Circle Internet Group

AI-generated fair value estimate for this company.

Method: 10-year owner-earnings DCF: $451.3M TTM net income (reserve-interest-income-driven, asset-light model) growing 25%/yr years 1-5 (USDC float growth plus stablecoin-market tailwinds from the GENIUS Act), 12%/yr years 6-10; 12% discount rate (interest-rate sensitivity and competitive risk); 4% terminal growth; 255.11M shares.

Reasoning: Circle's earnings are driven almost entirely by net interest income on USDC reserves plus a growing distribution/platform business, so an owner-earnings DCF with a high but moderating growth path captures both near-term stablecoin-adoption tailwinds and long-run competitive/rate-cycle risk better than a revenue-multiple approach.