# Corsair Gaming, Inc. (CRSR)

> Source: Nexqual · https://nexqual.com/CRSR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Corsair Gaming, Inc. (CRSR), nexqual.com/CRSR" · informational, not investment advice.

**Price:** USD 13.64 (-1.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.81 · day 13.13–13.64 · 52w 4.48–14.98 · market cap $1.48B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.45B, net income $36.8M (2.5% margin), free cash flow $89.7M (SEC filings).
- Valuation: P/E 40.1x, EV/EBITDA 24.5x, net cash $75.6M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $121K; 1 not under a Rule 10b5-1 plan ($121K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.56 on a 1–5 scale) (9 analysts), mean target USD 13.22 (range 11–16).
- Total return with dividends: 1Y +62.4% vs S&P 500 +14.9%; 5Y -45.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.12, revenue estimate $337M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.90B | $1.38B | $1.46B | $1.32B | $1.47B | $1.45B |
| Gross profit | $514M | $297M | $360M | $328M | $426M | — |
| Operating income | $138M | -$54.8M | $9.7M | -$50.0M | $2.1M | $42.7M |
| Net income | $101M | -$54.4M | -$2.6M | -$85.2M | -$16.2M | $36.8M |
| EPS (diluted) | $1.01 | -$0.63 | $0.03 | -$0.95 | -$0.12 | — |
| Free cash flow | $9.2M | $40.1M | $76.4M | $26.0M | $34.7M | $89.7M |
| Gross margin | 27.0% | 21.6% | 24.7% | 24.9% | 28.9% | — |
| Operating margin | 7.2% | -4.0% | 0.7% | -3.8% | 0.1% | 2.9% |
| Net margin | 5.3% | -4.0% | -0.2% | -6.5% | -1.1% | 2.5% |
| Revenue growth | +11.8% | -27.8% | +6.2% | -9.8% | +11.9% | — |
| Cash + short-term investments | $65.4M | $154M | $179M | $110M | $98.8M | — |
| Total debt | $248M | $239M | $198M | $174M | $121M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 40.1x · P/S 1.0x · EV/EBITDA 24.5x · EV/Sales 1.0x · P/FCF 16.4x · P/B 2.2x · FCF yield 6.08% · Earnings yield 2.49% · Net cash $75.6M · EV $1.40B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Kim Sarah Mears | Director | 8,874 | $121K | 28.3% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.56 on a 1–5 scale), 9 analysts; mean target USD 13.22 (low 11, high 16).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | Barclays | Target raised | Overweight | $9 → $15 |
| 2026-08-03 | Wedbush | Target raised | Outperform | $8 → $13 |
| 2026-07-23 | B. Riley Securities | Target raised | Neutral | $7.5 → $9 |
| 2026-07-22 | Roth Capital | Initiated | Buy | $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +62.4% | -45.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +62.6% | -11.3% |
| Volatility (annualized) | 83.4% | 60.3% |
| Max drawdown | -46.7% (Oct 2025→Feb 2026) | -80.8% (Nov 2021→Jan 2026) |

## Peers (Computer Hardware)
QUBT (Quantum Computing Inc.) USD 6.59 -3.37% · CRCT (Cricut, Inc.) USD 6.41 +1.26% · PSQL (Pasqal Holding SA) USD 5.65 -8.28% · ADIG (ADI Global Distribution Inc.) USD 16.48 -0.42% · IQMX (IQM Quantum Computers Oyj) USD 8.9 -5.12% · BRAI (Braiin Limited) USD 3.87 -5.84%

## More
Full page: https://nexqual.com/CRSR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRSR's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1743759/000119312526067833/crsr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | NVIDIA (NVDA) | "In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the need…" |
| Supplier | Intel (INTC) | "In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the need…" |
| Supplier | AMD (AMD) | "In addition, our marketing personnel regularly meets with other key industry suppliers such as NVIDIA, Intel, AMD and game publishers in order to ensure that our product development efforts appropriately address the need…" |
| Customer | Amazon (AMZN) | "In 2025 and 2024, sales to Amazon accounted for 27.4% and 30.9% of our net revenue, respectively." |
| Competitor | Microsoft (MSFT) | "Our primary competitors in the performance controller market include Microsoft and Logitech." |
| Competitor | Dell Technologies (DELL) | "Our primary competitors in the market for prebuilt gaming PCs and laptops include Dell through its Alienware brand, HP through its Omen brand, Asus, MSI and Razer." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gaming Components & Systems | $198.5M | 63.1% | -8.7% |
| Gamer & Creator Peripherals | $115.9M | 36.9% | +12.9% |
| Total revenue | $314.3M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Memory Products | $123.0M | 39.1% | +17.2% |
| Gaming Peripherals Products | $115.9M | 36.9% | +12.9% |
| Other Component Products | $75.4M | 24.0% | -32.9% |
| Total revenue | $314.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $151.8M | 48.3% | +4.1% |
| Europe & Middle East | $97.8M | 31.1% | -9.9% |
| Asia Pacific | $45.4M | 14.4% | +4.8% |
| Americas | $19.3M | 6.2% | -13.7% |
| Total revenue | $314.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 26.6% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Financial Outlook: For the third quarter of 2026, we expect: • Net revenue to be in the range of $320 million to $350 million. • Adjusted EBITDA to be in the range of $18 million to $21 million. • Non-GAAP EPS to be in the range of $0.09 to $0.12."
- "For the full year 2026, we expect: • Net revenue to be in the range of $1.40 billion to $1.47 billion. • Adjusted EBITDA to be in the range of $121 to $131 million. • Non-GAAP EPS to be in the range of $0.85 to $0.94."
- "The third quarter and full year 2026 outlook assumes continued double-digit growth in Gamer and Creator Peripherals, led by Fanatec, Elgato and Stream Deck, with the higher-margin mix and continued direct-to-consumer progress supporting consolidated gross margin."
- "Our full year 2026 outlook for net revenue represents an increase of approximately $35 million at the assumed midpoint of our updated guidance range, compared to our prior guidance."

Analysts expect $336.6M for the current quarter, +0.5% vs the guidance midpoint $335.0M. Source: https://www.sec.gov/Archives/edgar/data/1743759/000119312526337943/crsr-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.11 | +7.0% | $336.6M | 9 |
| Next quarter (ends 2026-12-31) | $0.29 | $0.27 | +6.4% | $435.5M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.90 | $0.72 | +25.0% | $1.44B | 9 |
| Next fiscal year (ends 2027-12-31) | $0.83 | $0.77 | +7.8% | $1.51B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±19.8%; last 8 reports averaged ±15.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 86.5% | ±19.8% |
| 2026-12-18 | 56 | 74.8% | ±23.5% |
| 2027-02-19 | 119 | 67.6% | ±30.1% |
| 2027-05-21 | 210 | 66.3% | ±38.7% |