Latest Ratios: P/E Ratio 29.8x · EV/EBITDA 13.0x · ROE -2.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $630M | $689M | $1.5B | $1.3B | $2.1B | $3.3B | — | — | — | — |
| Enterprise Value | $1.3B | $652M | $819M | $1.6B | $1.5B | $2.3B | $3.5B | — | — | — | — |
| P/E Ratio → | 29.79 | — | — | 470.00 | — | 20.80 | 31.77 | — | — | — | — |
| P/S Ratio | 0.86 | 0.43 | 0.52 | 1.03 | 0.95 | 1.10 | 1.96 | — | — | — | — |
| P/B Ratio | 1.94 | 0.98 | 1.11 | 2.16 | 1.99 | 3.70 | 7.61 | — | — | — | — |
| P/FCF | 11.07 | 18.12 | 26.45 | 19.62 | 32.60 | 227.93 | 20.82 | — | — | — | — |
| P/OCF | 25.25 | 12.56 | 19.19 | 16.81 | 19.68 | 104.06 | 19.71 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.44 | 0.62 | 1.08 | 1.05 | 1.23 | 2.08 | — | — | — | — |
| EV / EBITDA | 12.96 | 11.60 | 421.28 | 25.99 | — | 12.83 | 17.60 | — | — | — | — |
| EV / EBIT | 620.54 | — | — | 112.57 | — | 18.43 | 23.18 | — | — | — | — |
| EV / FCF | — | 18.78 | 31.45 | 20.54 | 36.20 | 254.60 | 22.18 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.9% | 28.9% | 24.9% | 24.7% | 21.6% | 27.0% | 27.3% | 20.4% | 20.6% | 21.5% | 22.7% |
| Operating Margin | 0.1% | 0.1% | -3.8% | 0.7% | -4.0% | 7.2% | 9.3% | 2.2% | 2.3% | 5.7% | 6.8% |
| Net Profit Margin | -0.8% | -0.8% | -6.5% | -0.2% | -4.0% | 5.3% | 6.1% | -0.8% | -1.5% | 1.4% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.0% | -2.0% | -13.0% | -0.4% | -8.9% | 20.1% | 31.6% | -4.4% | -6.6% | 8.3% | 89.8% |
| ROA | -1.0% | -1.0% | -6.6% | -0.2% | -4.1% | 7.6% | 8.7% | -0.9% | -1.8% | 2.4% | 12.2% |
| ROIC | 0.2% | 0.2% | -4.9% | 0.9% | -5.1% | 14.1% | 17.9% | 2.9% | 3.0% | 12.8% | 55.8% |
| ROCE | 0.2% | 0.2% | -5.6% | 1.0% | -5.9% | 16.2% | 20.2% | 3.5% | 3.7% | 14.4% | 40.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.38 | 0.36 | 0.45 | 0.54 | 0.80 | 2.33 | 2.60 | 1.13 | 2.19 |
| Debt / EBITDA | 2.16 | 2.16 | 122.00 | 4.08 | — | 1.68 | 1.73 | 8.26 | 7.24 | 4.53 | 1.62 |
| Net Debt / Equity | — | 0.04 | 0.21 | 0.10 | 0.22 | 0.43 | 0.50 | 2.11 | 2.44 | 1.06 | 0.68 |
| Net Debt / EBITDA | 0.40 | 0.40 | 66.92 | 1.17 | — | 1.34 | 1.08 | 7.48 | 6.80 | 4.23 | 0.50 |
| Debt / FCF | — | 0.65 | 5.00 | 0.93 | 3.59 | 26.67 | 1.37 | 16.30 | — | — | 0.85 |
| Interest Coverage | -0.30 | -0.30 | -3.67 | 0.80 | -5.67 | 9.97 | 4.93 | 0.62 | 0.67 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.54 | 1.54 | 1.57 | 1.70 | 1.82 | 1.58 | 1.37 | 1.43 | 1.44 | 1.68 | 1.66 |
| Quick Ratio | 0.84 | 0.84 | 0.92 | 1.13 | 1.25 | 0.91 | 0.92 | 0.93 | 0.76 | 0.94 | 0.99 |
| Cash Ratio | 0.23 | 0.23 | 0.27 | 0.42 | 0.44 | 0.14 | 0.26 | 0.16 | 0.12 | 0.12 | 0.35 |
| Asset Turnover | — | 1.17 | 1.07 | 1.08 | 1.06 | 1.42 | 1.30 | 1.04 | 1.16 | 1.17 | 2.50 |
| Inventory Turnover | 3.45 | 3.45 | 3.80 | 4.58 | 5.60 | 4.66 | 5.47 | 5.78 | 5.00 | 5.91 | 4.93 |
| Days Sales Outstanding | — | 57.98 | 60.63 | 63.32 | 62.55 | 55.84 | 62.96 | 67.31 | 47.51 | 51.28 | 50.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.8% | — | 0.3% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | — | — | 0.2% | — | 4.8% | 3.1% | — | — | — | — |
| FCF Yield | 9.0% | 5.5% | 3.8% | 5.1% | 3.1% | 0.4% | 4.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.8% | 0.0% | 0.3% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $106M | $104M | $106M | $96M | $100M | $92M | $92M | $151M | $150M | $92M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying CRSR stock.
Corsair Gaming, Inc.'s current P/E ratio is 29.8x. The historical average is 26.3x. This places it at the 50th percentile of its historical range.
Corsair Gaming, Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.0x.
Corsair Gaming, Inc.'s return on equity (ROE) is -2.0%. The historical average is 11.4%.
Based on historical data, Corsair Gaming, Inc. is trading at a P/E of 29.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corsair Gaming, Inc. has 28.9% gross margin and 0.1% operating margin.
Corsair Gaming, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Dependence on one-time tariff refund
Metrics are mathematically derived from official filings.
Margin Expansion Masks Core Weakness
Gross margin jumped to 33.2% in 2026Q2 from 26.2% a year earlier, yet operating margin remains 2.4%, according to the latest quarterly data, suggesting structural cost drags persist.
The 700 basis point gross margin improvement appears driven by product mix and cost discipline, but the gap between gross and operating margin of 30.8 percentage points indicates SG&A and R&D remain elevated. Excluding the one-time tariff refund, net income would have been a loss, implying core profitability is still elusive. Investors should monitor whether the margin expansion is sustainable or a temporary benefit from tariff refunds and inventory timing.
Returns Recovering from Negative Territory
ROIC improved from -2.3% in 2024Q2 to 1.0% in 2026Q2, according to the ratio data, but remains far below the cost of capital, indicating value creation is not yet established.
The positive but sub-2% ROIC suggests the company is still in the early stages of recovering from a period of value destruction. The improvement is driven by margin expansion rather than asset efficiency, as asset turnover has remained relatively flat around 0.26-0.29. Given the substantial goodwill on the balance sheet, the return on tangible capital may be higher, but the overall returns remain inadequate relative to the risk.
Working Capital Cycle Lengthens Slightly
Cash conversion cycle extended to 93 days in 2026Q2 from 67 days in 2024Q4, according to the quarterly data, driven by higher inventory days, indicating potential overstocking.
DIO rose to 117 days in 2026Q2 from 83 days in 2024Q4, while DPO increased to 73 days, but the net effect is a longer cash cycle. This suggests inventory is building, possibly in anticipation of new product launches or due to slower sell-through. The company's reliance on sell-in revenue makes inventory management critical; a prolonged high DIO could lead to discounting and margin erosion.
Deleveraging Improves Interest Coverage
Debt-to-equity fell from 0.38 in 2024Q4 to 0.18 in 2026Q2, and interest coverage rose to 6.45x, according to the balance sheet data, indicating reduced financial risk.
Total debt declined from $248.9M to $118.3M over the period, reflecting a deliberate deleveraging strategy. The improved interest coverage provides a comfortable cushion for debt service, but the D/EBITDA of 10.51x in 2026Q2 is elevated due to low EBITDA. This suggests that while leverage is manageable, the company's earnings power is still too weak to support aggressive borrowing.
Liquidity Buffer Strengthens with Cash
Current ratio improved to 1.75 in 2026Q2 from 1.45 a year earlier, with cash at $193.6M, according to the latest balance sheet, providing a solid cushion for near-term obligations.
The quick ratio of 1.04 indicates that even without inventory, current assets cover current liabilities, which is reassuring given the inventory-heavy business. The cash build-up suggests conservative working capital management, but the reliance on inventory for some liquidity remains a risk if demand weakens. Overall, the liquidity position appears adequate to weather a moderate downturn.
Misapplied EV/EBITDA in Cyclical Hardware
EV/EBITDA of 25.08x appears rich, but EBITDA is depressed by cyclical trough earnings, according to the valuation data, making the multiple misleading for Corsair's business model.
The most commonly misapplied ratio for Corsair is EV/EBITDA, because the company's EBITDA is currently suppressed by cyclical factors and one-time items. A more appropriate metric is EV/Sales or P/FCF, which better capture the company's revenue generation and cash conversion. Investors should adjust EBITDA for normalized margins and consider the potential for margin recovery before relying on EV/EBITDA for valuation.