CIRCLE INTERNET GROUP, INC. vs Qfin Holdings, Inc., two Mortgage Finance stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither price makes sense without its growth story, and the stories run in opposite directions: Circle at $20B with negative net income is priced for stablecoins to become financial infrastructure; Qfin at 5 times earnings is priced for Chinese credit-tech to erode despite a 31.1% net margin and a 36% free-cash yield. The market pays five times more for Circle's possibility than Qfin's actuality. Both carry no debt. Returns on assets, 10.5% at Qfin against roughly zero at Circle, complete the inversion. Category enthusiasm against jurisdiction fear, priced at their extremes on facing pages; a reader who believes in neither story will find exactly one of these numbers absurd, and disagree with a neighbor about which.
Comparison updated 2026-07-10.
| Metric | CRCL | QFIN |
|---|---|---|
| Price | $73.52 | $15.82 |
| Market cap | $19.6B | $4.3B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | — | 5.0 |
| P/B | 5.72 | 1.25 |
| P/S | 6.85 | 1.57 |
| EV/EBITDA | 52.9 | 3.8 |
| Revenue growth | +46.3% | +1.7% |
| Operating margin | 6.5% | 34.8% |
| Net margin | -2.8% | 31.1% |
| Return on equity | -2.3% | 24.7% |
| Return on assets | -0.1% | 10.5% |
| Debt / equity | 0.00 | 0.00 |
| Current ratio | 1.03 | 2.43 |
| Altman Z (solvency) | 0.21 | 2.49 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.