| Stage | CRCL | % of rev | COIN | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $865M | 100.00% | $1.2B | 100.00% | COIN ×1.41 |
| Gross profit | $738M | 85.36% | $1.2B | 100.00% | COIN +14.6pp |
| Operating income | $208M | 24.09% | $62M | 5.07% | CRCL +19.0pp |
| Pre-tax income | $228M | 26.39% | $824M | 67.78% | COIN +41.4pp |
| Net income | $226M | 26.13% | $719M | 59.12% | COIN +33.0pp |
| Stage | CRCL | COIN | Gap · A − B |
|---|---|---|---|
| Revenue | $865M100.00% | $1.2B100.00% | COIN ×1.41 |
| Gross profit | 85.36%$738M | 100.00%$1.2B | COIN +14.6pp |
| Operating income | 24.09%$208M | 5.07%$62M | CRCL +19.0pp |
| Pre-tax income | 26.39%$228M | 67.78%$824M | COIN +41.4pp |
| Net income |
| 26.13%$226M |
| 59.12%$719M |
| COIN +33.0pp |
No shared counterparties.