Share count
148Mpeak FY2021
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LOGI, Logitech International S.A.
Technology Hardware consumer brand
Logitech International is a Swiss public company listed on the SIX Swiss Exchange and on the Nasdaq Global Select Market.
Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating and gaming.
We sell the vast majority of our products under the Logitech and Logitech G brand names.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2026
$4.8B
+6.3% YoY · −2% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $4.8B 5-yr avg $4.7B
Gross margin 71%
Revenue $1.4B +6.1% vs yr-ago qtr
Operating margin 20.1% yr-ago 17.5%
Net income $251M yr-ago $200M
Net margin 17.7% yr-ago 14.9%
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 led by Gaming (29%) and Keyboards & Combos (19%), with 6 more lines behind.
- What moves the needle
- Operating margin has run about 10% through the cycle, a solid margin the cost base and competition set as much as the price does. The operating margin has swung widely — from 8.9% to 22% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run high across the record (median 63%, above 15% in 10 of 10 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 12% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.
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 →Revenue spreads across 7 lines, the largest Gaming at 29%.
Revenue by product line, FY2026
- Gaming29%$1.4B
- Keyboards & Combos19%$938M
- Pointing Devices18%$859M
- Video Collaboration14%$689M
- Tablet Accessories7%$336M
- Webcams7%$326M
- Other6%$279M
By geographyAmericas40%EMEA32%Asia Pacific28%
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, 2017–2026
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $2.2B | $2.6B | $2.8B | $3.0B | $5.3B | $5.5B | $4.5B | $4.3B | $4.6B | $4.8B | $4.8B | RevenueRevenue |
| 5% | 4% | 4% | 3% | 3% | 3% | 3% | 4% | 4% | 3% | 3% | SG&A / revenueSG&A/rev |
| 6% | 6% | 6% | 6% | 4% | 5% | 6% | 7% | 7% | 7% | 7% | R&D / revenueR&D/rev |
| $212M | $230M | $263M | $276M | $1.1B | $774M | $458M | $587M | $655M | $775M | $775M | Operating incomeOp. inc. |
| 9.5% | 8.9% | 9.4% | 9.3% | 21.9% | 14.1% | 10.1% | 13.7% | 14.4% | 16.0% | 16.0% | Operating marginOp. mgn |
| $206M | $209M | $258M | $450M | $947M | $645M | $365M | $612M | $632M | $711M | $711M | Net incomeNet inc. |
| 4% | 10% | 5% | — | 17% | 17% | 21% | 2% | 11% | 14% | 14% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $288M | $346M | $305M | $425M | $1.5B | $298M | $534M | $1.1B | $843M | $1.0B | $1.0B | Operating cash flowOp. cash |
| $41M | $41M | $43M | $43M | $51M | $88M | $76M | $63M | $60M | $64M | $64M | DepreciationDeprec. |
| $6M | $52M | ($46M) | ($122M) | $375M | ($528M) | $22M | $387M | $61M | $149M | $149M | Working capital & otherWC & other |
| $32M | $40M | $36M | $39M | $76M | $89M | $92M | $56M | $56M | $62M | $62M | CapexCapex |
| 1.4% | 1.5% | 1.3% | 1.3% | 1.5% | 1.6% | 2.0% | 1.3% | 1.2% | 1.3% | 1.3% | Capex / revenueCapex/rev |
| $257M | $307M | $269M | $386M | $1.4B | $209M | $442M | $1.1B | $786M | $976M | $976M | Owner earningsOwner earn. |
| 11.6% | 11.9% | 9.7% | 13.0% | 26.8% | 3.8% | 9.7% | 25.3% | 17.3% | 20.2% | 20.2% | Owner earnings marginOE mgn |
| $257M | $307M | $269M | $386M | $1.4B | $209M | $442M | $1.1B | $786M | $976M | $976M | Free cash flowFCF |
| 11.6% | 11.9% | 9.7% | 13.0% | 26.3% | 3.8% | 9.7% | 25.3% | 17.3% | 20.2% | 20.2% | Free cash flow marginFCF mgn |
| $67M | $88M | $134M | $92M | $44M | $16M | $9M | $14M | $0 | $0 | $0 | AcquisitionsAcquis. |
| $84M | $31M | $32M | $50M | $165M | $412M | $418M | $504M | $589M | $535M | — | BuybacksBuybacks |
| 66% | 50% | 44% | 36% | 185% | 60% | 33% | 81% | 94% | 142% | 142% | ROICROIC |
| 24% | 20% | 22% | 30% | 42% | 27% | 16% | 27% | 30% | 32% | 32% | Return on equityROE |
| 24% | 20% | 22% | 30% | 42% | 27% | 16% | 27% | 30% | 32% | 32% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $548M | $642M | $605M | $716M | $1.8B | $1.3B | $1.1B | $1.5B | $1.5B | $1.7B | $1.7B | Cash & investmentsCash+inv |
| $185M | $321M | $383M | $395M | $612M | $676M | $630M | $542M | $455M | $506M | $506M | ReceivablesReceiv. |
| $253M | $260M | $293M | $229M | $661M | $933M | $683M | $423M | $504M | $490M | $490M | InventoryInvent. |
| $275M | $294M | $284M | $259M | $823M | $636M | $407M | $449M | $415M | $531M | $531M | Accounts payablePayables |
| $164M | $287M | $393M | $365M | $450M | $972M | $906M | $516M | $544M | $465M | $465M | Operating working capitalOper. WC |
| $1.0B | $1.2B | $1.4B | $1.4B | $3.2B | $3.1B | $2.6B | $2.6B | $2.6B | $2.9B | $2.9B | Current assetsCur. assets |
| $507M | $576M | $718M | $714M | $1.7B | $1.4B | $1.1B | $1.1B | $1.1B | $1.3B | $1.3B | Current liabilitiesCur. liab. |
| 2.0× | 2.0× | 1.9× | 2.0× | 1.9× | 2.2× | 2.5× | 2.4× | 2.4× | 2.2× | 2.2× | Current ratioCurr. ratio |
| $250M | $275M | $344M | $401M | $430M | $448M | $455M | $462M | $463M | $465M | $465M | GoodwillGoodwill |
| $1.5B | $1.7B | $2.0B | $2.4B | $4.1B | $4.0B | $3.6B | $3.6B | $3.5B | $3.8B | $3.8B | Total assetsAssets |
| ($548M) | ($642M) | ($605M) | ($716M) | ($1.8B) | ($1.3B) | ($1.1B) | ($1.5B) | ($1.5B) | ($1.7B) | ($1.7B) | Net debt / (cash)Net debt |
| $856M | $1.1B | $1.2B | $1.5B | $2.3B | $2.4B | $2.3B | $2.2B | $2.1B | $2.2B | $2.2B | Shareholders’ equityEquity |
| 1.6% | 1.7% | 1.8% | 1.8% | 1.6% | 1.7% | 1.6% | 1.9% | 2.0% | 2.3% | 2.3% | Stock comp / revenueSBC/rev |
| Per share | |||||||||||
| 166M | 169M | 169M | 169M | 172M | 170M | 164M | 158M | 153M | 148M | 148M | Shares out (diluted)Shares |
| $13.42 | $15.19 | $16.50 | $17.57 | $30.58 | $32.16 | $27.73 | $27.18 | $29.81 | $32.66 | $32.66 | Revenue / shareRev/sh |
| $1.24 | $1.23 | $1.52 | $2.66 | $5.51 | $3.78 | $2.23 | $3.87 | $4.13 | $4.80 | $4.80 | EPS (diluted)EPS |
| $1.55 | $1.81 | $1.59 | $2.28 | $8.20 | $1.23 | $2.70 | $6.89 | $5.15 | $6.58 | $6.58 | Owner earnings / shareOE/sh |
| $1.55 | $1.81 | $1.59 | $2.28 | $8.05 | $1.23 | $2.70 | $6.89 | $5.15 | $6.58 | $6.58 | Free cash flow / shareFCF/sh |
| $0.19 | $0.24 | $0.21 | $0.23 | $0.44 | $0.52 | $0.56 | $0.35 | $0.37 | $0.42 | $0.42 | Cap. spending / shareCapex/sh |
| $5.17 | $6.22 | $6.96 | $8.79 | $13.17 | $14.08 | $13.79 | $14.12 | $13.92 | $14.92 | $14.92 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +10.4%/yr | +1.3%/yr |
| Owner earnings / share | +17.4%/yr | −4.3%/yr |
| EPS | +16.2%/yr | −2.7%/yr |
| Capital spending / share | +8.9%/yr | −1.3%/yr |
| Book value / share | +12.5%/yr | +2.5%/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.
- Revenue+6.3%
“Net Sales Our sales in fiscal year 2026 increased 6%, compared to fiscal year 2025, primarily driven by an increase in sales of Gaming, Pointing Devices, Video Collaboration, and Keyboards & Combos, due to improved demand.”
✓ figure matches the filed record - Gaming+5.7%
“During fiscal year 2026, Gaming sales increased 6%, compared to fiscal year 2025, primarily driven by increases in sales of PC gaming mice and steering wheels, partially offset by a decrease in sales of other gaming products.”
✓ figure matches the filed record - Pointing Devices+8.9%
“During fiscal year 2026, Pointing Devices sales increased 9%, compared to fiscal year 2025, primarily driven by an increase in sales of cordless mice.”
✓ figure matches the filed record - Video Collaboration+10.1%
“During fiscal year 2026, Video Collaboration sales increased 10%, compared to fiscal year 2025, primarily due to an increase in sales of conference room cameras.”
✓ figure matches the filed record - Tablet Accessories+12.2%
“During fiscal year 2026, Tablet Accessories sales increased 12%, compared to fiscal year 2025, primarily benefiting from strong sales from the education sector, particularly in our Asia Pacific region.”
✓ figure matches the filed record - Webcams+3.4%
“During fiscal year 2026, Webcams sales increased 3%, compared to fiscal year 2025, primarily driven by an increase in sales in our Americas and EMEA regions, partially offset by declining sales in the Asia Pacific region.”
✓ figure matches the filed record
The record, charted
FY2017–2026Each measure over its full record; the current point and the worst year marked.
ROIC
142%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$976Mowner earningsvs.$711Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach 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.
FY2017FY2026
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 2026 the business turned $711M of profit into $976M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Reported net income | $711M | $632M | $612M | $365M | $645M |
| Depreciation & amortizationnon-cash charge added back | +$64M | +$60M | +$63M | +$76M | +$88M |
| Stock-based compensationreal costnon-cash, but a real cost | +$112M | +$90M | +$83M | +$71M | +$93M |
| Working capital & othertiming of cash in and out, other non-cash items | +$149M | +$61M | +$387M | +$22M | −$528M |
| Cash from operations | $1.0B | $843M | $1.1B | $534M | $298M |
| Capital expenditurecash put back in to keep running and to grow | −$62M | −$56M | −$56M | −$92M | −$89M |
| Owner earnings | $976M | $786M | $1.1B | $442M | $209M |
| Owner-earnings marginowner earnings ÷ revenue | 20% | 17% | 25% | 10% | 4% |
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 $112M), owner earnings is nearer $863M.
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.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2026 10-K · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $1.7B − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $1.7B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 38 + DIO 128 − DPO 139 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?
- Not enough dataIndustry peers: median -3%
What this means
The filing data didn't include the inputs for this check.
- Solid through the cycle10-yr median margin, range 4%–27%; latest $976M = operating cash $1.0B − maintenance capex $62MIndustry peers: median 12%
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 20% of revenue this year, a 12% median across 10 years. Treating stock comp as the real expense it is (less $112M of SBC) leaves $863M.
- Cash-backedCash from ops $1.0B ÷ net income $711M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returns about halfDividends + buybacks $535M ÷ Owner Earnings $976M
What this means
Of $976M Owner Earnings, $535M (55%) went back to shareholders, $0 dividends, $535M buybacks. Net of $112M stock comp, the real buyback was about $423M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 0.96×MaintainingCapex $62M ÷ depreciation $64M
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 · 4 of 5 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 PassRevenue ≥ $2B · $4.8B
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 PassCurrent ratio ≥ 2× · 2.22×
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.
- Earnings stability PassA profit every year (10-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
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 PassEarnings +33% over the record · +191%
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 $4.54/share (latest year $4.95), the averaged base the calculator's gate runs on, and book value is $15.41/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, 2017–2026
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 10 of 10
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 9% → 15% (3-yr avg ends)
In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.
What this means
Through the cycle the operating margin widened — about 9% early to 15% lately, median 10% — pricing power intact or improving.
- Owner earnings growth +14%/yr
What this means
Owner earnings grew about 14% a year over the record.
- Worst year 2018 · 8.9% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count −1.2%/yr
What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Does AI threaten the moat?
Low contestabilityThe 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 FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“As AI-driven threats become more automated and sophisticated, they may bypass traditional security controls at a speed and scale that exceeds our ability to respond, potentially leading to significant operational disruption or the loss of sensitive intellectual property.”
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 fiscal year-end, Mar 31, 2026Can 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$2.9B
- Cash & short-term investments$1.7B
- Receivables$506M
- Inventory$490M
- Other current assets$171M
Current liabilities$1.3B
- Accounts payable$531M
- Other current liabilities$782M
Current ratio2.22×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.85×stricter: inventory excluded
Cash ratio1.33×strictest: cash alone against what's due
Working capital$1.6Bthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+6.1%the freshest read on whether the business is still growing
Current ratio, recent quarters2.4× → 2.2×
Deeper floors
Tangible book value$1.7Bequity stripped of goodwill & intangibles
Net current asset value$1.3BGraham's net-net: current assets less all liabilities
Debt incl. operating leases$88M$88M of it operating leases
Deferred revenue$92Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2017–2026
Over the record, the business generated $6.7B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$578M · 9%
- Buybacks$2.8B · 42%
- Retained (debt / cash)$3.3B · 49%
- Returned to owners$2.8B
46% of the owner earnings the business produced over the span, $0 as dividends and $2.8B as buybacks.
- Average price paid for buybacks$101.21
Across the years where the filing reports a share count, 11M shares were bought for $1.1B, about $101.21 each.
- Net change in share count−10.5%
The diluted count fell from 166M to 148M, so the buybacks outran the stock issued to staff.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained30%
Of the earnings it kept rather than paid out ($2.2B over the span), annual owner earnings (first three years vs last three) grew $673M, so each retained $1 added about 0.30 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
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.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$112M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 14% 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 Logitech International S.A. 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 2017–2026.
None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.
Each test came back clean
- Is it less profitable than it was?
- Did the share count rise anyway?
- Did reported profit become cash?
- Did receivables and inventory outpace sales?
- Are "one-time" charges a yearly habit?
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, FY2026
read the 10-K →- Which reported numbers are a judgment call?Management names Pension & retirement, Income taxes 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 |
|---|---|---|---|---|---|
| PANWPalo Alto Networks Inc. | $9.2B | 72% | -4.0% | -10% | 38% |
| XRXXerox Holdings Corporation | $7.0B | — | -0.4% | -2% | 8% |
| FTNTFortinet Inc. | $6.8B | 77% | 20.5% | — | 36% |
| JNPRJuniper Networks | $5.1B | 59% | 9.8% | 9% | 13% |
| LOGILogitech International S.A. | $4.8B | 71% | 11.9% | 63% | 12% |
| NATLNCR Atleos Corporation | $4.4B | — | 7.0% | 10% | 6% |
| DBDDiebold Nixdorf Incorporated | $3.8B | 24% | -0.6% | -4% | 7% |
| PEverpure Inc. | $3.7B | 69% | -8.1% | -12% | 12% |
| Group median | — | 70% | 3.3% | -2% | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Logitech International S.A. has delivered.
Logitech International S.A.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Logitech International S.A. earns about $603M on its 12.4% median owner-earnings margin. This year’s 20.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
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The assumptions
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.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’22→’26+28%/yr
Owner-earnings growth · ’17→’26+14%/yr
Owner-earnings growth · ’17→’26+14%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’24–’26)—
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 yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $976M on 144M shares outstanding, per the 10-K cover, as of 2026-05-07; net cash $1.7B. The if-converted diluted count is 148M, 3% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. 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.
Cite: Owner Scorecard, "Logitech International S.A. (LOGI), the owner's record," https://ownerscorecard.com/c/LOGI, data as of 2026-07-09.
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