Logitech International (CH:LOGN)
NASDAQ:LOGN
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Logitech
(NASDAQ:LOGN)
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Rating:79Outperform
Price Target:
CHF97.00
▲(23.03% Upside)
Action:Reiterated
Date:05/12/26
The score is driven primarily by strong financial quality (high margins, debt-free balance sheet, robust free cash flow) and a constructive earnings outlook with disciplined margin targets. Offsetting factors are stretched near-term technical momentum (RSI/Stoch elevated) and moderate valuation rather than a clear discount, alongside acknowledged geopolitical/tariff-related uncertainty.
Positive Factors
High & stable gross and operating margins
Logitech's structural gross margin target (~43–44%) and FY26 non‑GAAP operating margin of 18.8% reflect durable pricing power and a favorable product mix. High margins support long‑term reinvestment in R&D and go‑to‑market, provide cushioning through hardware cycles, and sustain shareholder returns without needing structural cost cuts.
Negative Factors
Revenue and earnings cyclicality
Logitech's top line and earnings have shown notable cyclicality and remain below prior peak years. Persistent cyclicality in PC and gaming hardware demand reduces predictability of growth and returns, complicates capacity and inventory decisions, and increases execution risk for management's multiyear targets.
Read all positive and negative factors
Positive Factors
Negative Factors
High & stable gross and operating margins
Logitech's structural gross margin target (~43–44%) and FY26 non‑GAAP operating margin of 18.8% reflect durable pricing power and a favorable product mix. High margins support long‑term reinvestment in R&D and go‑to‑market, provide cushioning through hardware cycles, and sustain shareholder returns without needing structural cost cuts.
Read all positive factors
Logitech (LOGN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF11.61B
Dividend Yield1.53%
Average Volume (3M)658.62K
Price to Earnings (P/E)18.6
Beta (1Y)1.26
Revenue Growth-3.73%
EPS Growth5.03%
CountryCH
Employees7,300
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)4.86
Shares Outstanding160,784,450
10 Day Avg. Volume820,336
30 Day Avg. Volume658,618
Financial Highlights & Ratios
PEG Ratio1.13
Price to Book (P/B)5.99
Price to Sales (P/S)2.74
P/FCF Ratio13.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF99.74Price Target Upside26.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)5.76
Revenue Forecast (FY)CHF5.02B
Logitech Business Overview & Revenue Model
Company Description
Logitech International S.A., through its subsidiaries, designs, manufactures, and markets products that connect people to digital and cloud experiences worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless key...
How the Company Makes Money
Logitech primarily makes money by selling branded hardware products (and related accessories) into consumer and business markets. Its revenue model is predominantly product sales: Logitech designs products, sources components, contracts manufactur...
Logitech Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jul 27, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, record-level profitability outside the COVID years, robust cash generation and significant product and market-share momentum (notably in Gaming, Video Collaboration and Personal Workspace). Management also outlined targeted AI-driven R&D and go-to-market investments while maintaining disciplined cost control. Key near-term risks include the Middle East conflict (a tangible Q4 and Q1 headwind), tariff and promotion pressures, memory cost exposure in video products, and limited visibility beyond the first quarter. On balance, the operational achievements, margin strength and cash returns materially outweigh the cited headwinds.Positive Updates
Fiscal Year Revenue Growth
Net sales of $4.8 billion for fiscal year 2026, up 6% year-over-year (4% in constant currency); Q4 net sales $1.086 billion, up 7% in U.S. dollars and 3% in constant currency.
Negative Updates
Middle East Conflict Impact
Q4 impact from the Middle East conflict was approximately $5 million (about 50 basis points). Management expects roughly a 150 basis point negative net sales impact in Q1 FY27 and ongoing logistics/distribution challenges from the Dubai distribution center.
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Q4-2026 Updates
Positive
Negative
Fiscal Year Revenue Growth
Net sales of $4.8 billion for fiscal year 2026, up 6% year-over-year (4% in constant currency); Q4 net sales $1.086 billion, up 7% in U.S. dollars and 3% in constant currency.
Read all positive updates
Company Guidance
Logitech guided Q1 FY27 net sales growth of 2–4% in constant currency (including ~150 basis points of negative impact from the Middle East conflict) and non‑GAAP operating income of $195–$215 million; for FY27 management expects to pursue mid‑ to high‑single‑digit organic top‑line growth while maintaining operating margins at the high end of its long‑term 15–18% target, keeping total non‑GAAP OpEx roughly in a 24–26% of revenue range even as it increases R&D and sales & marketing investment. Management reiterated a structural non‑GAAP gross margin of about 43–44% at current FX (Q4 was 44.8%, FY26 43.6%), and noted FY26 results of $4.8B net sales (+6% YoY, +4% CC), $911M non‑GAAP operating income (18.8%, +18% YoY), operating cash flow >$1B, cash of ≈$1.7B and ~$765–768M returned to shareholders; the Q4 and Q1 outlooks do not assume any tariff reimbursements.Logitech Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
74
Positive
| Breakdown | Mar 2026 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.85B | 4.55B | 4.30B | 5.48B | 5.25B |
| Gross Profit | 2.09B | 1.96B | 1.79B | 2.26B | 2.34B |
| EBITDA | 864.12M | 744.23M | 681.97M | 902.84M | 1.24B |
| Net Income | 712.52M | 631.53M | 612.14M | 644.51M | 947.26M |
Balance Sheet | |||||
| Total Assets | 3.86B | 3.54B | 3.60B | 4.04B | 4.14B |
| Cash, Cash Equivalents and Short-Term Investments | 1.75B | 1.50B | 1.52B | 1.33B | 1.75B |
| Total Debt | 0.00 | 92.40M | 77.03M | 41.90M | 34.42M |
| Total Liabilities | 1.64B | 1.41B | 1.37B | 1.64B | 1.88B |
| Stockholders Equity | 2.22B | 2.13B | 2.23B | 2.40B | 2.26B |
Cash Flow | |||||
| Free Cash Flow | 977.47M | 786.43M | 1.09B | 209.17M | 1.38B |
| Operating Cash Flow | 1.04B | 842.56M | 1.15B | 298.32M | 1.46B |
| Investing Cash Flow | -62.50M | -57.27M | -70.33M | -107.86M | -119.98M |
| Financing Cash Flow | -752.52M | -797.36M | -690.17M | -606.82M | -299.93M |
Logitech Technical Analysis
Positive
78.84
Price Trends
75.52
Positive
74.52
Positive
80.75
Positive
Market Momentum
2.00
Negative
59.64
Neutral
57.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:LOGN, the sentiment is Positive. The current price of 78.84 is below the 20-day moving average (MA) of 79.18, above the 50-day MA of 75.52, and below the 200-day MA of 80.75, indicating a bullish trend. The MACD of 2.00 indicates Negative momentum. The RSI at 59.64 is Neutral, neither overbought nor oversold. The STOCH value of 57.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:LOGN.
Logitech Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | CHF11.61B | 18.65 | 32.30% | 1.53% | -3.73% | 5.03% | |
76 Outperform | CHF4.81B | 36.50 | 55.08% | 1.64% | 34.09% | 111.52% | |
64 Neutral | CHF297.04M | 70.56 | ― | 0.16% | -1.00% | -51.23% | |
64 Neutral | CHF1.77B | -38.27 | ― | 3.40% | 22.24% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | CHF1.86B | -1.43 | -12.96% | ― | -5.27% | -24.26% | |
52 Neutral | CHF1.02B | -4.01 | -20.37% | ― | -27.51% | -36.15% |
* Technology Sector Average
CH:LOGN
Logitech
81.58
10.55
14.85%
CH:TEMN
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CH:AMS
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19.10
11.55
152.98%
CH:UBXN
u-blox Holding AG
134.40
43.60
48.02%
CH:ELMN
Elma Electronic AG
1,300.00
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CH:SWON
SoftwareOne Holding Ltd.
8.24
0.91
12.41%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.