LOGI

Logitech has reaccelerated after a post-pandemic digestion. FY2026 (year ended March 31, 2026) revenue grew 6.3% to $4.84B with growth broad-based across Gaming, Pointing Devices, Video Collaboration, and Keyboards & Combos, and by geography +15% in Asia Pacific and +9% in EMEA (only the Americas dipped -1%). Profitability outpaced the top line: operating income rose 18.4% to $775M and net income climbed 12.6% to $711M (a 14.7% net margin), lifting diluted EPS 16.2% to $4.80 — helped by a ~3.0% reduction in shares outstanding from $535M of buybacks.

The quality is excellent. The company earns a 32.2% return on equity, holds $1.74B of cash (+15.9%) against minimal debt (0.74x liabilities/equity), and generated $1.04B of operating cash flow (+23.1%) on just $61.6M of capex — a highly cash-generative, asset-light model. Gross margin held at 43.2% as price increases in North America, cost reductions and FX offset tariff pressure and strategic promotions, per the MD&A. Operating expense discipline (down to 27.2% of sales from 28.7%) drove the operating-leverage gains.