Free cash flow remains erratic, oscillating from a $55.1 million peak in 2023Q4 to a -$41.3 million outflow in 2025Q3, largely driven by significant working capital volatility.
| Cash from Operations | 61.1M | 50.12M | 35.88M | 89.15M | 66.39M | 20.19M | 168.95M | 37.1M | 422K | -2.98M | 29.89M |
| Operating CF Margin % | - | 3.4% | 2.73% | 6.11% | 4.83% | 1.06% | 9.92% | 3.38% | 0.04% | -0.35% | 5.02% |
| Operating CF Growth % | 43.43% | 39.7% | -59.76% | 34.29% | 228.79% | -88.05% | 355.36% | 8692.18% | 114.15% | -109.98% | - |
| Net Income | 5.43M | -12.46M | -83.39M | 3.19M | -53.95M | 100.96M | 103.22M | -8.39M | -13.72M | 11.73M | 29.09M |
| Depreciation & Amortization | 44.59M | 54.19M | 51.9M | 50.7M | 53.52M | 45.09M | 43.23M | 37.51M | 36.56M | 14.1M | 3.34M |
| Stock-Based Compensation | 25.3M | 0 | 30.59M | 30.87M | 22.16M | 17.23M | 5.8M | 3.85M | 2.75M | 3.71M | 1.03M |
| Deferred Taxes | -5.5M | -6.51M | 11.42M | -6.33M | -21.74M | -11.96M | -7.48M | -11.54M | -3.02M | -6.09M | -1.36M |
| Other Non-Cash Items | 13.45M | 37.57M | 3.08M | 39K | 4.87M | 9.62M | 9.26M | 2.64M | 3.38M | 76.16M | 28.74M |
| Working Capital Changes | -26M | -22.66M | 22.29M | 10.69M | 61.52M | -140.75M | 14.92M | 13.04M | -25.54M | -27.77M | -5.4M |
| Change in Receivables | 36.29M | -17.72M | 32.28M | -17.69M | 55.84M | 444K | -91.49M | -48.03M | -7.34M | -37.8M | -6.49M |
| Change in Inventory | 720K | -51.7M | 18.32M | -39.47M | 111.29M | -71.32M | -80.09M | 15.71M | -29.75M | -20.19M | -21.65M |
| Change in Payables | -83.3M | 5.54M | -39.51M | 62.15M | -65.93M | -63.72M | 116.52M | 16.2M | 25.84M | 15.08M | 10.29M |
| Cash from Investing | -15.97M | -15.37M | -52.7M | -26.98M | -47.03M | -20.54M | -10.28M | -145.43M | -38.55M | -535.77M | -3.98M |
| Capital Expenditures | -15.97M | -15.37M | -9.85M | -12.76M | -26.32M | -10.97M | -8.99M | -9.02M | -8.35M | -6.64M | -3.98M |
| CapEx % of Revenue | 1.1% | 1.04% | 0.75% | 0.87% | 1.91% | 0.58% | 0.53% | 0.82% | 0.89% | 0.78% | 0.67% |
| Acquisitions | 0 | 0 | -42.09M | -14.22M | -19.53M | -4.85M | -1.29M | -126.1M | -30.21M | -529.13M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -766K | 0 | 815K | -4.72M | 0 | -10.3M | 0 | -250K | -15K |
| Cash from Financing | -31.94M | -48.87M | -50.68M | -37.39M | 72.61M | -65.4M | -79.13M | 132.31M | 47.35M | 519.87M | -898K |
| Debt Issued (Net) | -29.38M | -52.81M | -25M | -41M | -9.48M | -79.88M | -190.59M | 82.92M | 110.49M | 281.43M | 0 |
| Equity Issued (Net) | -754K | 5.64M | 5.38M | 6.95M | 81.66M | 14.87M | 118.58M | -1.53M | 0 | 0 | 198K |
| Dividends Paid | -175K | 0 | -5.79M | 0 | -4.31M | 0 | 0 | 0 | -85M | 0 | 0 |
| Share Repurchases | -5.01M | 0 | 0 | 0 | 0 | 0 | 0 | -1.53M | 0 | 0 | 0 |
| Other Financing | -1.64M | -1.7M | -25.27M | -3.34M | 4.75M | -397K | -7.12M | 50.93M | 21.87M | 238.44M | -1.1M |
| Net Change in Cash | 17.22M | -10.8M | -68.93M | 24.5M | 88.68M | -68.19M | 81.62M | 24.03M | 8.89M | -29.98M | 25.04M |
| Free Cash Flow | 45.13M | 34.75M | 26.03M | 76.39M | 40.07M | 9.22M | 159.96M | 28.08M | -7.92M | -9.62M | 25.9M |
| FCF Margin % | 3.1% | 2.36% | 1.98% | 5.23% | 2.91% | 0.48% | 9.4% | 2.56% | -0.85% | -1.12% | 4.35% |
| FCF Growth % | -35.94% | 33.5% | -65.93% | 90.63% | 334.74% | -94.24% | 469.67% | 454.41% | 17.62% | -137.13% | - |
| FCF per Share | 0.42 | 0.33 | 0.25 | 0.72 | 0.42 | 0.09 | 1.74 | 0.31 | -0.05 | -0.06 | 0.28 |
| FCF Conversion (FCF/Net Income) | 8.31x | -4.02x | -0.42x | -34.42x | -1.22x | 0.20x | 1.64x | -4.42x | -0.03x | -0.25x | 1.03x |
| Interest Paid | 5.98M | 0 | 12.79M | 16.77M | 9.02M | 11.27M | 27.96M | 32.84M | 28.86M | 0 | 0 |
| Taxes Paid | 11.54M | 0 | 5.1M | 7.38M | 14.22M | 41.24M | 13.51M | 571K | 6.12M | 0 | 0 |
Working capital volatility
Based on quarterly financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 24.30 in 2024Q4 to -1.45 in 2025Q2, highlighting a significant disconnect between accounting profitability and the actual cash-generating capacity of the underlying business model.
The extreme volatility in the conversion ratio suggests that GAAP net income is a poor proxy for the company's liquidity health. Investors should monitor whether this divergence stems from aggressive revenue recognition or timing mismatches in inventory procurement, as the lack of consistent cash conversion complicates valuation efforts.
As reported in recent financial statements, Corsair's free cash flow trajectory remains highly unstable, oscillating between a peak of $55.1 million in 2023Q4 and a trough of -$41.3 million in 2025Q3, reflecting the company's vulnerability to seasonal demand shifts and inventory-related cash outflows.
The inability to maintain positive free cash flow across consecutive quarters suggests that the business model is highly sensitive to working capital cycles. This inconsistency in cash generation may indicate that the company lacks the structural scale required to self-fund operations during periods of lower consumer demand.
According to the provided cash flow statements, working capital changes have been a major source of volatility, including a significant $45.5 million cash outflow in 2025Q3, which underscores the company's struggle to manage inventory levels efficiently in a fluctuating demand environment for gaming hardware.
The frequent swings in working capital suggest that Corsair is often forced to absorb inventory risk, which directly impacts its liquidity position. This pattern warrants further investigation into whether the company is over-producing components in anticipation of demand that fails to materialize, thereby tying up cash in stagnant stock.
Based on reported figures, Corsair maintains a relatively low capital intensity, with CapEx/Revenue ratios consistently hovering near 1%, suggesting that the company is not currently engaged in heavy infrastructure investment but rather focusing on maintaining its existing manufacturing and distribution capabilities.
While the low capital intensity preserves cash, it may also indicate a lack of significant investment in new, high-margin product categories. Analysts should monitor whether this lean spending profile is sufficient to keep the iCUE software ecosystem competitive against better-capitalized hardware peers.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $9.3 million in several recent quarters, consistently masks the true cash cost of operations, effectively inflating the reported cash flow figures relative to the actual economic value retained by shareholders.
The persistent reliance on stock-based compensation as a non-cash add-back suggests that the company is using equity to preserve cash, which may lead to long-term dilution. Investors should be wary of these adjustments, as they obscure the true cost of talent and the underlying profitability of the business.
Quick answers to the most common questions about buying CRSR stock.
Corsair Gaming, Inc. (CRSR) generated $50.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corsair Gaming, Inc. (CRSR) generated $34.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Corsair Gaming, Inc. (CRSR) spent $15.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.