Corsair Gaming (CRSR) AI Stock Analysis

• Market Cap: $897.07M
• Dividend Yield: N/A
• Average Volume (3M): 569.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.85
• Revenue Growth: 2.08%
• EPS Growth: -113.97%
• Country: US
• Employees: 2,567
• Sector: Technology
• Sector Strength: 84
• Industry: Computer Hardware
• EPS (TTM): 0.01
• Shares Outstanding: 106,036,970
• 10 Day Avg. Volume: 832,521
• 30 Day Avg. Volume: 569,496
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.22
• Enterprise Value/Revenue: 0.78
• Enterprise Value/Gross Profit: 2.99
• Enterprise Value/Ebitda: 523.28
• 1Y Price Target: $12.00
• Price Target Upside: 34.98% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 60 Neutral
• Price Target: $10.00 ▲(12.49% Upside)

Corsair Gaming's overall stock score reflects a mix of financial challenges and positive strategic developments. The company's strong earnings call performance and new credit agreement are significant positives, indicating potential for future growth. However, ongoing profitability issues and valuation concerns weigh on the score. Technical analysis suggests a lack of strong momentum, adding to the cautious outlook.

Positive Factors

Product Demand and Market Expansion

The latest GPU cycle is driving growth in the components segment as high-quality games requiring robust system upgrades entice DIY game system builders to overhaul their setups.

Revenue and Financial Performance

Corsair reported Q1 results that beat estimates and consensus on revenue.

Negative Factors

Guidance and Forecasting

Corsair withdrew its FY:25 guidance for revenue of $1.4 – 1.6 billion and Adjusted EBITDA of $80 – 100 million due to significant uncertainty on whether reciprocal tariffs re-emerge.

Tariff and Regulatory Risks

Significant uncertainty remains on whether reciprocal tariffs re-emerge on other APAC countries where Corsair has sourcing exposure and what impact tariffs may have on consumer spending.

Corsair Gaming Business Overview & Revenue Model

Company Description

Corsair Gaming, Inc. (CRSR) is a prominent American company that specializes in designing and manufacturing high-performance gear and technology for gamers, content creators, and PC enthusiasts. The company's extensive product portfolio includes gaming peripherals such as keyboards, mice, and headsets, as well as PC components like power supplies, cooling solutions, and memory modules. Additionally, Corsair offers streaming equipment and software to enhance the gaming and content creation experience, catering to both casual and professional users.

How the Company Makes Money

Corsair Gaming generates revenue through the sale of its diverse range of products across several key categories. The primary revenue streams include gaming peripherals, which encompass products like keyboards, mice, and headsets, and PC components, including cases, power supplies, and cooling solutions. Another significant revenue source is the company's memory products, which are essential for high-performance computing and gaming. Corsair also capitalizes on the growing market for streaming and content creation by offering products like capture cards and lighting solutions. The company sells its products through various distribution channels, including direct-to-consumer sales via its website, partnerships with major retailers, and collaborations with e-commerce platforms. Additionally, Corsair benefits from strategic partnerships and sponsorships within the gaming and esports industries, further bolstering its brand visibility and market reach.

Corsair Gaming Financial Statement Overview

Summary

Corsair Gaming's financial performance is mixed. The income statement shows declining revenues and negative net income, indicating profitability issues. However, the balance sheet is stable with low leverage, and cash flow statements show positive trends in operational cash generation, suggesting potential recovery.

Income Statement

Corsair Gaming's income statement reveals a challenging environment with declining revenues and negative net income for the TTM period. The gross profit margin stands at 25.45% and the net profit margin is -6.67%, indicating profitability issues. Revenue growth is negative compared to previous years, reflecting a downward trend. The negative EBIT and EBITDA margins further highlight operational inefficiencies.

Balance Sheet

The balance sheet shows a relatively stable equity position with an equity ratio of 49.11%, suggesting good financial health. The debt-to-equity ratio is low at 0.02, indicating manageable debt levels. However, the return on equity is negative due to consistent net losses, which is a concern for investors seeking profitability.

Cash Flow

Cash flow analysis shows a positive operating cash flow of $80.94 million in the TTM period, supporting liquidity. Free cash flow has improved significantly, with a growth rate of 171% compared to the previous year, reflecting effective cash management. However, the operating cash flow to net income ratio is high due to negative net income, suggesting reliance on non-operational factors.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.41B	1.32B	1.46B	1.38B	1.90B	1.70B
Gross Profit	366.11M	327.60M	360.26M	296.63M	513.85M	465.43M
EBITDA	2.09M	3.45M	64.64M	-683.00K	172.42M	196.30M
Net Income	-76.88M	-85.18M	-2.59M	-54.39M	100.96M	103.22M
Balance Sheet
Total Assets	1.22B	1.24B	1.36B	1.30B	1.34B	1.31B
Cash, Cash Equivalents and Short-Term Investments	104.63M	107.01M	175.62M	151.18M	62.41M	129.54M
Total Debt	6.12M	237.04M	246.50M	295.17M	308.26M	348.03M
Total Liabilities	606.71M	616.38M	663.48M	641.81M	769.22M	876.73M
Stockholders Equity	603.90M	604.30M	667.58M	623.84M	568.18M	437.39M
Cash Flow
Free Cash Flow	119.09M	26.03M	76.39M	40.07M	9.22M	159.96M
Operating Cash Flow	129.60M	35.88M	89.15M	66.39M	20.19M	168.95M
Investing Cash Flow	-42.09M	-52.70M	-26.98M	-47.03M	-20.54M	-10.28M
Financing Cash Flow	-75.57M	-50.68M	-37.39M	72.61M	-65.40M	-79.13M

Corsair Gaming Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.89
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRSR, the sentiment is Positive. The current price of 8.89 is below the 20-day moving average (MA) of 8.89, below the 50-day MA of 9.20, and above the 200-day MA of 8.62, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 49.32 is Neutral, neither overbought nor oversold. The STOCH value of 24.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRSR.

Corsair Gaming Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STX	76 Outperform	$32.88B	22.84	-109.27%	1.80%	38.86%	337.22%
WDC	74 Outperform	$25.90B	15.48	25.98%	0.13%	2.12%	―
HPQ	69 Neutral	$24.97B	10.24	84.33%	4.12%	2.08%	-12.41%
DELL	67 Neutral	$86.78B	20.38	-179.12%	1.48%	7.68%	27.73%
SMCI	66 Neutral	$25.81B	25.71	17.90%	―	47.04%	-17.89%
Sector *	61 Neutral	$34.98B	7.37	-10.82%	1.91%	8.82%	-8.66%
CRSR	60 Neutral	$897.07M	―	-13.50%	―	2.08%	-113.97%

Corsair Gaming Corporate Events

Corsair Gaming Secures $225 Million Credit Agreement

On June 30, 2025, Corsair Gaming, Inc. entered into an Amended and Restated Credit Agreement with Bank of America, N.A., securing $225 million in total commitments. This agreement, which replaces a prior credit agreement from September 2021, includes a $100 million revolving credit facility and a $125 million term loan facility, both maturing in 2030. The agreement is secured by the company’s assets and includes various financial covenants and conditions. This move is expected to enhance Corsair’s financial flexibility and support its strategic initiatives.

Corsair Gaming Holds Virtual Annual Stockholders Meeting

On June 10, 2025, Corsair Gaming held its Annual Meeting of Stockholders virtually, where 92,649,166 shares were voted on two key proposals. The stockholders elected Class II directors Anup Bagaria, George L. Majoros, Jr., and Stuart A. Martin to the Board until the 2028 meeting and ratified KPMG LLP as the independent auditor for the fiscal year ending December 31, 2025.