Does Corsair Gaming, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Corsair Gaming, Inc. (CRSR) 18.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 34, returns on capital 13, balance-sheet safety 0, capital discipline 24.

How has CRSR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 18.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Corsair Gaming, Inc.

CRSR · Technology · $1.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power34

Median gross margin 24.8% over 8y, stable.

Returns on capital13

Median ROIC 2.0%, above the 9% hurdle in 38% of years.

Balance-sheet safety0

Net debt/EBITDA 10.8x, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $9.75
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Corsair Gaming, Inc. booked $1.5B of revenue in FY2025 in the Technology sector and kept 28.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, −1.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $937.6M (FY2018) to $1.5B (FY2025) — about 6.7% a year compounded over 7 years.

It earned 0.2% on invested capital in FY2025, with a median of 2.0% across 8 filed years. The Returns on Capital filter above scores it 13/100.

The balance sheet carried $121.3M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 26.8% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (34/100) and Balance-Sheet Safety the weakest (0/100), which is how CRSR lands at 19/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.5B FY2025

Gross marginRevenue kept after cost of goods28.9% FY2025

Return on invested capitalOperating profit on the capital employed0.2% FY2025

Owner earningsCash an owner could take out−$31.5M FY2025

Gaps in a line mean that item isn’t in CRSR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale18.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CRSR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#497 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#495BMTM Bright Mountain Media, Inc.19.2 out of 100, No moatNo moat
#496RLBY RELIABILITY INCORPORATED18.8 out of 100, No moatNo moat
#498SONM DNA X, Inc.18.7 out of 100, No moatNo moat
#499ARRY ARRAY TECHNOLOGIES, INC.18.6 out of 100, No moatNo moat

Compare CRSR with its nearest peers →All Technology companies on the Index →

Common questions about CRSR

Does Corsair Gaming, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Corsair Gaming, Inc. (CRSR) 18.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 34, returns on capital 13, balance-sheet safety 0, capital discipline 24.
How has CRSR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 18.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CRSR. See the disclaimer.