Logitech International S.A. - Registered Shares (LOGI)
Juste valeurFondamental
74
Prix
$100.99
Capitalisation boursière
$14.26B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Avantage concurrentiel
Marque · ÉtroitLogitech'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.
Ce qui stimule la demande
CycliquePurchases 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users
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.
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 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 competes head-on in gaming peripherals and creator streaming gear sold through the same retail and e-commerce channels.
Through Jabra it competes for the same enterprise video-conferencing and headset budgets, and through SteelSeries for the same gaming-peripheral buyers.
Bilan & Liquidités
Chiffre d'affaires
$4.92B
12 derniers mois (au 30/06/2026)
Résultat net
$801M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$976M
Capitaux propres totaux
$2.21B
Passif total
$1.64B
Ratio de liquidité général
2.31
Couverture des intérêts
-
Dette/EBITDA
0.09
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$112.76
Prix actuel
$100.99
Marge de sécurité
+10.4%
Fourchette de juste valeur
$73.30 - $152.23
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
18.53
ROE
32.2%
Ratio P/B
6.15
P/FCF
14.22
Marge brute
45.1%
ROIC
25.7%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
25.7%
WACC
8.0%
ROIC − WACC
+17.7 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (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
Échoué (5)
- P/B Ratio 6.15
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y -1.6%
Indisponible (3)
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Risque d'audit
1
Risque du conseil
1
Risque de rémunération
1
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-05-21
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-29
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-10
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for LOGI, sourced from Markets Gazette.