<p>Cricut (CRCT) 报告的净利润率为 10.1%，高于去年的 9.2%，同时实现了 5.7% 的盈利增长，而其五年平均盈利增长率为 -26.8%。从长期来看，盈利以每年平均 26.8% 的速度下降，展望未来，预计未来三年收入将每年收缩 0.2%。投资者正在权衡当前盈利能力的改善和利润率的扩张与持续的收入和盈利压力之间的关系，使市场处于谨慎乐观与对持续增长的担忧之间的十字路口。</p>
<p>请查看我们对 Cricut 的完整分析。</p>
<p>接下来，我们将通过将这些头条结果与市场中的主导叙事进行比较来提供背景。我们将突出事实在何处确认、反驳或复杂化现有故事。</p>
<p>好奇数字如何变成塑造市场的故事吗？探索社区叙事</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/69398356-a3da-47e9-8ba3-988efc8c2284/chart/earnings-and-revenue-history?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/69398356-a3da-47e9-8ba3-988efc8c2284/chart/earnings-and-revenue-history"/></p>
<p>截至 2025 年 11 月的 NasdaqGS:CRCT 盈利与收入历史</p>
<h2>利润率扩张超越怀疑者</h2>
<ul>
<li>Cricut 的净利润率达到 10.1%，比去年高出整整一个百分点，打破了多年来利润下降的模式。</li>
<li>看涨者强调，从五年平均盈利收缩 26.8% 的转变到正增长 5.7% 是公司在经历长期低迷后找到新运营杠杆的迹象。</li>
</ul>
<ul>
<li>这一利润率的进展有力支持了 Cricut 最近举措对财务产生实质性影响的论点。
<ul>
<li>令人惊讶的是，尽管收入预测保持平稳，利润率扩张仍在持续，这挑战了利润改善必须跟随收入增长的观点。</li>
</ul>
</li>
</ul>
<h2>收入停滞仍然是阴云</h2>
<ul>
<li>尽管利润率有所改善，预计未来三年收入将每年收缩 0.2%，这表明核心需求在短期内不太可能显著恢复。</li>
<li>看跌者认为，持续的收入下降，加上过去的盈利收缩，使得股票的预期受到限制，除非出现新的催化剂。</li>
</ul>
<ul>
<li>持续缺乏销售增长与仅靠利润率提升驱动可持续上涨的叙事之间存在紧张关系。
<ul>
<li>看跌者将低迷的收入预测视为警告，认为如果没有基础需求增长或业务重塑，盈利改善可能会受到限制。</li>
</ul>
</li>
</ul>
<h2>估值：折扣于 DCF，溢价于行业</h2>
<ul>
<li>在当前股价为 4.75 美元的情况下，Cricut 的交易价格远低于其 DCF 公允价值 24.15 美元，但在市盈率方面相对于直接同行和更广泛的消费耐用品领域显得昂贵。</li>
<li>看涨者和批评者可能会对这种脱节感到惊讶，因为这挑战了简单的叙事。投资者必须权衡内在价值的折扣是否超过行业倍数的溢价。</li>
</ul>
<ul>
<li>看涨者可以将 DCF 差距视为基于未来现金流的低估迹象，而看跌者则可能关注如果增长继续停滞，溢价盈利倍数是否合理的风险。
<ul>
<li>相对于行业的估值溢价意味着在市场情绪转向更负面之前，几乎没有更多失望的空间。</li>
</ul>
</li>
</ul>
<p>利润率的动能正好在收入增长预计反转之际到来。Cricut 的底线增长是否足以抵消平稳的前景？</p>
<p>请查看我们对 Cricut 的最新分析。</p>
<h2>下一步</h2>
<p>不要只关注这一季度；真正的故事在于长期趋势。我们对 Cricut 的增长和估值进行了深入分析，以查看今天的价格是否是一个便宜的机会。现在将该公司添加到您的观察列表或投资组合中，以免错过下一个重大动向。</p>
<h2>查看其他信息</h2>
<p>Cricut 的利润率正在改善。然而，停滞的收入增长和疲软的需求预测引发了对其能否提供持续、稳定表现的担忧。</p>
<p>如果您想关注那些实现稳定扩张的公司，发现稳定增长股票筛选器（2074 个结果），显示可靠的收入和盈利增长，而没有这些阻力。</p>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

CRCT

<p>Cricut (CRCT) 报告显示，净利润率从去年的 9.2% 增加至 10.1%，盈利增长为 5.7%。然而，预计未来三年收入将每年收缩 0.2%，引发对可持续增长的担忧。尽管利润率的改善表明运营进展，但停滞的收入和疲软的需求预测挑战了盈利能力在没有销售增长的情况下能够蓬勃发展的观点。目前，Cricut 的交易价格为 4.75 美元，相较于其 24.15 美元的 DCF 公允价值被低估，但相对于行业同行而言则显得昂贵，这在市场情绪中造成了紧张</p>

<p>Cricut (CRCT) reported net profit margins of 10.1%, up from 9.2% last year, while delivering 5.7% earnings growth versus its challenging five-year average of -26.8% per year. Long-term, earnings have declined at an average rate of 26.8% annually, and looking forward, revenue is projected to contract by 0.2% annually over the next three years. Investors are weighing improved current profitability and margin expansion against ongoing revenue and earnings headwinds, leaving the market at a crossroads between cautious optimism and concern for sustained growth.</p>
<div class="lb-trans"><p>Cricut (CRCT) 报告的净利润率为 10.1%，高于去年的 9.2%，同时实现了 5.7% 的盈利增长，而其五年平均盈利增长率为 -26.8%。从长期来看，盈利以每年平均 26.8% 的速度下降，展望未来，预计未来三年收入将每年收缩 0.2%。投资者正在权衡当前盈利能力的改善和利润率的扩张与持续的收入和盈利压力之间的关系，使市场处于谨慎乐观与对持续增长的担忧之间的十字路口。</p>
</div><p>See our full analysis for Cricut.</p>
<div class="lb-trans"><p>请查看我们对 Cricut 的完整分析。</p>
</div><p>Next, we’ll put these headline results in context by comparing them to the dominant narratives in the market. We will highlight where the facts confirm, contradict, or complicate prevailing stories.</p>
<div class="lb-trans"><p>接下来，我们将通过将这些头条结果与市场中的主导叙事进行比较来提供背景。我们将突出事实在何处确认、反驳或复杂化现有故事。</p>
</div><p>Curious how numbers become stories that shape markets? Explore Community Narratives</p>
<div class="lb-trans"><p>好奇数字如何变成塑造市场的故事吗？探索社区叙事</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/69398356-a3da-47e9-8ba3-988efc8c2284/chart/earnings-and-revenue-history" alt="" original-src="https://images.simplywall.st/company/69398356-a3da-47e9-8ba3-988efc8c2284/chart/earnings-and-revenue-history"/></p>
<p>NasdaqGS:CRCT Earnings &amp; Revenue History as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 NasdaqGS:CRCT 盈利与收入历史</p>
</div><h2>Margin Expansion Outpaces Skeptics</h2>
<div class="lb-trans"><h2>利润率扩张超越怀疑者</h2>
</div><ul>
<li>Cricut's net profit margin reached 10.1%, a full percentage point ahead of last year, defying the pattern of multi-year profit declines.</li>
<li>Bulls highlight that the swing from a five-year average earnings contraction of 26.8% per year to positive 5.7% growth is a sign the company is finding new operating leverage after a prolonged downturn.</li>
</ul>
<div class="lb-trans"><ul>
<li>Cricut 的净利润率达到 10.1%，比去年高出整整一个百分点，打破了多年来利润下降的模式。</li>
<li>看涨者强调，从五年平均盈利收缩 26.8% 的转变到正增长 5.7% 是公司在经历长期低迷后找到新运营杠杆的迹象。</li>
</ul>
</div><ul>
<li>This margin progress heavily supports the thesis that Cricut’s recent initiatives are having a tangible financial impact.
<ul>
<li>What is surprising is that margin expansion is holding up even as revenue projections remain flat, challenging the view that profit improvement must follow top-line growth.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>这一利润率的进展有力支持了 Cricut 最近举措对财务产生实质性影响的论点。
<ul>
<li>令人惊讶的是，尽管收入预测保持平稳，利润率扩张仍在持续，这挑战了利润改善必须跟随收入增长的观点。</li>
</ul>
</li>
</ul>
</div><h2>Revenue Stagnation Remains a Cloud</h2>
<div class="lb-trans"><h2>收入停滞仍然是阴云</h2>
</div><ul>
<li>Despite better margins, revenue is projected to contract by 0.2% per year over the next three years, signaling that core demand is not expected to recover meaningfully in the near term.</li>
<li>Bears argue that persistent revenue declines, paired with past earnings contraction, anchor expectations for the stock to lag unless new catalysts emerge.</li>
</ul>
<div class="lb-trans"><ul>
<li>尽管利润率有所改善，预计未来三年收入将每年收缩 0.2%，这表明核心需求在短期内不太可能显著恢复。</li>
<li>看跌者认为，持续的收入下降，加上过去的盈利收缩，使得股票的预期受到限制，除非出现新的催化剂。</li>
</ul>
</div><ul>
<li>The ongoing absence of sales growth creates tension with the narrative that margin gains alone can drive sustainable upside.
<ul>
<li>Bears see the subdued revenue forecast as a warning that profitability improvements may have limits without underlying demand growth or business reinvention.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>持续缺乏销售增长与仅靠利润率提升驱动可持续上涨的叙事之间存在紧张关系。
<ul>
<li>看跌者将低迷的收入预测视为警告，认为如果没有基础需求增长或业务重塑，盈利改善可能会受到限制。</li>
</ul>
</li>
</ul>
</div><h2>Valuation: Discount to DCF, Premium to Industry</h2>
<div class="lb-trans"><h2>估值：折扣于 DCF，溢价于行业</h2>
</div><ul>
<li>At a current share price of $4.75, Cricut trades well below its DCF fair value of $24.15, but looks expensive on price-to-earnings relative to both direct peers and the broader Consumer Durables space.</li>
<li>Both bulls and critics may be surprised by this disconnect, as it challenges simple narratives. Investors must weigh whether the discount to intrinsic value outweighs the premium to sector multiples.</li>
</ul>
<div class="lb-trans"><ul>
<li>在当前股价为 4.75 美元的情况下，Cricut 的交易价格远低于其 DCF 公允价值 24.15 美元，但在市盈率方面相对于直接同行和更广泛的消费耐用品领域显得昂贵。</li>
<li>看涨者和批评者可能会对这种脱节感到惊讶，因为这挑战了简单的叙事。投资者必须权衡内在价值的折扣是否超过行业倍数的溢价。</li>
</ul>
</div><ul>
<li>Bulls can point to the DCF gap as a sign of undervaluation based on future cash flows, while bears are likely to focus on the risk that premium earnings multiples are not justified if growth continues to stall.
<ul>
<li>The industry-relative valuation premium means there is little room for more disappointments before market sentiment turns more negative.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>看涨者可以将 DCF 差距视为基于未来现金流的低估迹象，而看跌者则可能关注如果增长继续停滞，溢价盈利倍数是否合理的风险。
<ul>
<li>相对于行业的估值溢价意味着在市场情绪转向更负面之前，几乎没有更多失望的空间。</li>
</ul>
</li>
</ul>
</div><p>Momentum in profit margins has arrived just as revenue growth is expected to reverse. Will Cricut’s bottom line gains be enough to outweigh the flat outlook?</p>
<div class="lb-trans"><p>利润率的动能正好在收入增长预计反转之际到来。Cricut 的底线增长是否足以抵消平稳的前景？</p>
</div><p>See our latest analysis for Cricut.</p>
<div class="lb-trans"><p>请查看我们对 Cricut 的最新分析。</p>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Cricut's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p>
<div class="lb-trans"><p>不要只关注这一季度；真正的故事在于长期趋势。我们对 Cricut 的增长和估值进行了深入分析，以查看今天的价格是否是一个便宜的机会。现在将该公司添加到您的观察列表或投资组合中，以免错过下一个重大动向。</p>
</div><h2>See What Else Is Out There</h2>
<div class="lb-trans"><h2>查看其他信息</h2>
</div><p>Cricut’s margins are improving. However, stagnant revenue growth and weak demand projections raise concerns about its ability to deliver consistent, sustainable performance.</p>
<div class="lb-trans"><p>Cricut 的利润率正在改善。然而，停滞的收入增长和疲软的需求预测引发了对其能否提供持续、稳定表现的担忧。</p>
</div><p>If you want to focus on companies delivering steady expansion, discover stable growth stocks screener (2074 results) that show reliable revenue and earnings growth without these headwinds.</p>
<div class="lb-trans"><p>如果您想关注那些实现稳定扩张的公司，发现稳定增长股票筛选器（2074 个结果），显示可靠的收入和盈利增长，而没有这些阻力。</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

Cricut（CRCT）：利润率的改善抵消了空头的影响，而收入前景则引发了关于增长的争论