Latest Ratios: P/E Ratio -74.2x · EV/EBITDA 17.3x · 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 | $951M | $630M | $689M | $1.5B | $1.3B | $2.1B | $3.3B | — | — | — | — |
| Enterprise Value | $974M | $652M | $819M | $1.6B | $1.5B | $2.3B | $3.5B | — | — | — | — |
| P/E Ratio → | -74.17 | — | — | 470.00 | — | 20.80 | 31.77 | — | — | — | — |
| P/S Ratio | 0.65 | 0.43 | 0.52 | 1.03 | 0.95 | 1.10 | 1.96 | — | — | — | — |
| P/B Ratio | 1.46 | 0.98 | 1.11 | 2.16 | 1.99 | 3.70 | 7.61 | — | — | — | — |
| P/FCF | 27.38 | 18.12 | 26.45 | 19.62 | 32.60 | 227.93 | 20.82 | — | — | — | — |
| P/OCF | 18.98 | 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 | 17.31 | 11.60 | 421.28 | 25.99 | — | 12.83 | 17.60 | — | — | — | — |
| EV / EBIT | 469.18 | — | — | 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 | — | — | — | 0.2% | — | 4.8% | 3.1% | — | — | — | — |
| FCF Yield | 3.7% | 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 |
Operating margin volatility
Based on current market data, Corsair's forward P/E of 12.08 suggests investors are pricing in a recovery, yet the negative TTM P/E of -71.75 highlights the significant earnings volatility that persists when compared to the more stable valuation multiples observed in broader hardware peers.
The current P/S ratio of 0.62 indicates that the market is heavily discounting the company's revenue base, likely due to the thin operating margins and cyclical nature of the gaming hardware sector. This valuation appears to reflect a 'show me' stance from investors who remain skeptical of the company's ability to sustain profitability through the next hardware upgrade cycle.
According to recent financial statements, ROIC has struggled to maintain positive territory, oscillating between -2.3% and 2.9% over the last ten quarters, which indicates that the company is currently failing to generate returns that exceed its cost of capital on a consistent basis.
The inability to sustain a positive ROIC suggests that the company's heavy investment in acquisitions and R&D has not yet translated into superior operational efficiency. Investors should monitor whether the recent shift toward a leaner balance sheet can eventually drive higher returns on invested capital as the product mix shifts toward higher-margin creator tools.
As reported in quarterly filings, the cash conversion cycle has remained volatile, peaking at 105 days in 2024Q2 before moderating to 91 days in 2026Q1, which underscores the ongoing difficulty in balancing inventory levels against unpredictable consumer demand for gaming components.
The high DIO, which reached 119 days in 2024Q2, suggests that the company is susceptible to inventory obsolescence, a common risk in the fast-moving consumer hardware space. The recent improvement in the CCC appears to be a positive development, but it warrants further investigation to determine if it stems from structural efficiency or merely aggressive inventory liquidation.
Based on reported figures, the company has aggressively reduced its debt-to-equity ratio from 0.40 in 2024Q3 to a negligible 0.01 by 2026Q1, effectively insulating the firm from interest rate sensitivity and providing a much-needed buffer against the inherent volatility of its operating income.
This rapid deleveraging significantly lowers the risk of covenant breaches and provides management with greater flexibility to navigate cyclical downturns. While the interest coverage ratio has been erratic, the current near-zero debt position suggests that the company is prioritizing financial stability over the use of leverage to juice equity returns.
The market frequently relies on EV/EBITDA as a primary valuation metric for Corsair, yet this ratio obscures the significant cash requirements for inventory and the impact of stock-based compensation, which consistently dilute shareholders and mask the true economic cost of maintaining the company's hardware ecosystem.
Investors should instead focus on free cash flow yield, as it better captures the actual cash available after accounting for the working capital intensity inherent in the gaming hardware business. Relying on EBITDA in this context may lead to an overestimation of the company's ability to self-fund its growth without further equity dilution.
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Quick answers to the most common questions about buying CRSR stock.
Corsair Gaming, Inc.'s current P/E ratio is -74.2x. The historical average is 26.3x.
Corsair Gaming, Inc.'s current EV/EBITDA is 17.3x. 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 -74.2x. 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.