Logitech International S.A. (LOGI) Stock Analysis and Metrics

Sector: Technology Industry: Computer Hardware CIK: 0001032975

Market Cap 13.10 Bn

P/B 5.61

P/E 18.41

P/S 2.75

ROIC (Qtr) 28.31

Div Yield % 1.78

Rev 1y % (Qtr) 6.06

Total Debt (Qtr) 0.00

Debt/Equity (Qtr) 0.00

About

Logitech International S.A., a Swiss public company listed on the SIX Swiss Exchange (LOGN) and the Nasdaq Global Select Market (LOGI), operates in the technology industry, specializing in the design, manufacturing, and marketing of software-enabled hardware solutions. These solutions aim to facilitate businesses, bring people together, and extend human potential in various activities such as working, creating, gaming, and streaming. The company's main business activities are divided into six segments: Gaming, Keyboards & Combos, Pointing Devices,...

Logitech International S.A., a Swiss public company listed on the SIX Swiss Exchange (LOGN) and the Nasdaq Global Select Market (LOGI), operates in the technology industry, specializing in the design, manufacturing, and marketing of software-enabled hardware solutions. These solutions aim to facilitate businesses, bring people together, and extend human potential in various activities such as working, creating, gaming, and streaming.

The company's main business activities are divided into six segments: Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, Webcams, Tablet Accessories, and Headsets. These segments cater to diverse markets, including gaming, productivity, and entertainment.

Logitech's Gaming segment offers a range of products including mice, keyboards, headsets, and streaming services. The company's key products in this segment include the Logitech G PRO X Superlight 2 Wireless Gaming Mouse, the Logitech Pro Racing Wheel, and the Logitech Pro X 2 Lightspeed Wireless Headset. These products are designed to meet the demands of the gaming market, a growing and competitive space.

The Keyboards & Combos segment offers a variety of corded and cordless keyboards and combos. The company's key products in this segment include the Logitech Wireless Combo MK270, the Logitech MX Keys Wireless keyboard, and the Logitech Pebble Keys 2 wireless minimalist keyboard. This segment serves the productivity market, which is a large and established space.

The Pointing Devices segment offers a range of pointing devices, including mice and trackpads. The company's key products in this segment include the Logitech MX Master 3 and MX Anywhere 3 wireless mice, the Logitech Signature M650 Wireless Mouse, and the Logitech Pebble Mouse. This segment also caters to the productivity market.

The Video Collaboration segment offers a range of products, including conference room cameras, video bars, and touch-screen controllers. The company's key products in this segment include the Logitech Rally Bar, the Logitech Rally, and the Logitech MeetUp. This segment serves the business and enterprise market, which is a growing and competitive space.

The Webcams segment offers a range of webcams, including PC-based webcams and streaming cameras. The company's key products in this segment include the Logitech HD Pro Webcam C920, C922, and Brio 4K Pro Webcam. This segment caters to the consumer and business markets, which are large and established spaces.

The Tablet Accessories segment offers a range of products, including keyboards, cases, and styluses. The company's key products in this segment include the Combo Touch line-up for various iPad models, the Logitech Slim Folio Keyboard, and the Logitech Crayon. This segment serves the consumer and education markets, which are growing and competitive spaces.

The Headsets segment offers a range of headsets, including PC and VC headsets, in-ear headphones, and premium wireless earbuds. The company's key products in this segment include the H390 USB Computer Headset, the Zone Wireless II, and the Zone Vibe Wireless. This segment caters to the business and consumer markets, which are large and established spaces.

Logitech's products are sold through a network of distributors, retailers, and e-tailers, and are available in major retail chains such as Amazon, Best Buy, and Walmart. The company's products are also available online through its website and various online marketplaces.

In terms of competition, Logitech faces well-established companies like Apple, Microsoft, Dell, HP, and Lenovo, as well as less-established brands and local competitors in Asian markets. The company protects its proprietary rights through United States patents and pending applications, corresponding patents from other countries, trademarks, copyrights, and trade secrets.

Logitech's product line includes the Logitech G PRO X Superlight 2 Wireless Gaming Mouse, the Logitech Pro Racing Wheel, the Logitech Pro X 2 Lightspeed Wireless Headset, the Logitech Wireless Combo MK270, the Logitech MX Keys Wireless keyboard, the Logitech Pebble Keys 2 wireless minimalist keyboard, the Logitech MX Master 3 and MX Anywhere 3 wireless mice, the Logitech Signature M650 Wireless Mouse, the Logitech Pebble Mouse, the Logitech Rally Bar, the Logitech Rally, the Logitech MeetUp, the Logitech HD Pro Webcam C920, C922, and Brio 4K Pro Webcam, the Combo Touch line-up for various iPad models, the Logitech Slim Folio Keyboard, the Logitech Crayon, the H390 USB Computer Headset, the Zone Wireless II, and the Zone Vibe Wireless.

In addition to its strong commitment to diversity and inclusion, Logitech has a strong focus on safety, health, and well-being. The company's executive team, led by Johanna (Hanneke) Faber, Chief Executive Officer; Charles Boynton, Chief Financial Officer; Prakash Arunkundrum, Chief Operating Officer; and Samantha Harnett, Chief Legal Officer and Corporate Secretary, has a deep understanding of the company's business and industry.

Price action

Investment thesis

Bull case

Robust free cash flow of 903.56M exceeds capital expenditure of 60.51M by 14.93x, indicating strong organic growth funding capability.
Operating cash flow of 964.07M fully covers other non-current liabilities 351.62M by 2.74x, showing strong long-term stability.
Operating cash flow of 964.07M provides solid 0.68x coverage of current liabilities 1.41B, showing strong operational health.
Tangible assets of 3.62B provide robust 4.42x coverage of other current liabilities 817.92M, indicating strong asset backing.
Operating cash flow of 964.07M provides strong 40.43x coverage of operating expenses 23.84M, showing operational efficiency.

Bear case

Operating cash flow of 964.07M barely covers its investment activities of (60.67M), with a coverage ratio of -15.89, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
Operating cash flow of 964.07M provides thin coverage of dividend payments of (233.06M) with a -4.14 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
Investment activities of (60.67M) provide weak support for R&D spending of 308.67M, which is -0.20x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
Retained earnings of 3.24B provide limited buffer against comprehensive income items of (126.12M), which is -25.67x, indicating elevated exposure to market risks.
Operating cash flow of 964.07M is outpaced by equity issuance of (340.55M) (-2.83 ratio), indicating concerning reliance on equity markets for funding operations.

Product and Service Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer comparison

Companies in the Computer Hardware

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	ANET	Arista Networks, Inc.	161.76 Bn	48.19	19.15	0.00 Bn
2	WDC	Western Digital Corp	89.78 Bn	23.98	8.36	4.66 Bn
3	STX	Seagate Technology Holdings plc	86.72 Bn	44.02	8.62	4.50 Bn
4	SNDK	Sandisk Corp	82.62 Bn	-79.37	9.25	0.60 Bn
5	DELL	Dell Technologies Inc.	79.17 Bn	14.85	0.76	31.24 Bn
6	HPQ	Hp Inc	23.90 Bn	5.91	0.38	9.67 Bn
7	PSTG	Pure Storage, Inc.	20.95 Bn	160.70	6.01	0.23 Bn
8	SMCI	Super Micro Computer, Inc.	18.39 Bn	23.20	0.87	4.78 Bn

Industry comparisons

Current Valuation	Value	Ind Avg
EV to Assets EV to Assets	2.86	2.06
EV to Cash from Ops. EV/CFO	12.16	3.18
EV to Debt EV to Debt	0.00	40.92
EV to EBIT EV/EBIT	14.75	0.75
EV to EBITDA EV/EBITDA	14.22	-4.30
EV to Free Cash Flow [EV/FCF] EV/FCF	12.98	-6.71
EV to Market Cap EV to Market Cap	0.89	10.14
EV to Revenue EV/Rev	2.46	51.74
Price to Book Value [P/B] P/B	5.61	7.89
Price to Earnings [P/E] P/E	18.41	5.08

Dividend Metrics	Value	Ind Avg
Dividend Coverage Ratio Div Coverage (Qtr)	3.05	1.24
Dividend Payout Ratio % Div Payout % (Qtr)	32.80	12.08
Dividend per Basic Share Div per Share (Qtr)	1.58	0.28
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr)	25.74	7.46
Interest Coverage Int. cover (Qtr)	0.00	-104.92

Growth Metrics	Value	Ind Avg
Capex Growth (1y) % Capex 1y % (Qtr)	-12.78	-11.48
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr)	20.96	858.75
Dividend Growth (1y) % Div 1y % (Qtr)	36.55	4.71
EBIAT Growth (1y) % EBIAT 1y % (Qtr)	8.66	-121.75
EBITDA Growth (1y) % EBITDA 1y % (Qtr)	8.83	-42.53
EBIT Growth (1y) % EBIT 1y % (Qtr)	8.52	-106.02
EBT Growth (1y) % EBT 1y % (Qtr)	8.52	-106.95
EPS Growth (1y) % EPS 1y % (Qtr)	12.59	-95.89
FCF Growth (1y) % FCF 1y % (Qtr)	0.58	667.02
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr)	4.08	34.00

Liquidity Ratios	Value	Ind Avg
Asset Utilization Ratio Asset Util Ratio (Qtr)	1.16	0.80
Cash Payout Ratio Cash Payout (Qtr)	0.23	0.05
Cash Ratio Cash Ratio (Qtr)	1.29	7.27
Current Ratio Curr Ratio (Qtr)	2.21	13.60
Debt to Equity Ratio Debt/Equity (Qtr)	0.00	-0.79
Interest Cover Ratio Int Coverage (Qtr)	0.00	-104.92
Times Interest Earned Times Interest Earned (Qtr)	0.00	-104.92

Profitability	Value	Ind Avg
EBITDA Margin % EBITDA Margin % (Qtr)	18.30	-629.06
EBIT Margin % EBIT Margin % (Qtr)	16.68	-682.80
EBT Margin % EBT Margin % (Qtr)	16.68	-686.71
Gross Margin % Gross Margin % (Qtr)	42.90	35.17
Net Profit Margin % Net Margin % (Qtr)	14.90	-691.59

Research Tools

Logitech International S.A. (NASDAQ: LOGI)