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Corsair Gaming (Corsair Gaming) Beneish M-Score : -2.81 (As of Apr. 26, 2024)


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What is Corsair Gaming Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Corsair Gaming's Beneish M-Score or its related term are showing as below:

CRSR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.88   Med: -2.81   Max: -2.11
Current: -2.81

During the past 6 years, the highest Beneish M-Score of Corsair Gaming was -2.11. The lowest was -2.88. And the median was -2.81.


Corsair Gaming Beneish M-Score Historical Data

The historical data trend for Corsair Gaming's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Corsair Gaming Beneish M-Score Chart

Corsair Gaming Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - -2.11 -2.88 -2.81

Corsair Gaming Quarterly Data
Dec18 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.88 -3.02 -2.58 -2.18 -2.81

Competitive Comparison of Corsair Gaming's Beneish M-Score

For the Computer Hardware subindustry, Corsair Gaming's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Corsair Gaming's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Corsair Gaming's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Corsair Gaming's Beneish M-Score falls into.



Corsair Gaming Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Corsair Gaming for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0123+0.528 * 0.8741+0.404 * 0.9283+0.892 * 1.0617+0.115 * 0.942
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9432+4.679 * -0.065678-0.327 * 0.9902
=-2.81

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $253 Mil.
Revenue was 417.286 + 363.193 + 325.432 + 353.964 = $1,460 Mil.
Gross Profit was 102.674 + 89.353 + 82.832 + 85.404 = $360 Mil.
Total Current Assets was $712 Mil.
Total Assets was $1,357 Mil.
Property, Plant and Equipment(Net PPE) was $69 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General, & Admin. Expense(SGA) was $285 Mil.
Total Current Liabilities was $418 Mil.
Long-Term Debt & Capital Lease Obligation was $225 Mil.
Net Income was 6.981 + -3.079 + -4.48 + -2.012 = $-3 Mil.
Non Operating Income was -1.261 + 0.304 + -1.134 + -0.496 = $-3 Mil.
Cash Flow from Operations was 57.093 + -11.912 + 2.146 + 41.826 = $89 Mil.
Total Receivables was $236 Mil.
Revenue was 398.73 + 311.769 + 283.908 + 380.691 = $1,375 Mil.
Gross Profit was 97.857 + 71.56 + 36.459 + 90.756 = $297 Mil.
Total Current Assets was $623 Mil.
Total Assets was $1,297 Mil.
Property, Plant and Equipment(Net PPE) was $80 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General, & Admin. Expense(SGA) was $285 Mil.
Total Current Liabilities was $343 Mil.
Long-Term Debt & Capital Lease Obligation was $278 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(253.268 / 1459.875) / (235.656 / 1375.098)
=0.173486 / 0.171374
=1.0123

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(296.632 / 1375.098) / (360.263 / 1459.875)
=0.215717 / 0.246777
=0.8741

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (711.589 + 68.536) / 1357.463) / (1 - (622.793 + 80.102) / 1297.245)
=0.425307 / 0.458163
=0.9283

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1459.875 / 1375.098
=1.0617

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(53.523 / (53.523 + 80.102)) / (50.698 / (50.698 + 68.536))
=0.400546 / 0.425198
=0.942

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(285.313 / 1459.875) / (284.932 / 1375.098)
=0.195437 / 0.207209
=0.9432

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((224.593 + 418.487) / 1357.463) / ((277.627 + 342.998) / 1297.245)
=0.473737 / 0.478418
=0.9902

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-2.59 - -2.587 - 89.153) / 1357.463
=-0.065678

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Corsair Gaming has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.


Corsair Gaming Beneish M-Score Related Terms

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Corsair Gaming (Corsair Gaming) Business Description

Traded in Other Exchanges
Address
115 N. McCarthy Boulevard, Milpitas, CA, USA, 95035
Corsair Gaming Inc is engaged in the business of providing high-performance gear for gamers and content creators. The product portfolio includes Cases, Keyboards, Mice, Headsets, Power Supplies, Gaming Computers, Gaming Chairs, Mousepads, and other related products. The company operates in two segments namely, Gamer and Creator peripherals, which is the key revenue-generating segment; and Gaming Components and systems. Geographically, the group derives revenue from the Americas, Europe and the Middle East, and the Asia Pacific.
Executives
Thi L La officer: Chief Operating Officer C/O CORSAIR GAMING, INC., 47100 BAYSIDE PARKWAY, FREMONT CA 94538
Michael G Potter officer: Chief Financial Officer 5555 NE MOORE CT., HILLSBORO OR 97124
Majoros George L. Jr. director, 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Anup Bagaria director, 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Corsair Group (cayman), Lp 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Samuel R. Szteinbaum director CORSAIR COMPONENTS INC., 46221 LANDING PARKWAY, FREMONT CA 94538
Sarah Mears Kim director C/O CORSAIR GAMING, INC., 47100 BAYSIDE PKWY, FREMONT CA 94538
Bertrand Chevalier officer: Chief Sales Officer C/O CORSAIR GAMING, INC., 47100 BAYSIDE PARKWAY, FREMONT CA 94538
Andrew J. Paul director, officer: See Remarks CORSAIR COMPONENTS INC., 46221 LANDING PARKWAY, FREMONT CA 94538
Randall J Weisenburger director C/O WASSERSTEIN PERELLA GROUP, 31 WEST 52ND ST 26TH FLOOR, NEW YORK NY 10019
Eagletree-carbide (gp), Llc 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Gregg A Lakritz officer: Controller C/O CORSAIR GAMING, INC., 47100 BAYSIDE PARKWAY, FREMONT CA 94538
Stuart A Martin director C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036
Diana L. Bell director CORSAIR COMPONENTS INC., 46221 LANDING PARKWAY, FREMONT CA 94538
Eagletree Partners Iv Ultimate Gp, Llc 10 percent owner C/O EAGLETREE CAPITAL, LP, 1185 AVENUE OF THE AMERICAS, 39TH FLOOR, NEW YORK NY 10036