MeritValue

LOGITECH INTERNATIONAL S.A.

LOGIdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

LOGITECH INTERNATIONAL S.A. earns about 86% on invested capital, far above its ~9% cost of capital, and has bought back 13% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $44.16 and $404.37 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$5.48B1$4.54B2$4.3B3$4.55B3$4.84B3
Net income$644.5M4$364.6M5$612.1M6$631.5M6$711.2M6
Operating cash flow$298.3M7$534M8$1.15B9$842.6M9$1.04B9
Capital expenditure$89.2M10$92.4M11$55.9M12$56.1M12$61.6M12
Free cash flow (derived)$209.2M7$441.7M8$1.09B9$786.4M9$975.6M9
Total debt—————
Cash & equivalents$1.33B13$1.15B14$1.52B15$1.5B16$1.74B16
Diluted shares170.4M163.7M158.2M152.8M148.2M

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
$149.21
your share of equity
Profit it earned you last year
$47.99
Free cash flow it threw off
$65.83
Debt you’d be carrying
—

10 shares is a claim on $149.21 of net worth that earned you $47.99 and generated $65.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
86% avg · 5y
FY22 60%FY23 33%FY24 86%FY25 101%FY26 151%

It earned about 86% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 3 estimate methods that apply put fair value between $44.16 and $404.37 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$404.37
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$975.6M
DCF · Growth Exit 5Y
$226.38
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$975.6M
Earnings Power Value
$44.16
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$631.5M
  • growthAssumed0.0%
Graham Number
$40.14
assumptions (1)
  • grahamMultiplier2250.0%

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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $226.38
The three cases
Bear0.0%$105.81
Base20.0%$226.38
Bull20.0%$226.38

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

Default growth 20.0%= 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 2022-03-31 · accession 0001032975-24-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001032975-25-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001032975-26-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001032975-24-000023 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001032975-25-000029 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001032975-26-000021 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001032975-24-000023 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001032975-25-000029 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001032975-26-000021 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001032975-24-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001032975-25-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001032975-26-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001032975-23-000021 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001032975-24-000023 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001032975-25-000029 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001032975-26-000021 (CashAndCashEquivalentsAtCarryingValue)