Corsair Gaming Inc (CRSR)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whoever buys today is betting that the razor-thin $2.1 million operating profit becomes a sustainable net profit, that the memory cycle stays friendly, and that the private-equity owner shares its interests with those of public shareholders — at a company with no profit year since 2021 and $358 million of goodwill on the books. Whoever waits checks four things in every quarterly report (10-Q): does operating income turn durably and clearly positive? How does DRAM memory revenue track the chip-price cycle? Does the EagleTree stake shift through buybacks? And does the goodwill stay untouched? The decision is yours.
symbol.quality_note
Almost every PC gamer knows Corsair — keyboards, headsets, power supplies, Elgato streaming gear, and since 2024 Fanatec sim racing. The stock is popping up on Reddit again (4 mentions in 24 hours, ApeWisdom, as of July 23, 2026), and the comeback story sounds good: 2025 revenue grew 11.9 percent to $1,472.5 million, gross margin rose to 28.9 percent, operating cash flow swung to +$50.1 million. But the books Corsair files with the U.S. securities regulator, the SEC, also say: four consecutive loss years, an operating profit of a razor-thin $2.1 million in 2025, two-thirds of revenue from low-margin components (35 percent of it DRAM memory), a private-equity majority owner, and $358 million of goodwill on the balance sheet. Not investment advice — just the question of how much of the old Corsair is still inside the new one.
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This analysis is as of July 23, 2026. Stock Watch will tell you what's changed at CRSR since then.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AICorsair setzt laut 10-K 2025 KI operativ ein — proprietäre KI-/Machine-Learning-Algorithmen für interne Geschäftsfunktionen und in einzelnen Kundenangeboten (z. B. Kundensupport). KI ist keine belegbare, gesondert ausgewiesene Umsatzquelle: Die „AI workstations“ sind ein junges Produkt im Systems-Geschäft ohne eigene Umsatzzeile, und der Hinweis, künftige GPUs könnten stärker auf KI/Rechenzentren zielen, ist ein zu allgemeiner Marktbezug für eine „bedroht“-Einstufung. Damit greift nach der Vorrang-Regel „nutzt“.
View the full file — quotes, sources, reviewed filings
„We use AI, machine learning, and automated decision-making technologies, including proprietary AI and machine learning algorithms."
Wir setzen KI, maschinelles Lernen und automatisierte Entscheidungstechnologien ein, einschließlich proprietärer KI- und Machine-Learning-Algorithmen.
„For example, we use AI Technologies for various internal business functions and in certain customer offerings, such as customer support."
So nutzen wir KI-Technologien etwa für verschiedene interne Geschäftsfunktionen und in bestimmten Kundenangeboten, beispielsweise im Kundensupport.
Filings Reviewed: 10-K 2026-02-25 · 10-K 2025-02-26 · 10-Q 2026-05-07 · 10-Q 2025-11-04 · 10-Q 2025-08-07 · 10-Q 2025-05-07
Rated on July 23, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.28 | -411.10 | 261 | -19.70 | -9.30 | -19 | -21 |
| 2024: Q3 | -0.29 | -323.10 | 304 | -16.20 | -17.00 | 25 | 22 |
| 2024: Q4 | 0.23 | 4.50 | 414 | -0.90 | 0.60 | 56 | 54 |
| 2025: Q1 | 0.11 | 22.20 | 370 | 9.60 | -2.80 | 19 | 16 |
| 2025: Q2 | -0.07 | 75.00 | 320 | 22.50 | -6.50 | 30 | 28 |
| 2025: Q3 | -0.09 | 69.00 | 346 | 13.70 | -3.10 | -37 | -41 |
| 2025: Q4 | 0.43 | 87.00 | 437 | 5.60 | 5.50 | 38 | 33 |
| 2026: Q1 | 0.27 | 145.50 | 355 | -4.10 | 3.60 | 30 | 26 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A well-known gaming brand with leading positions in several categories and a broad brand fan (Corsair, Elgato, SCUF, Origin, Drop, Fanatec), three decades of market experience and a growing direct-to-consumer channel — a genuine asset the comeback story rightly emphasizes (10-K 2025, Item 1).
Four consecutive loss years (net −$54.4M/−$2.6M/−$85.2M/−$16.2M for 2022–2025); the 2025 operating profit was a razor-thin +$2.1M on $1,472.5M of revenue (0.1 percent margin), and Q1 2026 was −$10.3M net again at revenue down 3.9 percent — the $100 million profits of 2020/2021 belonged to the pandemic special cycle.
Two-thirds of revenue come from the low-margin components segment, 35.3 percent of it from purchased DRAM memory modules; per the 10-K 2025 the DRAM chips account for most of the production cost and their price swings hit revenue and margin "materially" — a commodity cycle Corsair does not control.
$97.2M in cash, only $115.2M of long-term debt and +$50.1M of operating cash flow (2025) stand against $357.8M of goodwill plus $125.2M of intangibles (≈ 76 percent of equity); tangible equity of about $150M is thin, and the report explicitly names impairment risk.
EagleTree (private equity) holds 52.8 percent, nominates five of eight directors and can control the company "in all cases" per the 10-K 2025; as a "controlled company" Corsair forgoes governance safeguards, and the majority owner's interests can differ from those of public shareholders.
Corsair is the anchor trap in pure form: a familiar gaming brand whose memory of the pandemic profit sets a yardstick the company today does not meet. In 2025 revenue recovered to $1,472.5 million (+11.9 percent), gross margin rose to 28.9 percent, operating cash flow swung to +$50.1 million — but the net line showed the fourth straight loss year (−$16.2 million), operating income was a razor-thin +$2.1 million, and Q1 2026 slid back into the red. On top of that, a third of revenue rides on the DRAM price, a private-equity owner holds the majority, and $358 million of goodwill weighs on thin tangible equity. Whoever invests is betting on a durable turnaround — carried by a brand, not by profits. Not investment advice.
- CRSR made the research list via the Reddit hype scanner (4 mentions in 24 hours, ApeWisdom, as of July 23, 2026) — a quiet attention signal, not a momentum hype: attention here is the trigger for research, not its result.
- Metrics carry annual, quarterly or data-cut-off references; valuation figures are deliberately kept as an order of magnitude, without a daily price — analyses are evergreen, daily prices are not a buy argument. Operating cash flow (+$50.1 million) is friendlier than the net result (−$16.2 million) because depreciation of acquired brands does not consume cash.
- Identity verified against EDGAR: Corsair Gaming, Inc. (CIK 1743759), incorporated 2017 in Delaware as EagleTree-Carbide Acquisition Corp., renamed 2018, IPO September 2020; CEO change to Thi La effective July 1, 2025. Not to be confused with the like-named private-equity house EagleTree Capital, the majority owner.
About the Company
Corsair Gaming, Inc., together with its subsidiaries, designs and sells gaming and streaming peripherals, components, and systems in Europe, the Middle East, North Africa, North America, Latin America, and the Asia Pacific. The company operates in two segments, Gamer and Creator Peripherals, and Gaming Components and Systems. The Gamer and Creator Peripherals segment offers gaming keyboards, mice, headsets, and controllers Stream Decks, microphones, teleprompters, audio interfaces, Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture. Its Gaming Components and Systems segment provides power supply units, cooling solutions, computer cases, dynamic random access memory modules. pre- and custom-built gaming personal computers and laptops, and AI workstations. The company also offers software platforms, including iCUE for gamers and Elgato streaming suite for content creators, as well as digital services. It sells its products through e-retail, retail, and direct-to-consumer channels, as well as distributors. The company was formerly known as Corsair Components (Cayman) Ltd and changed its name to Corsair Gaming, Inc. in 2018. Corsair Gaming, Inc. was incorporated in 1994 and is headquartered in Milpitas, California.
| Employees | 2,355 |
|---|---|
| Headquarters | Milpitas, CA |
| Website | corsair.com |
| IPO Date | 23. Sep 2020 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Thi L. La | CEO, President, COO & Director | 1965 |
| Gordon Mattingly | Chief Financial Officer | 1971 |
| Roland Oberdorfer | Chief Technology Officer | – |
| Shamyo Chatterjee | Chief Information Officer | – |
| Ronald Van Veen | Vice President of Finance & Investor Relations | – |
| Carina M. Tan J.D. | Senior VP & General Counsel | – |
| Michael Buchanan | Senior Vice President of Worldwide Sales | – |
| Peter E. Hilliard | Chief People & Consumer Experience Officer | 1967 |
| Bertrand Chevalier | Executive Vice President of Gaming Products | 1971 |
| Matthew Hsu | Senior Vice President of System Products | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.