# Logitech International (LOGI.US)

Canonical: https://gigainvestors.com/s/LOGI

Analysis as of: 2026-10-16T07:29:54.831Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $105.16 per share; close as of 2026-10-15.

Estimated value: low $83.30 per share, central $116.23 per share, high $134.59 per share. Buy at or below the central value $116.23 per share. Valuation as of 2026-10-16T07:29:54.831Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.22×

- FY2022: 0.14×

- FY2023: 0.10×

- FY2024: 0.14×

- FY2025: 0.14×

- FY2026: 0.16×

- LTM to Jun 2026: 0.18×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 68.6%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 41.6%

- Recent gross margin (lower of latest and 3-year median): 43.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 59.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: >100%

- FY2019: >100%

- FY2020: 68.6%

- FY2021: >100%

- FY2022: 96.9%

- FY2023: 49.7%

- FY2024: >100%

- FY2025: >100%

- FY2026: >100%

- LTM to Jun 2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.1B

- Net income, five-year total: $3.0B

- Return on incremental invested capital: 553.9%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 11.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.05×

- FY2023: 1.02×

- FY2024: 1.05×

- FY2025: 1.04×

- FY2026: 1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 154.9% vs 230.9%

- Per-share earnings: 1.23 to 4.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -2.9%

- Market cap gain: $8.2B

- Cumulative retained earnings: $2.3B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.3%

- Per-share value change: $2.90

- Per-share value, starting three-year median: $1.23

- Per-share value, ending three-year median: $4.13

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $463M

- Cumulative net income, 10 years: $5.0B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.24

- FY2018: $1.23

- FY2019: $1.52

- FY2020: $2.66

- FY2021: $5.51

- FY2022: $3.78

- FY2023: $2.23

- FY2024: $3.87

- FY2025: $4.13

- FY2026: $4.82

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -8.3%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 10.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.45×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.9%

- FY2018: -7.9%

- FY2019: -2.4%

- FY2020: 1.0%

- FY2021: -12.3%

- FY2022: 8.6%

- FY2023: -4.8%

- FY2024: -14.8%

- FY2025: -6.0%

- FY2026: -8.3%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 6.1% a year for ten years · sales +1.2%

Story as of 2026-10-16T09:59:05.445Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

- 2025-04-10: Logitech withdraws 2026 forecast amid tariff uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/logitech-withdraws-fiscal-2026-outlook-201614081.html))

- 2025-10-28: Logitech shares rise after beating earnings expectations, raising guidance ([finance.yahoo.com](https://finance.yahoo.com/news/logitech-shares-rise-beating-earnings-205011500.html))

- 2026-02-25: Logitech International CFO Sees Premium Peripheral Strength, China Gaming Boom, Eyes Price Hikes ([finance.yahoo.com](https://finance.yahoo.com/news/logitech-international-cfo-sees-premium-133820580.html))

- 2026-05-05: Growth in gaming accessories pushes Logitech's fourth-quarter sales higher ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/growth-gaming-accessories-pushes-logitechs-201003791.html))

- 2026-06-30: Logitech downgraded at BofA as firm sees price hikes hurting demand ([seekingalpha.com](https://seekingalpha.com/news/4608588-logitech-downgraded-at-bofa-as-firm-sees-price-hikes-hurting-demand?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-29: Logitech Q1 Earnings Beat Estimates on Tariff Refunds, Premium Demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/logitech-q1-earnings-beat-estimates-125100737.html))

### Sales · FY2026–2027

sales +1.2%; source https://www.sec.gov/Archives/edgar/data/1032975/000103297526000021/logi-20260331.htm; observed 2026-05-21.

- FY2018: $2.6B 

- FY2019: $2.8B 

- FY2020: $3.0B 

- FY2021: $5.3B 

- FY2022: $5.5B 

- FY2023: $4.5B 

- FY2024: $4.3B 

- FY2025: $4.6B 

- FY2026: $4.9B 

- FY2027: $4.9B 

### Gross margin · FY2027

gross margin 45.1%; source https://www.sec.gov/Archives/edgar/data/1032975/000103297526000021/logi-20260331.htm; observed 2026-05-21.

- FY2018: 35.8% 

- FY2019: 37.7% 

- FY2020: 38.2% 

- FY2021: 44.7% 

- FY2022: 41.5% 

- FY2023: 38.2% 

- FY2024: 41.6% 

- FY2025: 43.3% 

- FY2026: 43.1% 

- FY2027: 45.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in computer hardware; annual sales are USD 4.9 billion.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2026-03-31 (filed 2026-05-21); FY2026: revenue 4861685824; grossProfit 2094051854; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 41.6% to 43.3% during 2024–26; it earns over 100% on its capital.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2024-03-31 (filed 2026-05-21); FY2024: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2025-03-31 (filed 2026-05-21); FY2025: grossProfit / revenue = 43.3%.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2026-03-31 (filed 2026-05-21); FY2026: grossProfit / revenue = 43.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); 10-year return on capital observations [[2018,1.549039963621507],[2019,1.0959592533095586],[2020,0.6856392554790138],[2021,8.146520625161997],[2022,0.9687660609916524],[2023,0.49741931787467863],[2024,1.764179873405749],[2025,2.3089436674176405],[2026,7.2878254119195915],[2027,3.3972958052781252]]; median 1.656609918513628. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 537.3 million of shares.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2017-03-31 (filed 2026-05-21); FY2017: growth capex 0; upkeep 31804000; cash acquisitions 66987000; owner earnings 224560000. Growth capex plus acquisitions / owner earnings = 0.29830334877092984.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2018-03-31 (filed 2026-05-21); FY2018: growth capex 0; upkeep 39748000; cash acquisitions 88323000; owner earnings 225696000. Growth capex plus acquisitions / owner earnings = 0.39133613356018715.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2019-03-31 (filed 2026-05-21); FY2019: growth capex 0; upkeep 35930000; cash acquisitions 133814000; owner earnings 289294000. Growth capex plus acquisitions / owner earnings = 0.46255366512959134.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2020-03-31 (filed 2026-05-21); FY2020: growth capex 0; upkeep 39484000; cash acquisitions 91569000; owner earnings 483990000. Growth capex plus acquisitions / owner earnings = 0.18919605776978862.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2021-03-31 (filed 2026-05-21); FY2021: growth capex 0; upkeep 76189000; cash acquisitions 43523000; owner earnings 953638000. Growth capex plus acquisitions / owner earnings = 0.04563891120110566.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2022-03-31 (filed 2026-05-21); FY2022: growth capex 0; upkeep 89152000; cash acquisitions 16236000; owner earnings 673901000. Growth capex plus acquisitions / owner earnings = 0.024092559589613313.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2023-03-31 (filed 2026-05-21); FY2023: growth capex 0; upkeep 92353000; cash acquisitions 8527000; owner earnings 372938000. Growth capex plus acquisitions / owner earnings = 0.022864390327614777.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2024-03-31 (filed 2026-05-21); FY2024: growth capex 0; upkeep 55897000; cash acquisitions 14424000; owner earnings 640992000. Growth capex plus acquisitions / owner earnings = 0.0225026209375468.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2025-03-31 (filed 2026-05-21); FY2025: growth capex 0; upkeep 56128000; cash acquisitions 0; owner earnings 655163000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2026-03-31 (filed 2026-05-21); FY2026: growth capex 0; upkeep 61562000; cash acquisitions 0; owner earnings 730488004. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); Dividend observations: [[2017,93093000],[2018,104248000],[2019,113971000],[2020,124180000],[2021,146705000],[2022,159410000],[2023,158680000],[2024,182305000],[2025,207853000],[2026,233059000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/LOGI.US.json#2026-03-31 (filed 2026-05-21); FY2026: cash repurchases 537251344 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOGI.US SharesStats.PercentInsiders = 0.188 percentage points; cache date 2026-10-16.

### What could break it

"We rely on third parties to sell and distribute our products" (SEC filing, May 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1032975/000103297526000021/logi-20260331.htm (filed 2026-05-21); We rely on third parties to sell and distribute our products

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years; actual growth was 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); Ten-year compound average after fade. Initial solved rate 0.09207983155287269. Price 105.16; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.6907126578753744 → FY2026 4.928802790672568. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $24.25 per share

- 2016-11: $24.48 per share

- 2016-12: $24.77 per share

- 2017-01: $28.67 per share

- 2017-02: $28.81 per share

- 2017-03: $31.87 per share

- 2017-04: $33.18 per share

- 2017-05: $36.47 per share

- 2017-06: $36.66 per share

- 2017-07: $36.04 per share

- 2017-08: $35.34 per share

- 2017-09: $36.46 per share

- 2017-10: $35.83 per share

- 2017-11: $34.66 per share

- 2017-12: $33.64 per share

- 2018-01: $42.30 per share

- 2018-02: $39.38 per share

- 2018-03: $36.73 per share

- 2018-04: $37.02 per share

- 2018-05: $40.65 per share

- 2018-06: $43.90 per share

- 2018-07: $43.85 per share

- 2018-08: $49.47 per share

- 2018-09: $44.72 per share

- 2018-10: $36.92 per share

- 2018-11: $33.81 per share

- 2018-12: $31.28 per share

- 2019-01: $36.40 per share

- 2019-02: $37.57 per share

- 2019-03: $39.34 per share

- 2019-04: $38.72 per share

- 2019-05: $36.06 per share

- 2019-06: $39.76 per share

- 2019-07: $41.24 per share

- 2019-08: $40.74 per share

- 2019-09: $40.74 per share

- 2019-10: $40.75 per share

- 2019-11: $43.56 per share

- 2019-12: $47.16 per share

- 2020-01: $44.63 per share

- 2020-02: $38.96 per share

- 2020-03: $42.93 per share

- 2020-04: $48.28 per share

- 2020-05: $59.44 per share

- 2020-06: $65.22 per share

- 2020-07: $73.22 per share

- 2020-08: $74.78 per share

- 2020-09: $77.31 per share

- 2020-10: $84.65 per share

- 2020-11: $90.30 per share

- 2020-12: $97.19 per share

- 2021-01: $104.92 per share

- 2021-02: $108.04 per share

- 2021-03: $104.50 per share

- 2021-04: $110.88 per share

- 2021-05: $123.10 per share

- 2021-06: $120.92 per share

- 2021-07: $109.05 per share

- 2021-08: $102.35 per share

- 2021-09: $88.15 per share

- 2021-10: $83.03 per share

- 2021-11: $79.70 per share

- 2021-12: $82.48 per share

- 2022-01: $83.39 per share

- 2022-02: $74.64 per share

- 2022-03: $73.78 per share

- 2022-04: $65.30 per share

- 2022-05: $60.79 per share

- 2022-06: $52.06 per share

- 2022-07: $56.71 per share

- 2022-08: $50.27 per share

- 2022-09: $46.00 per share

- 2022-10: $49.64 per share

- 2022-11: $60.54 per share

- 2022-12: $62.25 per share

- 2023-01: $58.37 per share

- 2023-02: $54.55 per share

- 2023-03: $58.06 per share

- 2023-04: $59.46 per share

- 2023-05: $63.84 per share

- 2023-06: $59.40 per share

- 2023-07: $69.38 per share

- 2023-08: $68.82 per share

- 2023-09: $68.94 per share

- 2023-10: $78.63 per share

- 2023-11: $87.70 per share

- 2023-12: $95.06 per share

- 2024-01: $83.39 per share

- 2024-02: $87.82 per share

- 2024-03: $89.37 per share

- 2024-04: $78.39 per share

- 2024-05: $100.01 per share

- 2024-06: $96.88 per share

- 2024-07: $90.57 per share

- 2024-08: $91.01 per share

- 2024-09: $89.73 per share

- 2024-10: $81.70 per share

- 2024-11: $80.89 per share

- 2024-12: $82.35 per share

- 2025-01: $97.42 per share

- 2025-02: $98.94 per share

- 2025-03: $84.41 per share

- 2025-04: $75.39 per share

- 2025-05: $82.76 per share

- 2025-06: $90.13 per share

- 2025-07: $92.88 per share

- 2025-08: $103.54 per share

- 2025-09: $109.68 per share

- 2025-10: $120.56 per share

- 2025-11: $112.73 per share

- 2025-12: $100.22 per share

- 2026-01: $85.84 per share

- 2026-02: $91.95 per share

- 2026-03: $91.12 per share

- 2026-04: $99.28 per share

- 2026-05: $121.87 per share

- 2026-06: $94.04 per share

- 2026-07: $102.48 per share

- 2026-08: $98.69 per share

- 2026-09: $100.99 per share

- 2026-10: $105.16 per share

## Annual estimated value (USD per share)

- FY2017: low $9.55 per share, central $10.44 per share, high $11.64 per share

- FY2018: low $12.92 per share, central $14.22 per share, high $15.95 per share

- FY2019: low $19.11 per share, central $21.29 per share, high $24.21 per share

- FY2020: low $25.17 per share, central $30.58 per share, high $35.05 per share

- FY2021: low $51.99 per share, central $69.14 per share, high $79.49 per share

- FY2022: low $60.76 per share, central $83.51 per share, high $96.84 per share

- FY2023: low $50.92 per share, central $67.30 per share, high $77.78 per share

- FY2024: low $53.37 per share, central $59.47 per share, high $67.60 per share

- FY2025: low $56.11 per share, central $62.58 per share, high $71.18 per share

- FY2026: low $79.67 per share, central $111.10 per share, high $128.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:39.633Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1032975/000103297526000021/logi-20260331.htm); period 2026-03-31, filed 2026-05-21.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.