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美商海盗船（CRSR）与罗技（LOGI）财务数据对比。点击上方公司名可切换其他公司
罗技的季度营收约是美商海盗船的3.3倍（$1.4B vs $436.9M）。罗技净利率更高（17.7% vs 5.9%，领先11.8%）。罗技同比增速更快（6.1% vs 5.6%）。罗技自由现金流更多（$465.6M vs $32.9M）。过去两年罗技的营收复合增速更高（18.5% vs 13.8%）
美商海盗船是源自美国的电脑外设与电竞硬件品牌，总部位于加利福尼亚州米尔皮塔斯。公司创立于1994年，原名海盗船微系统，后更名为海盗船组件、海盗船内存，2007年重新在特拉华州注册。主打产品涵盖高速内存模块、电源、闪存、CPU显卡与机箱散热、电竞外设、电脑机箱等各类电脑相关产品。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
CRSR vs LOGI — 直观对比
营收规模更大
LOGI
是对方的3.3倍
$436.9M
营收增速更快
LOGI
高出0.4%
5.6%
净利率更高
LOGI
高出11.8%
5.9%
自由现金流更多
LOGI
多$432.7M
$32.9M
两年增速更快
LOGI
近两年复合增速
13.8%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $1.4B |
| 净利润 | $25.8M | $251.0M |
| 毛利率 | 33.1% | 43.2% |
| 营业利润率 | 6.2% | 20.1% |
| 净利率 | 5.9% | 17.7% |
| 营收同比 | 5.6% | 6.1% |
| 净利润同比 | 1028.2% | 25.4% |
| 每股收益（稀释后） | $0.23 | $1.69 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CRSRLOGI
| Q4 25 | $436.9M | $1.4B | ||
| Q3 25 | $345.8M | $1.2B | ||
| Q2 25 | $320.1M | $1.1B | ||
| Q1 25 | $369.8M | $1.0B | ||
| Q4 24 | $413.6M | $1.3B | ||
| Q3 24 | $304.2M | $1.1B | ||
| Q2 24 | $261.3M | $1.1B | ||
| Q1 24 | $337.3M | $1.0B |
净利润CRSRLOGI
| Q4 25 | $25.8M | $251.0M | ||
| Q3 25 | $-10.6M | $170.7M | ||
| Q2 25 | $-20.9M | $146.0M | ||
| Q1 25 | $-10.5M | $144.1M | ||
| Q4 24 | $2.3M | $200.1M | ||
| Q3 24 | $-51.7M | $145.5M | ||
| Q2 24 | $-24.2M | $141.8M | ||
| Q1 24 | $-11.6M | $167.6M |
毛利率CRSRLOGI
| Q4 25 | 33.1% | 43.2% | ||
| Q3 25 | 26.9% | 43.4% | ||
| Q2 25 | 26.8% | 41.7% | ||
| Q1 25 | 27.7% | 43.1% | ||
| Q4 24 | 26.2% | 42.9% | ||
| Q3 24 | 22.9% | 43.6% | ||
| Q2 24 | 24.1% | 42.8% | ||
| Q1 24 | 25.7% | 43.2% |
营业利润率CRSRLOGI
| Q4 25 | 6.2% | 20.1% | ||
| Q3 25 | -1.6% | 16.1% | ||
| Q2 25 | -5.3% | 14.1% | ||
| Q1 25 | -0.6% | 10.5% | ||
| Q4 24 | 1.4% | 17.5% | ||
| Q3 24 | -6.9% | 14.4% | ||
| Q2 24 | -9.5% | 14.1% | ||
| Q1 24 | -3.0% | 12.9% |
净利率CRSRLOGI
| Q4 25 | 5.9% | 17.7% | ||
| Q3 25 | -3.1% | 14.4% | ||
| Q2 25 | -6.5% | 12.7% | ||
| Q1 25 | -2.8% | 14.3% | ||
| Q4 24 | 0.6% | 14.9% | ||
| Q3 24 | -17.0% | 13.0% | ||
| Q2 24 | -9.3% | 13.0% | ||
| Q1 24 | -3.4% | 16.6% |
每股收益（稀释后）CRSRLOGI
| Q4 25 | $0.23 | $1.69 | ||
| Q3 25 | $-0.09 | $1.15 | ||
| Q2 25 | $-0.16 | $0.98 | ||
| Q1 25 | $-0.10 | $0.94 | ||
| Q4 24 | $0.01 | $1.32 | ||
| Q3 24 | $-0.56 | $0.95 | ||
| Q2 24 | $-0.28 | $0.92 | ||
| Q1 24 | $-0.12 | $1.07 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $1.8B |
| 总债务越低越好 | $121.3M | — |
| 股东权益账面价值 | $633.6M | $2.3B |
| 总资产 | $1.3B | $4.1B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CRSRLOGI
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
总债务CRSRLOGI
| Q4 25 | $121.3M | — | ||
| Q3 25 | $122.9M | — | ||
| Q2 25 | $124.4M | — | ||
| Q1 25 | $148.7M | — | ||
| Q4 24 | $173.5M | — | ||
| Q3 24 | $177.2M | — | ||
| Q2 24 | $180.3M | — | ||
| Q1 24 | $183.3M | — |
股东权益CRSRLOGI
| Q4 25 | $633.6M | $2.3B | ||
| Q3 25 | $600.2M | $2.1B | ||
| Q2 25 | $603.9M | $2.2B | ||
| Q1 25 | $608.8M | $2.1B | ||
| Q4 24 | $604.3M | $2.1B | ||
| Q3 24 | $598.5M | $2.1B | ||
| Q2 24 | $642.7M | $2.2B | ||
| Q1 24 | $663.5M | $2.2B |
总资产CRSRLOGI
| Q4 25 | $1.3B | $4.1B | ||
| Q3 25 | $1.2B | $3.7B | ||
| Q2 25 | $1.2B | $3.7B | ||
| Q1 25 | $1.2B | $3.5B | ||
| Q4 24 | $1.2B | $3.7B | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $1.2B | $3.7B | ||
| Q1 24 | $1.3B | $3.6B |
负债/权益比CRSRLOGI
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.28× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $38.2M | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $32.9M | $465.6M |
| 自由现金流率自由现金流/营收 | 7.5% | 32.8% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.48× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $34.7M | $903.6M |
8季度趋势，按日历期对齐
经营现金流CRSRLOGI
| Q4 25 | $38.2M | $480.5M | ||
| Q3 25 | $-37.0M | $228.8M | ||
| Q2 25 | $30.2M | $125.0M | ||
| Q1 25 | $18.8M | $129.7M | ||
| Q4 24 | $55.6M | $370.9M | ||
| Q3 24 | $25.1M | $166.0M | ||
| Q2 24 | $-18.5M | $176.0M | ||
| Q1 24 | $-26.3M | $239.1M |
自由现金流CRSRLOGI
| Q4 25 | $32.9M | $465.6M | ||
| Q3 25 | $-41.3M | $212.3M | ||
| Q2 25 | $27.5M | $108.8M | ||
| Q1 25 | $15.7M | $116.9M | ||
| Q4 24 | $54.1M | $356.6M | ||
| Q3 24 | $21.8M | $151.5M | ||
| Q2 24 | $-21.0M | $161.4M | ||
| Q1 24 | $-28.8M | $228.8M |
自由现金流率CRSRLOGI
| Q4 25 | 7.5% | 32.8% | ||
| Q3 25 | -12.0% | 17.9% | ||
| Q2 25 | 8.6% | 9.5% | ||
| Q1 25 | 4.2% | 11.6% | ||
| Q4 24 | 13.1% | 26.6% | ||
| Q3 24 | 7.2% | 13.6% | ||
| Q2 24 | -8.0% | 14.8% | ||
| Q1 24 | -8.6% | 22.6% |
资本支出强度CRSRLOGI
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 0.8% | 1.3% | ||
| Q4 24 | 0.4% | 1.1% | ||
| Q3 24 | 1.1% | 1.3% | ||
| Q2 24 | 1.0% | 1.3% | ||
| Q1 24 | 0.7% | 1.0% |
现金转化率CRSRLOGI
| Q4 25 | 1.48× | 1.91× | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 24.30× | 1.85× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.24× | ||
| Q1 24 | — | 1.43× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CRSR
| Gamer And Creator Peripherals | $164.9M | 38% |
| Memory Products | $156.1M | 36% |
| Inventory Costs | $85.6M | 20% |
| Other Segment Items | $16.9M | 4% |
| Other | $13.3M | 3% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
