Latest Ratios: P/E Ratio 18.6x · EV/EBITDA 9.3x · 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 | $1.4B | $1.1B | $1.2B | $1.4B | $2.0B | $4.9B | — | — | — |
| Enterprise Value | $1.1B | $831M | $1.0B | $1.3B | $1.8B | $4.6B | — | — | — |
| P/E Ratio → | 18.63 | 14.14 | 19.66 | 27.46 | 33.11 | 34.52 | — | — | — |
| P/S Ratio | 1.93 | 1.52 | 1.73 | 1.89 | 2.31 | 3.72 | — | — | — |
| P/B Ratio | 4.12 | 3.13 | 2.63 | 2.71 | 3.04 | 7.20 | — | — | — |
| P/FCF | 7.78 | 6.12 | 4.98 | 5.48 | 24.37 | — | — | — | — |
| P/OCF | 6.83 | 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 | 9.33 | 6.90 | 9.63 | 13.20 | 17.20 | 21.87 | — | — | — |
| EV / EBIT | 11.70 | 7.66 | 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 | 0.10 | 0.10 | 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 | -2.03 | -2.03 | -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 | 191.29 | 191.29 | 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 | 14.3% | 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 | 5.4% | 7.1% | 5.1% | 3.6% | 3.0% | 2.9% | — | — | — |
| FCF Yield | 12.8% | 16.3% | 20.1% | 18.3% | 4.1% | — | — | — | — |
| Buyback Yield | 1.8% | 2.3% | 3.1% | 1.4% | 0.9% | 0.0% | — | — | — |
| Total Shareholder Yield | 16.1% | 21.1% | 12.1% | 21.7% | 0.9% | 0.0% | — | — | — |
| Shares Outstanding | — | $217M | $216M | $220M | $221M | $220M | $221M | $221M | $221M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying CRCT stock.
Cricut, Inc.'s current P/E ratio is 18.6x. The historical average is 25.8x. This places it at the 20th percentile of its historical range.
Cricut, Inc.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.8x.
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 18.6x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cricut, Inc.'s current dividend yield is 14.26% 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.
Key Metrics
Top Statement Risk
Demand normalization and competition
Metrics are mathematically derived from official filings.
Margin Inflection Masks Demand Weakness
Cricut's gross margin surged to 74.5% in Q2 2026 from 44.9% in Q4 2024, as per reported financials, yet revenue declined 9% YoY, suggesting mix shift and cost discipline rather than underlying strength.
The dramatic margin expansion appears driven by a favorable mix toward high-margin subscriptions and reduced hardware promotional activity, but the concurrent revenue contraction indicates that this profitability spike may not be sustainable if demand continues to soften. Operating margin of 30.3% in Q2 2026, up from 17.5% a year earlier, reflects significant operating leverage, yet investors should monitor whether this is a one-time benefit from cost cuts or a structural improvement. The net margin of 25.0% in Q2 2026, compared to 11.8% in Q2 2024, suggests that the company is becoming more profitable per dollar of sales, but the top-line decline raises questions about the durability of these margins.
ROIC Volatility Signals Cyclicality
ROIC swung from 2.6% in Q3 2024 to 29.2% in Q2 2026, as reported in financial statements, indicating high sensitivity to seasonal and mix factors rather than a stable compounding trend.
The wide fluctuation in ROIC, from single digits in 2024 to nearly 30% in Q2 2026, suggests that returns on invested capital are heavily influenced by quarterly timing of revenue and working capital, not a steady improvement in the underlying business. The Q2 2026 ROIC of 29.2% is likely inflated by a low invested capital base and a temporary margin spike, and may not be representative of the company's long-term earning power. ROE of 10.8% in Q2 2026, while improved from 3.9% in Q2 2024, remains modest for a company with such high reported margins, indicating that the balance sheet is not being leveraged to amplify returns.
Inventory Days Signal Demand Mismatch
Days inventory outstanding jumped to 242 in Q2 2026 from 154 a year earlier, as per reported figures, while revenue declined 9% YoY, suggesting potential overstocking or slowing sell-through of materials and accessories.
The sharp increase in DIO, from 154 days in Q2 2025 to 242 days in Q2 2026, indicates that inventory is building up relative to sales, which could lead to future write-downs or discounting if demand does not recover. The cash conversion cycle extended to 155 days in Q2 2026 from 111 days a year earlier, driven primarily by the inventory build, while DSO remained stable around 41 days. This suggests that working capital efficiency is deteriorating, and the company may be carrying excess inventory of consumables that are subject to fashion trends, increasing the risk of obsolescence.
Minimal Debt Provides Strategic Cushion
Cricut's debt-to-equity ratio stands at 0.03 with interest coverage of 593x in Q2 2026, as per balance sheet data, indicating negligible leverage and ample capacity to weather demand volatility.
With total debt of only $10.4 million against equity of $368.2 million, the company's balance sheet is virtually debt-free, providing significant financial flexibility to invest in R&D or make acquisitions without refinancing risk. Interest coverage of 592.96x in Q2 2026, up from 373.4x a year earlier, underscores that debt service is not a concern, even if operating income were to decline. The fortress-like balance sheet, combined with $266.9 million in cash, suggests that Cricut is well-positioned to navigate a prolonged demand downturn, though the lack of leverage also means returns on equity are not amplified.
Liquidity Robust but Inventory-Heavy
Current ratio improved to 2.49 in Q2 2026 from 1.52 a year earlier, as reported in financial statements, but quick ratio of 1.96 indicates that inventory still represents a significant portion of current assets.
The current ratio of 2.49 and quick ratio of 1.96 in Q2 2026 suggest that Cricut has ample short-term assets to cover liabilities, even under stress. However, the gap between current and quick ratios, driven by inventory, highlights that a portion of liquidity is tied up in potentially slow-moving materials. The cash position of $266.9 million, combined with minimal debt, provides a strong buffer against seasonal working capital swings, but the rising DIO warrants monitoring for potential inventory write-downs that could erode liquidity.
P/E Misleads on Cyclical Hardware
Cricut's trailing P/E of 16.69 appears reasonable, but as reported in financial statements, the metric is distorted by a one-time margin spike, making EV/EBITDA of 8.14 a more reliable valuation gauge.
The trailing P/E of 16.69 is based on the unusually high net margin of 25.0% in Q2 2026, which may not be sustainable given the revenue decline and competitive pressures. Forward P/E of 20.14 suggests the market expects margins to normalize, but the lack of formal guidance limits visibility. EV/EBITDA of 8.14, and forward EV/EBITDA of 6.18, better capture the company's cash-generating ability while adjusting for its fortress balance sheet, and are more appropriate for a hardware-plus-subscription model with cyclical hardware sales. Investors should focus on EV/EBITDA and cash flow multiples rather than P/E, which is distorted by the volatile margin profile.