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Corsair Gaming (Corsair Gaming) Piotroski F-Score : 6 (As of Apr. 28, 2024)


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What is Corsair Gaming Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Corsair Gaming has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Corsair Gaming's Piotroski F-Score or its related term are showing as below:

CRSR' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 5   Max: 6
Current: 6

During the past 6 years, the highest Piotroski F-Score of Corsair Gaming was 6. The lowest was 5. And the median was 5.


Corsair Gaming Piotroski F-Score Historical Data

The historical data trend for Corsair Gaming's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Corsair Gaming Piotroski F-Score Chart

Corsair Gaming Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial N/A N/A 5.00 5.00 6.00

Corsair Gaming Quarterly Data
Dec18 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 6.00 7.00 6.00

Competitive Comparison of Corsair Gaming's Piotroski F-Score

For the Computer Hardware subindustry, Corsair Gaming's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Corsair Gaming's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Corsair Gaming's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Corsair Gaming's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -2.012 + -4.48 + -3.079 + 6.981 = $-3 Mil.
Cash Flow from Operations was 41.826 + 2.146 + -11.912 + 57.093 = $89 Mil.
Revenue was 353.964 + 325.432 + 363.193 + 417.286 = $1,460 Mil.
Gross Profit was 85.404 + 82.832 + 89.353 + 102.674 = $360 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(1297.245 + 1297.325 + 1318.964 + 1338.149 + 1357.463) / 5 = $1321.8292 Mil.
Total Assets at the begining of this year (Dec22) was $1,297 Mil.
Long-Term Debt & Capital Lease Obligation was $225 Mil.
Total Current Assets was $712 Mil.
Total Current Liabilities was $418 Mil.
Net Income was -2.873 + -52.013 + -6.211 + 6.709 = $-54 Mil.

Revenue was 380.691 + 283.908 + 311.769 + 398.73 = $1,375 Mil.
Gross Profit was 90.756 + 36.459 + 71.56 + 97.857 = $297 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(1337.396 + 1319.425 + 1231.892 + 1183.268 + 1297.245) / 5 = $1273.8452 Mil.
Total Assets at the begining of last year (Dec21) was $1,337 Mil.
Long-Term Debt & Capital Lease Obligation was $278 Mil.
Total Current Assets was $623 Mil.
Total Current Liabilities was $343 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Corsair Gaming's current Net Income (TTM) was -3. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Corsair Gaming's current Cash Flow from Operations (TTM) was 89. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-2.59/1297.245
=-0.00199654

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-54.388/1337.396
=-0.04066709

Corsair Gaming's return on assets of this year was -0.00199654. Corsair Gaming's return on assets of last year was -0.04066709. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Corsair Gaming's current Net Income (TTM) was -3. Corsair Gaming's current Cash Flow from Operations (TTM) was 89. ==> 89 > -3 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=224.593/1321.8292
=0.16991076

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=277.627/1273.8452
=0.21794406

Corsair Gaming's gearing of this year was 0.16991076. Corsair Gaming's gearing of last year was 0.21794406. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=711.589/418.487
=1.70038496

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=622.793/342.998
=1.81573362

Corsair Gaming's current ratio of this year was 1.70038496. Corsair Gaming's current ratio of last year was 1.81573362. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Corsair Gaming's number of shares in issue this year was 118.24. Corsair Gaming's number of shares in issue last year was 98.509. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=360.263/1459.875
=0.24677661

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=296.632/1375.098
=0.21571699

Corsair Gaming's gross margin of this year was 0.24677661. Corsair Gaming's gross margin of last year was 0.21571699. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=1459.875/1297.245
=1.12536568

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1375.098/1337.396
=1.0281906

Corsair Gaming's asset turnover of this year was 1.12536568. Corsair Gaming's asset turnover of last year was 1.0281906. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+1+1+1+0+0+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Corsair Gaming has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Corsair Gaming  (NAS:CRSR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Corsair Gaming Piotroski F-Score Related Terms

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Corsair Gaming (Corsair Gaming) Business Description

Traded in Other Exchanges
Address
115 N. McCarthy Boulevard, Milpitas, CA, USA, 95035
Corsair Gaming Inc is engaged in the business of providing high-performance gear for gamers and content creators. The product portfolio includes Cases, Keyboards, Mice, Headsets, Power Supplies, Gaming Computers, Gaming Chairs, Mousepads, and other related products. The company operates in two segments namely, Gamer and Creator peripherals, which is the key revenue-generating segment; and Gaming Components and systems. Geographically, the group derives revenue from the Americas, Europe and the Middle East, and the Asia Pacific.
Executives
Thi L La officer: Chief Operating Officer C/O CORSAIR GAMING, INC., 47100 BAYSIDE PARKWAY, FREMONT CA 94538
Michael G Potter officer: Chief Financial Officer 5555 NE MOORE CT., HILLSBORO OR 97124
Majoros George L. Jr. director, 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Anup Bagaria director, 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Corsair Group (cayman), Lp 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Samuel R. Szteinbaum director CORSAIR COMPONENTS INC., 46221 LANDING PARKWAY, FREMONT CA 94538
Sarah Mears Kim director C/O CORSAIR GAMING, INC., 47100 BAYSIDE PKWY, FREMONT CA 94538
Bertrand Chevalier officer: Chief Sales Officer C/O CORSAIR GAMING, INC., 47100 BAYSIDE PARKWAY, FREMONT CA 94538
Andrew J. Paul director, officer: See Remarks CORSAIR COMPONENTS INC., 46221 LANDING PARKWAY, FREMONT CA 94538
Randall J Weisenburger director C/O WASSERSTEIN PERELLA GROUP, 31 WEST 52ND ST 26TH FLOOR, NEW YORK NY 10019
Eagletree-carbide (gp), Llc 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Gregg A Lakritz officer: Controller C/O CORSAIR GAMING, INC., 47100 BAYSIDE PARKWAY, FREMONT CA 94538
Stuart A Martin director C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Diana L. Bell director CORSAIR COMPONENTS INC., 46221 LANDING PARKWAY, FREMONT CA 94538
Eagletree Partners Iv Ultimate Gp, Llc 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036