Corsair Gaming, Inc. (CRSR) stock analysis
Close on Nov 13, 2026Market cap $1.27BP/E 31.0Yield –
StockData Score
Prices as of Nov 13, 2026How the score works
Mixed10 of 30 checks passed
Corsair Gaming passes 10 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 2/6
- Past performance
- 1/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $11.78 is below our fair value estimate of $12.13.
Low debt
Debt is 17.3% of shareholders' equity, under the 40% we consider low.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 110% of total debt.
P/E below its 5-year median
Corsair Gaming's P/E of 31.0 is below its own 5-year median of 44.5.
What to watch
Margin of safety under 20%
The price is 2.9% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 7.0% over the last twelve months and averaged -1.1% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 7.1%, below the 10% that usually covers the cost of capital.
Revenue growing under 10% a year
Revenue grew 2.3% a year over the last three fiscal years, short of the 10% we look for.
Valuation3/6
P/E below its 5-year median
Corsair Gaming's P/E of 31.0 is below its own 5-year median of 44.5.
P/E above the industry
Corsair Gaming's P/E of 31.0 is above the Computer and Office Equipment median of 25.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Corsair Gaming's price-to-book of 1.89 is below the Computer and Office Equipment median of 4.20.
Trading below fair value
The share price of $11.78 is below our fair value estimate of $12.13.
Margin of safety under 20%
The price is 2.9% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growing under 10% a year
Revenue grew 2.3% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 1.6% over the last twelve months; the Computer and Office Equipment median is 11.3%.
Guidance raised
Corsair Gaming raised its full year 2026 Net revenue outlook on Aug 6, 2026.
Gross margin improving
Gross margin was 31.4% over the last twelve months, against 26.9% a year earlier.
Past performance1/6
Return on equity under 15%
Return on equity was 7.0% over the last twelve months and averaged -1.1% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 7.1%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Corsair Gaming's return on equity of 7.0% is below the Computer and Office Equipment median of 7.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 3.0% over the last twelve months, against a 5-year average of -1.3%.
Net margin below the industry
Corsair Gaming's net margin of 3.0% is below the Computer and Office Equipment median of 4.0%.
Financial health4/6
Low debt
Debt is 17.3% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 73.5% five years ago to 17.3%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 110% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.55 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.57; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Corsair Gaming has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$12.13
The share price is 3% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 35.0× | 44.5× | 25.3× | $13.28 | 47% |
| EV/EBITDA | 20.0× | – | 20.0× | $8.79 | 41% |
| P/B | 3.1× | 2.0× | 4.2× | $19.23 | 12% |
| Earnings powerleft out, too far from the others | 14.5% cost of equity | – | – | $2.91 | – |
| Fair value | $12.13 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 44.5
- Computer and Office Equipment median 25.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $16.81M
- Value traded per 1% price move
- $6.24M
Downside
Medium risk
- Typical loss in a bad month
- 19.1%
- Volatility (annualized)
- 90%
- Sharpe ratio, 1 year
- 0.84
- Beta to the S&P 500 (5Y)
- 1.89
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.9% | +2.3% | -2.9% | – | |
| Gross profit | +30.0% | +12.8% | -1.8% | – | |
| Operating income | – | – | -58.0% | – | |
| Free cash flow | +33.5% | -4.6% | -26.3% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 31.6% | -2.6% | |
| Return on assets | – | 8.7% | -1.3% | |
| Current ratio | – | 1.37 | 1.54 | |
| Debt to equity | – | 0.73 | 0.19 | |
| Inventory turnover | – | 6.6× | 3.7× | |
| Capex to revenue | – | 0.5% | 1.0% | |
| Diluted shares | – | 91M | 106M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Corsair Gaming generated $261.73M from operations and spent $75.27M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.1% | 1.18× | 2.01× | -2.6% |
| FY2024 | -6.5% | 1.02× | 2.04× | -13.4% |
| FY2023 | -0.2% | 1.10× | 2.06× | -0.4% |
| FY2022 | -4.0% | 1.04× | 2.21× | -9.1% |
| FY2021 | 5.3% | 1.44× | 2.64× | 20.1% |
| FY2020 | 6.1% | 1.43× | 3.63× | 31.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$16.16M
- Cash generatingOperating cash flow above zero$50.12M
- Return on assets improvedROA up on the prior year-6.3% → -1.3%
- Earnings backed by cashOperating cash flow above net income$50.12M vs -$16.16M
- Less leverageLong-term debt to assets fell13.1% → 9.2%
- Better liquidityCurrent ratio rose1.57 → 1.54
- No dilutionShare count did not rise104M → 106M
- Gross margin improvedGross margin up on the prior year24.89% → 28.92%
- More efficientAsset turnover rose0.97 → 1.19
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