Corsair Gaming

CRSR

Computer Hardware · Technology

Price

$9.75

+0.39 (+4.17%)

Market Cap

$1.04B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+6.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 100.0M (2021) → 106.0M (2025)

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, coo

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+210.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$69M/ year

→ Flat (+2% vs prior year)

4.7% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

56.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$118M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Corsair Gaming's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

32.7%

Modest — 32.7% gross margin

Operating Margin

3.9%

Thin — 3.9% operating margin

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.0%

Steady sales growth (8.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

1125%

Turns 1125% of profit into real cash

FCF Margin

3.1%

Thin free cash flow (3.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

2.17x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

108.0x

Expensive — P/E 108.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+95.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (108.0 → 12.5)

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Dividends

Not applicable for this business.

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