CRCTCricut, Inc.
Special Industry Machinery, NEC
- Revenue
- $709M
- 0.5% YoY
- Operating margin
- 13.5%
- 27% YoY
- EBITDA
- $120M
- 15% YoY
- Market cap
- $1.3B
- Employees
- 700
- $1M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 2.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$22M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo261% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowYes113% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 87th pctBottom quartile of its SIC industry
- Quiet on AINo2.7 per 10K words · 66th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $886M | $765M | $713M | $709M | 0.5% |
| Operating income | $192M | $80M | $70M | $76M | $96M | 26% |
| Net income | $140M | $61M | $54M | $63M | $77M | 22% |
| Operating cash flow | −$105M | $118M | $288M | $265M | $200M | 24% |
| Stock-based comp | $38M | $41M | $47M | $45M | $35M | 23% |
| Buybacks | $0 | $19M | $20M | $38M | $25M | 36% |
| Dividends | $0 | $0 | $294M | $110M | $202M | 84% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Dec 5, 2023 | Abdiel Qualified Master Fund LP | SC 13D/A | 21.1% | Passive |
| Nov 24, 2023 | Abdiel Qualified Master Fund LP | SC 13D/A | 23.2% | Passive |
| Oct 11, 2023 | Abdiel Qualified Master Fund LP | SC 13D/A | 25.7% | Passive |
| Aug 9, 2023 | Abdiel Qualified Master Fund LP | SC 13D/A | 27.2% | Passive |
| Mar 14, 2023 | Abdiel Qualified Master Fund LP | SC 13D/A | 0.9% | Passive |
| May 12, 2022 | Abdiel Qualified Master Fund LP | SC 13D/A | 32.4% | Passive |
| Apr 8, 2022 | Abdiel Qualified Master Fund LP | SC 13D/A | 34.2% | Passive |
| Mar 22, 2022 | Abdiel Qualified Master Fund LP | SC 13D/A | 33.2% | Passive |
| Mar 10, 2022 | Abdiel Qualified Master Fund LP | SC 13D/A | 33.3% | Passive |
| Feb 25, 2022 | Abdiel Qualified Master Fund LP | SC 13D/A | 33.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $43K · 2
- Open-market sells, 12 mo
- $10M · 46
- Net
- −$10M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $14M | 37 | 129 |
| FY2024 | $22M | $15M | 39 | 122 |
| FY2023 | $18M | $18M | 41 | 113 |
| FY2022 | $50M | −$64M | 52 | 95 |
| FY2021 | $39M | $106M | 124 | 111 |