Abstract: Today, the concept of a circular economy (CE) has become omnipresent. Central to this concept is the term value, however, it is not properly defined, which leads to different interpretations, and hinders implementation of the CE concept. Hence, this article operationalizes the theoretical concept of value into a more practical understanding. First, the meaning of value within the CE context is examined, followed by the development of a framework wherein value is decomposed into two essential types; functional and created value. Next, the framework is applied to an illustrative case study involving four different end-of-life strategies: landfilling, closed loop recycling, remanufacturing and reusing. The framework enables a holistic comparison of the different strategies, represented in a visually compelling way, and clarifies the connection between theoretical CE concepts and practical measures. Consequently, it enhances the understanding of existing CE indicators and serves as a stepstone for the development of new indicators.