Are Cricut, Inc.'s (NASDAQ:CRCT) Mixed Financials Driving The Negative Sentiment?
Are Cricut, Inc.'s (NASDAQ:CRCT) Mixed Financials Driving The Negative Sentiment?
With its stock down 39% over the past three months, it is easy to disregard Cricut (NASDAQ:CRCT). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study Cricut's ROE in this article.
过去三个月，Cricut的股价下跌了39%，人们很容易忽视它。然而，我们决定研究该公司的财务状况，以确定它们是否与价格下跌有关。基本面通常决定市场结果，因此研究该公司的财务状况是有意义的。具体地说，我们决定在本文中研究Cricut的净资产收益率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。简而言之，它是用来评估一家公司相对于其权益资本的盈利能力。
View our latest analysis for Cricut
查看我们对Cricut的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Cricut is:
因此，根据上述公式，Cricut的净资产收益率为：
10% = US$48m ÷ US$482m (Based on the trailing twelve months to June 2023).
10%=4800万美元×4.82亿美元(基于截至2023年6月的12个月的往绩)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.10 in profit.
“回报”指的是企业在过去一年中获得的收入。另一种想法是，每价值1美元的股本，公司就能够赚取0.10美元的利润。
What Has ROE Got To Do With Earnings Growth?
净资产收益率与盈利增长有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。假设其他条件不变，净资产收益率和利润保留率越高，与不一定具有这些特征的公司相比，公司的增长率就越高。
A Side By Side comparison of Cricut's Earnings Growth And 10% ROE
Cricut盈利增长与10%净资产收益率的并列比较
At first glance, Cricut's ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 17% either. Given the circumstances, the significant decline in net income by 5.5% seen by Cricut over the last five years is not surprising. We believe that there also might be other aspects that are negatively influencing the company's earnings prospects. For example, it is possible that the business has allocated capital poorly or that the company has a very high payout ratio.
乍一看，Cricut的净资产收益率看起来并不是很有希望。一项快速的进一步研究显示，该公司的净资产收益率(ROE)也不及17%的行业平均水平。在这种情况下，Cricut在过去五年中净收入大幅下降5.5%并不令人意外。我们认为，可能还有其他方面对公司的收益前景产生负面影响。例如，可能是企业的资本配置不当，或者公司的派息率非常高。
However, when we compared Cricut's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 30% in the same period. This is quite worrisome.
然而，当我们将Cricut的增长与行业进行比较时发现，尽管该公司的收益一直在缩水，但同期该行业的收益增长了30%。这相当令人担忧。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Cricut's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
赋予一家公司价值的基础在很大程度上与其盈利增长挂钩。对于投资者来说，重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。如果你想知道Cricut的估值，看看这个衡量其市盈率的指标，与其行业相比。
Is Cricut Using Its Retained Earnings Effectively?
Cricut是否有效地利用了其留存收益？
Cricut doesn't pay any dividend, meaning that the company is keeping all of its profits, which makes us wonder why it is retaining its earnings if it can't use them to grow its business. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
Cricut不支付任何股息，这意味着该公司将保留所有利润，这让我们不禁要问，如果不能利用这些利润来增长业务，它为什么还要保留收益。看起来可能还有其他一些原因来解释这方面的缺乏。例如，这项业务可能正在衰落。
Summary
摘要
On the whole, we feel that the performance shown by Cricut can be open to many interpretations. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Wrapping up, we would proceed with caution with this company and one way of doing that would be to look at the risk profile of the business. Our risks dashboard would have the 2 risks we have identified for Cricut.
总体来说，我们觉得Cricut表现出来的表现可以有多种解读。虽然该公司的再投资率确实很高，但低ROE意味着所有的再投资都没有给投资者带来任何好处，而且对收益增长产生了负面影响。总而言之，我们将谨慎对待这家公司，其中一种方法是查看业务的风险概况。我们的风险控制面板将包含我们为Cricut确定的两个风险。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。