MeritValue

Corsair Gaming, Inc.

CRSRdata completeness 100%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Corsair Gaming, Inc. earns about -0% on invested capital, below its ~9% cost of capital, but has diluted owners by 6% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.92 and $3.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.9B1$1.38B2$1.46B3$1.32B3$1.47B3
Net income$101M4−$54.4M5−$2.59M6−$85.2M6−$16.2M6
Operating cash flow$20.2M7$66.4M8$89.2M9$35.9M9$50.1M9
Capital expenditure$11M10$26.3M11$12.8M12$9.85M12$15.4M12
Free cash flow (derived)$9.22M7$40.1M8$76.4M9$26M9$34.7M9
Total debt$500.1M13$483.8M14$408.6M15$359.3M16$248.8M16
Cash & equivalents$65.4M17$154.1M18$178.6M18$109.6M18$98.8M18
Diluted shares100.0M96.3M106.3M104.2M106.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$59.77
your share of equity
Profit it earned you last year
−$1.52
Free cash flow it threw off
$3.28
Debt you’d be carrying
$23.47

10 shares is a claim on $59.77 of net worth that earned you −$1.52 and generated $3.28 of cash last year, against $23.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 10%FY22 -5%FY23 -0%FY24 -6%FY25 -1%

It earned about -0% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 50% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 2 estimate methods that apply put fair value between $2.92 and $3.27 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$2.92
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$34.7M
DCF · Growth Exit 5Y
$3.27
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$34.7M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $3.27
The three cases
Bear0.0%$3.27
Base0.0%$3.27
Bull5.0%$4.4

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-021415 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-027856 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-067833 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021415 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-027856 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-067833 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021415 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-027856 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-067833 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021415 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-027856 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-067833 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-002592 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-021415 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-027856 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-067833 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-25-027856 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001193125-26-067833 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)