Tearsheet

Corsair Gaming (CRSR)

Market Price (12/18/2025): $6.135 | Market Cap: $652.1 Mil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Corsair Gaming (CRSR)

Market Price (12/18/2025): $6.135
Market Cap: $652.1 Mil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield FCF Yield is 5.9%	Weak multi-year price returns 2Y Excs Rtn is -100%, 3Y Excs Rtn is -129%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.3%
1	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, and Social Media & Creator Economy. Themes include Gaming Content & Platforms, Creator Economy Monetization, Show more.		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6%
2			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%
3			Key risks CRSR key risks include [1] inconsistent profitability with a history of mounting losses, Show more.

0	Attractive yield FCF Yield is 5.9%
1	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, and Social Media & Creator Economy. Themes include Gaming Content & Platforms, Creator Economy Monetization, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -100%, 3Y Excs Rtn is -129%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -19 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.3%
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%
6	Key risks CRSR key risks include [1] inconsistent profitability with a history of mounting losses, Show more.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$6.13	$6.61	$14.10	$13.57	$21.01
Market Cap CYE ($ Mil)	652.1	692.3	1,453.2	1,336.8	1,982.5
Total Debt ($ Mil)	186.2	237.0	246.5	295.2	308.3
Total Cash ($ Mil)	64.4	107.0	175.6	151.2	62.4
Enterprise Value ($ Mil)	773.9	929.3	1,699.7	1,632.0	2,290.8
Valuation Ratios
P/S TTM	0.7	0.5	1.0	0.9	1.0
P/EBIT TTM	-40.0	-14.2	103.7	-24.1	15.4
P/E TTM	-23.9	-8.1	-557.9	-24.0	19.4
Sector Ratios
P/S TTM (Sector)	3.4	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	10.8	11.0	8.1	3.3	8.9
P/E TTM (Sector)	-0.4	-0.3	-0.5	-0.8	0.0

	12/18/25	2024	2023
Share Price CYE	$6.13	$6.61	$14.10
Market Cap CYE ($ Mil)	652.1	692.3	1,453.2
Total Debt ($ Mil)	186.2	237.0	246.5
Total Cash ($ Mil)	64.4	107.0	175.6
Enterprise Value ($ Mil)	773.9	929.3	1,699.7
Valuation Ratios
P/S TTM	0.7	0.5	1.0
P/EBIT TTM	-40.0	-14.2	103.7
P/E TTM	-23.9	-8.1	-557.9
Sector Ratios
P/S TTM (Sector)	3.4	3.2	2.9
P/EBIT TTM (Sector)	10.8	11.0	8.1
P/E TTM (Sector)	-0.4	-0.3	-0.5

	CRSR	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	1.4
Rev Chg Q	13.7%	7.3%
Rev Chg LTM	9.8%	6.0%
Rev Chg 3Y Avg	-0.6%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-1.3%	18.8%
CFO/Rev LTM	4.7%	20.4%
Net Inc Mgn	-2.7%	13.1%
VALUATION	LOW
P/S	0.7	3.2
P/CFO	14.1	16.0
P/FCF	17.0	20.7
P/E	-23.9	23.5
STABILITY	GOOD
Debt/Equity	0.20	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
U.S. PC Gaming Components Market Share	46%	5252023	Link
U.S. Gaming Memory Market Share	72%	5252023	Link
Number of Employees	2567	12312024	Link
Corsair Community Members	266418	11062025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

CRSR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points explaining the approximate -31.4% movement of Corsair Gaming (CRSR) stock from August 31, 2025, to December 18, 2025:

1. Corsair Gaming's Q3 2025 Earnings Per Share (EPS) Missed Analyst Forecasts. The company reported adjusted EPS of $0.06 for the third quarter of 2025, which was significantly below the analyst consensus estimate of $0.09, resulting in a negative surprise of 33.33%.

2. Q3 2025 Revenue Fell Short of Analyst Expectations. Although Corsair Gaming's revenue increased by 14% year-over-year to $345.8 million, it did not meet analyst estimates, which ranged from approximately $353.89 million to $354.05 million.

Stock Movement Drivers

Fundamental Drivers

The -28.0% change in CRSR stock from 9/17/2025 to 12/17/2025 was primarily driven by a -29.8% change in the company's P/S Multiple.

	9172025	12172025	Change
Stock Price ($)	8.51	6.13	-27.97%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1407.68	1449.25	2.95%
P/S Multiple	0.64	0.45	-29.75%
Shares Outstanding (Mil)	105.86	106.29	-0.40%
Cumulative Contribution			-27.97%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
CRSR	-28.0%
Market (SPY)	1.9%	52.1%
Sector (XLK)	2.8%	49.7%

Fundamental Drivers

The -33.4% change in CRSR stock from 6/18/2025 to 12/17/2025 was primarily driven by a -37.4% change in the company's P/S Multiple.

	6182025	12172025	Change
Stock Price ($)	9.21	6.13	-33.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1348.87	1449.25	7.44%
P/S Multiple	0.72	0.45	-37.43%
Shares Outstanding (Mil)	105.24	106.29	-1.00%
Cumulative Contribution			-33.45%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
CRSR	-33.4%
Market (SPY)	12.7%	58.7%
Sector (XLK)	15.7%	51.3%

Fundamental Drivers

The -12.9% change in CRSR stock from 12/17/2024 to 12/17/2025 was primarily driven by a -19.3% change in the company's P/S Multiple.

	12172024	12172025	Change
Stock Price ($)	7.04	6.13	-12.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1320.04	1449.25	9.79%
P/S Multiple	0.56	0.45	-19.25%
Shares Outstanding (Mil)	104.40	106.29	-1.81%
Cumulative Contribution			-12.95%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
CRSR	-12.9%
Market (SPY)	12.1%	67.1%
Sector (XLK)	16.9%	66.6%

Fundamental Drivers

The -58.8% change in CRSR stock from 12/18/2022 to 12/17/2025 was primarily driven by a -53.2% change in the company's P/S Multiple.

	12182022	12172025	Change
Stock Price ($)	14.89	6.13	-58.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1486.99	1449.25	-2.54%
P/S Multiple	0.96	0.45	-53.16%
Shares Outstanding (Mil)	95.86	106.29	-10.88%
Cumulative Contribution			-59.32%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
CRSR	-58.6%
Market (SPY)	44.9%	60.8%
Sector (XLK)	47.0%	57.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CRSR Return	�	-42%	-35%	4%	-53%	-7%	�
Peers Return	23%	48%	-40%	50%	14%	110%	295%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
CRSR Win Rate	67%	17%	50%	58%	25%	33%
Peers Win Rate	55%	60%	40%	70%	57%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CRSR Max Drawdown	�	-43%	-46%	-11%	-60%	-18%
Peers Max Drawdown	-44%	-4%	-47%	-11%	-11%	-34%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DELL, HPQ, STX, WDC, SONO. See CRSR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	CRSR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-75.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	308.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-35.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	54.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days

Compare to STX, MITK, XRX, ALOT, BGIN

In The Past

Corsair Gaming's stock fell -75.5% during the 2022 Inflation Shock from a high on 2/8/2021. A -75.5% loss requires a 308.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

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About Corsair Gaming (CRSR)

Corsair Gaming, Inc., together with its subsidiaries, designs, markets, and distributes gaming and streaming peripherals, components and systems in the Americas, Europe, the Middle East, and the Asia Pacific. The company offers gamer and creator peripherals, including gaming keyboards, mice, headsets, and controllers, as well as capture cards, stream decks, USB microphones, studio accessories, and EpocCam software. It also provides gaming components and systems comprising power supply units, cooling solutions, computer cases, and DRAM modules, as well as prebuilt and custom-built gaming PCs, and others; and PC gaming software comprising iCUE for gamers and Elgato's streaming suite for streamers and content creators. In addition, the company offers coaching and training, and other services. It sells its products through a network of distributors and retailers, including online retailers, as well as directly to consumers through its website. The company was incorporated in 1994 and is headquartered in Fremont, California. Corsair Gaming, Inc. is a subsidiary of Corsair Group (Cayman), LP.

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Here are 1-2 brief analogies to describe Corsair Gaming (CRSR):

Logitech for serious PC gamers and hardware enthusiasts.
A public market version of Razer, but with a broader range of internal PC components and streaming gear.

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PC Components: Offers a wide range of internal computer hardware including DRAM memory modules, power supply units, PC cases, and liquid cooling solutions.
Gaming Peripherals: Manufactures high-performance input devices such as gaming keyboards, mice, and headsets, as well as mouse pads and controllers.
Streaming & Content Creation Gear: Provides specialized hardware for live streamers and content creators, including capture cards, webcams, microphones, studio lighting, and stream decks under the Elgato brand.
Gaming Furniture: Sells ergonomic gaming chairs and desks designed for comfort and performance during extended gaming sessions.
Storage Solutions: Produces high-speed solid-state drives (SSDs) for internal computer storage and external storage needs.

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Corsair Gaming (symbol: CRSR) primarily sells its products to individual consumers rather than directly to other companies for their own operational use. While Corsair distributes its products through a network of retailers, distributors, and online marketplaces, the ultimate end-users and major customers are individuals.

Here are up to three categories of individual customers that Corsair Gaming serves:

PC Gamers: This is a foundational customer segment for Corsair. Gamers purchase Corsair's high-performance PC components (such as memory, power supplies, cases, and cooling systems) and peripherals (gaming keyboards, mice, headsets) to build, upgrade, or enhance their gaming setups. They prioritize performance, reliability, and features that give them an edge in competitive or immersive gaming experiences.
Content Creators and Streamers: With brands like Elgato under its umbrella, Corsair targets individuals who create and stream digital content. This includes video game streamers, YouTubers, podcasters, and other digital artists. These customers purchase specialized hardware such as capture cards, stream decks, microphones, webcams, and lighting solutions, alongside powerful PC components, to produce high-quality content and engage with their audiences effectively.
PC Enthusiasts and System Builders: This category encompasses individuals who enjoy building, customizing, and optimizing their personal computers, often as a hobby. They seek out high-quality, innovative, and aesthetically pleasing components from Corsair (e.g., RGB RAM, custom cooling solutions, premium cases) to create unique and high-performance machines. While overlapping with gamers, this segment specifically values the DIY aspect and the quality/design of individual components.

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Thi La, Chief Executive Officer

Thi La became Chief Executive Officer of CORSAIR in July 2025, having previously served as Chief Operating Officer since August 2013 and President from January 2021 to July 2025. Before her role as President and COO, she was Senior Vice President and General Manager of CORSAIR's gaming PC component unit. Ms. La served as Vice President of Global Operations and Information Technology at Opnext, Inc., and held various positions at Hewlett Packard, including Director of Consumer Desktop PC, Display and Accessories for North America. She holds a B.S. in Electrical Engineering from San Jose State University.

Michael G. Potter, Chief Financial Officer

Michael G. Potter serves as Chief Financial Officer for CORSAIR, a position he has held since November 2019. He has over 30 years of experience in finance, controlling, and audit with multinational companies. Prior to joining CORSAIR, Mr. Potter spent five years as CFO and Chief Legal Officer at Canadian Solar, a NASDAQ-listed company. He also spent ten years in the semiconductor industry in public-company CFO roles with Lattice Semiconductor Corporation, Neophotonics, and STATS ChipPaC. Earlier in his career, he worked for six years at Honeywell in finance and accounting and at KPMG as an auditor. Mr. Potter is a current board member and Audit Chair for Cordelio Power Inc.

Andy Paul, Founder

Andy Paul co-founded Corsair in 1994 and served as its Chief Executive Officer until his planned retirement, effective July 1, 2025. He has a background in semiconductor companies, having previously served as President of Multichip Technology, a subsidiary of Cypress Semiconductor. Mr. Paul also held various sales, marketing, and engineering positions at companies such as Fairchild Semiconductor. Corsair was acquired by private equity firm EagleTree Capital in 2017, and Paul continued in his role as CEO. He holds an honors degree in Physics from The City University in London.

Peter Hilliard, Chief People and Consumer Experience Officer

Peter “Pete” Hilliard serves as Corsair's Chief People and Consumer Experience Officer, with over 25 years of C-Level HR experience across various multinational companies. He has led several entrepreneurial endeavors, including guiding one through an IPO. Most recently, he was Chief People Officer at Quantenna, Inc., which was acquired by On Semiconductor, and previously Chief Administrative Officer at SGI, Inc., acquired by HPE. Mr. Hilliard also held C-Level HR & Administrative Executive roles for Harmonic, Inc., Agile Software, Inc. (acquired by Oracle), and MetroMedia Fiber Network, Inc.

Carina Tan, Senior Vice President and General Counsel

Carina Tan has served as CORSAIR's Senior Vice President and General Counsel since July 2025, having been Vice President and General Counsel since June 2016. With over 20 years of legal experience, Ms. Tan was previously a partner at Sheppard Mullin Richter & Hampton, where she represented technology companies in matters including mergers and acquisitions, licensing, and intellectual property litigation. Before her legal career, she was a research scientist at NASA, specializing in aerodynamics and aeroelasticity. Ms. Tan holds a J.D. from the University of California, Hastings, and bachelor's and master's degrees in aerospace engineering from the Georgia Institute of Technology.

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The key risks to Corsair Gaming (CRSR) are:

Dependence on the Volatile Gaming Market and PC Upgrade Cycles: Corsair Gaming's business success is heavily reliant on the overall health of the computer gaming industry, particularly the demand for high-performance hardware driven by new game releases and cyclical PC upgrades. A macroeconomic slowdown, shifts in consumer spending patterns, or a decrease in demand for sophisticated gaming hardware could significantly impact the company's sales and profitability. The company observed a shift in consumer spending prioritizing "Component and Systems" over "Gaming Peripherals and Creator" in 2025, delaying anticipated growth in the latter segment.
Intense Competition and Rapid Technological Change: Corsair operates in a highly competitive market against well-established players like Logitech, Razer, and HP (through its HyperX brand), many of whom possess substantial financial and technical resources. This environment necessitates continuous innovation and adaptation to rapid technological advancements and product obsolescence. Failure to keep pace with competitors' new technologies or shifts in market preferences could lead to erosion of market share and strain resources.
Profitability Challenges and Investor Skepticism: Corsair has faced challenges with consistent profitability, experiencing "uneven revenue growth and years of mounting losses." The company's Free Cash Flow (FCF) margin has been significantly lower than its peers, which limits financial flexibility. Furthermore, Corsair has a recurring history of missing Wall Street's earnings expectations, even when revenue is growing, which has contributed to investor skepticism and stock price volatility.

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Widespread adoption and technological maturity of cloud gaming services.

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Corsair Gaming (CRSR) operates in several key addressable markets related to PC gaming, streaming, and computer components. The market sizes for their main products and services are as follows:

Gaming Peripherals: The global gaming peripheral market was valued at approximately USD 6.215 billion in 2024 and is projected to reach USD 11.5456 billion by 2030. Another estimate places the global gaming peripheral market size at USD 7.1 billion in 2024, growing to USD 16.19 billion by 2032.
- Gaming Keyboards: The global gaming keyboard market size was estimated at USD 2.68 billion in 2024 and is expected to reach approximately USD 5.97 billion by 2032. In 2024, the global gaming keyboard market was valued at USD 2.5 billion and is projected to grow to $4.39 billion in 2029.
- Gaming Mice: The global gaming mouse market size was valued at around USD 2.03 billion in 2024 and is projected to reach USD 3.63 billion by 2034. Another report indicates the global gaming mouse market is expected to grow from USD 1.9 billion by the end of 2024 to USD 3.8 billion by 2033.
- Gaming Headsets: The global gaming headset market is projected to grow from USD 3.33 billion in 2024 to USD 6.62 billion by 2032. Other data suggests the global gaming headset market size was valued at USD 2.53 billion in 2024 and is projected to reach USD 4.77 billion by 2033.
Gaming Components and Systems:
- PC Gaming Hardware: The global PC gaming hardware segment is expected to reach USD 44.5 billion in sales in 2025.
- Gaming PC Market: The global PC gaming market reached a valuation of USD 76.73 billion in 2024 and is projected to grow to USD 86.12 billion in 2025, with projections suggesting it will reach approximately USD 152.16 billion by 2032. Another estimate places the global gaming PC market size at USD 61.84 billion in 2024, projected to reach USD 129.93 billion by 2030.
- Computer Hardware Manufacturing: The global computer hardware manufacturing market was valued at US$ 295.7 billion in 2024, with demand estimated to reach US$ 765.64 billion by the end of 2034. The overall computer hardware market size is projected to grow from $705.0 billion in 2024 to $928.61 billion in 2029.
- Memory (RAM): The global gaming RAM market is estimated at USD 5 billion in 2025 and is projected to exceed USD 15 billion by 2033. The global semiconductor memory market was estimated at USD 111.62 billion in 2023 and is projected to reach USD 240.66 billion by 2030. The overall global memory market is estimated to reach US$ 245.59 billion in 2024 and expand to US$ 480.88 billion by the end of 2034.
Streaming Products (Elgato brand):
- Live Streaming Equipment: The global live streaming equipment market grew from USD 11.04 billion in 2024 to USD 12.08 billion in 2025 and is expected to reach USD 19.03 billion by 2030.
- Streaming Devices: The global streaming devices market size was valued at USD 16.78 billion in 2024 and is expected to grow from USD 18.98 billion in 2025 to reach USD 50.82 billion by 2033. Another source indicates the global streaming devices market size was over USD 17.59 billion in 2025 and is projected to reach USD 61.31 billion by 2035.

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Expected Drivers of Future Revenue Growth for Corsair Gaming (CRSR)

Over the next 2-3 years, Corsair Gaming (CRSR) is expected to drive revenue growth through several key initiatives and market trends:

Continuous Innovation and New Product Launches: Corsair Gaming is focused on accelerating the delivery of innovative products for its community of enthusiasts and content creators. This includes strategic new product launches across its gaming peripherals, components, systems, and creator products, such as new chassis like the Corsair Air 5400, Elgato's Facecam 4K webcam, and new keyboards and mice.
Expansion into the Sim Racing Market: A significant growth driver is Corsair's strategic expansion into the sim-racing hardware segment. This is notably bolstered by the acquisition of Fanatec's assets in July 2024, enabling Corsair to leverage innovations like Direct Drive technology and global rollout of Fanatec-branded racing products.
Increased Demand for High-Performance Gaming Components and Systems: Revenue growth is anticipated from the sustained demand for high-performance PC builds and system upgrades. This is particularly driven by the adoption of new GPU generations, such as the NVIDIA 5000 series, and ongoing demand for high-performance DDR5 DRAM in both high-speed and high-capacity configurations.
Growth in Gamer and Creator Peripherals Segment and E-sports: The Gamer and Creator Peripherals segment is expected to continue its year-over-year growth, supported by successful new product introductions and channel expansion. The expanding popularity of esports also presents a significant opportunity for Corsair to boost revenue through its high-performance gaming peripherals and accessories. Strategic partnerships with major gaming brands, like Activision's Call of Duty franchise, further enhance market presence.
Strategic Geographic Expansion: Corsair is actively pursuing growth in underserved channels and demonstrating strong momentum in regions like Asia due to targeted investments. European markets have also shown significant contributions to the company's revenues.

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Here's a summary of Corsair Gaming's (CRSR) capital allocation decisions over the last 3-5 years:

Share Repurchases

Corsair Gaming's Shares Buyback Ratio as of August 30, 2025, was -1.68%, indicating a net issuance rather than repurchases or a net increase in outstanding shares over a certain period.

Share Issuance

In September 2020, Corsair Gaming completed its initial public offering (IPO), raising $238.0 million in gross proceeds. Of this, the company received $127.5 million from offering 7.5 million shares at $17.00 per share.
The company also generates proceeds from the issuance of shares through employee equity incentive plans, with reported amounts of approximately $5.49 million and $5.11 million for the first nine months of 2024 and 2025, respectively.
The number of outstanding shares for Corsair Gaming increased from 103,306,163 as of February 12, 2024, to 104,855,199 as of February 13, 2025, and further to 105,821,145 as of April 25, 2025, reflecting ongoing share issuances.

Outbound Investments

Corsair Gaming consistently pursues a strategy of selective complementary acquisitions to expand its product offerings and market presence.
In July 2023, Corsair acquired Drop (formerly known as Massdrop), an online retailer specializing in peripherals and related items.
In September 2024, Corsair completed the acquisition of the Fanatec product line from Endor AG, expanding its reach into the sim racing market.

Capital Expenditures

Capital expenditures were reported as $8.99 million in 2020, $11 million in 2021, $26 million in 2022, $13 million in 2023, and $9.85 million in 2024.
The company plans to continue significant investments in product development to design innovative, high-quality products and solutions, maintaining its competitive position.
Investments are also being directed towards new categories such as SIM equipment and AI workstations.

Better Bets than Corsair Gaming (CRSR)

	CRSR	Better Performance than CRSR
Metric	Value	INDUSTRY: Technology Hardware, Storage & Peripherals
Rev Chg LTM	9.8%	WDC (39.2%), STX (38.9%), HPE (14.0%), SNDK (10.9%), DELL (10.8%)
Rev Chg 3Y Avg	-0.6%	WDC (8.3%), SNDK (7.7%), HPE (5.9%), AAPL (1.8%), DELL (0.2%)
Op Mgn LTM	-1.3%	AAPL (31.9%), WDC (21.1%), STX (21.1%), DELL (6.7%), HPE (6.2%)
CFO/Rev LTM	4.7%	AAPL (26.6%), WDC (12.7%), STX (11.9%), HPE (7.5%), DELL (6.8%)
FCF/Rev LTM	3.9%	AAPL (23.5%), WDC (9.6%), STX (9.0%), SNDK (6.6%), DELL (4.3%)
Total Yield	-4.2%	HPE (7.1%), DELL (7.0%), WDC (4.4%), STX (4.1%), AAPL (3.0%)
P/S	0.7	KTCC (0.1), HPQ (0.5), QMCO (0.5), SCKT (0.5), ALOT (0.5)
P/Op Inc	-50.2

	CRSR	Better Performance than CRSR
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	9.8%	NVDA (65.2%), PLTR (47.2%), AVGO (28.0%), MSFT (15.6%), ORCL (11.1%)
Rev Chg 3Y Avg	-0.6%	NVDA (91.6%), AVGO (24.0%), MSFT (13.2%), ORCL (9.8%), AAPL (1.8%)
Op Mgn LTM	-1.3%	NVDA (58.8%), MSFT (46.3%), AVGO (39.0%), ORCL (31.9%), AAPL (31.9%)
CFO/Rev LTM	4.7%	MSFT (50.0%), NVDA (44.4%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	3.9%	PLTR (46.0%), AVGO (41.6%), NVDA (41.3%), MSFT (26.6%), AAPL (23.5%)
Total Yield	-4.2%	MSFT (3.4%), AAPL (3.0%), ORCL (2.6%), NVDA (2.2%), AVGO (1.5%)
P/S	0.7	INGM (0.1), ARW (0.2), SNX (0.2), KD (0.5), HPQ (0.5)
P/Op Inc	-50.2

	CRSR	Better Performance than CRSR
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	9.8%	LLY (36.8%), META (21.3%), MA (14.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-0.6%	BRK-B (19.8%), META (17.3%), AMZN (11.3%), GOOGL (11.0%), TSLA (9.3%)
Op Mgn LTM	-1.3%	META (43.2%), LLY (43.0%), GOOGL (32.2%), AMZN (11.4%), TSLA (5.1%)
CFO/Rev LTM	4.7%	META (56.8%), GOOGL (39.3%), AMZN (18.1%), TSLA (16.5%), BRK-B (9.8%)
FCF/Rev LTM	3.9%	MA (52.5%), META (23.7%), GOOGL (19.1%), TSLA (7.1%), BRK-B (4.8%)
Total Yield	-4.2%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), TSLA (0.4%)
P/S	0.7	CVS (0.2), MCK (0.2), CI (0.3), GM (0.3), ELV (0.4)
P/Op Inc	-50.2

		Best Bets In Information Technology Sector
	CRSR	VRSN	IDCC	ANET	RMBS	GEN	DBX	YOU	MPWR	DAVE	FISV
What You Pay
P/E	-23.9	32.2	17.9	54.6	49.0	30.7	15.7	17.7	23.3	18.3	10.2
P/EBIT	-39.9	23.2	14.5	50.6	41.8	10.9	12.8	19.3	63.7	20.9	6.2
What You Get
Rev Chg Q	13.7%	7.3%	28.0%	27.5%	22.7%	25.3%	-0.7%	15.5%	18.9%	63.0%	0.9%
Rev Chg LTM	9.8%	5.5%	28.8%	27.8%	31.0%	16.2%	-0.4%	17.8%	30.5%	53.8%	5.2%
Rev Chg 3Y Avg	-0.6%	5.2%	27.1%	29.4%	17.3%	16.5%	3.4%	31.0%	17.2%	38.6%	6.8%
FCF/Rev 3Y Avg	2.8%	57.4%	54.2%	41.0%	39.3%	36.7%	33.4%	32.5%	28.6%	26.0%	21.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Corsair Gaming Earnings Notes
2	Would You Still Hold Corsair Gaming Stock If It Fell Another 30%?	Return
3	Corsair Gaming (CRSR) Operating Cash Flow Comparison	Financials
4	Corsair Gaming (CRSR) Debt Comparison	Financials
5	Corsair Gaming (CRSR) Revenue Comparison	Financials
6	Corsair Gaming (CRSR) Operating Income Comparison	Financials
7	Corsair Gaming (CRSR) EBITDA Comparison	Financials
8	Corsair Gaming (CRSR) Tax Expense Comparison	Financials
9	Corsair Gaming (CRSR) Net Income Comparison	Financials
10	Why Corsair Gaming Stock Moved: CRSR Stock Has Lost 71% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
11	ARTICLES
12	Stocks Trading At 52-Week Low		November 18th, 2025

	Title
0	DASHBOARDS
1	Corsair Gaming Earnings Notes
2	Would You Still Hold Corsair Gaming Stock If It Fell Another 30%?
3	Corsair Gaming (CRSR) Operating Cash Flow Comparison
4	Corsair Gaming (CRSR) Debt Comparison
5	Corsair Gaming (CRSR) Revenue Comparison
6	Corsair Gaming (CRSR) Operating Income Comparison
7	Corsair Gaming (CRSR) EBITDA Comparison
8	Corsair Gaming (CRSR) Tax Expense Comparison
9	Corsair Gaming (CRSR) Net Income Comparison
10	Why Corsair Gaming Stock Moved: CRSR Stock Has Lost 71% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
11	ARTICLES
12	Stocks Trading At 52-Week Low

Trade Ideas

Select past ideas related to CRSR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	10.4%	10.4%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.7%	10.7%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	4.2%	4.2%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	13.6%	13.6%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	10.4%	10.4%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.7%	10.7%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	4.2%	4.2%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	13.6%	13.6%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Corsair Gaming

Peers to compare with:

Financials

	CRSR	DELL	HPQ	STX	WDC	SONO	Median
Name	Corsair .	Dell Tec.	HP	Seagate .	Western .	Sonos
Mkt Price	6.13	127.89	24.43	277.65	166.26	18.21	76.16
Mkt Cap	0.7	95.1	25.6	59.7	58.2	1.9	41.9
Rev LTM	1,449	104,090	55,295	9,097	13,279	1,443	11,188
Op Inc LTM	-19	6,924	3,624	1,915	2,806	-33	2,360
FCF LTM	56	4,449	2,800	818	1,279	108	1,048
FCF 3Y Avg	40	4,781	2,978	703	-244	98	400
CFO LTM	68	7,096	3,697	1,083	1,691	137	1,387
CFO 3Y Avg	53	7,474	3,672	981	330	142	655

Growth & Margins

	CRSR	DELL	HPQ	STX	WDC	SONO	Median
Name	Corsair .	Dell Tec.	HP	Seagate .	Western .	Sonos
Rev Chg LTM	9.8%	10.8%	3.2%	38.9%	39.2%	-4.9%	10.3%
Rev Chg 3Y Avg	-0.6%	0.2%	-3.9%	-3.0%	8.3%	-6.3%	-1.8%
Rev Chg Q	13.7%	10.8%	4.2%	29.5%	30.0%	12.7%	13.2%
QoQ Delta Rev Chg LTM	3.0%	2.6%	1.1%	6.5%	4.7%	2.3%	2.8%
Op Mgn LTM	-1.3%	6.7%	6.6%	21.1%	21.1%	-2.3%	6.6%
Op Mgn 3Y Avg	-1.3%	6.1%	7.4%	9.4%	3.7%	-2.1%	4.9%
QoQ Delta Op Mgn LTM	1.1%	0.2%	-0.2%	1.8%	2.4%	2.7%	1.5%
CFO/Rev LTM	4.7%	6.8%	6.7%	11.9%	12.7%	9.5%	8.2%
CFO/Rev 3Y Avg	3.7%	7.8%	6.8%	12.9%	1.0%	9.4%	7.3%
FCF/Rev LTM	3.9%	4.3%	5.1%	9.0%	9.6%	7.5%	6.3%
FCF/Rev 3Y Avg	2.8%	5.0%	5.5%	9.2%	-6.1%	6.5%	5.3%

Valuation

	CRSR	DELL	HPQ	STX	WDC	SONO	Median
Name	Corsair .	Dell Tec.	HP	Seagate .	Western .	Sonos
Mkt Cap	0.7	95.1	25.6	59.7	58.2	1.9	41.9
P/S	0.7	0.9	0.5	5.6	3.2	1.3	1.1
P/EBIT	-39.9	-	-	27.7	19.6	-	19.6
P/E	-23.9	18.3	10.1	34.5	22.5	-31.2	14.2
P/CFO	14.0	13.4	6.9	46.9	24.8	13.9	14.0
Total Yield	-4.2%	7.0%	12.0%	4.1%	4.4%	-3.2%	4.3%
Dividend Yield	0.0%	1.5%	2.1%	1.2%	0.0%	0.0%	0.6%
FCF Yield 3Y Avg	4.0%	-	-	3.0%	-3.0%	-	3.0%
D/E	0.2	-	-	0.1	0.1	-	0.1
Net D/E	0.1	-	-	0.1	0.1	-	0.1

Returns

	CRSR	DELL	HPQ	STX	WDC	SONO	Median
Name	Corsair .	Dell Tec.	HP	Seagate .	Western .	Sonos
1M Rtn	6.2%	4.4%	8.1%	6.2%	2.4%	14.7%	6.2%
3M Rtn	-28.0%	-1.5%	-11.4%	30.5%	64.8%	20.7%	9.6%
6M Rtn	-33.4%	10.6%	3.3%	113.3%	181.4%	83.4%	47.0%
12M Rtn	-12.9%	10.1%	-24.6%	198.8%	245.3%	25.1%	17.6%
3Y Rtn	-58.8%	246.9%	2.3%	489.0%	598.8%	3.8%	125.4%
1M Excs Rtn	5.5%	3.7%	7.4%	5.5%	1.7%	13.9%	5.5%
3M Excs Rtn	-30.8%	-4.2%	-13.8%	27.2%	56.9%	16.2%	6.0%
6M Excs Rtn	-45.8%	-1.8%	-9.1%	100.9%	169.1%	71.0%	34.6%
12M Excs Rtn	-26.6%	-1.1%	-37.2%	183.7%	231.7%	13.9%	6.4%
3Y Excs Rtn	-128.6%	149.2%	-73.4%	383.6%	448.0%	-67.2%	41.0%

Comparison Analyses

	Title
0	Corsair Gaming vs. Seagate Technology: With Return Forecast Of -12%, Corsair Gaming Is A Better Bet
1	Why MITK With 20% Upside May Beat CRSR?
2	CRSR Looks Stronger Than LOGI With 18% Return Potential
3	With 18% Gains On The Table, CRSR May Outshine ALOT

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/26/2025	2/27/2024	2/27/2023	3/1/2022	3/11/2021	9/24/2020
Key Financials
Total Revenue	1,449	1,316	1,460	1,375	1,904	1,702	1,097
EBITDA	30	3	65	-1	172	196	60
Operating Income	-19	-50	10	-55	138	158	24
Net Income	-40	-85	-3	-54	101	103	-8
EPS	-0.34	-0.95	0.03	-0.63	1.08	1.20	-0.09
Growth Rates
Total Revenue Growth	9.8%	-9.8%	6.2%	-27.8%	11.8%	55.2%	17.0%
EBITDA Growth	252.5%	-94.7%	9564.0%	-100.4%	-12.2%	229.1%	1.9%
Operating Income Growth	56.8%	-615.6%	117.7%	-139.7%	-12.9%	568.0%	8.8%
Net Income Growth	50.7%	-3188.8%	95.2%	-153.9%	-2.2%	1329.7%	38.8%
Margins
EBITDA Margin	2.1%	0.3%	4.4%	-0.0%	9.1%	11.5%	5.4%
Operating Income Margin	-1.3%	-3.8%	0.7%	-4.0%	7.2%	9.3%	2.2%
Net Income Margin	-2.7%	-6.5%	-0.2%	-4.0%	5.3%	6.1%	-0.8%
Cash & Debt
Total Cash	64	107	176	151	62	130	48
Total Debt	186	237	247	295	308	339	506
Net Debt / (Cash)	122	130	71	144	246	209	458
Cash Flows
Net Cash from Operations	68	36	89	66	20	169	37
Free Cash from Operations	56	26	76	40	9	160	28
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	2

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/7/2025	5/7/2025	2/26/2025	11/6/2024	8/1/2024	5/7/2024	2/27/2024	11/7/2023	8/3/2023	5/10/2023	2/27/2023
Key Financials Quarterly
Total Revenue	346	320	370	414	304	261	337	417	363	325	354	399
Ebitda	7	-5	8	20	-9	-11	3	25	14	11	15	24
Operating Income	-6	-17	-2	6	-21	-25	-10	12	-1	-3	1	14
Net Income	-11	-21	-10	2	-52	-24	-12	7	-3	-4	-2	7
EPS	-0.09	-0.16	-0.10	0.01	-0.56	-0.28	-0.12	0.06	-0.03	0.01	-0.01	0.13
Key Financials TTM
Total Revenue TTM	1,449	1,408	1,349	1,316	1,320	1,379	1,443	1,460	1,441	1,390	1,348	1,375
Ebitda TTM	30	14	8	3	9	31	53	65	64	53	4	-1
Operating Income TTM	-19	-34	-42	-50	-44	-24	-2	10	11	1	-51	-55
Net Income TTM	-40	-81	-84	-85	-80	-32	-12	-3	-3	-6	-54	-54
Growth Rates Quarterly
Total Revenue Growth	13.7%	22.5%	9.6%	-0.9%	-16.2%	-19.7%	-4.7%	4.7%	16.5%	14.6%	-7.0%	-21.9%
EBITDA Growth	184.5%	56.5%	117.2%	-20.1%	-162.5%	-205.1%	-76.2%	3.5%	288.5%	128.5%	50.2%	-18.8%
Operating Income Growth	73.1%	31.5%	77.9%	-51.1%	-2663.1%	-810.6%	-1085.4%	-11.1%	93.1%	95.1%	141.7%	-45.7%
Net Income Growth	79.4%	13.8%	9.6%	-67.3%	-1579.4%	-440.0%	-474.8%	4.1%	50.4%	91.4%	30.0%	-72.9%
Margins Quarterly
EBITDA Margin	2.1%	-1.6%	2.0%	4.9%	-2.9%	-4.4%	1.0%	6.0%	3.8%	3.4%	4.1%	6.1%
Operating Income Margin	-1.6%	-5.3%	-0.6%	1.4%	-6.9%	-9.5%	-3.0%	2.9%	-0.2%	-0.8%	0.3%	3.4%
Net Income Margin	-3.1%	-6.5%	-2.8%	0.6%	-17.0%	-9.3%	-3.4%	1.7%	-0.8%	-1.4%	-0.6%	1.7%
Cash & Debt
Total Cash	64	105	100	107	59	92	128	176	145	181	179	151
Total Debt	186	191	216	237	243	249	230	247	273	282	284	295
Net Debt / (Cash)	122	86	116	130	185	157	102	71	128	101	105	144
Cash Flows Quarterly
FCF from Operations	-37	30	19	56	25	-18	-26	57	-12	2	42	21
Cash Flows TTM
FCF from Operations TTM	68	130	81	36	37	0	21	89	53	100	114	66
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-2.8%	-8.6%	-1.1%	2.5%	-9.9%	-10.5%	-4.8%	6.5%	-0.4%	-1.0%	0.4%	6.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-2.3%	-4.4%	-5.3%	-6.3%	-5.2%	-2.5%	-0.2%	0.4%	0.7%	0.1%	-6.2%	-6.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Gaming Components and Systems	1,065	937	1,257	1,163	803
Gamer and Creator Peripherals	395	438	647	539	294
Total	1,460	1,375	1,904	1,702	1,097

Price Behavior

Price Behavior

Market Price	$6.13
Market Cap ($ Bil)	0.7
First Trading Date	09/23/2020
Distance from 52W High	-51.1%
	50 Days	200 Days
DMA Price	$7.00	$8.32
DMA Trend	down	down
Distance from DMA	-12.5%	-26.3%
	3M	1YR
Volatility	62.1%	66.4%
Downside Capture	312.46	263.14
Upside Capture	119.30	221.76
Correlation (SPY)	52.3%	67.1%

CRSR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.47	2.61	2.72	2.82	2.21	1.97
Up Beta	3.53	4.21	4.01	4.16	1.98	1.80
Down Beta	1.35	2.08	1.99	2.49	2.20	2.05
Up Capture	5%	66%	120%	162%	452%	586%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	16	27	58	113	353
Down Capture	334%	308%	317%	267%	155%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	25	34	61	128	382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CRSR With Other Asset Classes (Last 1Y)
	CRSR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.1%	17.9%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	66.3%	27.7%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	-0.08	0.57	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		66.1%	66.8%	2.3%	28.5%	42.1%	33.7%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CRSR With Other Asset Classes (Last 5Y)
	CRSR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-29.6%	18.5%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	53.3%	24.6%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	-0.46	0.68	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		54.0%	56.2%	9.7%	16.0%	38.2%	27.0%

Based On 10-Year Data

		Comparison of CRSR With Other Asset Classes (Last 10Y)
	CRSR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.9%	21.8%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	56.3%	24.2%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	-0.06	0.83	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		51.1%	53.2%	9.4%	15.4%	36.1%	26.7%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,927,449
Short Interest: % Change Since 11152025	24.2%
Average Daily Volume	1,215,684
Days-to-Cover Short Interest	3.23
Basic Shares Quantity	106,289,000
Short % of Basic Shares	3.7%

Returns Analyses

	Title
0	Would You Still Hold Corsair Gaming Stock If It Fell Another 30%?
1	Corsair Gaming Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-13.2%	-13.3%	-13.2%
8/7/2025	1.9%	0.2%	0.5%
5/6/2025	-0.3%	28.1%	31.5%
2/12/2025	25.9%	26.1%	5.8%
11/6/2024	-3.8%	-3.1%	5.1%
7/18/2024	-11.8%	-17.2%	-32.6%
5/7/2024	-8.2%	-6.0%	-0.3%
2/13/2024	7.2%	4.5%	-4.0%
...
SUMMARY STATS
# Positive	8	9	12
# Negative	13	12	9
Median Positive	8.0%	15.0%	6.5%
Median Negative	-6.4%	-6.9%	-12.7%
Max Positive	25.9%	38.2%	34.9%
Max Negative	-13.2%	-17.2%	-32.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Szteinbaum Samuel R.		11102025	Buy	6.59	100,000	658,770	2,768,593	Form
1	Kim Sarah Mears		11102025	Sell	6.42	5,263	33,788	136,823	Form

Industry Resources

Technology Hardware, Storage & Peripherals Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Corsair Gaming (CRSR)

Market Price (12/18/2025): $6.135 | Market Cap: $652.1 MilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Corsair Gaming (CRSR)

Market Price (12/18/2025): $6.135Market Cap: $652.1 MilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

Valuation, Metrics & Events

CRSR Stock

Why The Stock Moved

Qualitative Assessment

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In The Past

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About Corsair Gaming (CRSR)

Expected Drivers of Future Revenue Growth for Corsair Gaming (CRSR)

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

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Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/18/2025): $6.135 | Market Cap: $652.1 Mil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (12/18/2025): $6.135
Market Cap: $652.1 Mil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals