1. A computer program product for evaluation of a circuit design represented in register transfer level code and having a compact representation of waveforms, where the evaluation avoids simulation of the waveforms, the computer program product comprising: a non-transitory computer readable storage medium having program instructions stored thereon, the program instructions executable on one or more processors, the program instructions comprising instructions to determine, by a circuit evaluator operating via the one or more processors, a first mapping associated with a first instance of a first module of the circuit design represented in the register transfer level code and a second mapping associated with a second instance of the first module, wherein the first mapping is for mapping a first input sequence of signal transition representations received by the first instance to a common sequence of signal transition representations, and the second mapping is for mapping a second input sequence of signal transition representations received by the second instance to the common sequence; instructions to determine, by a circuit evaluator operating via the one or more processors, whether the first instance and the second instance share a common usage, wherein the common usage is associated with a result sequence of signal transition representations that was generated by a previous propagation of the common sequence through the common usage, and each signal transition representation represents a non-deterministic transition from a previous signal state to a set of one or more possible signal states; and instructions to, in response to a determination that the first instance and the second instance share the common usage, map the result sequence of signal transition representations to an output sequence of signal transition representations for the second instance using the second mapping.