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what it is
Corsair sells the gear inside your gaming PC and the stuff on your desk when you stream.
how it gets paid
Last year Corsair Gaming made $1.5B in revenue. gaming keyboards, mice, and headsets was the main engine at $0.42B, or 28% of sales.
why it's growing
Revenue grew 11.9% last year. Gross margin at 27.2% mattered most because Corsair's 4.5% net margin leaves very little room for cost mistakes.
what just happened
The latest print showed 27.2% gross margin, while consensus also showed a $0.43 vs $0.27 earnings beat.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
13.2x trailing p/e — the market's not buying it — or you found a deal
10.5% return on capital — nothing to write home about
xvary composite: 30/100 — weak
What they do
Corsair sells the gear inside your gaming PC and the stuff on your desk when you stream.
Corsair wins by selling across the whole setup, not just one gadget. Your keyboard, headset, power supply, memory, and streaming gear can all come from one brand, and 266,880 community members on Corsair's site show the audience is real. Founder and insider ownership is 58.4%, which means management feels the stock with you.
How they make money
$1.5B
annual revenue · their business grew +11.9% last year
gaming keyboards, mice, and headsets
$0.42B
pc components and power supplies
$0.39B
dram and memory products
$0.26B
cases, cooling, and systems
$0.22B
streaming gear and creator tools
$0.21B
The products that matter
gaming and creator hardware
PC Components & Peripherals
$1.5B revenue · +11.9% growth
it's effectively the whole story: a $1.5B branded hardware business that returned to growth last year, but still only kept 4.4% of revenue as net profit.
the core business
Key numbers
$1.5B
annual revenue
This is a real business, not a concept stock. You are buying a company already doing $1.5B in sales.
13.2x
trailing p/e
Jargon: P/E → price compared with profit → so what: the market is pricing Corsair like a modest business, not a hero story.
9.0%
operating margin
Jargon: operating margin → profit before interest and taxes → so what: Corsair makes money, but not with much padding.
$117M
long-term debt
Debt is only 16% of capital, which is manageable, but it still matters for a company with a 4.5% net margin.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $117M (16% of capital)
- net profit margin 4.5% — keeps 4 cents of every dollar in revenue
- return on equity 13% — $0.13 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in CRSR 3 years ago → it's now worth $4,400.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
The latest print showed 27.2% gross margin, while consensus also showed a $0.43 vs $0.27 earnings beat.
EDGAR shows the latest quarter at $1.0B in revenue and -$0.35 EPS. Consensus data says the last reported earnings beat estimates by 59.26%, so you should treat the quarter as operationally better than the headline EPS noise suggests.
$1.0B
revenue
$0.35
eps
27.2%
gross margin
the number that mattered
Gross margin at 27.2% mattered most because Corsair's 4.5% net margin leaves very little room for cost mistakes.
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we have updated our coverage of corsair to use adjusted earnings per share from 2025 onwards.we believe that this change will allow for more accurate forecasting of the company’s long-term performance, especially given the cyclical nature of its core pc gaming equipment business.
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as part of this change, we have updated reported earnings from the first two quarters of 2025.
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prior-year figures, however, have not been recalculated.
-
recent third-quarter results continued to show recovery from 2024’s lows.
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revenues were up 14% from the like year-ago period, while adjusted earnings per share were in the black, compared to a net loss of $0.29 per share a year ago.that said, neither the top or bottom lines matched the results seen in the 2023 third quarter, continuing an ongoing trend.
source: company earnings report, 2026
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What could go wrong
the #1 risk is enthusiast gaming hardware demand rolling over again.
med
discretionary demand is the whole story
CRSR generated $1.5B in revenue from products people can delay buying when budgets tighten. this is not toothpaste. it is hobby hardware.
when demand slips, the entire top line feels it because all reported revenue sits in the same broad gaming and creator spend bucket.
med
thin margins leave no shock absorber
a 4.4% net profit margin on $1.5B in sales means there is not much room for promotions, freight costs, or inventory mistakes.
small operating pressure can wipe out a large share of earnings. that is the downside of running a low-margin hardware model.
med
customer concentration still matters
the snapshot flags reliance on a few large customers. when distribution is concentrated, one relationship can matter more than you want it to.
with only $117M of long-term debt but no huge margin cushion, a lost customer would pressure both growth and confidence at the same time.
all three risks hit the same weak point: a $1.5B business keeping only 4.4% of revenue as profit does not have much room to absorb a bad quarter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net margin
4.4% is the number to watch. if revenue grows and margin does not, the turnaround story is weaker than it looks.
trend
revenue growth after the rebound
last year delivered 11.9% growth. you want to see whether that is a real recovery or just an easy comparison.
cal
next earnings check-in
Q4 2026 estimates call for $0.30 EPS on $0.3B revenue. this is where the rebound thesis gets tested again.
risk
institutional buying versus price action
institutions were net buyers for three straight quarters, yet the stock still sits near the bottom of its $5–$13 range. one of those signals needs to blink first.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the lowest rating. in human-speak, analysts expect this stock to lag badly in the near term.
risk profile
below average
stability score 4 means more volatility than most stocks. you should expect bigger swings, not a smooth climb.
chart momentum
average
technical score 3 says the chart is not giving a clear edge either way. no rescue signal here.
earnings predictability
20 / 100
analysts have a hard time modeling this business cleanly. that's what happens when demand and margins both move around.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 93 buyers vs. 82 sellers in 3q2025. total institutional holdings: 38.0M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$2
$9
$6
current price
$6
target midpoint · +1% from current · 3-5yr high: $15 (+150% · 26% ann'l return)
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