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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and VinFast Auto Ltd. (VFS). 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 $718.6M, roughly 1.0× VinFast Auto Ltd.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs -2.8%, a 31.8% gap on every dollar of revenue.
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.
VinFast Auto Ltd. is a Vietnamese multinational automotive company founded by Vingroup, one of the largest private conglomerates in Vietnam that was founded by Phạm Nhật Vượng.
CRCL vs VFS — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $718.6M |
| Net Profit | $214.4M | $-20.0M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | -96.1% |
| Net Margin | 29.0% | -2.8% |
| Revenue YoY | 5113.5% | — |
| Net Profit YoY | 202.0% | — |
| EPS (diluted) | $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.
| Q3 25 | $739.8M | $718.6M | ||
| Q2 25 | $658.1M | $663.0M | ||
| Q1 25 | — | $656.5M | ||
| Q3 24 | — | $511.6M | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | — | $302.6M |
| Q3 25 | $214.4M | $-20.0M | ||
| Q2 25 | $-482.1M | $-51.8M | ||
| Q1 25 | — | $-26.1M | ||
| Q3 24 | — | $-10.4M | ||
| Q2 24 | $32.9M | — | ||
| Q1 24 | — | $-618.3M |
| Q3 25 | 11.0% | -96.1% | ||
| Q2 25 | -49.5% | -79.0% | ||
| Q1 25 | — | -74.0% | ||
| Q3 24 | — | -65.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -139.4% |
| Q3 25 | 29.0% | -2.8% | ||
| Q2 25 | -73.3% | -7.8% | ||
| Q1 25 | — | -4.0% | ||
| Q3 24 | — | -2.0% | ||
| Q2 24 | 486.5% | — | ||
| Q1 24 | — | -204.3% |
| Q3 25 | $0.64 | — | ||
| Q2 25 | $-4.48 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $0.00 | — | ||
| Q1 24 | — | — |
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 | $8.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | — |
| Total Assets | $76.8B | $183.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $1.3B | $8.8M | ||
| Q2 25 | $1.1B | $650.0M | ||
| Q1 25 | — | $2.4M | ||
| Q3 24 | — | $1.9M | ||
| Q2 24 | $457.5M | — | ||
| Q1 24 | — | $3.0M |
| Q3 25 | $3.0B | — | ||
| Q2 25 | $2.4B | $-7.2B | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $460.9M | — | ||
| Q1 24 | — | — |
| Q3 25 | $76.8B | $183.2M | ||
| Q2 25 | $64.2B | $7.2B | ||
| Q1 25 | — | $158.2M | ||
| Q3 24 | — | $151.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $145.6M |
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 | — |
| Free Cash FlowOCF − Capex | $-14.7M | — |
| FCF MarginFCF / Revenue | -2.0% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-10.7M | — | ||
| Q2 25 | $303.7M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q3 25 | $-14.7M | — | ||
| Q2 25 | $296.3M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q3 25 | -2.0% | — | ||
| Q2 25 | 45.0% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q3 25 | -0.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
