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

Valor Justo
TechnologyComputer HardwareSwitzerland

Fundamental

74

Precio

$100.99

Capitalización Bursátil

$14.26B

Parte 1 · Cuánto vale la empresa

Resumen

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.

Cómo genera ingresos

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.

Ingresos por segmento

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.

Ventaja competitiva

Marca · Estrecha

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.

Qué impulsa la demanda

Cíclico

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.

Riesgos clave

  • 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.

Los argumentos a favor

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.

Los argumentos en contra

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 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 19 de septiembre de 2026 with claude-haiku-4-5 — shared with all users

P/E: 11.9Score: 66Market cap: $28.24B

HP competes with Logitech on several fronts at once: HyperX in gaming peripherals, Poly in meeting-room video and business headsets, plus its own keyboards, mice and webcams.

P/E: 38.2Score: 73Market cap: $4.90T

Apple sells first-party keyboards, pointing devices, tablet accessories and earbuds to the same Mac and iPad owners Logitech designs many of its products for.

Razer Inc. (雷蛇)Not tracked

Razer sells gaming mice, keyboards, headsets, webcams and streaming microphones to the same PC gamers and content creators Logitech targets with its G and Blue brands.

Corsair Gaming, Inc.CRSR

Corsair competes head-on in gaming peripherals and creator streaming gear sold through the same retail and e-commerce channels.

GN Store Nord A/SNot tracked

Through Jabra it competes for the same enterprise video-conferencing and headset budgets, and through SteelSeries for the same gaming-peripheral buyers.

Balance y Liquidez

Ingresos

$4.92B

Últimos 12 meses (hasta 30/6/2026)

Beneficio Neto

$801M

Últimos 12 meses (hasta 30/6/2026)

Flujo de Caja Libre

$976M

Patrimonio Neto Total

$2.21B

Pasivo Total

$1.64B

Ratio de Liquidez

2.31

Cobertura de Intereses

-

Deuda/EBITDA

0.09

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuánto pesa la deuda

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

Caso generalValoración Justa

Valor Justo

$112.76

Precio Actual

$100.99

Margen de Seguridad

+10.4%

Rango de Valor Justo

$73.30 - $152.23

Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.

Métodos de Estimación

Precio objetivo de los analistas:$106.80
Flujo de caja descontado (DCF):$174.75
Múltiplo sobre beneficios (P/E):$100.53
Fórmula de crecimiento de Graham:$40.77
Valor de la capacidad de generar beneficios (EPV):$59.36
P/B justificado:$122.01
Descuento de dividendos (Gordon):$41.50
P/FFO, fondos de operaciones:Datos insuficientes para calcularlo
Beneficios de mitad de ciclo:$76.72
Múltiplo sobre ingresos:$173.16
Consenso de Analistas:Comprar (11B / 5H / 3S)
Última Sorpresa de Resultados:+50.58%

Métricas de Valoración

Ratio P/E

18.53

ROE

32.2%

Ratio P/B

6.15

P/FCF

14.22

Margen Bruto

45.1%

ROIC

25.7%

Radar de Rentabilidad

Creación de Valor (Ventaja Competitiva)

ROIC

25.7%

WACC

8.0%

ROIC − WACC

+17.7 pp

El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.

Criterios de Análisis Fundamental

Superado (20)

  • EPS shows upward trend
  • EPS CAGR 13.12%
  • Price CAGR 15.50%
  • ROIC 25.7%
  • Gross Margin 45.1%
  • P/FCF 14.22
  • 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

Fallido (5)

  • P/B Ratio 6.15
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y -1.6%

No disponible (3)

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

Piotroski F-Score

6/9

Señales mixtas: algunas áreas requieren atención

score
criteria

Calidad de los Beneficios

1.35

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-3.1%

Recomprando acciones. Favorable para el accionista

Participaciones institucionales

No hay declaraciones institucionales para esta empresa.

Gobernanza

Equipo Directivo

NombreCargoEdad
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-

Riesgo de Auditoría

1

Riesgo del Consejo

1

Riesgo de Compensación

1

Riesgo de Derechos del Accionista

1

Parte 2 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

Documentos

  • Informe anual (10-K)

    Un resumen anual del negocio, los resultados financieros y los riesgos de la empresa.

    Presentado el 2026-05-21

    Ver documento
  • Informe trimestral (10-Q)

    Una actualización del desempeño financiero de los últimos tres meses.

    Presentado el 2026-07-29

    Ver documento
  • Informe de hecho relevante (8-K)

    Un aviso sobre un hecho relevante, como un cambio de dirección o un anuncio importante.

    Presentado el 2026-09-10

    Ver documento

via SEC EDGAR

Historial de Resultados

via SEC EDGAR

Latest News

Recent headlines for LOGI, sourced from Markets Gazette.

No recent news for LOGI.