One-glance verdict
Undervalued
$174.78 our estimate vs market $102.70
Wall Street consensus: $106.80 (-38.9% lower than our fair-value estimate)
41% below our estimate, below the bear case
Fundamentals snapshot
Logitech International S.A.
LOGI · NMS · Technology · Computer Hardware
Current price
$102.70
52-week range
$83.32 - $129.66
Market cap
$14.71B
Balance sheet
Healthy
16.27x Strong cushion
Net cash $1.67B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 1.6% last year.
- Reward Returns 35.3% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 0.2% (peer median: 0.9%).
What this company does
Logitech International S.A.
Logitech makes the computer gear many of us use every day, such as mice, keyboards, webcams, and headsets for gaming or video calls. The company earns money by selling these physical items, especially to people setting up home offices and to the growing video gaming community. This matters because their sales are closely tied to trends like remote work and the popularity of PC gaming, which drive demand for new computer accessories.
How the company got here
Founded in a Swiss village in 1981, Logitech started by making computer mice. The founders initially focused on software but quickly saw a bigger opportunity in hardware, the physical devices we use to interact with computers. A key moment was partnering with HP, which helped make their mice widely available and affordable. Over the years, Logitech expanded from just mice to a wide range of computer accessories, becoming a public company and growing through innovation and by acquiring other companies.
What it actually does
Logitech designs and sells hardware that connects people to digital experiences, whether for work, play, or creating content. You've likely seen their products in stores: they make the mice, keyboards, webcams, and headsets that many people use with their computers every day. The company focuses on making these devices easy to use, well-designed, and compatible with different computer systems like Windows and macOS. They sell these products globally to individuals and businesses through retail stores and online.
Gaming
This is one of Logitech's largest and most important segments, operating under the Logitech G brand. It creates high-performance gear specifically for video gamers, including super-responsive mice, mechanical keyboards, headsets for in-game chat, and even streaming equipment for people who broadcast their gameplay online. Gamers and esports professionals pay for this specialized equipment to gain a competitive edge and a more immersive experience. This segment is a major contributor to the company's total revenue (the money brought in from sales).
Keyboards & Combos
This is a foundational part of Logitech's business, selling standalone keyboards and keyboard-and-mouse packages. These products are designed for a wide range of users, from those needing a basic setup for a home office to those wanting premium, ergonomic (designed for comfort and efficiency) keyboards for professional work. Customers for this segment include individuals, schools, and businesses of all sizes. This category is a core and consistent source of income for the company.
Pointing Devices
This segment includes the product that started it all for Logitech: the computer mouse. It remains a core business, offering a wide variety from basic wireless mice to advanced ergonomic models and trackballs designed to reduce hand strain. People buy these to navigate their computers more efficiently and comfortably than a standard laptop trackpad might allow. This is a very durable and steady part of Logitech's overall business.
Video Collaboration
This business line focuses on equipment for professional meeting rooms to make video conferencing better. It sells things like high-quality conference cameras, microphones, and control panels that help teams in different locations feel like they are in the same room. The customers are typically businesses looking to upgrade their offices for hybrid work, where some employees are in the office and others are remote. Management sees this as a strategically important area with significant growth potential.
What management is betting on now
Logitech is focusing its strategy on growth in a few key areas: hybrid work, high-end gaming, and incorporating artificial intelligence (AI) into its products. The company is investing more in research and development (the process of creating new products and improving existing ones) to create smarter devices, like webcams that use AI to improve video quality. They are also committed to sustainability, aiming to use more recycled materials in their products and reduce their environmental impact. The overall goal is to stay essential by creating tools that enhance how people work and play in an increasingly digital world.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$151.47M
FY2025 Q3
$356.64M
FY2025 Q4
$116.87M
FY2026 Q1
$108.77M
FY2026 Q2
$212.28M
FY2026 Q3
$465.64M
FY2026 Q4
$188.95M
FY2027 Q1
$149.91M
Revenue
$1.23B
Net income
$235.70M
Diluted EPS
1.63
Operating cash flow
$166.71M
Free cash flow
$149.91M
Fetching…
Sources
Revenue
$1.09B
Net income
$143.46M
Diluted EPS
0.98
Operating cash flow
$202.79M
Free cash flow
$188.95M
Fetching…
Sources
Revenue
$1.42B
Net income
$251.04M
Diluted EPS
1.69
Operating cash flow
$480.53M
Free cash flow
$465.64M
Fetching…
Sources
Revenue
$1.19B
Net income
$170.67M
Diluted EPS
1.15
Operating cash flow
$228.84M
Free cash flow
$212.28M
Fetching…
Sources
Revenue
$1.15B
Net income
$146.01M
Diluted EPS
0.98
Operating cash flow
$125.05M
Free cash flow
$108.77M
Fetching…
Sources
Revenue
$1.01B
Net income
$144.07M
Diluted EPS
0.94
Operating cash flow
$129.66M
Free cash flow
$116.87M
Fetching…
Sources
Revenue
$1.34B
Net income
$200.15M
Diluted EPS
1.32
Operating cash flow
$370.87M
Free cash flow
$356.64M
Fetching…
Sources
Revenue
$1.12B
Net income
$145.48M
Diluted EPS
0.95
Operating cash flow
$166.00M
Free cash flow
$151.47M
Fetching…
Sources
Is it cheap or expensive?
Fair value $174.78 vs current price $102.70
Wall Street consensus is the average analyst price target: $106.80 (-38.9% lower than our fair-value estimate).
Our most-likely fair value is $174.78 a share — about 70.2% above today's price of $102.70, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $1.7B - more cash than debt. Interest coverage 16.3x.
Net debt
$-1.67B
Interest coverage
16.27x
Logitech International S.A.'s profit covers its interest bill about 16.3 times over. which is stronger than every peer shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
LOGI
BASELINE
Logitech International S.A.
Total debt $84.39M Interest coverage 16.27x This is the baseline the peer rows are being compared against.
Total debt $10.34B Interest coverage 6.53x -60% vs LOGI Carries about 2.5x less debt cushion than LOGI.
Total debt $2.96B Interest coverage 7.41x -54% vs LOGI Carries about 2.2x less debt cushion than LOGI.
Total debt $226.86M Interest coverage 14.56x -11% vs LOGI Has roughly the same debt cushion as LOGI.
Total debt $184.87M Interest coverage 0.22x -99% vs LOGI Carries about 73.3x less debt cushion than LOGI.
Total debt $1.64B Interest coverage 4.04x -75% vs LOGI Carries about 4.0x less debt cushion than LOGI.
What you should know
The case for and against LOGI
3 Rewards
1 Risk
Rewards
-
Revenue grew 1.6% last year.
-
Returns 35.3% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 0.2% (peer median: 0.9%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
18.31x
Forward P/E
16.89x
P/B
6.27x
P/S
2.99x
EV/EBITDA
13.58x
PEG ratio
1.83x
Profitability
How much profit each dollar creates
Gross margin
45.2%
Operating margin
21.2%
Net margin
16.3%
ROE
35.3%
ROA
14.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.04x
Current ratio
2.31x
Quick ratio
1.82x
Total debt
$84.39M
Total cash
$1.75B
Growth
How the business has been compounding
Revenue TTM
$4.92B
Revenue 5Y CAGR
-3.1%
EPS TTM
5.61
EPS 5Y CAGR
29.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.08B
Free CF TTM
$975.64M
FCF margin
19.8%
Dividend
Shareholder payout
Yield
1.7%
Payout ratio
29.0%
Last ex-div date
2026-09-21