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Circle Internet Group, Inc.（CRCL）与ETSY INC（ETSY）财务数据对比。点击上方公司名可切换其他公司
ETSY INC的季度营收约是Circle Internet Group, Inc.的1.2倍（$881.6M vs $739.8M），Circle Internet Group, Inc.净利率更高（29.0% vs 12.6%，领先16.4%），Circle Internet Group, Inc.同比增速更快（5113.5% vs 3.5%），ETSY INC自由现金流更多（$315.9M vs $-14.7M）
Circle是2013年由杰里米·阿莱尔与肖恩·内维尔联合创立的支付科技企业，目前总部位于美国纽约，核心业务覆盖稳定币发行，推出了锚定美元的USDC、锚定欧元的EURC两款稳定币，同时还发行有代币化货币市场基金产品USYC。
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
CRCL vs ETSY — 直观对比
营收规模更大
ETSY
是对方的1.2倍
$739.8M
营收增速更快
CRCL
高出5110.1%
3.5%
净利率更高
CRCL
高出16.4%
12.6%
自由现金流更多
ETSY
多$330.6M
$-14.7M
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $739.8M | $881.6M |
| 净利润 | $214.4M | $110.7M |
| 毛利率 | — | 73.1% |
| 营业利润率 | 11.0% | 14.7% |
| 净利率 | 29.0% | 12.6% |
| 营收同比 | 5113.5% | 3.5% |
| 净利润同比 | 202.0% | -14.8% |
| 每股收益（稀释后） | $0.64 | $1.00 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CRCLETSY
| Q4 25 | — | $881.6M | ||
| Q3 25 | $739.8M | $678.0M | ||
| Q2 25 | $658.1M | $672.7M | ||
| Q1 25 | — | $651.2M | ||
| Q4 24 | — | $852.2M | ||
| Q3 24 | — | $662.4M | ||
| Q2 24 | $6.8M | $647.8M | ||
| Q1 24 | — | $646.0M |
净利润CRCLETSY
| Q4 25 | — | $110.7M | ||
| Q3 25 | $214.4M | $75.5M | ||
| Q2 25 | $-482.1M | $28.8M | ||
| Q1 25 | — | $-52.1M | ||
| Q4 24 | — | $129.9M | ||
| Q3 24 | — | $57.4M | ||
| Q2 24 | $32.9M | $53.0M | ||
| Q1 24 | — | $63.0M |
毛利率CRCLETSY
| Q4 25 | — | 73.1% | ||
| Q3 25 | — | 71.3% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 70.5% | ||
| Q4 24 | — | 74.5% | ||
| Q3 24 | — | 72.0% | ||
| Q2 24 | — | 71.6% | ||
| Q1 24 | — | 71.0% |
营业利润率CRCLETSY
| Q4 25 | — | 14.7% | ||
| Q3 25 | 11.0% | 12.2% | ||
| Q2 25 | -49.5% | 11.4% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | 10.5% |
净利率CRCLETSY
| Q4 25 | — | 12.6% | ||
| Q3 25 | 29.0% | 11.1% | ||
| Q2 25 | -73.3% | 4.3% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | 486.5% | 8.2% | ||
| Q1 24 | — | 9.8% |
每股收益（稀释后）CRCLETSY
| Q4 25 | — | $1.00 | ||
| Q3 25 | $0.64 | $0.63 | ||
| Q2 25 | $-4.48 | $0.25 | ||
| Q1 25 | — | $-0.49 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | — | $0.45 | ||
| Q2 24 | $0.00 | $0.41 | ||
| Q1 24 | — | $0.48 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.3B | $1.4B |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.0B | $-1.1B |
| 总资产 | $76.8B | $2.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CRCLETSY
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | — | $649.2M | ||
| Q4 24 | — | $811.2M | ||
| Q3 24 | — | $818.9M | ||
| Q2 24 | $457.5M | $759.2M | ||
| Q1 24 | — | $788.8M |
总债务CRCLETSY
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益CRCLETSY
| Q4 25 | — | $-1.1B | ||
| Q3 25 | $3.0B | $-1.1B | ||
| Q2 25 | $2.4B | $-1.1B | ||
| Q1 25 | — | $-910.3M | ||
| Q4 24 | — | $-758.9M | ||
| Q3 24 | — | $-624.3M | ||
| Q2 24 | $460.9M | $-635.0M | ||
| Q1 24 | — | $-583.8M |
总资产CRCLETSY
| Q4 25 | — | $2.8B | ||
| Q3 25 | $76.8B | $2.7B | ||
| Q2 25 | $64.2B | $2.6B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.5B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-10.7M | $317.1M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $315.9M |
| 自由现金流率自由现金流/营收 | -2.0% | 35.8% |
| 资本支出强度资本支出/营收 | 0.5% | 0.1% |
| 现金转化率经营现金流/净利润 | -0.05× | 2.86× |
| 过去12个月自由现金流最近4个季度 | — | $678.0M |
8季度趋势，按日历期对齐
经营现金流CRCLETSY
| Q4 25 | — | $317.1M | ||
| Q3 25 | $-10.7M | $219.0M | ||
| Q2 25 | $303.7M | $108.1M | ||
| Q1 25 | — | $49.2M | ||
| Q4 24 | — | $315.0M | ||
| Q3 24 | — | $217.4M | ||
| Q2 24 | — | $151.1M | ||
| Q1 24 | — | $69.0M |
自由现金流CRCLETSY
| Q4 25 | — | $315.9M | ||
| Q3 25 | $-14.7M | $215.0M | ||
| Q2 25 | $296.3M | $101.3M | ||
| Q1 25 | — | $45.9M | ||
| Q4 24 | — | $310.9M | ||
| Q3 24 | — | $213.2M | ||
| Q2 24 | — | $147.4M | ||
| Q1 24 | — | $66.8M |
自由现金流率CRCLETSY
| Q4 25 | — | 35.8% | ||
| Q3 25 | -2.0% | 31.7% | ||
| Q2 25 | 45.0% | 15.1% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | — | 36.5% | ||
| Q3 24 | — | 32.2% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 10.3% |
资本支出强度CRCLETSY
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.5% | 0.6% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.3% |
现金转化率CRCLETSY
| Q4 25 | — | 2.86× | ||
| Q3 25 | -0.05× | 2.90× | ||
| Q2 25 | — | 3.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.42× | ||
| Q3 24 | — | 3.79× | ||
| Q2 24 | — | 2.85× | ||
| Q1 24 | — | 1.10× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CRCL
暂无分部数据
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
