Logitech

LOGI · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

LOGI · Last close · October 26, 2026

$109.89

Logitech's revenue rose 6.3% to $4.8 billion in fiscal 2026. Its operating margin was 16.0%, up from 14.4% a year earlier. Free cash flow was $976 million, up 24.1%. It paid out $768 million in dividends and buybacks, 79% of free cash flow. The diluted share count fell 3.0%.

LOGITECH INTERNATIONAL S.A. Latest fiscal year ended March 31, 2026 10-K filed May 21, 2026 · 0001032975-26-000021 Updated October 11, 2026

Revenue

$4.8B

6.3%

Operating margin

16.0%

1.6 pts

Net income

$711M

12.6%

Free cash flow

$976M

24.1%

Return on capital

121.9%

34.4 pts

Market cap

$15.9B

Oct 26 close

P/E

20.2x

On $5.45 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.

About these figures. Logitech has no borrowings, so debt is counted as zero.

What Logitech does

Logitech designs computer and video accessories that pair hardware with software. Its categories are gaming gear, keyboards and combos, mice and other pointing devices, video collaboration systems, webcams, tablet accessories and headsets. It sells most of them under the Logitech and Logitech G names. Its products work with services such as Zoom, Microsoft Teams, Google Meet, Spotify and Twitch.

Logitech reports one operating segment, Peripherals. It sells in the Americas; Europe, the Middle East and Africa; and Asia Pacific, through retailers, online sellers, distributors, resellers and its own web store. Amazon and its affiliates accounted for 18% of gross sales in fiscal 2026, the latest year in this filing. Logitech names competitors by product, including Razer, HP, Dell, Lenovo, Apple, Cisco, Poly, Jabra, Bose and Sony.

It runs its own factories as well as using outside makers. Its Suzhou operation in China handles approximately 35% of its total production by value. Its manufacturing is spread across six countries. Logitech is a Swiss company, based in Lausanne, and its shares trade on the SIX Swiss Exchange and Nasdaq.

Its biggest risks, as it describes them

Failing to design and launch new products on time and at a reasonable cost.
Reliance on a small number of suppliers for key parts and on its factories, especially in China.
Heavy dependence on retailers, e-tailers and distributors to sell its products.
Competition, including price pressure from rival brands and store brands.
Whether its efforts to grow into new product categories pay off.

From Logitech's annual report on Form 10-K, filed May 21, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 16.2% a year and net income 14.8% a year, as buybacks cut the share count by 10%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Logitech yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Logitech's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Logitech's fiscal 2026 free cash flow of $976M, net cash of $1.7B at March 31, 2026 and 148 million diluted shares, from its filings. The scenarios are fitted to Logitech: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Technology Hardware, Storage & Peripherals), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Logitech's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 11% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $109.89
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Logitech's earnings per share of $5.45 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 34×, the middle of Logitech's own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Everpure, NetApp, Seagate Technology, Western Digital.

Earnings growth in the years ahead (% a year) Starts at Logitech's revenue growth over the last 3 years, 2.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $109.89
Value at this multiple, against the last close: —
Logitech's P/E at the last close: 20.2×

Company	Last close	Earnings per share	P/E today
EverpureP	$131.33	$0.73	179.9×
Seagate TechnologySTX	$644.21	$13.90	46.3×
NetAppNTAP	$222.08	$7.09	31.3×
LogitechLOGI	$109.89	$5.45	20.2×
Western DigitalWDC	$356.13	$25.79	13.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	1,329	1,149	1,521	1,503	1,742
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−1,329	−1,149	−1,521	−1,503	−1,742
Net debt to EBITDA	−1.5x	−2.0x	−2.3x	−2.0x	−2.0x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	—	—	—	—	—
Current ratio	2.2x	2.5x	2.4x	2.4x	2.2x
Quick ratio	1.5x	1.8x	2.0x	1.9x	1.9x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Logitech shares on the open market, and 2 insiders sold $2.4 million, $1.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Samantha HarnettChief Legal Officer	Sold plan	16,265	$101.35	$1.6 million	Form 4
Oct 31, 2025	Neela MontgomeryDirector	Sold	5,833	$120.61	$703,518	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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	7 of 9	7 of 9
Accruals ratio	−14.9%	−5.9%	−8.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Logitech 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
Logitech	FY26	6.3%	16.0%	20.1%	121.9%	−2.0x	7
Everpure	FY26	15.6%	3.1%	16.8%	—	−6.1x	7	Compare
NetApp	FY26	5.4%	24.2%	27.0%	—	−0.6x	7	Compare
Seagate Technology	FY26	34.1%	33.6%	25.5%	92.0%	0.4x	8	Compare
Western Digital	FY26	35.7%	34.5%	27.2%	52.2%	−0.1x	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 above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	2,221	2,567	2,788	2,976	5,252	5,481	4,539	4,298	4,555	4,841
Revenue growth	10.1%	15.6%	8.6%	6.7%	76.5%	4.4%	−17.2%	−5.3%	6.0%	6.3%
Gross profit	820	909	1,037	1,122	2,336	2,263	1,720	1,778	1,963	2,091
Research and development	130	144	161	178	226	292	281	287	309	316
Operating income	212	230	263	276	1,148	774	458	587	655	775
Net income	206	208	258	450	947	644	365	612	632	711
Diluted EPS (US$)	1.24	1.23	1.52	2.66	5.51	3.78	2.23	3.87	4.13	4.80
Diluted shares (millions)	166	169	169	169	172	170	164	158	153	148
Cash flow
Cash from operations	288	346	305	425	1,459	298	534	1,145	843	1,037
Capital expenditure	32	40	36	40	76	89	92	56	56	62
Free cash flow	257	307	269	386	1,382	209	442	1,089	786	976
Dividends paid	93	104	114	124	147	159	159	182	208	233
Share buybacks	84	31	32	50	165	412	418	504	589	535
Acquisitions	67	88	134	92	44	16	8	14	0	0
Stock-based compensation	36	44	50	55	86	94	71	83	90	112
Balance sheet at fiscal year end
Cash and short-term investments	548	642	604	716	1,750	1,329	1,149	1,521	1,503	1,742
Debt incl. finance leases	0	0	0	0	0	0	0	0	0	0
Total assets	1,499	1,743	2,024	2,364	4,142	4,035	3,561	3,605	3,538	3,849
Total liabilities	643	693	848	874	1,881	1,637	1,303	1,371	1,411	1,637
Shareholders' equity	856	1,051	1,176	1,489	2,262	2,399	2,258	2,234	2,127	2,211
Margins and ratios
Gross margin	36.9%	35.4%	37.2%	37.7%	44.5%	41.3%	37.9%	41.4%	43.1%	43.2%
Operating margin	9.5%	8.9%	9.4%	9.3%	21.9%	14.1%	10.1%	13.7%	14.4%	16.0%
Net margin	9.3%	8.1%	9.2%	15.1%	18.0%	11.8%	8.0%	14.2%	13.9%	14.7%
Free cash flow margin	11.6%	11.9%	9.7%	12.9%	26.3%	3.8%	9.7%	25.3%	17.3%	20.1%
Return on capital	73.9%	57.5%	51.0%	41.1%	147.4%	81.3%	33.1%	63.5%	87.5%	121.9%
Return on equity	25.5%	21.9%	23.1%	33.7%	50.5%	27.7%	15.7%	27.3%	29.0%	32.8%
Return on assets	14.6%	12.9%	13.7%	20.5%	29.1%	15.8%	9.6%	17.1%	17.7%	19.2%
Net debt to EBITDA	−2.1x	−2.2x	−1.8x	−2.0x	−1.4x	−1.5x	−2.0x	−2.3x	−2.0x	−2.0x

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