Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Logitech's shares are listed and traded on both the SIX Swiss Exchange, where the share price is denominated in Swiss francs, and on the Nasdaq Global Select Market, where the share price is denominated in U.S. Dollars. The trading symbol for Logitech shares is LOGN on the SIX Swiss Exchange and LOGI on the Nasdaq Global Select Market. As of May 8, 2025, there were 168,994,142 shares issued (including 21,073,413 shares held as treasury stock) held by 33,883 holders of record, and the closing price of our shares was CHF 65.64 ($79.34 based on exchange rates on such date) per share on the SIX Swiss Exchange and $81.18 per share as reported by the Nasdaq Global Select Market.
Dividends
Under Swiss law, a corporation may only pay dividends upon a vote of its shareholders. This vote typically follows the recommendation of the corporation's Board of Directors. In May 2025, the Board of Directors recommended that the Company increase the cash dividend per share for fiscal year 2025 by approximately CHF 0.10 per share to CHF 1.26 per share (approximately $1.43 per share based on the exchange rate on March 31, 2025). Based on our shares outstanding, net of treasury shares, as of March 31, 2025 (148,509,018 shares), this would result in an aggregate gross dividend of approximately CHF 187.1 million (approximately $212.4 million based on the exchange rate on March 31, 2025). This amount may vary based on the number of shares outstanding, net of treasury shares, as of the record date for the dividend, but will not exceed approximately CHF 212.9 million (based on our shares currently issued or 168,994,142 shares). This recommendation will be voted on by our shareholders at the Company’s 2025 Annual General Meeting.
On September 4, 2024, Logitech's shareholders approved a cash dividend payment of CHF 1.16 per share out of retained earnings to Logitech's shareholders who owned shares on September 24, 2024. Eligible shareholders were paid CHF 1.16 per share ($1.37 per share in U.S. Dollars based on the exchange rate on the date of payment), totaling $207.9 million in U.S. Dollars on September 25, 2024.
On September 13, 2023, Logitech's shareholders approved a cash dividend payment of CHF 1.06 per share out of retained earnings to Logitech's shareholders who owned shares on September 26, 2023. Eligible shareholders were paid CHF 1.06 per share ($1.16 per share in U.S. Dollars based on the exchange rate on the date of payment), totaling $182.3 million in U.S. Dollars on September 27, 2023.
Dividends paid and similar cash or in-kind distributions made by Logitech to a holder of Logitech shares (including dividends or liquidation proceeds and stock dividends), other than distributions of qualifying additional paid-in-capital if it is available under the current Swiss tax regime, are subject to a Swiss federal anticipatory tax at a rate of 35%. The anticipatory tax must be withheld by Logitech from the gross distribution and paid to the Swiss Federal Tax Administration.
A Swiss resident holder and beneficial owner of Logitech shares may qualify for a full refund of the Swiss anticipatory tax withheld from such dividends. A holder and beneficial owner of Logitech shares who is a non-resident of Switzerland, but a resident of a country that maintains a double tax treaty with Switzerland, may qualify for a full or partial refund of the Swiss anticipatory tax withheld from such dividends by virtue of the provisions of the applicable treaty between Switzerland and the country of residence of the holder and beneficial owner of the Logitech shares.
In accordance with the tax convention between the United States and the Swiss Confederation (Treaty), a mechanism is provided whereby a U.S. resident (as determined under the Treaty), and U.S. corporations, other than U.S. corporations having a "permanent establishment" or a fixed base, as defined in the Treaty, in Switzerland, generally can obtain a refund of the Swiss anticipatory tax withheld from dividends in respect of Logitech shares, to the extent that 15% of the gross dividend is withheld as final withholding tax (i.e. 20% of the gross dividend may generally be refunded). In specific cases, U.S. companies not having a "permanent establishment" or a fixed base in Switzerland owning at least 10% of Logitech registered shares may receive a refund of the Swiss anticipatory tax withheld from dividends to the extent it exceeds 5% of the gross dividend (i.e., 30% of the gross dividend may be refunded). To get the benefit of a refund, holders must beneficially own Logitech shares at the time such dividend becomes due.
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Share Repurchases
In fiscal year 2025 , the following approved share repurchase program was in place (in thousands):
Share Repurchase Program Approved Shares Approved Amounts (2)
July 2023 (1)
17,311 $ 1,000,000
(1) In June 2023, our Board of Directors approved a three-year share repurchase program. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023.
(2) In March 2025, our Board of Directors approved an increase of $600.0 million to the 2023 share repurchase program, to an aggregate amount of $1.6 billion. The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025.
The following tables present certain information related to purchases made by Logitech of its equity securities under its publicly announced share repurchase programs (in thousands, except per share amounts):
Weighted Average Price Per Share Remaining Amount that May Yet Be
Repurchased under the Programs (2)
During Fiscal Year Ended Shares
Repurchased (1)
CHF (LOGN) USD (LOGI)
March 31, 2023 7,562 52.94 55.25 $ 505,844
March 31, 2024 7,100 65.46 73.63 $ 635,750
March 31, 2025 6,679 77.89 87.95 $ 48,310
(1) In fiscal years 2023, 2024 and 2025, the number of shares repurchased on the SIX was 7.4 million, 6.9 million, a nd 6.7 million, respectively. The remaining shares were repurchased on NASDAQ in fiscal years 2023 and 2024. Shares were repurchased in fiscal year 2023 to support equity incentive plans. In fiscal year 2024, 4.1 million shares were repurchased for cancellation and the remaining shares were repurchased to support equity incentive plans. Shares were repurchased in fiscal year 2025 for cancellation. Shares repurchased after July 27, 2023 were made under the 2023 share repurchase program. Shares repurchased prior to July 27, 2023 were made under the previous share repurchase program that was initially approved by our Board of Directors in May 2020 and expired on July 27, 2023. See Note 14 to the consolidated financial statements for further information.
(2) The remaining amount as of March 31, 2025 does not reflect the increase of $600.0 million to the 2023 share repurchase program that became effective on April 2, 2025.
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Total Number of Shares
Repurchased (1)
Weighted Average Price Paid Per Share Remaining Amount that May Yet Be
Repurchased under the Program (2)
During the three months ended March 31, 2025
CHF (LOGN) USD (LOGI)
Month 1
December 28, 2024 to January 24, 2025
SIX 397 79.08 N/A $ 140,310
Nasdaq — N/A
— 140,310
Month 2
January 25, 2025 to February 21, 2025
SIX 401 90.49 N/A
100,310
Nasdaq — N/A
— 100,310
Month 3
February 22, 2025 to March 31, 2025
SIX 553 83.40 N/A
48,310
Nasdaq — N/A
— 48,310
1,351 84.24 N/A $ 48,310
(1) Shares repurchased on the second line on SIX Swiss Exchange for cancellation under the 2023 share repurchase program.
(2) The remaining amount as of March 31, 2025 does not reflect the increase of $600.0 million to the 2023 share repurchase program that became effective on April 2, 2025.
Performance Graph
The information contained in the Performance Graph shall not be deemed to be "soliciting material" or "filed" with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act of 1933, as amended (the Securities Act), or the Exchange Act .
The following graph compares the cumulative total stockholder return on our shares, the Nasdaq Composite Index, and the S&P 500 Information and Technology Index. The graph assumes that $100 was invested in our LOGI shares, the Nasdaq Composite Index and the S&P 500 Information and Technology Index on March 31, 2020 and calculates the annual return through March 31, 2025. The stock price performance on the following graph is not necessarily indicative of future stock price performance.
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March 31,
2020 2021 2022 2023 2024 2025
Logitech $ 100 $ 245 $ 176 $ 142 $ 217 $ 209
Nasdaq Composite Index $ 100 $ 172 $ 185 $ 159 $ 213 $ 225
S&P 500 Information and Technology Index $ 100 $ 165 $ 198 $ 187 $ 270 $ 284
ITEM 6. (Reserved)
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