CRSRCorsair Gaming, Inc.
Computer Peripheral Equipment, NEC
- Revenue
- $1.5B
- 12% YoY
- Operating margin
- 0.1%
- 104% YoY
- EBITDA
- $16M
- 144% YoY
- Market cap
- $1.4B
- Employees
- —
- Net debt / EBITDA
- -4.6×
- −$74M net debt
- AI in 10-K
- 5.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo313% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowYes173% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo29% of assetsOver 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo5.3 per 10K words · 84th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 4.6× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$808K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $1.4B | $1.5B | $1.3B | $1.5B | 12% |
| Operating income | $138M | −$55M | $10M | −$50M | $2M | 104% |
| Net income | $101M | −$54M | −$3M | −$85M | $16M | 119% |
| Operating cash flow | $20M | $66M | $89M | $36M | $50M | 40% |
| Capex | $11M | $26M | $13M | $10M | $15M | 56% |
| Stock-based comp | $17M | $22M | $31M | $31M | $33M | 8.2% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 23, 2022 | Corsair Group (Cayman), LP | SC 13D | 56.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $964K · 2
- Open-market sells, 12 mo
- $155K · 2
- Net
- $808K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $1M | $4M | 16 | 258 |
| FY2024 | $6M | −$584K | 46 | 220 |
| FY2023 | $7M | $5M | 99 | 161 |
| FY2022 | $10M | $4M | 95 | 102 |
| FY2021 | $10M | −$234K | 147 | 142 |