Corsair Gaming, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Corsair Gaming, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	938	1,097	1,702	1,904	1,375	1,460	1,316	1,472
Cost of revenue	745	873	1,237	1,390	1,078	1,100	989	1,047
Gross profit	193	224	465	514	297	360	328	426
Research and development	32	37.5	50.1	60.3	66.5	65.3	67.5	69.1
Selling, general and administrative	139	163	257	316	285	285	310	355
Selling and marketing	8.7	11.3	19.1	19.8	17.3	21.2	24	34.5
Operating expenses	171	201	307	376	351	351	378	424
Operating income	21.8	23.7	158	138	-54.8	9.69	-50	2.08
Interest expense	32.7	35.5	35.1	17.7	9.56	17.4	13.2	9.35
Interest income					0.37	6.84	3.35	1.66
Pre-tax income	-10.7	-13.4	122	115	-63.8	-3.48	-61.7	-12.1
Income tax	3.01	-5.01	18.8	13.6	-9.82	-2.44	21.7	2.82
Net income to minority interests					0.44	1.55	1.79	1.19
Net income	-13.7	-8.39	103	101	-54.4	-2.59	-85.2	-16.2
EBITDA	27.5	31.1	168	148	-44.1	21.9	-36.5	16
EPS, basic	0.18	0.11	1.20	1.08	-0.63	0.03	-0.95	-0.12
EPS, diluted	0.18	0.11	1.14	1.01	-0.63	0.03	-0.95	-0.12
Shares, basic (weighted)	75.5	76.2	86.3	93.3	96.3	102	104	106
Shares, diluted (weighted)	75.5	76.2	90.6	100	96.3	106	104	106

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.9	51.9	134	65.4	154	179	110	98.8
Receivables		202	294	291	236	253	219	234
Inventory		151	226	298	193	240	260	303
Other current assets		24.7	38	51	40.6	39.8	35.4	29.6
Total current assets		430	691	706	623	712	623	665
Property, plant and equipment		15.4	16.5	16.8	34.9	32.2	29.7	31.5
Lease right-of-use assets			26	51.4	45.2	36.3	52.6	57.6
Goodwill	227	313	313	317	348	355	354	358
Intangible assets		291	259	226	216	188	164	125
Other non-current assets		10.5	34.4	71.8	75.3	70.7	63.9	73.6
Total assets		1,060	1,314	1,337	1,297	1,357	1,236	1,254
Accounts payable		182	300	236	172	240	207	213
Accrued liabilities		10.6	26.9	20.5	10.5	18	13.3	26.8
Deferred revenue		3.3	9.79	6.66	6.26	7.44	7.28	9
Short-term debt		2.36	0	4.75	6.5	12.2	12.2	6.12
Total current liabilities		300	505	447	343	418	396	431
Long-term debt		503	321	243	232	186	161	115
Lease liabilities			17.6	51.2	45.5	38.6	47.7	52.8
Other non-current liabilities		5.75	20.2	53.9	48.6	41.6	51.4	55.8
Total liabilities		843	877	769	642	663	616	608
Total debt		503	321	248	239	198	174	121
Paid-in capital		325	439	470	593	631	668	705
Retained earnings		-106	-2.81	98.1	37.2	40.4	-58.8	-71.2
Other comprehensive income		-2.17	1.53	-0.34	-6.88	-3.49	-4.56	-0.59
Shareholders' equity	163	217	437	568	624	668	604	634
Minority interests					10.2	10.5	0
Total equity	163	217	437	568	634	678	604	634
Total liabilities and equity		1,060	1,314	1,337	1,297	1,357	1,236	1,254
Shares outstanding		84.1	91.9	94.5	101	103	105	107

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-13.7	-8.39	103	101	-53.9	-1.04	-83.4	-15
Depreciation and amortization	5.67	7.38	9.32	10.3	10.7	12.2	13.4	14
Stock-based compensation	2.75	3.85	5.8	17.2	22.2	30.9	30.6	33.1
Deferred income tax	-3.02	-11.5	-7.48	-12	-21.7	-6.33	11.4	-6.51
Change in receivables	-7.34	-48	-91.5	0.44	55.8	-17.7	32.3	-17.7
Change in inventory	-29.8	15.7	-80.1	-71.3	111	-39.5	18.3	-51.7
Change in payables	25.8	16.2	117	-63.7	-65.9	62.2	-39.5	5.54
Cash from operations	0.42	37.1	169	20.2	66.4	89.2	35.9	50.1
Capital expenditures	-8.35	-8.85	-8.99	-11	-26.3	-12.8	-9.85	-15.4
Acquisitions	-30.2	-126	-1.29	-4.85	-19.5	-14.2	-43.1
Cash from investing	-38.6	-145	-10.3	-20.5	-47	-27	-52.7	-15.4
Debt issued	114	114		249
Debt repaid	-3.09	-3.97	-190	-328
Stock issued	0.01	53.5	1.34
Share buybacks		-1.53
Dividends paid	-85
Cash from financing	47.4	132	-79.1	-65.4	72.6	-37.4	-50.7	-48.9
Exchange rate effect	-0.33	0.04	2.08	-2.44	-3.28	-0.28	-1.43	3.33
Net change in cash	8.89	24	81.6	-68.2	88.7	24.5	-68.9	-10.8
Free cash flow	-7.92	28.3	160	9.22	40.1	76.4	26	34.7
Interest paid	28.9	32.8	28	11.3	9.02	16.8	12.8	8.84
Income taxes paid	6.12	0.57	13.5	41.2	14.2	7.38	5.1	10.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.6%	Gross profit / revenue.
Operating margin	2.9%	Operating income / revenue.
EBITDA margin	3.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	2.5%	Net income / revenue.
FCF margin	6.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.3%	Cash from operations / revenue.
Effective tax rate	2.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.6%	Research and development expense / revenue.
SG&A / revenue	24.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-58.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-37.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-21.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	33.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-26.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.75x	Current assets / current liabilities.
Quick ratio	0.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.7%	Total debt / total assets.
Liabilities / assets	44.1%	Total liabilities / total assets.
Net debt	-$75.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.64x	Operating income / interest expense.
Working capital	$277.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$200.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.19x	Revenue / average total assets.
Fixed asset turnover	47.8x	Revenue / average property, plant and equipment.
Inventory turnover	3.76x	Cost of revenue / average inventory.
Days inventory	97 days	365 x average inventory / cost of revenue.
Receivables turnover	9.08x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	66 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	72 days	Days inventory + days sales outstanding - days payables.
FCF conversion	243.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.29	Revenue / diluted weighted shares.
FCF per share	$0.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.97	Cash from operations / diluted weighted shares.
Book value per share	$6.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.86	Tangible book value / shares outstanding.
Cash per share	$1.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.48B	Share price x shares outstanding.
Enterprise value	$1.40B	Market cap + total debt - cash - short-term investments.
P/E	40.2x	Market cap / net income. Only when net income is positive.
P/S	1.02x	Market cap / revenue.
P/B	2.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.35x	Market cap / tangible book value, when positive.
P/FCF	16.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.0x	Market cap / cash from operations, when positive.
EV/Sales	0.97x	Enterprise value / revenue.
EV/EBIT	32.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).

What was Corsair Gaming, Inc.'s revenue in fiscal 2025?

Corsair Gaming, Inc. reported revenue of $1.47B for fiscal 2025, 11.9% higher than the year before.

Was Corsair Gaming, Inc. profitable in fiscal 2025?

No. It reported a net loss of $16.2M.

How much free cash flow did Corsair Gaming, Inc. generate in fiscal 2025?

Cash from operations of $50.1M minus capital expenditures of $15.4M left free cash flow of $34.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Corsair Gaming, Inc.