<p>Cricut (CRCT) 報告的淨利潤率為 10.1%，高於去年的 9.2%，同時實現了 5.7% 的盈利增長，而其五年平均盈利增長率為 -26.8%。從長期來看，盈利以每年平均 26.8% 的速度下降，展望未來，預計未來三年收入將每年收縮 0.2%。投資者正在權衡當前盈利能力的改善和利潤率的擴張與持續的收入和盈利壓力之間的關係，使市場處於謹慎樂觀與對持續增長的擔憂之間的十字路口。</p>
<p>請查看我們對 Cricut 的完整分析。</p>
<p>接下來，我們將通過將這些頭條結果與市場中的主導敍事進行比較來提供背景。我們將突出事實在何處確認、反駁或複雜化現有故事。</p>
<p>好奇數字如何變成塑造市場的故事嗎？探索社區敍事</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 盈利與收入歷史</p>
<h2>利潤率擴張超越懷疑者</h2>
<ul>
<li>Cricut 的淨利潤率達到 10.1%，比去年高出整整一個百分點，打破了多年來利潤下降的模式。</li>
<li>看漲者強調，從五年平均盈利收縮 26.8% 的轉變到正增長 5.7% 是公司在經歷長期低迷後找到新運營槓桿的跡象。</li>
</ul>
<ul>
<li>這一利潤率的進展有力支持了 Cricut 最近舉措對財務產生實質性影響的論點。
<ul>
<li>令人驚訝的是，儘管收入預測保持平穩，利潤率擴張仍在持續，這挑戰了利潤改善必須跟隨收入增長的觀點。</li>
</ul>
</li>
</ul>
<h2>收入停滯仍然是陰雲</h2>
<ul>
<li>儘管利潤率有所改善，預計未來三年收入將每年收縮 0.2%，這表明核心需求在短期內不太可能顯著恢復。</li>
<li>看跌者認為，持續的收入下降，加上過去的盈利收縮，使得股票的預期受到限制，除非出現新的催化劑。</li>
</ul>
<ul>
<li>持續缺乏銷售增長與僅靠利潤率提升驅動可持續上漲的敍事之間存在緊張關係。
<ul>
<li>看跌者將低迷的收入預測視為警告，認為如果沒有基礎需求增長或業務重塑，盈利改善可能會受到限制。</li>
</ul>
</li>
</ul>
<h2>估值：折扣於 DCF，溢價於行業</h2>
<ul>
<li>在當前股價為 4.75 美元的情況下，Cricut 的交易價格遠低於其 DCF 公允價值 24.15 美元，但在市盈率方面相對於直接同行和更廣泛的消費耐用品領域顯得昂貴。</li>
<li>看漲者和批評者可能會對這種脱節感到驚訝，因為這挑戰了簡單的敍事。投資者必須權衡內在價值的折扣是否超過行業倍數的溢價。</li>
</ul>
<ul>
<li>看漲者可以將 DCF 差距視為基於未來現金流的低估跡象，而看跌者則可能關注如果增長繼續停滯，溢價盈利倍數是否合理的風險。
<ul>
<li>相對於行業的估值溢價意味着在市場情緒轉向更負面之前，幾乎沒有更多失望的空間。</li>
</ul>
</li>
</ul>
<p>利潤率的動能正好在收入增長預計反轉之際到來。Cricut 的底線增長是否足以抵消平穩的前景？</p>
<p>請查看我們對 Cricut 的最新分析。</p>
<h2>下一步</h2>
<p>不要只關注這一季度；真正的故事在於長期趨勢。我們對 Cricut 的增長和估值進行了深入分析，以查看今天的價格是否是一個便宜的機會。現在將該公司添加到您的觀察列表或投資組合中，以免錯過下一個重大動向。</p>
<h2>查看其他信息</h2>
<p>Cricut 的利潤率正在改善。然而，停滯的收入增長和疲軟的需求預測引發了對其能否提供持續、穩定表現的擔憂。</p>
<p>如果您想關注那些實現穩定擴張的公司，發現穩定增長股票篩選器（2074 個結果），顯示可靠的收入和盈利增長，而沒有這些阻力。</p>
<p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們提供基於歷史數據和分析師預測的評論，僅使用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 這並不構成購買或出售任何股票的推薦，也不考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中沒有持倉。</em></p>

CRCT

<p>Cricut (CRCT) 報告顯示，淨利潤率從去年的 9.2% 增加至 10.1%，盈利增長為 5.7%。然而，預計未來三年收入將每年收縮 0.2%，引發對可持續增長的擔憂。儘管利潤率的改善表明運營進展，但停滯的收入和疲軟的需求預測挑戰了盈利能力在沒有銷售增長的情況下能夠蓬勃發展的觀點。目前，Cricut 的交易價格為 4.75 美元，相較於其 24.15 美元的 DCF 公允價值被低估，但相對於行業同行而言則顯得昂貴，這在市場情緒中造成了緊張</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) 報告的淨利潤率為 10.1%，高於去年的 9.2%，同時實現了 5.7% 的盈利增長，而其五年平均盈利增長率為 -26.8%。從長期來看，盈利以每年平均 26.8% 的速度下降，展望未來，預計未來三年收入將每年收縮 0.2%。投資者正在權衡當前盈利能力的改善和利潤率的擴張與持續的收入和盈利壓力之間的關係，使市場處於謹慎樂觀與對持續增長的擔憂之間的十字路口。</p>
</div><p>See our full analysis for Cricut.</p>
<div class="lb-trans"><p>請查看我們對 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>接下來，我們將通過將這些頭條結果與市場中的主導敍事進行比較來提供背景。我們將突出事實在何處確認、反駁或複雜化現有故事。</p>
</div><p>Curious how numbers become stories that shape markets? Explore Community Narratives</p>
<div class="lb-trans"><p>好奇數字如何變成塑造市場的故事嗎？探索社區敍事</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 盈利與收入歷史</p>
</div><h2>Margin Expansion Outpaces Skeptics</h2>
<div class="lb-trans"><h2>利潤率擴張超越懷疑者</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 的淨利潤率達到 10.1%，比去年高出整整一個百分點，打破了多年來利潤下降的模式。</li>
<li>看漲者強調，從五年平均盈利收縮 26.8% 的轉變到正增長 5.7% 是公司在經歷長期低迷後找到新運營槓桿的跡象。</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>這一利潤率的進展有力支持了 Cricut 最近舉措對財務產生實質性影響的論點。
<ul>
<li>令人驚訝的是，儘管收入預測保持平穩，利潤率擴張仍在持續，這挑戰了利潤改善必須跟隨收入增長的觀點。</li>
</ul>
</li>
</ul>
</div><h2>Revenue Stagnation Remains a Cloud</h2>
<div class="lb-trans"><h2>收入停滯仍然是陰雲</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>儘管利潤率有所改善，預計未來三年收入將每年收縮 0.2%，這表明核心需求在短期內不太可能顯著恢復。</li>
<li>看跌者認為，持續的收入下降，加上過去的盈利收縮，使得股票的預期受到限制，除非出現新的催化劑。</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>持續缺乏銷售增長與僅靠利潤率提升驅動可持續上漲的敍事之間存在緊張關係。
<ul>
<li>看跌者將低迷的收入預測視為警告，認為如果沒有基礎需求增長或業務重塑，盈利改善可能會受到限制。</li>
</ul>
</li>
</ul>
</div><h2>Valuation: Discount to DCF, Premium to Industry</h2>
<div class="lb-trans"><h2>估值：折扣於 DCF，溢價於行業</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>在當前股價為 4.75 美元的情況下，Cricut 的交易價格遠低於其 DCF 公允價值 24.15 美元，但在市盈率方面相對於直接同行和更廣泛的消費耐用品領域顯得昂貴。</li>
<li>看漲者和批評者可能會對這種脱節感到驚訝，因為這挑戰了簡單的敍事。投資者必須權衡內在價值的折扣是否超過行業倍數的溢價。</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>看漲者可以將 DCF 差距視為基於未來現金流的低估跡象，而看跌者則可能關注如果增長繼續停滯，溢價盈利倍數是否合理的風險。
<ul>
<li>相對於行業的估值溢價意味着在市場情緒轉向更負面之前，幾乎沒有更多失望的空間。</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>利潤率的動能正好在收入增長預計反轉之際到來。Cricut 的底線增長是否足以抵消平穩的前景？</p>
</div><p>See our latest analysis for Cricut.</p>
<div class="lb-trans"><p>請查看我們對 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>不要只關注這一季度；真正的故事在於長期趨勢。我們對 Cricut 的增長和估值進行了深入分析，以查看今天的價格是否是一個便宜的機會。現在將該公司添加到您的觀察列表或投資組合中，以免錯過下一個重大動向。</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 的利潤率正在改善。然而，停滯的收入增長和疲軟的需求預測引發了對其能否提供持續、穩定表現的擔憂。</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>如果您想關注那些實現穩定擴張的公司，發現穩定增長股票篩選器（2074 個結果），顯示可靠的收入和盈利增長，而沒有這些阻力。</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 撰寫，內容具有一般性。<strong>我們提供基於歷史數據和分析師預測的評論，僅使用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 這並不構成購買或出售任何股票的推薦，也不考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中沒有持倉。</em></p>
</div>

Cricut（CRCT）：利潤率的改善抵消了空頭的影響，而收入前景則引發了關於增長的爭論