With increasing environmental pressures, resource constraints, and the growing need for sustainable development, the adoption of circular economy business models has become an important issue across various industries, including the stone industry. This study aims to investigate the factors influencing the adoption of circular economy business models among firms operating in Iran’s stone industry. In terms of purpose, the study is applied research, and in terms of data collection, it follows a descriptive-survey design. Data was collected using the standardized questionnaire developed by Hadi and Khan (2026) from 173 executive managers and board members of companies operating in the decorative stone, marble, and granite sectors. Partial Least Squares Structural Equation Modeling (PLS-SEM) were employed to test the research hypotheses. The findings revealed that circular human resource management, circular entrepreneurship, circular marketing, circular finance, circular production technologies, a circular economy-oriented workplace culture, circular open innovation, and government support all have positive and significant effects on the adoption of circular economy business models. The results indicate that the adoption of these business models is shaped by the interaction of both internal and external organizational factors, and their successful implementation requires the development of human, cultural, financial, and technological capabilities alongside institutional support.