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How Do Circular Business Models Create Financial Value

An Empirical Analysis Using the Circular Value Index

Emma Van Hoye

22 mei 2026

Does circularity actually pay? Research is split: some studies call it a win-win, others say reuse adds cost and complexity. And traditional metrics like ROI tend to make circular models look worse than they are. Companies need clearer evidence before they commit.


This Ghent University master's dissertation, written in collaboration with the Circular Value Institute, applies the Circular Value Index to five buy-back, rental, leasing and repair cases, including Wienerberger and JUUNOO. All scored above 1. It identifies six drivers, from design to ecosystem coordination, that make the numbers work.

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The Circular Value Index (CVI) is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (CC BY-NC-SA 4.0). You may use, share, and adapt it for noncommercial purposes only, provided you give appropriate credit to the Circular Value Institute, include a link to the license, indicate if changes were made, and license any adaptations under the same or a compatible license.

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