Logitech International S.A. - Registered Shares (LOGI)
POSITIVEFundamental
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
Mice, keyboards, headsets and controllers built for PC and console gamers, sold under Logitech G and Astro.
Keyboards sold alone or bundled with a mouse, for home and office use.
Mice and trackballs sold on their own, one of Logitech's oldest and most established product lines.
Cameras, room systems and audio devices used for video conferencing in offices and meeting rooms.
Standalone webcams for personal video calls and streaming.
Keyboards, cases and styluses designed for tablets.
Headsets for calls and music sold outside the Gaming line, including the Blue microphone brand.
Mainly mobile and PC speakers, a small residual category.
Wettbewerbsvorteil
Marke · SchmalLogitech'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
ZyklischPurchases 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
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Who this company fights with for the same customers
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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
Innerer Wert
$111.82
Aktueller Kurs
$98.14
Sicherheitsmarge
+12.2%
Innerer-Wert-Spanne
$72.68 - $150.95
Bewertungsmethoden
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
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Ms. Johanna W. Faber | CEO & Director | 56 |
| Mr. Matteo Anversa | Chief Financial Officer | 54 |
| Ms. Samantha E. Harnett J.D. | Chief Legal Officer & Secretary | 49 |
| Mr. Sree Chenincherry | Head of Operations | - |
| Ms. Meeta Sunderwala | VP & Chief Accounting Officer | 54 |
| Nate Melihercik | Head of Global Investor Relations | - |
| Dr. Bruno Rodriguez | Head of Corporate Communications | - |
| Ms. Malin Leschly | Chief Design Officer | - |
| Mr. Jay Wilder | Chief Digital Officer | - |
| Mr. Manoj Sahay | Head 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.
Latest News
Recent headlines for LOGI, sourced from Markets Gazette.