Corsair Gaming, Inc. (CRSR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-68.2%

$3.88

vs $12.20 price

Levered DCF

$2.66

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.97

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-49.5×	-6.96×	453.38×	-21.54×	19.45×	30.18×	-155.91×	-151.76×
P/B	0.99×	1.14×	2.16×	2.09×	3.45×	7.61×	6.04×	12.79×
P/S	0.43×	0.52×	0.99×	0.95×	1.03×	1.96×	1.19×	2.22×
EV / EBITDA	12.7×	237.54×	23.45×	-2,123.74×	12.79×	18.08×	29.61×	42.34×
Gross margin	28.9%	24.9%	24.7%	21.6%	27.0%	27.3%	20.4%	20.6%
Operating margin	0.1%	-3.8%	0.7%	-4.0%	7.2%	9.3%	2.2%	2.3%
Net margin	-0.8%	-6.5%	-0.2%	-4.0%	5.3%	6.1%	-0.8%	-1.5%
Current ratio	1.54×	1.57×	1.7×	1.82×	1.58×	1.37×	1.43×	1.44×
Debt / equity	0.19×	0.39×	0.37×	0.47×	0.54×	0.8×	2.33×	2.6×
Interest coverage	0.22×	-3.78×	0.56×	-5.73×	10.8×	5.1×	0.67×	0.67×
Dividend yield	0.0%	0.8%	0.0%	0.3%	0.0%	0.0%	0.0%	4.1%
Payout ratio	0.0%	-6.8%	0.0%	-7.9%	0.0%	0.0%	0.0%	-619.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.0%	-14.1%	-0.4%	-8.7%	17.8%	23.6%	-3.9%	-8.4%
Return on invested capital	0.3%	-5.8%	0.3%	-4.8%	13.4%	16.4%	1.9%	3.5%
Return on assets	-1.0%	-6.9%	-0.2%	-4.2%	7.5%	7.9%	-0.8%	-1.7%
Free cash flow yield	5.5%	3.8%	5.3%	3.1%	0.5%	4.8%	2.1%	-0.4%
Earnings yield	-2.0%	-12.4%	-0.2%	-4.2%	5.2%	3.1%	-0.6%	-0.7%
Enterprise value	$652.4M	$818.6M	$1.5B	$1.5B	$2.2B	$3.5B	$1.8B	$2.5B
Net debt / EBITDA	0.44×	37.73×	1.1×	-210.82×	1.43×	1.11×	7.67×	6.78×
Cash conversion cycle (days)	90	80	63	70	72	41	54	45