Corsair Gaming

CRSR · Nasdaq · Information Technology · Financials, fiscal 2018 to 2025

CRSR · Last close · November 6, 2026

$11.84

Corsair Gaming's revenue rose 11.9% to $1.5 billion in fiscal 2025. Its operating margin was 0.1%, up from −3.8% a year earlier. Free cash flow was $35 million, up 33.5%. The diluted share count rose 1.8%.

Corsair Gaming, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001193125-26-067833 Updated November 6, 2026

Revenue

$1.5B

11.9%

Operating margin

0.1%

3.9 pts

Net income

−$16M

Free cash flow

$35M

33.5%

Return on capital

0.2%

6.0 pts

Market cap

$1.3B

Nov 6 close

P/E

31.2x

On $0.38 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Corsair Gaming does

Corsair Gaming designs and sells products for gamers and content creators. It has two segments. Gamer and Creator Peripherals covers products used with a computer, and includes the Elgato Stream Deck, programmable hardware that lets streamers and creators control apps and automate tasks. Gaming Components and Systems covers parts for self-built gaming PCs and complete systems; the company calls it its core business.

It earns money mainly by selling hardware through a global sales and distribution network and its own online stores. It also runs software and digital platforms: iCUE, which lets PC builders monitor and tune their systems, and the Elgato Marketplace, where outside developers and creators sell plugins and other digital items for Stream Deck. It says it hopes these will bring more recurring digital revenue.

It says it was founded in 1994. It uses third-party manufacturers to make its products, sponsors people, teams and events in the gaming community, and faces intense competition.

Its biggest risks, as it describes them

Intense competition that could cost it market share and lower demand for its products.
Depending on third-party manufacturers, and on semiconductor supply and trade rules.
Seasonal swings in sales, and misjudging how much demand there will be for its products.
Failing to launch new products that keep up with changing technology and gamer tastes.
Defects, warranty costs and recalls that could harm its reputation.

From Corsair Gaming's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2021, earnings per share fell 11.4% a year and net income 2.1% a year, as new shares raised the share count by 10% and diluted each share's earnings. Corsair Gaming then lost money in fiscal 2022, 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	65	154	179	110	99
Debt incl. finance leases	248	239	198	174	121
Net debt (negative means net cash)	182	85	20	64	22
Net debt to EBITDA	1.0x	—	0.3x	32.9x	0.4x
Debt to equity	0.4x	0.4x	0.3x	0.3x	0.2x
Interest coverage	7.8x	−5.7x	0.6x	−3.8x	0.2x
Current ratio	1.6x	1.8x	1.7x	1.6x	1.5x
Quick ratio	0.9x	1.2x	1.1x	0.9x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Corsair Gaming's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Corsair Gaming's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $964,000 of Corsair Gaming shares on the open market, and 1 insider sold $155,273.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Sarah Mears KimDirector	Sold	8,874	$13.69	$121,485	Form 4
Nov 25, 2025	Thi L LaChief Executive Officer, Director	Bought	50,000	$6.10	$305,000	Form 4
Nov 10, 2025	Sarah Mears KimDirector	Sold	5,263	$6.42	$33,788	Form 4
Nov 7, 2025	Samuel R. SzteinbaumDirector	Bought	100,000	$6.59	$659,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	5 of 9	6 of 9
Rule of 40	11.4%	−7.8%	14.2%
Altman Z''	2.63	1.81	2.15
Accruals ratio	−6.9%	−9.3%	−5.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Corsair Gaming side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Corsair Gaming	FY25	11.9%	0.1%	2.4%	0.2%	0.4x	6
Immersion	FY26	11.2%	1.5%	2.5%	2.7%	−1.6x	—	Compare
Everpure	FY26	15.6%	3.1%	16.8%	—	−6.1x	7	Compare
Logitech	FY26	6.3%	16.0%	20.1%	121.9%	−2.0x	7	Compare
Turtle Beach	FY25	−14.2%	8.6%	10.6%	15.8%	1.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	938	1,097	1,702	1,904	1,375	1,460	1,316	1,472
Revenue growth	—	17.0%	55.2%	11.8%	−27.8%	6.2%	−9.8%	11.9%
Gross profit	193	224	465	514	297	360	328	426
Research and development	32	38	50	60	66	65	68	69
Operating income	22	24	158	138	−55	10	−50	2
Net income	−14	−8	103	101	−54	−3	−85	−16
Diluted EPS (US$)	0.18	0.11	1.14	1.01	−0.63	0.03	−0.95	−0.12
Diluted shares (millions)	76	76	91	100	96	106	104	106
Cash flow
Cash from operations	0	37	169	20	66	89	36	50
Capital expenditure	8	9	9	11	26	13	10	15
Free cash flow	−8	28	160	9	40	76	26	35
Dividends paid	85	0	0	0	0	0	0	0
Share buybacks	0	2	0	0	0	0	0	0
Acquisitions	30	126	1	5	20	14	43	0
Stock-based compensation	3	4	6	17	22	31	31	33
Balance sheet at fiscal year end
Cash and short-term investments	28	52	134	65	154	179	110	99
Debt incl. finance leases	—	503	321	248	239	198	174	121
Total assets	—	1,060	1,314	1,337	1,297	1,358	1,236	1,254
Total liabilities	—	843	877	769	642	664	616	608
Shareholders' equity	163	217	437	568	624	668	604	634
Margins and ratios
Gross margin	20.6%	20.4%	27.3%	27.0%	21.6%	24.7%	24.9%	28.9%
Operating margin	2.3%	2.2%	9.3%	7.2%	−4.0%	0.7%	−3.8%	0.1%
Net margin	−1.5%	−0.8%	6.1%	5.3%	−4.0%	−0.2%	−6.5%	−1.1%
Free cash flow margin	−0.8%	2.6%	9.4%	0.5%	2.9%	5.2%	2.0%	2.4%
Rule of 40 (growth + FCF margin)	—	19.6%	64.6%	12.3%	−24.9%	11.4%	−7.8%	14.2%
Return on capital	—	—	20.7%	17.7%	−5.9%	1.1%	−5.8%	0.2%
Return on equity	—	—	31.6%	20.1%	−9.1%	−0.4%	−13.4%	−2.6%
Return on assets	—	—	8.7%	7.6%	−4.1%	−0.2%	−6.6%	−1.3%
Net debt to EBITDA	—	7.4x	0.9x	1.0x	—	0.3x	32.9x	0.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Corsair Gaming's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Corsair Gaming.