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CRSR, Corsair Gaming Inc.

Technology Hardware consumer brand Distress / turnaroundCyclical

Corsair Gaming Inc. is a leading global provider and innovator of high-performance products for gamers and digital creators such as streamers, vloggers and broadcasters.

Our PC components products offer our customers multiple options to build their customized gaming and workstation desktop PCs.

We design and sell high-performance gaming and streaming peripherals, components and systems to enthusiasts globally.

Latest annual: FY2025 10-K

CRSR · Corsair Gaming Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.5B

+11.9% YoY · −3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.5B 5-yr avg $1.5B

Gross margin 30% 5-yr avg 25%

Operating margin 1.2% 5-yr avg 0.1%

ROIC 3% 5-yr avg 1%

Owner-earnings margin 3% 5-yr avg 3%

Free cash flow margin 3% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Gaming Components and Systems (67%) and Gamer and Creator Peripherals (33%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 25% and operating margin about 0.7% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −4.0% to 9.3% over the years, so the cost line is where the needle moves. Inventory runs near 16% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 1%, above 15% in 2 of 5 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Gaming Components and Systems is 67% of revenue, with Gamer and Creator Peripherals the other meaningful segment at 33%.

Revenue by reportable segment, FY2025

Gaming Components and Systems67%$980M
Gamer and Creator Peripherals33%$492M

By geographyUnited States43%Europe and Middle East38%Asia Pacific12%Americas6%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2018–2025

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
									Income statement
$938M	$1.1B	$1.7B	$1.9B	$1.4B	$1.5B	$1.3B	$1.5B	$1.5B	RevenueRevenue
21%	20%	27%	27%	22%	25%	25%	29%	30%	Gross marginGross mgn
15%	15%	15%	17%	21%	20%	24%	24%	24%	SG&A / revenueSG&A/rev
3%	3%	3%	3%	5%	4%	5%	5%	5%	R&D / revenueR&D/rev
$22M	$24M	$158M	$138M	($55M)	$10M	($50M)	$2M	$18M	Operating incomeOp. inc.
2.3%	2.2%	9.3%	7.2%	−4.0%	0.7%	−3.8%	0.1%	1.2%	Operating marginOp. mgn
($14M)	($8M)	$103M	$101M	($54M)	($3M)	($85M)	($16M)	$7M	Net incomeNet inc.
—	—	15%	12%	—	—	—	—	8%	Effective tax rateTax rate
									Cash flow & returns
$422K	$37M	$169M	$20M	$66M	$89M	$36M	$50M	$61M	Operating cash flowOp. cash
$6M	$7M	$9M	$10M	$11M	$12M	$13M	$14M	$14M	DepreciationDeprec.
$6M	$34M	$51M	($108M)	$88M	$49M	$77M	$19M	$9M	Working capital & otherWC & other
$8M	$9M	$9M	$11M	$26M	$13M	$10M	$15M	$16M	CapexCapex
0.9%	0.8%	0.5%	0.6%	1.9%	0.9%	0.7%	1.0%	1.1%	Capex / revenueCapex/rev
($5M)	$28M	$160M	$9M	$56M	$76M	$26M	$35M	$45M	Owner earningsOwner earn.
−0.6%	2.6%	9.4%	0.5%	4.0%	5.2%	2.0%	2.4%	3.1%	Owner earnings marginOE mgn
($8M)	$28M	$160M	$9M	$40M	$76M	$26M	$35M	$45M	Free cash flowFCF
−0.8%	2.6%	9.4%	0.5%	2.9%	5.2%	2.0%	2.4%	3.1%	Free cash flow marginFCF mgn
$30M	$126M	$1M	$5M	$20M	$14M	$43M	—	$43M	AcquisitionsAcquis.
—	—	21%	16%	-6%	1%	-6%	—	3%	ROICROIC
-8%	-4%	24%	18%	-9%	-0%	-14%	-3%	1%	Return on equityROE
									Balance sheet
$28M	$52M	$134M	$65M	$154M	$179M	$110M	$99M	$120M	Cash & investmentsCash+inv
—	$202M	$294M	$291M	$236M	$253M	$219M	$234M	$178M	ReceivablesReceiv.
—	$151M	$226M	$298M	$193M	$240M	$260M	$303M	$273M	InventoryInvent.
—	$182M	$300M	$236M	$172M	$240M	$207M	$213M	$158M	Accounts payablePayables
—	$171M	$220M	$353M	$256M	$253M	$271M	$325M	$294M	Operating working capitalOper. WC
—	$430M	$691M	$706M	$623M	$712M	$623M	$665M	$599M	Current assetsCur. assets
—	$300M	$505M	$447M	$343M	$418M	$396M	$431M	$344M	Current liabilitiesCur. liab.
—	1.4×	1.4×	1.6×	1.8×	1.7×	1.6×	1.5×	1.7×	Current ratioCurr. ratio
$227M	$313M	$313M	$317M	$348M	$355M	$354M	$358M	$357M	GoodwillGoodwill
—	$1.1B	$1.3B	$1.3B	$1.3B	$1.4B	$1.2B	$1.3B	$1.2B	Total assetsAssets
—	$506M	$321M	$248M	$239M	$198M	$174M	$121M	$120M	Total debtDebt
—	$454M	$188M	$182M	$85M	$20M	$64M	$23M	$64K	Net debt / (cash)Net debt
0.7×	0.7×	4.5×	7.8×	-5.7×	0.6×	-3.8×	0.2×	2.2×	Interest coverageInt. cov.
$163M	$217M	$437M	$568M	$624M	$668M	$604M	$634M	$648M	Shareholders’ equityEquity
0.3%	0.4%	0.3%	0.9%	1.6%	2.1%	2.3%	2.2%	2.1%	Stock comp / revenueSBC/rev
									Per share
75.5M	76.2M	90.6M	100M	96.3M	106M	104M	106M	108M	Shares out (diluted)Shares
$12.42	$14.39	$18.79	$19.04	$14.28	$13.74	$12.64	$13.89	$13.52	Revenue / shareRev/sh
$-0.18	$-0.11	$1.14	$1.01	$-0.56	$-0.02	$-0.82	$-0.15	$0.07	EPS (diluted)EPS
$-0.07	$0.37	$1.77	$0.09	$0.58	$0.72	$0.25	$0.33	$0.42	Owner earnings / shareOE/sh
$-0.10	$0.37	$1.77	$0.09	$0.42	$0.72	$0.25	$0.33	$0.42	Free cash flow / shareFCF/sh
$0.11	$0.12	$0.10	$0.11	$0.27	$0.12	$0.09	$0.15	$0.15	Cap. spending / shareCapex/sh
$2.16	$2.84	$4.83	$5.68	$6.48	$6.28	$5.80	$5.98	$6.01	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	7-yr	5-yr
Revenue / share	+1.6%/yr	−5.9%/yr
Owner earnings / share	—	−28.6%/yr
Capital spending / share	+3.9%/yr	+7.9%/yr
Book value / share	+15.7%/yr	+4.4%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Gaming Components and Systems+16.2%
“Gaming Components and Systems Segment Net revenue of the Gaming Components and Systems segment increased $136.7 million, or 16.2%, in 2025 as compared to 2024 primarily led by strong growth in memory and components, driven by strong demand for system upgrades and new builds among performance-focused PC builders, as well as higher average selling prices for certain memory products in the latter part of 2025.”
✓ figure matches the filed record

The record, charted

FY2018–2025

Each measure over its full record; the current point and the worst year marked.

Share count

106Mpeak FY2023

ROIC

−6%low FY2022

Gross margin

29%low FY2019

Net debt ÷ owner earnings

0.6×peak FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$35Mowner earningsvs.($16M)net incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $16M loss into $35M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($16M)	($85M)	($3M)	($54M)	$101M
Depreciation & amortizationnon-cash charge added back	+$14M	+$13M	+$12M	+$11M	+$10M
Stock-based compensationreal costnon-cash, but a real cost	+$33M	+$31M	+$31M	+$22M	+$17M
Working capital & othertiming of cash in and out, other non-cash items	+$19M	+$77M	+$49M	+$88M	−$108M
Cash from operations	$50M	$36M	$89M	$66M	$20M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$15M	−$10M	−$13M	−$11M	−$11M
Owner earnings	$35M	$26M	$76M	$56M	$9M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	−$16M	—
Free cash flow	$35M	$26M	$76M	$40M	$9M
Owner-earnings marginowner earnings ÷ revenue	2%	2%	5%	4%	0%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $33M), owner earnings is nearer $2M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 0.2×

Does not cover its interest

Operating income $2M ÷ interest expense $9M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $23M · 10.8× operating profit

Heavy net debt

Cash $99M − debt $121M

What this means
Netting $99M of cash and short-term investments against $121M of debt leaves $23M owed, about 10.8× a year's operating profit (58.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 90d

Long (60+ days)

DSO 58 + DIO 106 − DPO 74 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 1%

Below average through the cycle

5-yr median, range -6%–21%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 2%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 2%

Thin, recently turned positive

latest $35M = operating cash $50M − maintenance capex $15M; positive each of the last 3 years, after an earlier loss stretch (8-yr median 2%)

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 2% of revenue this year, a 2% median across 8 years. Treating stock comp as the real expense it is (less $33M of SBC) leaves $2M.
Are earnings backed by cash? $50M

Loss, but cash-generative

Net income ($16M) · cash from operations $50M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 249%

Returned more than it generated

Dividends + buybacks $87M ÷ Owner Earnings $35M

What this means
The company returned more than it generated: against $35M of Owner Earnings, $87M (249%) went back to shareholders, $85M dividends, $2M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. But the buybacks barely exceed stock issued to employees ($33M SBC), net of dilution, little was truly returned. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 1.10×

Maintaining

Capex $15M ÷ depreciation $14M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.54×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $121M vs $235M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (8-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 1 of 8 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −228%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.32/share (latest year $-0.15), the averaged base the calculator's gate runs on, and book value is $5.93/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2018–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 2 of 8

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 5% → −1% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 5% early to −1% lately, median 1% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +15%/yr

What this means
Owner earnings grew about 15% a year over the record.
Worst year 2022 · −4.0% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.
Share count +5.0%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record paid

What this means
Paid a dividend in 1 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“In addition, if our AI products or services fail to operate as anticipated or as well as competing products, or do not meet customer needs, our competitive position may be harmed and our business and reputation adversely affected.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$599M

Cash & short-term investments$120M
Receivables$178M
Inventory$273M
Other current assets$28M

Current liabilities$344M

Debt due within a year$6M
Accounts payable$158M
Other current liabilities$180M

Current ratio1.74×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.95×stricter: inventory excluded

Cash ratio0.35×strictest: cash alone against what's due

Working capital$255Mthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $120M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−4.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.8× → 1.7×

Deeper floors

Tangible book value$175Mequity stripped of goodwill & intangibles

Net current asset value$83MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$188M$68M of it operating leases

Deferred revenue$6Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2018–2025

Over the record, the business generated $468M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$101M · 22%
Dividends$85M · 18%
Buybacks$2M · 0%
Retained (debt / cash)$280M · 60%

Returned to owners$87M
22% of the owner earnings the business produced over the span, $85M as dividends and $2M as buybacks.
Average price paid for buybacks—
Buybacks ran $2M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count42.8%
The diluted count rose from 75M to 108M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$1.13/sh
Paid in 1 of the years on record. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$483M39% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity56%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$239Mover 8 years buying other businesses, against $101M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Thi La	$10.2M	−$234k	$9M
2022	Thi La	$9.9M	$4.5M	$56M
2023	Thi La	$6.7M	$4.9M	$76M
2024	Thi La	$6.0M	−$584k	$26M
2025	Thi La	$1.2M	$3.8M	$35M
2025	Thi La	$8.0M	$5.5M	$35M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership54.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio210:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$33M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 1595% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Corsair Gaming Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2018–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?3.2% vs 3.8%
The owner-earnings margin averaged 3.8% early in the record and 3.2% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?42.8%
Diluted shares grew 42.8% over 2018–2025, even as the company spent $2M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Technology Hardware

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LOGILogitech International S.A.	$4.8B	71%	11.9%	63%	12%
FFIVF5 Inc.	$3.1B	81%	23.1%	26%	27%
VYXNCR Voyix Corporation	$2.7B	25%	2.0%	1%	10%
PBIPitney Bowes Inc.	$1.9B	44%	0.3%	0%	7%
CRSRCorsair Gaming Inc.	$1.5B	25%	1.4%	1%	2%
OMCLOmnicell	$1.2B	46%	2.3%	2%	11%
EXTRExtreme Networks Inc.	$1.1B	56%	-0.2%	-0%	8%
NTGRNETGEAR Inc.	$700M	30%	3.1%	4%	3%
Group median	—	45%	2.1%	2%	9%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Corsair Gaming Inc. has delivered.

Today’s price $

Through the cycle, Corsair Gaming Inc. earns about $36M on its 2.5% median owner-earnings margin. This year’s 2.4% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($36M) Net of stock comp (−$30M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−2%/yr

Owner-earnings growth · ’18→’25+17%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $45M on 107M shares outstanding, per the 10-Q cover, as of 2026-04-24; net debt $64K. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CRSR against another business →

Cite: Owner Scorecard, "Corsair Gaming Inc. (CRSR), the owner's record," https://ownerscorecard.com/c/CRSR, data as of 2026-07-09.

Manual order: ← CRSP its page in the Manual CRTO →

Industry order: ← AAPL the Technology Hardware chapter DBD →