olivLaw · US equity research
Corsair Gaming, Inc. CRSR
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
Corsair Gaming designs and sells high-performance peripherals, components and systems for gamers and content creators, with a strong focus on its iCUE software and Elgato Stream Deck ecosystem. The company reported net revenue of 1472.5 million USD in fiscal 2025, and in the second quarter of 2026 it reached a record gross margin, which makes the trend in its profitability worth watching in the coming period.
At the close of 02 Nov 2026, Corsair Gaming, Inc. (CRSR) stock was 12.20 USD (−3.17% on the day), with market capitalisation 1.3 bn USD, P/E 37.9 on diluted EPS of 0.32 USD over the last 12 months, beta 2.37, 52-week range 4.58–14.35 USD. Latest reported quarter (Q2 2026): revenue of 314.3 m USD (−1.8% YoY), net income of 8.8 m USD, diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.7
- weak (30–45)
- Bollinger (20, 2)
- 12.44 – 14.36
- below the lower band · %B -0.13 · band width 14.3%
- SMA 50 / 200
- 13.09 / 9.04
- mixed trend
- MACD (12, 26, 9)
- -0.04 / 0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.5% | −2.3% | −9.2 pp | — |
| 3 months | +13.0% | −0.8% | +13.7 pp | — |
| 6 months | +77.1% | +4.7% | +72.3 pp | — |
| Year to date | +105.4% | +10.2% | +95.2 pp | — |
| 1 year | +49.7% | +10.3% | +39.4 pp | −18.4% |
| 3 years | −6.9% | +73.0% | −79.9 pp | −6.2% |
| 5 years | −53.5% | +61.8% | −115.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 304.2 m | 413.6 m | 369.8 m | 320.1 m | 345.8 m | 436.9 m | 354.5 m | 314.3 m |
| Cost of revenue | 234.5 m | 305.4 m | 267.4 m | 234.2 m | 252.7 m | 292.3 m | 238.5 m | 210.0 m |
| Gross profit | 69.7 m | 108.2 m | 102.4 m | 85.9 m | 93.1 m | 144.6 m | 116.0 m | 104.3 m |
| Research & development | 16.5 m | 17.0 m | 17.6 m | 17.5 m | 16.7 m | 17.3 m | 17.2 m | 15.4 m |
| SG&A | 74.1 m | 85.3 m | 87.0 m | 85.3 m | 82.0 m | 100.4 m | 85.0 m | 81.2 m |
| Operating income | -20.9 m | 5.9 m | -2.3 m | -16.9 m | -5.6 m | 26.9 m | 13.8 m | 7.6 m |
| Interest expense | 3.0 m | 3.1 m | 2.7 m | 2.5 m | 2.1 m | 2.1 m | 1.7 m | 1.7 m |
| Pre-tax income | -24.6 m | 3.2 m | -8.3 m | -20.7 m | -8.3 m | 25.1 m | 12.9 m | 9.1 m |
| Income tax | 27.0 m | 496.0 k | 2.1 m | -369.0 k | 2.1 m | -956.0 k | -157.0 k | -30.0 k |
| Net income | -51.7 m | 2.3 m | -10.5 m | -20.9 m | -10.6 m | 25.8 m | 12.8 m | 8.8 m |
| Diluted EPS | -0.56 | 0.02 ≈ | -0.10 | -0.16 | -0.09 | 0.24 ≈ | 0.11 | 0.06 |
| Operating cash flow | 25.1 m ≈ | 55.6 m | 18.8 m | 30.2 m ≈ | -37.0 m ≈ | 38.2 m | 29.7 m | 74.8 m ≈ |
| Capex | 3.3 m ≈ | 1.5 m | 3.1 m | 2.7 m ≈ | 4.3 m ≈ | 5.3 m | 3.7 m | 2.8 m ≈ |
| Share repurchases | — | — | — | — | — | — | 5.0 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 64 percentile of its own 11-quarter history (min 20.6, median 30.0, max 484.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 937.6 m | 1.1 bn | 1.7 bn | 1.9 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.5 bn |
| Revenue YoY | unavailable | +17.0% | +55.2% | +11.8% | −27.8% | +6.2% | −9.8% | +11.9% |
| Net income | -13.7 m | -8.4 m | 103.2 m | 101.0 m | -54.4 m | -2.6 m | -85.2 m | -16.2 m |
| Net income YoY | unavailable | unavailable | unavailable | −2.2% | −153.9% | unavailable | unavailable | unavailable |
| Diluted EPS | 0.18 | 0.11 | 1.14 | 1.01 | -0.63 | 0.03 | -0.95 | -0.12 |
| Diluted EPS YoY | unavailable | −38.9% | +936.4% | −11.4% | −162.4% | unavailable | −3,266.7% | unavailable |
| net % | -1.5% | -0.8% | 6.1% | 5.3% | -4.0% | -0.2% | -6.5% | -1.1% |
| Free cash flow | -7.9 m | 28.3 m | 160.0 m | 9.2 m | 40.1 m | 76.4 m | 26.0 m | 34.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 98.8 m USD
- Financial debt
- 121.3 m USD
- Net debt
- 22.5 m USD
- Equity
- 633.6 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.19x
- Current ratio
- 1.54x
- ROE
- -2.6%
- ROA
- -1.3%
- FCF margin
- 2.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.9 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 1.2 bn | 1.4 bn | 1.1 bn | 1.1 bn | 988.8 m | 1.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 465.4 m | 513.9 m | 296.6 m | 360.3 m | 327.6 m | 425.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 50.1 m | 60.3 m | 66.5 m | 65.3 m | 67.5 m | 69.1 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 257.0 m | 315.7 m | 284.9 m | 285.3 m | 310.0 m | 354.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 158.4 m | 137.9 m | -54.8 m | 9.7 m | -50.0 m | 2.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 35.1 m | 17.7 m | 9.6 m | 17.4 m | 13.2 m | 9.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 122.0 m | 114.6 m | -63.8 m | -3.5 m | -61.7 m | -12.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 18.8 m | 13.6 m | -9.8 m | -2.4 m | 21.7 m | 2.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 103.2 m | 101.0 m | -54.4 m | -2.6 m | -85.2 m | -16.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 1.14 | 1.01 | -0.63 | 0.03 | -0.95 | -0.12 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 90.6 m | 100.0 m | 96.3 m | 106.3 m | 104.2 m | 106.0 m | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 133.6 m | 65.4 m | 154.1 m | 178.6 m | 109.6 m | 98.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 293.6 m | 291.3 m | 235.7 m | 253.3 m | 218.6 m | 233.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 226.0 m | 298.3 m | 192.7 m | 240.2 m | 260.0 m | 303.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 691.0 m | 705.8 m | 622.8 m | 711.6 m | 623.4 m | 665.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 16.5 m | 16.8 m | 34.9 m | 32.2 m | 29.7 m | 31.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 312.8 m | 317.1 m | 347.7 m | 354.7 m | 354.2 m | 357.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 259.3 m | 225.7 m | 216.3 m | 188.0 m | 164.3 m | 125.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 299.6 m | 236.1 m | 172.0 m | 240.0 m | 207.2 m | 212.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 0 | 4.8 m | 6.5 m | 12.2 m | 12.2 m | 6.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 321.4 m | 242.9 m | 232.2 m | 186.0 m | 161.3 m | 115.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 505.4 m | 446.7 m | 343.0 m | 418.5 m | 396.3 m | 430.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 876.7 m | 769.2 m | 641.8 m | 663.5 m | 616.4 m | 608.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 437.4 m | 568.2 m | 634.1 m | 678.0 m | 604.3 m | 633.6 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 169.0 m | 20.2 m | 66.4 m | 89.2 m | 35.9 m | 50.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 9.0 m | 11.0 m | 26.3 m | 12.8 m | 9.8 m | 15.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 160.0 m ≈ | 9.2 m ≈ | 40.1 m ≈ | 76.4 m ≈ | 26.0 m ≈ | 34.7 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -10.3 m | -20.5 m | -47.0 m | -27.0 m | -52.7 m | -15.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -79.1 m | -65.4 m | 72.6 m | -37.4 m | -50.7 m | -48.9 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality27
- Growth24
- Balance sheet56
- Valuation89
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.31 – 55.79 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)12.31 – 18.64 (Mid 14.75)WACC 9.0% · starting FCFF 97.1 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -6.2%
- Peers: EV/Sales14.65 – 55.79 (Mid 35.02)4 companies used · median multiple 2.6x · quartiles 1.0x – 4.1xEVLV, MITK, MYND, XRX
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 31.6% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | 2.9% | 63 (vs peers) | 10% |
| FCF margin · Quality | 6.2% | 25 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 2.3% | 9 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 11.9% | 53 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 56 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.9x | 80 (vs peers) | 19% |
| FCF yield · Valuation | 6.8% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial56/100 · 1/2 factors with a value
- Growth24/100 · 2/2 factors with a value
- Quality27/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation89/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Corsair Gaming, Inc. (CRSR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.5 bn USD in 2025; YoY growth 11.9%; net margin 2.5%; ROE 5.8%.
The estimated value range is 13.48–37.22 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 24.89 USD, the price of 12.20 USD leaves a potential of 104.0% (value / price − 1) and a margin of safety of 51.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.9x
- FCF yield: 6.8%
- The price is below the estimated value range
What contradicts it
- Gross margin: 31.6%
- FCF margin: 6.2%
- Revenue CAGR 3Y: 2.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 287.7 bn | 879.3 | 1.7% | 2.7% | +24.5% | +85% / +138% |
| FTNTFortinet, Inc. | 92.7 bn | 41.0 | 153.1% | 29.0% | +14.2% | +56% / +140% |
| LOGILogitech International S.A. | 13.4 bn | 17.0 | 38.2% | 16.4% | +6.3% | −16% / +8% |
| CRSRCorsair Gaming, Inc. | 1.3 bn | 37.9 | 5.8% | 2.5% | +11.9% | +50% / −7% |
| EVLVEvolv Technologies Holdings, Inc. | 835.0 m | — | -4.9% | -3.0% | +40.5% | −28% / +15% |
| MITKMitek Systems, Inc. | 812.0 m | 38.3 | 9.2% | 11.4% | +4.4% | +103% / +59% |
| SSYSStratasys Ltd. | 589.9 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 235.4 m | 21.4 | 3.5% | 0.6% | +11.2% | −0% / +9% |
| RDCMRadcom Ltd. | 166.3 m | 14.1 | 11.4% | 16.8% | +17.2% | −24% / +27% |
| XRXXerox Holdings Corp | 164.8 m | — | -128.0% | -11.9% | +12.9% | −55% / −91% |
| MYNDMynd.ai, Inc. | 159.2 m | — | -995.5% | -32.2% | −37.2% | −44% / −97% |
| INVEInve Technologies, Inc. | 64.7 m | — | -10.9% | -62.9% | −19.3% | −21% / −61% |
| LINKInterlink Electronics, Inc | 59.5 m | — | -10.5% | -7.9% | +1.8% | +4% / −31% |
| TACTTransact Technologies Inc | 55.6 m | — | -1.3% | -0.8% | +18.7% | +21% / −20% |
| WETHWetouch Technology Inc. | 11.6 m | 1.3 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 4.6 m | — | -196.3% | -106,283.3% | +499.0% | −70% / −96% |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | 0% / unavailable |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
1- and 3-year price returns: for CRSR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.45 Total return -39% · Per year -39% | 13.19 Total return 8% · Per year 8% | 19.88 Total return 63% · Per year 63% |
| 3 years | 6.92 Total return -43% · Per year -17% | 13.80 Total return 13% · Per year 4% | 22.89 Total return 88% · Per year 23% |
| 5 years | 6.42 Total return -47% · Per year -12% | 14.44 Total return 18% · Per year 3% | 26.36 Total return 116% · Per year 17% |
- Exit P/E± 3.45
- Net margin± 2.42
- Annual revenue growth± 2.03
- Annual dilution± 0.20
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Corsair Gaming designs and sells high-performance peripherals, components and systems for gamers and content creators, with a strong focus on its iCUE software and Elgato Stream Deck ecosystem. The company reported net revenue of 1472.5 million USD in fiscal 2025, and in the second quarter of 2026 it reached a record gross margin, which makes the trend in its profitability worth watching in the coming period.
SWOT
Strengths
- The company has strong brand recognition among gamers and creators, supported by a large number of products delivered over time 1.
- The iCUE and Elgato software ecosystem, together with Stream Deck and the Marketplace, links products together and creates the possibility of recurring revenue 13.
- Improved gross margin, which reached a record level in the second quarter of 2026, shows the product mix moving toward categories with better margins 23.
Weaknesses
- Sales concentration among a few large retailers, especially Amazon, leaves the company exposed to changes in their behaviour or commercial terms 1.
- The components and systems segment declined in the second quarter of 2026, and demand for self-built PCs remained under pressure from memory prices 3.
- The company depends on manufacturing and sourcing in several countries, which makes it sensitive to tariffs and supply chain disruptions 12.
Opportunities
- Extending Stream Deck into workflow automation and professional broadcast production could open new markets 23.
- Local AI workstations could become a new revenue source for the company's components and systems, if demand from prosumers and small businesses grows 3.
- The Trak Racer acquisition and the integration of Fanatec could expand the sim racing offering and the direct-to-consumer channel 23.
Threats
- New trade tariffs and government investigations could raise costs and change import conditions 2.
- Competition in peripherals and components could pressure prices, and hardware demand could be affected by an economic slowdown 1.
- Higher component prices caused by demand for AI infrastructure could keep budget-segment consumers out of the market 13.
Risks
- Dependence on large retailershigh
Most sales go through a few customers, and the absence of long-term contracts means that losing one partner could quickly affect results 1.
- Tariffs and trade policyhigh
United States trade measures can change import costs for the countries where the company manufactures or sources products, and their effect depends on future developments 12.
- Component pricesmedium
Higher DRAM memory prices could reduce demand for components used in self-built PCs and affect the volume of the Gaming Components and Systems segment 3.
- One-off refund effectmedium
Results for the second quarter of 2026 include a tariff refund that will not recur, so future profitability could look weaker than the reported figures 23.
- Currency fluctuationslow
Revenue and expenses in euros, pounds sterling, Taiwan dollars and yuan can move against the dollar, which may affect financial results 1.
Investment thesis
What would need to be true (bull case)
- If gross margin stays at record levels and the product mix continues to shift toward peripherals and digital services, profitability could grow on a sustained basis 23.
- The Elgato and Stream Deck ecosystem, together with the Marketplace, could generate recurring revenue and strengthen customer loyalty over the long term 3.
- Recent sim racing acquisitions and the Bitfocus partnership could extend access to new markets and deepen the integration of hardware and software 23.
What would break the thesis
- If trade tariffs and policies remain volatile, import costs could rise and reduce margins once the one-off refunds are no longer included 2.
- The components segment could remain under pressure for longer if memory prices do not fall, and demand for self-built PCs could be postponed 3.
- Concentration of sales among a few large retailers could give them greater bargaining power, which could squeeze the company's margins 1.
What to watch
- Third-quarter guidance and actual revenue and adjusted EBITDAQ3 2026
- Development of DRAM memory prices and their effect on the Gaming Components and Systems segment2026
- Contribution of AI workstations to systems segment revenue2027
- Integration of Trak Racer and Bitfocus and the effect on sim racing and software revenuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Corsair Gaming, Inc. is a global provider of high-performance products for gamers, streamers and digital creators, across PC, sim racing and console platforms. Founded in 1994, it built its reputation on peripherals, PC components and proprietary software, and launched 105 new products in 2025, according to its annual report 1. Its ecosystem includes the iCUE platform and the Elgato suite, especially Stream Deck and the Elgato Marketplace, which link hardware to digital services.
Its distribution combines retail, with partners such as Amazon, Best Buy and Walmart, with direct-to-consumer sales through its own channels such as Origin, SCUF, Drop and Fanatec. The company ships to more than 70 countries, and customer concentration is significant: Amazon accounts for 27.4% of net revenue, which makes its relationship with large retail platforms a key part of the business 1. Major customers generally do not sign long-term agreements but place individual purchase orders.
Acquisitions have played an important role in its strategy, including the Fanatec acquisition in September 2024 for 43.7 million USD and, in August 2026, the purchase of the Trak Racer assets, extending its sim racing business 12. Investments in software, such as the minority stake in Bitfocus AS, aim to deepen the integration of Stream Deck into professional production workflows 2.
Segments
Gamer and Creator Peripherals
This segment includes gaming keyboards, mice, headsets, controllers, streaming products such as Stream Deck and capture cards, Facecam cameras, and sim racing equipment. In the second quarter of 2026, revenue grew 13% year on year to 115.9 million USD, and gross profit rose 27%, supported by Fanatec and the Elgato ecosystem 3.
Gaming Components and Systems
This segment sells power supplies, cooling solutions, computer cases, DRAM memory modules, as well as prebuilt gaming systems and AI workstations. In the second quarter of 2026, revenue declined 9% to 198.5 million USD because of high memory prices, while gross margin rose to 26.3% 3. The company expects demand for AI workstations to become more visible from 2027 onward 3.
Market context
Gaming has become a major form of entertainment, occupying about 15% of consumer internet and media time, ahead of social media and messaging 1. The hardware market was affected in 2025 by high interest rates and trade uncertainty, but demand stabilised after new GPU launches and popular game releases 1. In the short term, rising DRAM prices, driven by demand for AI infrastructure, are affecting the market for self-built PC components 3.
The sim racing market and the creator economy remain in expansion, and platforms such as YouTube and Twitch provide global distribution and income for creators 1. The company believes these segments support demand for professional streaming equipment and integrated software 1.
Trends
- High DRAM memory pricesheadwind
Demand for AI infrastructure has pushed up DRAM module prices, which has weighed on sales for budget PC builds. If prices stay high, the components segment could remain under pressure for longer 23.
- Demand for local AI workstationstailwind
The high cost of cloud-based language models is pushing small businesses and prosumers toward local systems, where Corsair can use the memory and integrated systems it produces 13.
- Tariffs and refundsmixed
Tariffs imposed from 2025 created volatility in the supply chain, but refunds obtained after the Supreme Court ruling brought a benefit of 15.6 million USD in the second quarter of 2026 123. The long-term effect depends on new trade measures.
- Growth of the streaming and sim racing ecosystemtailwind
The growth of streaming and interest in sim racing support demand for Stream Deck and Fanatec products, while integrations with professional software open new revenue streams 23.
Competitive position
The cited sources do not explicitly name the company's competitors. The company says its product suite is the most complete among its major competitors and that its software ecosystems have no equivalent on the market, which implies a comparison with peripheral and component makers 1.
Competition is based on both performance and ecosystem: users choose products based on integration with the company's software, and the company aims to maintain market share through innovation and frequent launches 1. Consolidation among component makers could change the competitive dynamics over time 1.
- Gaming peripheral makers
The cited sources do not name direct competitors; the company describes competition only in general terms of performance and software ecosystem.
- PC component makers
The company operates in components for self-built PCs, where it competes with other suppliers of power supplies, cooling and memory, though these are not named in the cited sources.
- Online retail platforms
Sales channels such as Amazon are both customers and sources of pricing pressure, according to the annual report.
- Streaming equipment makers
The Elgato ecosystem competes indirectly with other providers of equipment and software for content creators, without precise names in the cited sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Corsair Novablade Pro & 8BitDo Pro 2 Controllers To Be Supported With Linux 7.3-rc7Phoronix · 11 Oct 2026 · EN
- Corsair’s PC case with a panoramic glass design is $70 offThe Verge · 23 Jul 2026 · EN
- Americanii au dat „copy paste” de la ucraineni (Video): Pentru prima oară SUA au folosit drone maritime kamikaze Corsair pentru a scufunda un submarin și alte nave iranieneDefenseRomania.ro · 13 Jul 2026 · RO
The latest news item in our archive is from 11 Oct 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report13 Oct 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report11 Mar 2026Departure or appointment of officers
- Annual report25 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Corsair Gaming, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Corsair Gaming, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Corsair Gaming, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.