Corsair Gaming Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that the razor-thin $2.1 million operating profit becomes a sustainable net profit, that the memory cycle stays friendly, and that the private-equity owner shares its interests with those of public shareholders — at a company with no profit year since 2021 and $358 million of goodwill on the books. Whoever waits checks four things in every quarterly report (10-Q): does operating income turn durably and clearly positive? How does DRAM memory revenue track the chip-price cycle? Does the EagleTree stake shift through buybacks? And does the goodwill stay untouched? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Corsair is the anchor trap in pure form: a familiar gaming brand whose memory of the pandemic profit sets a yardstick the company today does not meet. In 2025 revenue recovered to $1,472.5 million (+11.9 percent), gross margin rose to 28.9 percent, operating cash flow swung to +$50.1 million — but the net line showed the fourth straight loss year (−$16.2 million), operating income was a razor-thin +$2.1 million, and Q1 2026 slid back into the red. On top of that, a third of revenue rides on the DRAM price, a private-equity owner holds the majority, and $358 million of goodwill weighs on thin tangible equity. Whoever invests is betting on a durable turnaround — carried by a brand, not by profits. Not investment advice.
Brand & portfolio
A well-known gaming brand with leading positions in several categories and a broad brand fan (Corsair, Elgato, SCUF, Origin, Drop, Fanatec), three decades of market experience and a growing direct-to-consumer channel — a genuine asset the comeback story rightly emphasizes (10-K 2025, Item 1).
Earnings
Four consecutive loss years (net −$54.4M/−$2.6M/−$85.2M/−$16.2M for 2022–2025); the 2025 operating profit was a razor-thin +$2.1M on $1,472.5M of revenue (0.1 percent margin), and Q1 2026 was −$10.3M net again at revenue down 3.9 percent — the $100 million profits of 2020/2021 belonged to the pandemic special cycle.
Business mix & DRAM dependency
Two-thirds of revenue come from the low-margin components segment, 35.3 percent of it from purchased DRAM memory modules; per the 10-K 2025 the DRAM chips account for most of the production cost and their price swings hit revenue and margin "materially" — a commodity cycle Corsair does not control.
Balance sheet & liquidity
$97.2M in cash, only $115.2M of long-term debt and +$50.1M of operating cash flow (2025) stand against $357.8M of goodwill plus $125.2M of intangibles (≈ 76 percent of equity); tangible equity of about $150M is thin, and the report explicitly names impairment risk.
Owner & governance
EagleTree (private equity) holds 52.8 percent, nominates five of eight directors and can control the company "in all cases" per the 10-K 2025; as a "controlled company" Corsair forgoes governance safeguards, and the majority owner's interests can differ from those of public shareholders.
Worth Noting
CRSR made the research list via the Reddit hype scanner (4 mentions in 24 hours, ApeWisdom, as of July 23, 2026) — a quiet attention signal, not a momentum hype: attention here is the trigger for research, not its result.
Metrics carry annual, quarterly or data-cut-off references; valuation figures are deliberately kept as an order of magnitude, without a daily price — analyses are evergreen, daily prices are not a buy argument. Operating cash flow (+$50.1 million) is friendlier than the net result (−$16.2 million) because depreciation of acquired brands does not consume cash.
Identity verified against EDGAR: Corsair Gaming, Inc. (CIK 1743759), incorporated 2017 in Delaware as EagleTree-Carbide Acquisition Corp., renamed 2018, IPO September 2020; CEO change to Thi La effective July 1, 2025. Not to be confused with the like-named private-equity house EagleTree Capital, the majority owner.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CRSR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.60 $ to 14.40 $ · Last price: 13.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Computer Hardware
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Corsair Gaming Inc CRSR | 1.4 | 144.6 | 14.4 | 30.5 | 3.9 | 11.9 | 58.8 |
| Dell Technologies Inc DELL | 365.2 | 44.0 | 20.2 | 19.9 | 8.9 | 18.8 | 357.2 |
| Sandisk Corp SNDK | 276.8 | 55.8 | 17.7 | 71.5 | 70.0 | 10.4 | 1,618.0 |
| Arista Networks ANET | 270.3 | 67.4 | 51.4 | 63.0 | 42.7 | 28.6 | 39.7 |
| Seagate Technology PLC STX | 182.0 | 56.2 | 43.1 | 45.6 | 43.1 | 34.1 | 274.0 |
| Western Digital Corporation WDC | 159.6 | 22.4 | 15.4 | 48.9 | 37.0 | 50.7 | 320.7 |
| Everpure, Inc. P | 34.6 | 162.4 | 72.5 | 69.7 | -18.5 | 15.6 | 21.2 |
| HP Inc HPQ | 31.6 | 13.2 | 8.8 | 19.7 | 7.1 | 3.2 | 30.6 |
| Super Micro Computer Inc SMCI | 27.8 | 20.0 | 9.6 | 10.8 | 6.1 | 47.0 | -10.1 |
| Median of companies shown | 159.6 | 55.8 | 17.7 | 45.6 | 8.9 | 18.8 | 58.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 595 | 40 | 29 | 0.32 | 30 | 32 | 238 |
| 2017 | 856 | 49 | 12 | 0.08 | -3 | 251 | 731 |
| 2018 | 938 | 22 | -14 | -0.09 | 0 | 163 | 811 |
| 2019 | 1,097 | 24 | -8 | -0.09 | 37 | 217 | 1,060 |
| 2020 | 1,702 | 158 | 103 | 1.12 | 169 | 437 | 1,314 |
| 2021 | 1,904 | 138 | 101 | 1.01 | 20 | 568 | 1,337 |
| 2022 | 1,375 | -55 | -54 | -0.56 | 66 | 624 | 1,297 |
| 2023 | 1,460 | 10 | -3 | -0.02 | 89 | 668 | 1,357 |
| 2024 | 1,316 | -50 | -85 | -0.82 | 36 | 604 | 1,236 |
| 2025 | 1,472 | 2 | -12 | -0.12 | 50 | 634 | 1,254 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.28 | -411.10 | 261 | -19.70 | -9.30 | -19 | -21 |
| 2024: Q3 | -0.56 | -1,766.70 | 304 | -16.20 | -17.00 | 25 | 22 |
| 2024: Q4 | 0.02 | -66.70 | 414 | -0.90 | 0.60 | 56 | 54 |
| 2025: Q1 | -0.10 | 16.70 | 370 | 9.60 | -2.80 | 19 | 16 |
| 2025: Q2 | -0.16 | 42.90 | 320 | 22.50 | -6.50 | 30 | 28 |
| 2025: Q3 | -0.09 | 83.90 | 346 | 13.70 | -3.10 | -37 | -41 |
| 2025: Q4 | 0.43 | 2,050.00 | 437 | 5.60 | 5.50 | 38 | 33 |
| 2026: Q1 | 0.11 | 210.00 | 355 | -4.10 | 3.60 | 30 | 26 |
| 2026: Q2 | 0.06 | 137.50 | 314 | -1.80 | 2.80 | 75 | 72 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Above the 50- & 200-SMA
- High ADR (≥5%)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.90 | 0.87 – 0.92 | 1,441 | 45.0% | 9 |
| 12/31/2027 | 0.83 | 0.69 – 1.17 | 1,512 | -7.8% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 4.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $89.7M |
|---|---|
| Market cap | $1.42B |
| Free cash flow in year ten | $139.6M |
| Terminal value as a share of market value | 51.8% |
For comparison: over the past five years free cash flow shrank by 26.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Corsair setzt laut 10-K 2025 KI operativ ein — proprietäre KI-/Machine-Learning-Algorithmen für interne Geschäftsfunktionen und in einzelnen Kundenangeboten (z. B. Kundensupport). KI ist keine belegbare, gesondert ausgewiesene Umsatzquelle: Die „AI workstations“ sind ein junges Produkt im Systems-Geschäft ohne eigene Umsatzzeile, und der Hinweis, künftige GPUs könnten stärker auf KI/Rechenzentren zielen, ist ein zu allgemeiner Marktbezug für eine „bedroht“-Einstufung. Damit greift nach der Vorrang-Regel „nutzt“.
View the full file — quotes, sources, reviewed filings
„We use AI, machine learning, and automated decision-making technologies, including proprietary AI and machine learning algorithms."
Wir setzen KI, maschinelles Lernen und automatisierte Entscheidungstechnologien ein, einschließlich proprietärer KI- und Machine-Learning-Algorithmen.
10-K · 2026-02-25 · View SEC filing
„For example, we use AI Technologies for various internal business functions and in certain customer offerings, such as customer support."
So nutzen wir KI-Technologien etwa für verschiedene interne Geschäftsfunktionen und in bestimmten Kundenangeboten, beispielsweise im Kundensupport.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-K 2026-02-25 · 10-K 2025-02-26 · 10-Q 2026-05-07 · 10-Q 2025-11-04 · 10-Q 2025-08-07 · 10-Q 2025-05-07
Rated on July 23, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.3%
- More than 10% revenue growth is expected for the coming year -77.5%
- Share count grows by less than 3% a year 3.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 14.2%
- Gross margin at 40% or higher and without meaningful erosion 28.9%
- Goodwill from acquisitions does not grow faster than revenue 28.5%
- Net debt below twice EBITDA 0.4 x EBITDA
- Operating cash flow covers the profits of the last three years 275 m
- Return on capital at 15% or higher, or up versus two years ago 0.3%
- Insiders hold at least 10% or are net buyers 3.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 10.6%
- Exp. sales growth 3Y > 5% 1.3%
- EBIT growth 10Y > 5% -28.1%
- Exp. EBIT growth 3Y > 5% 1.3%
- Net debt < 4x EBIT 10.9x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -8.3%
- ROCE > 15% 0.3%
- Expected return > 10% 3.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | La Thi L | Chief Executive Officer | Other | 8,345 | 11.98 | 99,973 |
| Aug 18, 2026 | La Thi L | Chief Executive Officer | Other | 5,820 | 11.93 | 69,433 |
| Aug 16, 2026 | La Thi L | Chief Executive Officer | Other | 1,908 | 12.99 | 24,785 |
| Aug 15, 2026 | La Thi L | Chief Executive Officer | Other | 2,563 | 12.99 | 33,293 |
| Aug 13, 2026 | Kim Sarah Mears | Director | Sell | 8,874 | 13.69 | 121,487 |
The company
About the Company
Corsair Gaming, Inc., together with its subsidiaries, designs and sells gaming and streaming peripherals, components, and systems in Europe, the Middle East, North Africa, North America, Latin America, and the Asia Pacific. The company operates in two segments, Gamer and Creator Peripherals, and Gaming Components and Systems. The Gamer and Creator Peripherals segment offers gaming keyboards, mice, headsets, and controllers Stream Decks, microphones, teleprompters, audio interfaces, Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture. Its Gaming Components and Systems segment provides power supply units, cooling solutions, computer cases, dynamic random access memory modules. pre- and custom-built gaming personal computers and laptops, and AI workstations. The company also offers software platforms, including iCUE for gamers and Elgato streaming suite for content creators, as well as digital services. It sells its products through e-retail, retail, and direct-to-consumer channels, as well as distributors. The company was formerly known as Corsair Components (Cayman) Ltd and changed its name to Corsair Gaming, Inc. in 2018. Corsair Gaming, Inc. was incorporated in 1994 and is headquartered in Milpitas, California.
- Employees
- 2,355
- Headquarters
- Milpitas, CA
- Address
- 115 N. McCarthy Boulevard, 95035 Milpitas, United States
- Phone
- 510 657 8747
- Website
- corsair.com
- IPO Date
- 09/23/2020
- ISIN
- US22041X1028
Management
| Name | Title | Birth Year |
|---|---|---|
| Thi L. La | CEO, President, COO & Director | 1965 |
| Gordon Mattingly | Chief Financial Officer | 1971 |
| Roland Oberdorfer | Chief Technology Officer | – |
| Ronald Van Veen | Vice President of Finance & Investor Relations | – |
| Carina M. Tan J.D. | Senior VP & General Counsel | – |
| Michael Buchanan | Senior Vice President of Worldwide Sales | – |
| Peter E. Hilliard | Chief People & Consumer Experience Officer | 1967 |
| Bertrand Chevalier | Executive Vice President of Gaming Products | 1971 |
| Matthew Hsu | Senior Vice President of System Products | – |
| Julian Fest | Senior Vice President of Streaming Products | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Corsair Gaming, Inc. (CRSR): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.