Logitech International S.a.

Technology
Computer peripheral equipment
www.logitech.com

Earnings Score
Moat Score

Market Cap $11.58B
PE 18
Debt -
Cash $1.50B
EV -
FCF $898.35M

Earnings

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Sales & Net Margins

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Earnings	$655.08M
EBIT	$732.46M
ROE	31%
ROA	20%
FCF	$898.35M
Equity	$2.10B
Growth Stability	54%
PE	17.67
PEG	-2.98
PB	5.5
P/FCF	12.89
P/S	2.54
Price/Cash	0.13
Net Margins	14%
Gross Margins	43%
Op. Margins	16%
Earnings CAGR	19%
Sales Growth YoY	7%
Sales Growth QoQ	20%
Sales CAGR	12%
FCF CAGR	19%
Equity CAGR	16%
Earnings Stability	0.56
Earnings Growth YoY	-18%
Earnings Growth QoQ	38%

Earnings CAGR 5Y	-6%
Sales CAGR 5Y	2%
FCF CAGR 5Y	10%
Equity CAGR 5Y	4%
Earnings CAGR 3Y	-7%
Sales CAGR 3Y	-7%
FCF CAGR 3Y	80%
Equity CAGR 3Y	-3%
Market Cap	$11.58B
Revenue	$4.56B
Dividend Yield	2%
Payout Ratio	32%
Assets	$3.73B
Cash	$1.50B
Shares Outstanding	150.65M
Earnings Score	83%
Moat Score	96%
Working Capital	1.48B
Current Ratio	2.14
Gross Profit	$1.96B
Shares Growth 3y	-4%
Equity Growth QoQ	-0%
Equity Growth YoY	-4%

Assets & ROA

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Stockholders Equity & ROE

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Logitech International SA is a Switzerland-based provider of personal computer and mobile accessories for navigation, video communication, and collaboration, smart home, and other applications. Its product portfolio includes mice, keyboards, charging stands, tablet cases, car mounts for mobile devices, remotes, home cameras, home switches, controllers, bluetooth speakers, surround sound, webcams, and conference cameras. It operates in a single segment namely, Peripherals. The firm generates revenue from the Americas, EMEA (Europe, Middle East, Africa), and the Asia Pacific region.

SEC Filings

Direct access to Logitech International S.a. (LOGI) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

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

Sector Comparison

How does Logitech International S.a. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Logitech International S.a. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 19%

Stability 56%

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Logitech International S.a. Discounted Cash Flow

Fully customizable DCF calculator online for Logitech International S.a..

Years

Calculation mode

= $35B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$898M	$1.1B	$1.3B	$1.5B	$1.8B	$2.2B	$2.6B	$3.1B	$3.7B	$4.4B	$5.3B	$53B
DCF		$975M	$1.1B	$1.1B	$1.2B	$1.4B	$1.5B	$1.6B	$1.7B	$1.9B	$2B	$20B
Value	$35B

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	03/2016	03/2017	03/2018	03/2019	03/2020	03/2021	03/2022	03/2023	03/2024	TTM
Net Margins	6%	9%	8%	9%	15%	18%	12%	8%	14%	14%
ROA	-	14%	14%	14%	14%	28%	19%	13%	17%	20%
ROE	-	24%	20%	22%	30%	42%	27%	16%	27%	31%

Good Net Margins (13.75%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce 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	03/2016	03/2017	03/2018	03/2019	03/2020	03/2021	03/2022	03/2023	03/2024	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	100%	54%	94%	54%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (54%)

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	03/2016	03/2017	03/2018	03/2019	03/2020	03/2021	03/2022	03/2023	03/2024	CAGR 5Y
Revenue YoY growth	-	10%	16%	9%	7%	76%	4%	-17%	-5%	2%
Earnings YoY growth	-	73%	1%	24%	75%	111%	-32%	-43%	68%	-6%
Equity YoY growth	-	13%	23%	12%	27%	52%	6%	-6%	-1%	4%
FCF YoY growth	-	95%	24%	-12%	43%	259%	-85%	111%	147%	10%