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1. Company Snapshot

1.a. Company Description

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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1.b. Last Insights on CRSR

Corsair Gaming's recent performance was driven by strong Q4 earnings, exceeding Wall Street expectations. The company's peripherals business continued to grow well, and component sales started to stabilize. The launch of Nvidia's 50-series GPU and the Apple collaboration are expected to drive revenue growth in 2025. Additionally, Corsair's acquisition of Fanatec and partnerships with "Call of Duty" and NVIDIA may enhance revenue. The company has also received prestigious awards, including the Best Keyboard Award for 2025 from The New York Times' Wirecutter and PC World.

1.c. Company Highlights

2. Corsair Gaming's Strong 2025 Execution Sets Stage for Continued Growth

Corsair Gaming delivered a robust financial performance in 2025, with revenue growing 12% to $1.47 billion, gross profit increasing 30% to $426 million, and adjusted EBITDA surging over 80% to $101 million. The company's EPS came in at $0.43, significantly beating estimates of $0.26. The strong execution was driven by growth in gaming components and systems, as well as gamer and creator peripherals, with memory and core components leading the way.

Publication Date: Mar -04

📋 Highlights
  • 2025 Revenue Growth: Achieved 12% increase to $1.47 billion, driven by gaming components and peripherals.
  • Gross Profit Expansion: Rose 30% to $426 million; adjusted EBITDA surged 80% to $101 million.
  • 2026 Guidance: Projects $1.33–$1.47 billion revenue, $100–$115 million adjusted EBITDA, and $0.58–$0.74 non-GAAP EPS.
  • Elgato Marketplace: 2 million active users and B2B sales, with plans for recurring revenue models.
  • OpEx Optimization: 3–4% year-over-year reduction in operating expenses, offsetting $12 million tariff headwinds.

Operational Highlights and Future Guidance

Corsair Gaming's management team highlighted the company's focus on driving margin expansion through operational discipline and the creator marketplace. The company plans to scale the Elgato marketplace to grow recurring revenue, with over 2 million active users currently posting content. For 2026, the company expects net revenue to be in the range of $1.33 billion to $1.47 billion, with adjusted EBITDA projected to be between $100 million and $115 million.

Valuation and Growth Expectations

Given the company's growth prospects, Corsair Gaming's valuation multiples appear reasonable. The stock trades at a P/S Ratio of 0.42 and an EV/EBITDA multiple of 12.46. Analysts estimate revenue growth of 6.7% next year, which suggests a relatively stable growth trajectory. As Thi La mentioned, "We expect to continue improving the quality of growth through mix, integrated platforms, and innovation," which is expected to drive future growth.

Segment Performance and Outlook

The memory segment is expected to have relatively flat margins year over year, with a modest gross margin lift in the latter part of the year. The peripherals business is expected to continue growing, driven by demand from creators and sim racing enthusiasts. The company is also well-positioned for the Grand Theft Auto VI launch in 2026, which is expected to benefit its controllers business through the Scuf brand and video capture through Elgato.

Inventory and Supply Chain Management

3. NewsRoom

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Memory Prices Are Up 4x and Corsair May Be the Biggest Beneficiary

Feb -24

Source: 247wallst.com

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Head to Head Analysis: Bally’s (NYSE:BALY) and Corsair Gaming (NASDAQ:CRSR)

Feb -19

Source: defenseworld.net

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Corsair Gaming: Reporting Day Gains Show Undervaluation For 2026E

Feb -13

Source: seekingalpha.com

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Corsair Stock Soars 55% After Q4 Double Beat, $50M Buyback

Feb -13

Source: benzinga.com

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Best Value Stocks to Buy for February 13th

Feb -13

Source: zacks.com

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Corsair Gaming, Inc. (CRSR) Q4 2025 Earnings Call Transcript

Feb -13

Source: seekingalpha.com

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Why Corsair Gaming Stock Is Soaring After Q4 Results Thursday

Feb -12

Source: feeds.benzinga.com

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Corsair Gaming: AI Memory Demand And Weak Consumer Environment Create Long-Term Opportunity

Feb -03

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.44%)

6. Segments

Gaming Components and Systems - Other Component

Expected Growth: 7%

Corsair's 7% growth in Gaming Components and Systems - Other Component is driven by increasing demand for high-performance gaming PCs, rising popularity of esports, and growing adoption of RGB lighting and customizable components. Additionally, Corsair's strong brand reputation, innovative products, and strategic partnerships with gaming OEMs and system integrators contribute to its growth.

Gaming Components and Systems - Memory Products

Expected Growth: 9%

Corsair's Memory Products growth is driven by increasing demand for high-performance gaming systems, rising adoption of cloud gaming, and growing popularity of esports. Additionally, advancements in technology, such as DDR5 and PCIe 4.0, are fueling demand for high-capacity and high-speed memory products, contributing to a 9% growth rate.

Gamer and Creator Peripherals

Expected Growth: 6%

Corsair's 6% growth in Gamer and Creator Peripherals is driven by increasing demand for high-performance gaming peripherals, growing esports industry, and rising popularity of content creation. Additionally, Corsair's strong brand reputation, innovative products, and strategic partnerships contribute to its market share expansion.

7. Detailed Products

Memory and Storage

Corsair offers a range of high-performance memory and storage solutions, including DDR4 and DDR5 RAM, SSDs, and HDDs, designed for gaming and content creation.

PC Cases

Corsair's PC cases offer advanced cooling, cable management, and aesthetics, designed for custom builds and gaming systems.

Liquid Cooling

Corsair's liquid cooling solutions provide advanced heat dissipation and quiet operation for CPUs and GPUs.

Power Supplies

Corsair's power supplies offer high wattage, high efficiency, and modular design for reliable power delivery.

Peripherals

Corsair's peripherals include gaming keyboards, mice, and headsets, designed for precision, comfort, and immersive gaming experiences.

Streaming and Capture Cards

Corsair's streaming and capture cards enable high-quality video capture and streaming for content creators and gamers.

8. Corsair Gaming, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Corsair Gaming, Inc. faces moderate threat from substitutes, as gamers can opt for alternative gaming peripherals from other manufacturers.

Bargaining Power Of Customers

Corsair Gaming, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in pricing and product offerings.

Bargaining Power Of Suppliers

Corsair Gaming, Inc. relies on a few key suppliers for components, which gives them some bargaining power, but the company's large scale of operations helps mitigate this risk.

Threat Of New Entrants

The gaming peripherals market has high barriers to entry, including significant R&D investments and established distribution channels, making it difficult for new entrants to compete with Corsair Gaming, Inc.

Intensity Of Rivalry

The gaming peripherals market is highly competitive, with several established players, including Razer, Logitech, and SteelSeries, which increases the intensity of rivalry and competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 26.97%
Debt Cost 12.01%
Equity Weight 73.03%
Equity Cost 12.01%
WACC 12.01%
Leverage 36.93%

11. Quality Control: Corsair Gaming, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.3/10

Value: 7.0

Growth: 2.7

Quality: 4.5

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.67$

Current Price

5.67$

Potential

-0.00%

Expected Cash-Flows