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

合理估值
TechnologyComputer HardwareSwitzerland

基本面

74

价格

$103.58

市值

$14.26B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

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.

护城河

品牌 · 狭窄

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.

需求驱动因素

周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 11.9Score: 67Market 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: 70Market 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.

资产负债表与流动性

营收

$4.92B

最近12个月(截至2026/6/30)

净利润

$801M

最近12个月(截至2026/6/30)

自由现金流

$976M

股东权益合计

$2.21B

负债合计

$1.64B

流动比率

2.31

利息覆盖率

-

债务/EBITDA

0.09

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$112.76

当前价格

$103.58

安全边际

+8.1%

公允价值区间

$73.30 - $152.23

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$106.80
现金流折现法(DCF):$174.75
市盈率法(P/E):$100.53
格雷厄姆成长公式:$40.77
盈利能力价值(EPV):$59.36
合理市净率(P/B):$122.01
股息折现模型(戈登模型):$41.50
P/FFO(运营资金):数据不足,无法计算
周期中段收益:$76.72
市销率法(P/S):$173.16
分析师共识:买入 (11B / 5H / 3S)
最近财报超预期:+50.58%

估值指标

市盈率(P/E)

18.53

ROE

32.2%

市净率(P/B)

6.15

P/FCF

14.22

毛利率

45.1%

ROIC

25.7%

盈利能力雷达图

价值创造(经济护城河)

ROIC

25.7%

WACC

8.0%

ROIC − WACC

+17.7 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(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

未通过(5)

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

不可用(3)

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

Piotroski F-评分

6/9

信号混杂:部分领域需关注

score
criteria

盈利质量

1.35

高质量:盈利有现金流支撑

股权稀释

-3.1%

正在回购股份,对股东友好

机构持股

该公司暂无机构申报数据。

公司治理

管理团队

姓名职位年龄
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-

审计风险

1

董事会风险

1

薪酬风险

1

股东权利风险

1

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-05-21

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-07-29

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-10

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for LOGI, sourced from Markets Gazette.

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