Corsair Gaming, Inc. — Earnings Quality Grade F
CRSR · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 58 days, change -3 days YoY
AR growth 7.0% vs revenue growth 11.9%
Revenue 11.9%, CFFO 39.7%. Cash follows revenue
Expense Quality
Inventory 16.7% vs COGS 5.8%. Normal
CapEx growth 54.5% is >2x revenue growth 11.9%
SG&A/Gross Profit = 83.3%, exceeds 70%
Gross margin 28.9%, change +4.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -2.15
Accruals ratio = -5.3%. Low accruals
Cash $0.1B covers 51% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.5B = 76% of equity. Over 50%
Interest coverage = 0.2x (<2x). Financial stress
Other assets -4.8% vs revenue 11.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.75 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25