Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 7.1x · ROE 18.9%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $928M | $1.1B | $1.2B | $1.4B | $2.0B | $4.9B | — | — | — |
| Enterprise Value | $683M | $831M | $1.0B | $1.3B | $1.8B | $4.6B | — | — | — |
| P/E Ratio → | 12.63 | 14.14 | 19.66 | 27.46 | 33.11 | 34.52 | — | — | — |
| P/S Ratio | 1.31 | 1.52 | 1.73 | 1.89 | 2.31 | 3.72 | — | — | — |
| P/B Ratio | 2.80 | 3.13 | 2.63 | 2.71 | 3.04 | 7.20 | — | — | — |
| P/FCF | 5.28 | 6.12 | 4.98 | 5.48 | 24.37 | — | — | — | — |
| P/OCF | 4.63 | 5.37 | 4.64 | 5.03 | 17.38 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.17 | 1.42 | 1.73 | 2.08 | 3.55 | — | — | — |
| EV / EBITDA | 7.11 | 8.65 | 9.63 | 13.20 | 17.20 | 21.87 | — | — | — |
| EV / EBIT | 7.11 | 8.65 | 11.35 | 16.48 | 22.36 | 24.05 | — | — | — |
| EV / FCF | — | 4.73 | 4.10 | 4.99 | 21.92 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.1% | 55.1% | 49.5% | 44.9% | 39.5% | 35.0% | 34.7% | 29.3% | 32.7% |
| Operating Margin | 13.5% | 13.5% | 10.7% | 9.1% | 9.0% | 14.7% | 20.9% | 11.0% | 11.2% |
| Net Profit Margin | 10.8% | 10.8% | 8.8% | 7.0% | 6.8% | 10.8% | 16.1% | 8.1% | 8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.9% | 18.9% | 12.5% | 8.9% | 9.0% | 31.1% | 88.3% | 39.0% | 34.4% |
| ROA | 12.0% | 12.0% | 8.7% | 6.3% | 6.2% | 17.7% | 34.4% | 14.0% | 11.4% |
| ROIC | 41.3% | 41.3% | 17.4% | 12.0% | 13.0% | 51.7% | 108.7% | 27.9% | 24.0% |
| ROCE | 22.6% | 22.6% | 14.6% | 11.2% | 11.5% | 41.3% | 106.4% | 45.1% | 39.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | — | 0.46 | 0.56 |
| Debt / EBITDA | 0.12 | 0.12 | 0.14 | 0.14 | 0.18 | 0.09 | — | 0.88 | 0.97 |
| Net Debt / Equity | — | -0.71 | -0.46 | -0.24 | -0.31 | -0.33 | -0.53 | 0.40 | 0.49 |
| Net Debt / EBITDA | -2.55 | -2.55 | -2.06 | -1.28 | -1.92 | -1.05 | -0.57 | 0.78 | 0.84 |
| Debt / FCF | — | -1.39 | -0.88 | -0.48 | -2.45 | — | -0.54 | — | — |
| Interest Coverage | 169.37 | 169.37 | 273.63 | 248.01 | 284.67 | 646.55 | 173.60 | 16.27 | 19.69 |
Net cash position: cash ($256M) exceeds total debt ($12M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.26 | 2.26 | 2.85 | 3.16 | 3.19 | 3.01 | 1.55 | 1.64 | 1.50 |
| Quick Ratio | 1.80 | 1.80 | 2.29 | 1.91 | 1.81 | 1.54 | 0.84 | 0.42 | 0.50 |
| Cash Ratio | 1.25 | 1.25 | 1.66 | 1.25 | 1.18 | 0.78 | 0.35 | 0.04 | 0.04 |
| Asset Turnover | — | 1.22 | 1.03 | 1.02 | 0.93 | 1.30 | 1.65 | 1.53 | 1.41 |
| Inventory Turnover | 3.10 | 3.10 | 3.12 | 1.73 | 1.53 | 1.87 | 2.52 | 1.61 | 1.58 |
| Days Sales Outstanding | — | 47.38 | 52.24 | 53.07 | 56.23 | 55.75 | 62.01 | 49.09 | 65.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 21.0% | 18.8% | 8.9% | 20.3% | — | — | — | — | — |
| Payout Ratio | 263.5% | 263.5% | 175.0% | 548.4% | — | — | 33.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 7.1% | 5.1% | 3.6% | 3.0% | 2.9% | — | — | — |
| FCF Yield | 18.9% | 16.3% | 20.1% | 18.3% | 4.1% | — | — | — | — |
| Buyback Yield | 2.7% | 2.3% | 3.1% | 1.4% | 0.9% | 0.0% | — | — | — |
| Total Shareholder Yield | 23.7% | 21.1% | 12.1% | 21.7% | 0.9% | 0.0% | — | — | — |
| Shares Outstanding | — | $217M | $216M | $220M | $221M | $220M | $221M | $221M | $221M |
Stagnant User Acquisition
According to recent market data, CRCT trades at a trailing P/E of 13.23, which, when contrasted with a forward P/E of 24.05, suggests that investors are pricing in a significant contraction in near-term earnings expectations relative to the company's historical performance and current valuation multiples.
The divergence between trailing and forward multiples indicates that the market anticipates a challenging earnings environment, likely driven by the saturation of the core hardware market. Investors should monitor whether the current P/S of 1.37 provides a sufficient margin of safety given the lack of top-line growth and the potential for margin compression.
Based on reported financial statements, ROIC has fluctuated between 2.6% and 16.4% over the last ten quarters, suggesting that Cricut's ability to compound capital is highly sensitive to seasonal hardware cycles and the company's ability to effectively monetize its installed user base through high-margin software and accessories.
The inconsistency in ROIC highlights the difficulty in maintaining high returns on invested capital when hardware sales are stagnant. This volatility warrants further investigation into whether the company's R&D spend is generating sufficient incremental value or if it is merely maintaining the existing ecosystem.
As reported in quarterly filings, the cash conversion cycle has remained elevated, reaching as high as 260 days in 2024Q1, which indicates that Cricut's inventory-heavy business model requires significant working capital to support its retail distribution strategy and seasonal demand patterns across its global supply chain.
The high days inventory outstanding, which peaked at 282 days, suggests that the company may be carrying excess stock that risks obsolescence in a faddish crafting market. This inefficiency appears to be a structural drag on cash flow, necessitating careful management of inventory levels to avoid future margin-eroding liquidations.
Based on the most recent quarterly data, Cricut maintains a current ratio of 2.72 and a debt-to-equity ratio of 0.03, providing a substantial liquidity buffer that appears more than adequate to navigate potential sector-specific downturns or supply chain disruptions in the current macroeconomic environment.
The company's minimal reliance on debt provides significant financial flexibility, allowing it to weather periods of stagnant growth without the pressure of interest coverage. However, the lack of debt also raises questions about whether management is optimizing its capital structure to maximize shareholder returns.
Investors frequently misapply the P/E ratio to evaluate Cricut, failing to account for the significant impact of stock-based compensation and seasonal inventory fluctuations that distort net income, thereby obscuring the company's true underlying cash-generating capacity as a hardware-software hybrid platform.
A more appropriate metric for this business model would be EV/FCF or an adjusted EBITDA that accounts for the recurring nature of subscription revenue versus the cyclicality of hardware sales. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its actual cash-flow-generating potential.
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Quick answers to the most common questions about buying CRCT stock.
Cricut, Inc.'s current P/E ratio is 12.6x. The historical average is 25.8x.
Cricut, Inc.'s current EV/EBITDA is 7.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
Cricut, Inc.'s return on equity (ROE) is 18.9%. The historical average is 30.3%.
Based on historical data, Cricut, Inc. is trading at a P/E of 12.6x. Compare with industry peers and growth rates for a complete picture.
Cricut, Inc.'s current dividend yield is 21.04% with a payout ratio of 263.5%.
Cricut, Inc. has 55.1% gross margin and 13.5% operating margin. Operating margin between 10-20% is typical for established companies.
Cricut, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.