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Logitech International S.A. - Registered Shares (LOGI)

POSITIVE
TechnologyComputer HardwareSwitzerland

Fundamental

75

Kurs

$98.14

Marktkapitalisierung

$13.75B

Teil 1 · Was das Unternehmen wert ist

Übersicht

Logitech designs the peripherals people use to interact with computers and screens: mice, keyboards, webcams, headsets and the cameras and microphones used for video calls, sold under its own brand and under Blue and Astro for audio and gaming. It designs the products and contracts with outside factories to build them, then sells through retailers and distributors rather than directly to most buyers.

Wie das Geld verdient wird

Revenue comes from one-time hardware sales rather than subscriptions: Logitech books a sale when a retailer or distributor takes delivery of a product, and a large share of retail demand is concentrated in a few weeks at the end of each quarter, which makes results harder to predict. Margins depend on component and manufacturing costs set mostly in China and Southeast Asia, so currency and tariff shifts flow fairly directly into profitability.

Umsatz nach Segment

Gaming29.4%

Mice, keyboards, headsets and controllers built for PC and console gamers, sold under Logitech G and Astro.

Keyboards & Combos19.4%

Keyboards sold alone or bundled with a mouse, for home and office use.

Pointing Devices17.3%

Mice and trackballs sold on their own, one of Logitech's oldest and most established product lines.

Video Collaboration13.7%

Cameras, room systems and audio devices used for video conferencing in offices and meeting rooms.

Webcams6.9%

Standalone webcams for personal video calls and streaming.

Tablet Accessories6.6%

Keyboards, cases and styluses designed for tablets.

Headsets3.9%

Headsets for calls and music sold outside the Gaming line, including the Blue microphone brand.

Other2.7%

Mainly mobile and PC speakers, a small residual category.

Wettbewerbsvorteil

Marke · Schmal

Logitech's brand and retail shelf presence give it an edge in getting new products stocked and noticed, and its scale helps negotiate component costs. Neither advantage is very durable: peripherals are a category where features and price are easy for a shopper to compare, and lower-cost competitors regularly match core functionality.

Was die Nachfrage antreibt

Zyklisch

Purchases of mice, keyboards and gaming gear are discretionary and tied to consumer and corporate IT spending, which softens in a downturn. Video-collaboration hardware adds a business-spending dimension that can move with corporate budgets rather than consumer demand.

Wichtigste Risiken

  • Reliance on major retail and distribution partners — A large share of sales runs through a small number of major distributors and retailers, including Amazon, so a change in one partner's buying or stocking decisions can move results meaningfully.
  • Concentrated manufacturing in Asia — Principal manufacturing and contract manufacturers are located in China and Southeast Asia, exposing the company to tariffs, trade regulation changes and other risks tied to that region.
  • Component supply and cost — Key components are sourced from a limited number of suppliers; shortages or price increases can constrain production or compress gross margin.
  • Seasonal concentration of sales — A significant portion of quarterly retail sales occurs in the final weeks of each quarter, making revenue harder to forecast and more sensitive to late-quarter demand shifts.

Die Argumente dafür

Buyers argue that Gaming and Video Collaboration are growing faster than Logitech's older categories and carry better margins, that scale and brand recognition help fund a steady stream of new products, and that hybrid work keeps demand for video-conferencing hardware structurally higher than before.

Die Argumente dagegen

Sellers fear that PC peripherals are an easily commoditized category where lower-cost rivals can match core features, that heavy reliance on a handful of large retail partners concentrates negotiating power on the customer side, and that tariffs or supply disruptions tied to Asian manufacturing can compress margins with little warning.

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Bilanz & Liquidität

Umsatz

$4.92B

Letzte 12 Monate (bis 30.6.2026)

Nettogewinn

$801M

Letzte 12 Monate (bis 30.6.2026)

Freier Cashflow

$976M

Gesamtes Eigenkapital

$2.21B

Gesamtverbindlichkeiten

$1.64B

Current Ratio

2.31

Zinsdeckungsgrad

-

Schulden/EBITDA

0.09

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Fair bewertet

Innerer Wert

$111.82

Aktueller Kurs

$98.14

Sicherheitsmarge

+12.2%

Innerer-Wert-Spanne

$72.68 - $150.95

Bewertungsmethoden

Analyst Target:$106.80
DCF:$174.75
PE-based:$96.74
Graham Growth:$40.77
EPV:$59.36
Analystenkonsens:Kaufen (11B / 5H / 3S)
Letzte Gewinnüberraschung:+50.58%

Bewertungskennzahlen

P/E-Verhältnis

17.84

ROE

32.2%

P/B-Verhältnis

5.92

P/FCF

13.69

Bruttomarge

45.1%

ROIC

25.7%

Rentabilitäts-Radar

Value Creation (Economic Moat)

ROIC

25.7%

WACC

7.9%

ROIC − WACC

+17.7 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Fundamentalanalyse-Kriterien

Bestanden (20)

  • EPS shows upward trend
  • EPS CAGR 13.12%
  • Price CAGR 14.51%
  • ROIC 25.7%
  • Gross Margin 45.1%
  • P/FCF 13.69
  • Debt/Equity ratio
  • Operating Margin 17.7%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 35.7%
  • Analyst Consensus 58% Buy
  • Earnings Surprise avg 23.4%
  • Earnings Quality (OCF/NI) 1.35
  • Share Dilution -3.1%
  • Net Margin Trend 16.3% vs 13.8%
  • Piotroski F-Score 6/9

Nicht bestanden (5)

  • P/B Ratio 5.92
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y -1.6%

Nicht verfügbar (3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

6/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

1.35

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-3.1%

Aktienrückkäufe. Aktionärsfreundlich

Unternehmensführung

Führungsteam

NamePositionAlter
Ms. Johanna W. FaberCEO & Director56
Mr. Matteo AnversaChief Financial Officer54
Ms. Samantha E. Harnett J.D.Chief Legal Officer & Secretary49
Mr. Sree ChenincherryHead of Operations-
Ms. Meeta SunderwalaVP & Chief Accounting Officer54
Nate MelihercikHead of Global Investor Relations-
Dr. Bruno RodriguezHead of Corporate Communications-
Ms. Malin LeschlyChief Design Officer-
Mr. Jay WilderChief Digital Officer-
Mr. Manoj SahayHead of India-

Prüfungsrisiko

2

Vorstandsrisiko

1

Vergütungsrisiko

2

Aktionärsrechterisiko

1

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

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