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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 Q3 2025 Earnings: Strong Revenue Growth and Improved Profitability

Corsair Gaming reported a robust Q3 2025, with revenue reaching $345.8 million, up 14% year-over-year from $304.2 million in Q3 2024. The Components and Systems segment drove this growth, increasing by over 15% year-over-year, fueled by demand for high-performance PC builds and upgrades around NVIDIA 5000 series GPUs. Gross profit expanded significantly, rising 33.6% to $93.1 million, with a gross margin of 26.9%, up 400 basis points from 22.9% in Q3 2024. The company reported a GAAP operating loss of $5.6 million, an improvement from a loss of $20.9 million in Q3 2024. Adjusted operating income was $13.5 million, up from $2.4 million in Q3 2024. EPS came in at $0.06, below estimates of $0.08562.

Publication Date: Dec -02

📋 Highlights
  • Revenue Growth:: Q3 revenue increased 14% to $345.8M, with Components and Systems segment up over 15% YoY.
  • Gross Profit Expansion:: Gross profit rose 33.6% to $93.1M, with margin improving 400 bps to 26.9%.
  • Adjusted Operating Income:: Adjusted operating income surged to $13.5M, up from $2.4M in Q3 2024, despite GAAP operating loss of $5.6M.
  • Fanatec Acquisition Impact:: New revenue streams from sim racing and expanded categories like coaching/tracking added growth potential.
  • Elgato Performance:: 4K Capture Card drove double- to triple-digit growth, while Streamdeck saw double-digit YoY POS growth.

Segment Performance

The company's gaming components and systems segment grew 15% year-over-year, while peripherals grew 10%. The Elgato brand, particularly the 4K Capture Card launched in June, saw double- to triple-digit growth, and Streamdeck also performed well with double-digit year-on-year point-of-sale growth. As Thi La noted, "the company's components and systems segment revenue is up about 15% since 2019, while the industry's active user base has doubled over the last 5-6 years," highlighting the divergence between software and hardware growth.

Outlook and Guidance

For the full year 2025, Corsair updated its guidance, expecting net revenue of $1.425 billion to $1.475 billion, with adjusted operating income of $76 million to $81 million and adjusted EBITDA of $85 million to $90 million. The company cited a tight DDR5 memory market and cautious consumer spending patterns as reasons for the conservative outlook. Analysts estimate next year's revenue growth at 8.5%.

Valuation

With a P/S Ratio of 0.46 and an EV/EBITDA of 35.42, the market appears to be pricing in significant growth expectations. The stock's P/E Ratio stands at -19.23, reflecting the company's current loss-making position. However, with an ROE of -5.74% and an ROIC of -2.38%, the company's profitability metrics remain a concern. The Free Cash Flow Yield is 8.43%, indicating a potentially attractive return for investors.

Strategic Developments

The acquisition of Fanatec is providing new opportunities, including expanding product roadmaps, entering new categories such as coaching and performance tracking, and tapping into verticals like flight sim and farm sim. These are expected to drive incremental revenue. The company's partnerships with leading motorsport brands highlight its position as a trusted innovator in sim racing.

3. NewsRoom

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Corsair Gaming to Present at Barclays Global Technology Conference 2025

Dec -04

Source: businesswire.com

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AE Wealth Management LLC Invests $98,000 in Corsair Gaming, Inc. $CRSR

Nov -19

Source: defenseworld.net

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Corsair Gaming, Inc. (NASDAQ:CRSR) Receives Consensus Recommendation of “Hold” from Analysts

Nov -17

Source: defenseworld.net

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Head-To-Head Comparison: Codere Online Luxembourg (NASDAQ:CDRO) vs. Corsair Gaming (NASDAQ:CRSR)

Nov -17

Source: defenseworld.net

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Corsair Q3: Don't Dwell On Transitory DDR5 Weakness (Rating Upgrade)

Nov -06

Source: seekingalpha.com

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Corsair Gaming, Inc. (CRSR) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Corsair Gaming, Inc. (NASDAQ:CRSR) Receives Average Rating of “Hold” from Analysts

Oct -23

Source: defenseworld.net

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CORSAIR Redefines PC Design and Performance Possibilities with Launch of Highly Anticipated AIR 5400

Oct -21

Source: businesswire.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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Quantum

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Value: 10.0

Growth: 1.0

Quality: 5.8

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

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Identiv

A-Score: 4.4/10

Value: 8.4

Growth: 3.6

Quality: 6.3

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

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Stratasys

A-Score: 4.3/10

Value: 8.6

Growth: 2.3

Quality: 3.5

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

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Corsair Gaming

A-Score: 4.0/10

Value: 6.5

Growth: 2.7

Quality: 4.5

Yield: 0.0

Momentum: 7.5

Volatility: 3.0

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A-Score: 3.9/10

Value: 8.1

Growth: 4.9

Quality: 4.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

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Red Cat Holdings

A-Score: 3.7/10

Value: 6.0

Growth: 2.8

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

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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

6.53$

Current Price

6.53$

Potential

-0.00%

Expected Cash-Flows