Cricut, Inc. (CRCT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+215.0%

$19.02

vs $6.04 price

Levered DCF

$100.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

6.03

Safe zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.75×	19.66×	26.36×	33.11×	32.97×	25.43×	98.89×	148.33×
P/B	3.1×	2.63×	2.67×	2.96×	6.84×	17.21×	32.53×	49.4×
P/S	1.5×	1.72×	1.87×	2.24×	3.53×	4.11×	8.1×	11.6×
EV / EBITDA	6.17×	8.54×	11.81×	16.32×	20.71×	17.79×	63.58×	86.24×
Gross margin	55.1%	49.5%	44.9%	39.5%	35.0%	34.7%	29.3%	32.7%
Operating margin	13.5%	10.7%	9.1%	9.0%	14.7%	20.9%	11.0%	11.2%
Net margin	10.8%	8.8%	7.0%	6.8%	10.8%	16.1%	8.1%	8.1%
Current ratio	2.26×	2.85×	3.16×	3.19×	3.01×	1.55×	1.64×	1.5×
Debt / equity	0.03×	0.03×	0.03×	0.03×	0.03×	0×	0.46×	0.56×
Interest coverage	169.37×	233.47×	216.67×	276.65×	645.65×	173.6×	16.27×	19.64×
Dividend yield	19.0%	9.0%	20.6%	0.0%	0.0%	1.3%	0.0%	0.0%
Payout ratio	263.5%	175.0%	548.4%	0.0%	0.0%	33.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.3%	13.5%	10.0%	9.0%	20.8%	67.5%	32.4%	34.4%
Return on invested capital	18.8%	10.9%	8.4%	8.4%	20.0%	66.2%	23.3%	22.4%
Return on assets	13.2%	9.1%	7.2%	6.4%	14.0%	26.6%	12.3%	11.4%
Free cash flow yield	16.5%	20.1%	18.5%	4.2%	-3.1%	5.7%	-0.3%	-0.4%
Earnings yield	7.2%	5.1%	3.8%	3.1%	3.0%	3.9%	1.0%	0.7%
Enterprise value	$820.6M	$1B	$1.3B	$1.8B	$4.4B	$3.8B	$4B	$4B
Net debt / EBITDA	-1.84×	-1.84×	-1.16×	-1.88×	-1.05×	-0.57×	0.78×	0.84×
Cash conversion cycle (days)	83	115	198	253	163	60	174	166