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Circle Internet Group, Inc.（CRCL）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
微策略的季度营收约是Circle Internet Group, Inc.的4.5倍（$128.7M vs $28.5M）。微策略净利率更高（2164.1% vs 751.8%，领先1412.4%）。Circle Internet Group, Inc.同比增速更快（5113.5% vs 10.9%）。微策略自由现金流更多（$-11.1M 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。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
CRCL vs MSTR — 直观对比
营收规模更大
MSTR
是对方的4.5倍
$28.5M
营收增速更快
CRCL
高出5102.7%
10.9%
净利率更高
MSTR
高出1412.4%
751.8%
自由现金流更多
MSTR
多$3.6M
$-14.7M
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $28.5M | $128.7M |
| 净利润 | $214.4M | $2.8B |
| 毛利率 | — | 70.5% |
| 营业利润率 | — | — |
| 净利率 | 751.8% | 2164.1% |
| 营收同比 | 5113.5% | 10.9% |
| 净利润同比 | 202.0% | 918.7% |
| 每股收益（稀释后） | $0.64 | $8.42 |
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CRCLMSTR
| Q3 25 | $28.5M | $128.7M | ||
| Q2 25 | $23.8M | $114.5M | ||
| Q1 25 | — | $111.1M | ||
| Q4 24 | — | $120.7M | ||
| Q3 24 | $547.0K | $116.1M | ||
| Q2 24 | $6.8M | $111.4M | ||
| Q1 24 | — | $115.2M | ||
| Q4 23 | — | $124.5M |
净利润CRCLMSTR
| Q3 25 | $214.4M | $2.8B | ||
| Q2 25 | $-482.1M | $10.0B | ||
| Q1 25 | — | $-4.2B | ||
| Q4 24 | — | $-670.8M | ||
| Q3 24 | $71.0M | $-340.2M | ||
| Q2 24 | $32.9M | $-102.6M | ||
| Q1 24 | — | $-53.1M | ||
| Q4 23 | — | $89.1M |
毛利率CRCLMSTR
| Q3 25 | — | 70.5% | ||
| Q2 25 | — | 68.8% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 71.7% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 72.2% | ||
| Q1 24 | — | 74.0% | ||
| Q4 23 | — | 77.3% |
营业利润率CRCLMSTR
| Q3 25 | — | — | ||
| Q2 25 | -1367.8% | — | ||
| Q1 25 | — | -5331.4% | ||
| Q4 24 | — | -842.1% | ||
| Q3 24 | — | -372.7% | ||
| Q2 24 | — | -179.7% | ||
| Q1 24 | — | -176.8% | ||
| Q4 23 | — | -34.4% |
净利率CRCLMSTR
| Q3 25 | 751.8% | 2164.1% | ||
| Q2 25 | -2025.3% | 8752.7% | ||
| Q1 25 | — | -3797.2% | ||
| Q4 24 | — | -555.8% | ||
| Q3 24 | 12979.2% | -293.1% | ||
| Q2 24 | 486.5% | -92.0% | ||
| Q1 24 | — | -46.1% | ||
| Q4 23 | — | 71.6% |
每股收益（稀释后）CRCLMSTR
| Q3 25 | $0.64 | $8.42 | ||
| Q2 25 | $-4.48 | $32.60 | ||
| Q1 25 | — | $-16.49 | ||
| Q4 24 | — | $4.49 | ||
| Q3 24 | $0.00 | $-1.72 | ||
| Q2 24 | $0.00 | $-5.74 | ||
| Q1 24 | — | $-3.09 | ||
| Q4 23 | — | $3.20 |
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 | $54.3M |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | $3.0B | $52.3B |
| 总资产 | $76.8B | $73.6B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资CRCLMSTR
| Q3 25 | $1.3B | $54.3M | ||
| Q2 25 | $1.1B | $50.1M | ||
| Q1 25 | — | $60.3M | ||
| Q4 24 | — | $38.1M | ||
| Q3 24 | $577.3M | $46.3M | ||
| Q2 24 | $457.5M | $66.9M | ||
| Q1 24 | — | $81.3M | ||
| Q4 23 | — | $46.8M |
总债务CRCLMSTR
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B | ||
| Q4 23 | — | $2.2B |
股东权益CRCLMSTR
| Q3 25 | $3.0B | $52.3B | ||
| Q2 25 | $2.4B | $47.5B | ||
| Q1 25 | — | $32.2B | ||
| Q4 24 | — | $18.2B | ||
| Q3 24 | $557.7M | $3.8B | ||
| Q2 24 | $460.9M | $2.8B | ||
| Q1 24 | — | $2.4B | ||
| Q4 23 | — | $2.2B |
总资产CRCLMSTR
| Q3 25 | $76.8B | $73.6B | ||
| Q2 25 | $64.2B | $64.8B | ||
| Q1 25 | — | $43.9B | ||
| Q4 24 | — | $25.8B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $6.4B | ||
| Q4 23 | — | $4.8B |
负债/权益比CRCLMSTR
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.48× | ||
| Q4 23 | — | 1.01× |
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 | $-8.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $-11.1M |
| 自由现金流率自由现金流/营收 | -51.7% | -8.6% |
| 资本支出强度资本支出/营收 | 14.2% | 2.2% |
| 现金转化率经营现金流/净利润 | -0.05× | -0.00× |
| 过去12个月自由现金流最近4个季度 | — | $-70.8M |
8季度趋势，按日历期对齐
经营现金流CRCLMSTR
| Q3 25 | $-10.7M | $-8.3M | ||
| Q2 25 | — | $-34.9M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | — | $-17.3M | ||
| Q3 24 | — | $-41.0M | ||
| Q2 24 | — | $-23.3M | ||
| Q1 24 | — | $28.6M | ||
| Q4 23 | — | $1.2M |
自由现金流CRCLMSTR
| Q3 25 | $-14.7M | $-11.1M | ||
| Q2 25 | — | $-37.0M | ||
| Q1 25 | — | $-5.1M | ||
| Q4 24 | — | $-17.6M | ||
| Q3 24 | — | $-41.4M | ||
| Q2 24 | — | $-24.1M | ||
| Q1 24 | — | $27.0M | ||
| Q4 23 | — | $837.0K |
自由现金流率CRCLMSTR
| Q3 25 | -51.7% | -8.6% | ||
| Q2 25 | — | -32.3% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | -14.6% | ||
| Q3 24 | — | -35.7% | ||
| Q2 24 | — | -21.6% | ||
| Q1 24 | — | 23.5% | ||
| Q4 23 | — | 0.7% |
资本支出强度CRCLMSTR
| Q3 25 | 14.2% | 2.2% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.3% | ||
| Q4 23 | — | 0.3% |
现金转化率CRCLMSTR
| Q3 25 | -0.05× | -0.00× | ||
| Q2 25 | — | -0.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 0.01× |
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
| Subscription And Services Revenue | $23.6M | 83% |
| Transaction Services | $4.7M | 16% |
MSTR
| Current Deferred Revenue And Advanced Payments | $52.2M | 41% |
| Subscription And Circulation | $46.0M | 36% |
| License | $17.4M | 13% |
| Technology Service | $14.2M | 11% |
