Corsair Gaming, Inc.

Technology
Computer peripheral equipment
www.corsair.com

Earnings Score
Moat Score
Safety Score

Market Cap $833.78M
PE -9
Debt $189.97M
Cash $61.61M
EV $962.15M
FCF $27.09M

Earnings

loading chart...

Sales & Net Margins

loading chart...

Earnings	-$93.53M
EBIT	-$43.75M
ROE	-16%
ROA	-4%
FCF	$27.09M
Equity	$598.48M
Growth Stability	-93%
PE	-8.91
PEG	7.3
PB	1.39
P/FCF	30.78
P/S	0.63
Price/Cash	0.07
Debt/Equity	0.32
Debt/FCF	7.01
Net Margins	-11%
Gross Margins	24%
Op. Margins	-3%
Earnings CAGR	-1%
Sales Growth YoY	-16%
Sales Growth QoQ	16%
Sales CAGR	-1%
FCF CAGR	-13%
Equity CAGR	32%
Earnings Stability	-0.56
Earnings Growth YoY	2K%
Earnings Growth QoQ	97%

Earnings CAGR 5Y	-1%
Sales CAGR 5Y	-1%
FCF CAGR 5Y	-17%
Equity CAGR 5Y	23%
Earnings CAGR 3Y	-9%
Sales CAGR 3Y	-9%
FCF CAGR 3Y	27%
Equity CAGR 3Y	6%
Market Cap	$833.78M
Revenue	$1.32B
Assets	$1.20B
Total Debt	$189.97M
Cash	$61.61M
Shares Outstanding	103.26M
EV	962.15M
Earnings Score	6%
Moat Score	6%
Safety Score	51%
Final Score	21%
Working Capital	210.43M
Current Ratio	1.58
Gross Profit	$322.06M
Shares Growth 3y	4%
Equity Growth QoQ	-8%
Equity Growth YoY	-9%

Assets & ROA

loading chart...

Stockholders Equity & ROE

loading chart...

Corsair Gaming Inc is engaged in the business of providing high-performance gear for gamers and content creators. The product portfolio includes Cases, Keyboards, Mice, Headsets, Power Supplies, Gaming Computers, Gaming Chairs, Mousepads, and other related products. The company operates in two segments namely, Gamer and Creator peripherals, which is the key revenue generating segment; and Gaming Components and systems. Geographically, the group derives revenue from the Americas, Europe and the Middle East and the Asia Pacific.

SEC Filings

Direct access to Corsair Gaming, Inc. (CRSR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Corsair Gaming, Inc. compare to its competitors?

Loading chart...

Peter Lynch's Chart

This chart shows the current pricing of Corsair Gaming, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -1%

Stability -56%

loading chart...

Corsair Gaming, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Corsair Gaming, Inc..

Years

Calculation mode

= $121M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$27M	$24M	$21M	$18M	$16M	$14M	$12M	$11M	$9.2M	$8M	$7M	$70M
DCF		$22M	$17M	$14M	$11M	$8.6M	$6.8M	$5.4M	$4.3M	$3.4M	$2.7M	$27M
Value	$121M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-1%	-1%	6%	5%	-4%	-0%	-11%
ROA	-	2%	12%	10%	-4%	1%	-4%
ROE	-	-4%	24%	18%	-10%	-0%	-16%

Bad Net Margins (-11.13%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	17.9	2.04	27.5	6.15	2.76	7.01
Debt over Equity	-	2.33	0.75	0.45	0.39	0.31	0.32
Growth Stability	-	-	-	100%	-93%	-5%	-93%

Bad Debt/FCF ratio (7.01)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.32)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-93%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	17%	55%	12%	-28%	6%	-1%
Earnings YoY growth	-	-39%	-1K%	-2%	-160%	-96%	-1%
Equity YoY growth	-	33%	102%	30%	12%	7%	23%
FCF YoY growth	-	-457%	466%	-94%	335%	91%	-17%