last-quarter revenue ($871.0M vs $739.8M, roughly 1.2× Circle Internet Group, Inc.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 10.5%, a 18.4% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 16.2%). Circle Internet Group, Inc. produced more free cash flow last quarter ($-14.7M vs $-18.9M).
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.
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.
CRCL vs IESC — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $871.0M |
| Net Profit | $214.4M | $91.8M |
| Gross Margin | — | 25.3% |
| Operating Margin | 11.0% | 11.2% |
| Net Margin | 29.0% | 10.5% |
| Revenue YoY | 5113.5% | 16.2% |
| Net Profit YoY | 202.0% | 59.1% |
| EPS (diluted) | $0.64 | $4.51 |
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 | — | $871.0M | ||
| Q3 25 | $739.8M | $897.8M | ||
| Q2 25 | $658.1M | $890.2M | ||
| Q1 25 | — | $834.0M | ||
| Q4 24 | — | $749.5M | ||
| Q3 24 | — | $775.8M | ||
| Q2 24 | $6.8M | $768.4M | ||
| Q1 24 | — | $705.7M |
| Q4 25 | — | $91.8M | ||
| Q3 25 | $214.4M | $102.3M | ||
| Q2 25 | $-482.1M | $79.3M | ||
| Q1 25 | — | $72.6M | ||
| Q4 24 | — | $57.7M | ||
| Q3 24 | — | $65.5M | ||
| Q2 24 | $32.9M | $66.6M | ||
| Q1 24 | — | $56.8M |
| Q4 25 | — | 25.3% | ||
| Q3 25 | — | 26.0% | ||
| Q2 25 | — | 26.9% | ||
| Q1 25 | — | 25.0% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | — | 25.3% | ||
| Q1 24 | — | 24.3% |
| Q4 25 | — | 11.2% | ||
| Q3 25 | 11.0% | 11.6% | ||
| Q2 25 | -49.5% | 12.6% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | 29.0% | 11.4% | ||
| Q2 25 | -73.3% | 8.9% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 7.7% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | 486.5% | 8.7% | ||
| Q1 24 | — | 8.0% |
| Q4 25 | — | $4.51 | ||
| Q3 25 | $0.64 | $4.99 | ||
| Q2 25 | $-4.48 | $3.81 | ||
| Q1 25 | — | $3.50 | ||
| Q4 24 | — | $2.72 | ||
| Q3 24 | — | $3.06 | ||
| Q2 24 | $0.00 | $2.67 | ||
| Q1 24 | — | $2.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $258.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $961.1M |
| Total Assets | $76.8B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $258.7M | ||
| Q3 25 | $1.3B | $231.8M | ||
| Q2 25 | $1.1B | $168.3M | ||
| Q1 25 | — | $88.3M | ||
| Q4 24 | — | $112.0M | ||
| Q3 24 | — | $135.8M | ||
| Q2 24 | $457.5M | $44.9M | ||
| Q1 24 | — | $106.0M |
| Q4 25 | — | $961.1M | ||
| Q3 25 | $3.0B | $884.0M | ||
| Q2 25 | $2.4B | $781.4M | ||
| Q1 25 | — | $705.8M | ||
| Q4 24 | — | $652.4M | ||
| Q3 24 | — | $611.1M | ||
| Q2 24 | $460.9M | $567.5M | ||
| Q1 24 | — | $534.8M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $76.8B | $1.6B | ||
| Q2 25 | $64.2B | $1.5B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.1B |
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 | $-10.7M | $27.7M |
| Free Cash FlowOCF − Capex | $-14.7M | $-18.9M |
| FCF MarginFCF / Revenue | -2.0% | -2.2% |
| Capex IntensityCapex / Revenue | 0.5% | 5.3% |
| Cash ConversionOCF / Net Profit | -0.05× | 0.30× |
| TTM Free Cash FlowTrailing 4 quarters | — | $175.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.7M | ||
| Q3 25 | $-10.7M | $132.0M | ||
| Q2 25 | $303.7M | $92.0M | ||
| Q1 25 | — | $24.8M | ||
| Q4 24 | — | $37.3M | ||
| Q3 24 | — | $92.8M | ||
| Q2 24 | — | $82.9M | ||
| Q1 24 | — | $33.7M |
| Q4 25 | — | $-18.9M | ||
| Q3 25 | $-14.7M | $112.0M | ||
| Q2 25 | $296.3M | $74.8M | ||
| Q1 25 | — | $7.9M | ||
| Q4 24 | — | $24.1M | ||
| Q3 24 | — | $78.5M | ||
| Q2 24 | — | $65.4M | ||
| Q1 24 | — | $26.9M |
| Q4 25 | — | -2.2% | ||
| Q3 25 | -2.0% | 12.5% | ||
| Q2 25 | 45.0% | 8.4% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 3.8% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | 0.5% | 2.2% | ||
| Q2 25 | 1.1% | 1.9% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | 0.30× | ||
| Q3 25 | -0.05× | 1.29× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.24× | ||
| Q1 24 | — | 0.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
