Turtle Beach Corporation (TBCH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.27	-$0.36	-33.3%	—	$56.4M	—
Q1 26	-$0.44	-$0.62	-40.9%	—	$42.2M	—
Q4 25	$1.12	$0.98	-12.5%	—	$118.8M	—
Q3 25	$0.18	$0.12	-33.3%	—	$80.5M	—
Q2 25	-$0.24	-$0.41	-70.8%	—	$56.8M	—
Q1 25	-$0.06	-$0.13	-116.7%	—	$63.9M	—
Q4 24	$1.12	$1.26	+12.5%	—	$146.1M	—
Q3 24	$0.18	$0.4	+122.2%	—	$94.4M	—
Q2 24	-$0.28	-$0.2	+28.6%	—	$76.5M	—
Q1 24	-$0.18	$0.26	+244.4%	—	$55.8M	—
Q4 23	$0.56	$0.17	-69.6%	—	$99.5M	—
Q3 23	-$0.25	-$0.05	+80.0%	—	$59.2M	—
Q2 23	-$0.34	-$0.41	-20.6%	—	$48M	—
Q1 23	-$0.41	-$0.27	+34.1%	—	$51.4M	—
Q4 22	$0.21	$0.1	-52.4%	—	$100.9M	—
Q3 22	-$0.37	-$0.47	-27.0%	—	$51.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.78	—	—	$319.9M	—
FY24	—	$0.81	—	—	$372.8M	—
FY23	—	-$1.03	—	—	$258.1M	—
FY22	—	-$3.62	—	—	$240.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$174M	$149.1M	$287.4M	$234.7M	$360.1M	$366.4M	$240.2M	$258.1M	$372.8M	$319.9M
YoY change	+6.9%	-14.3%	+92.7%	-18.4%	+53.5%	+1.74%	-34.4%	+7.48%	+44.4%	-14.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	174M	149.1M	287.4M	234.7M	360.1M	366.4M	240.2M	258.1M	372.8M	319.9M
Cost of revenue	131.4M	98.1M	178.7M	155.9M	226.3M	238M	191M	182.6M	243.8M	200.6M
Gross profit	42.6M	51M	108.7M	78.7M	133.8M	128.4M	49.2M	75.5M	129M	119.3M
Gross margin	24.5%	34.2%	37.8%	33.5%	37.2%	35%	20.5%	29.3%	34.6%	37.3%
Research & development	8.3M	5.6M	5.6M	7.9M	12.3M	17.5M	19.1M	17.1M	17.3M	16.9M
Selling, general & administrative	48.2M	40.1M	49M	60.4M	72.4M	90.5M	79.6M	74.8M	80.8M	82.9M
Operating expenses	56.4M	45.7M	54.7M	68.3M	84.6M	108M	98.8M	91.9M	98.1M	99.7M
Operating income	-13.8M	5.3M	54M	10.4M	49.2M	20.4M	-49.6M	-16.4M	30.9M	19.5M
Operating margin	-7.93%	3.57%	18.8%	4.44%	13.7%	5.58%	-20.6%	-6.37%	8.28%	6.11%
Non-operating income, net	-66.3M	-70K	-7.8M	2.2M	3.8M	101K	-3.6M	-394K	-12.1M	7M
Pretax income	-87.6M	-2.7M	40.9M	11.7M	52.5M	20.1M	-54.5M	-17.3M	10.7M	16.8M
Income tax	-387K	593K	1.7M	-6.2M	13.7M	2.4M	5.1M	338K	-5.5M	1.1M
Net income	-87.2M	-3.2M	39.2M	17.9M	38.7M	17.7M	-59.5M	-17.7M	16.2M	15.7M
Net margin	-50.1%	-2.18%	13.6%	7.65%	10.8%	4.84%	-24.8%	-6.85%	4.34%	4.92%
EBITDA	-7M	10.2M	57.4M	15.8M	55.3M	23.9M	-45.5M	-12M	41M	31M
EPS	-7.16	-0.28	2.9	1.24	2.62	1.11	-3.62	-1.03	0.81	0.78
Diluted EPS	-7.16	-0.28	2.74	1.04	2.37	0.97	-3.62	-1.03	0.78	0.77

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	59.2M	99.5M	55.8M	76.5M	94.4M	146.1M	63.9M	56.8M	80.5M	118.8M	42.2M	56.4M
Cost of revenue	41.5M	67.7M	38.1M	53.4M	60.2M	92.1M	40.5M	38.5M	50.4M	71.2M	30.9M	34.5M
Gross profit	17.7M	31.8M	17.8M	23.1M	34.1M	54M	23.4M	18.3M	30.1M	47.6M	11.3M	21.9M
Gross margin	29.9%	32%	31.8%	30.2%	36.2%	37%	36.6%	32.2%	37.4%	40.1%	26.8%	38.8%
Research & development	4.4M	4.5M	3.9M	4.6M	4.3M	4.5M	4M	4.5M	4.2M	4.3M	4.6M	4.8M
Selling, general & administrative	15.8M	19M	14.7M	21.2M	19.9M	25M	20.7M	20.1M	20.1M	22.1M	20.8M	20.1M
Operating expenses	20.2M	23.4M	18.6M	25.8M	24.2M	29.5M	24.7M	24.6M	24.2M	26.3M	25.4M	24.9M
Operating income	-2.5M	8.4M	-803K	-2.7M	9.9M	24.4M	-1.3M	-6.3M	5.8M	21.3M	-14.1M	-3.1M
Operating margin	-4.25%	8.4%	-1.44%	-3.55%	10.5%	16.7%	-2.03%	-11.1%	7.26%	17.9%	-33.3%	-5.41%
Non-operating income, net	-481K	405K	-5.3M	-1.7M	-3.8M	-1.3M	2.5M	5.2M	-154K	-505K	101K	-73K
Pretax income	-3.1M	8.5M	-6.2M	-6.7M	3.5M	20.1M	-773K	-3.2M	2M	18.8M	-15.3M	-6.8M
Income tax	501K	-39K	-6.4M	841K	46K	-10K	-109K	-246K	254K	1.2M	-123K	521K
Net income	-3.6M	8.6M	155K	-7.5M	3.4M	20.1M	-664K	-2.9M	1.7M	17.6M	-15.2M	-7.3M
Net margin	-6.1%	8.59%	0.28%	-9.84%	3.62%	13.8%	-1.04%	-5.16%	2.13%	14.8%	-36.1%	-13%
EBITDA	-1.8M	9.1M	303K	2M	13M	27.4M	1.5M	-4M	9.3M	24.2M	-11.1M	-380K
EPS	-0.21	—	0.01	-0.35	0.17	1.01	-0.03	-0.14	0.09	0.89	-0.78	-0.38
Diluted EPS	-0.21	—	0.01	-0.35	0.16	0.95	-0.03	-0.14	0.08	0.87	-0.78	-0.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	22.4M	192.8M	136.9M	319M	354.3M	117.9M	187.6M	—	284.3M	227.3M
Enterprise value	—	87.4M	223.1M	144.3M	272.3M	316.5M	125.6M	168.9M	—	351.6M	293.9M
Shares outstanding	12.1M	12.3M	13.5M	14.5M	14.8M	15.9M	16.4M	17.1M	20M	20.3M	20.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	4.92	7.63	8.23	20	—	—	—	18.1	677
P/S	—	0.15	0.67	0.58	0.89	0.97	0.49	0.73	—	0.89	0.76
P/B	—	-1.01	5.14	2.16	2.74	2.51	1.33	2.21	—	2.21	2.82
EV/EBITDA	—	8.55	3.89	9.15	4.92	13.2	-2.76	-14.1	—	11.3	12.7
EV/Sales	—	0.59	0.78	0.61	0.76	0.86	0.52	0.65	—	1.1	0.99
Earnings yield	—	—	20.3%	13.1%	12.1%	5%	—	—	—	5.53%	0.15%
FCF yield	—	-4.44%	19.3%	27.4%	14.2%	-1.68%	-38.5%	13.3%	—	12%	14.4%
PEG	—	—	—	—	—	—	—	—	—	—	3.95

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.5%	34.2%	37.8%	33.5%	37.2%	35%	20.5%	29.3%	34.6%	37.3%	38.8%
Operating margin	-7.93%	3.57%	18.8%	4.44%	13.7%	5.58%	-20.6%	-6.37%	8.28%	6.11%	-5.41%
Net margin	-50.1%	-2.18%	13.6%	7.65%	10.8%	4.84%	-24.8%	-6.85%	4.34%	4.92%	-1.07%
ROE	421.3%	14.7%	104.5%	28.3%	33.3%	12.5%	-67%	-20.8%	13.4%	12.2%	-3.23%
ROA	-92%	-3.45%	32.1%	13.7%	19%	7.69%	-36.4%	-11.8%	5.41%	5.85%	3.1%
ROIC	-34.5%	12.4%	76.3%	14.7%	52.1%	17.3%	-51.3%	-24.8%	15.1%	9.34%	7.06%
Return on tangible assets	-95.2%	-3.55%	32.7%	17.5%	21.9%	8.97%	-43.5%	-14.1%	15%	15.8%	-5.96%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.3	1.28	1.55	1.59	2.16	2.47	2.1	2.22	1.52	1.98	2.38
Quick ratio	0.97	0.88	0.87	0.88	1.25	1.17	0.99	1.43	0.95	1.19	1.3
Debt / equity	-3.23	-3.17	1	0.25	—	—	0.21	—	0.8	0.66	1.06
Debt / assets	0.71	0.75	0.31	0.12	—	—	0.12	—	0.32	0.31	0.38
Net debt / EBITDA	-8.64	6.36	0.53	0.47	—	—	-0.17	—	2.03	2.17	2.77
Interest coverage	-10.8	0.66	8.67	13.6	113.3	53.6	-43.6	-33.4	2.32	2.72	0.87
Effective tax rate	0%	0%	4.24%	0%	26.1%	12.1%	0%	0%	0%	6.37%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.3	12.1	21.3	16.2	24.3	23	14.6	15.1	18.6	15.8	15.2
EPS (basic)	-7.16	-0.28	2.9	1.24	2.62	1.11	-3.62	-1.03	0.81	0.78	0.78
EPS (diluted)	-7.16	-0.28	2.74	1.04	2.37	0.97	-3.62	-1.03	0.78	0.77	-0.22
Book value per share	-1.7	-1.8	2.78	4.38	7.86	8.88	5.41	4.97	6.02	6.34	4.51
FCF per share	-0.42	-0.08	2.75	2.59	3.07	-0.37	-2.76	1.45	0.04	1.68	1.68
Cash per share	0.51	0.43	0.52	0.57	3.15	2.37	0.69	1.09	0.65	0.84	1.09
Capex per share	0.27	0.36	0.38	0.13	0.38	0.35	0.22	0.13	0.25	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.86%	2.96%	1.77%	0.81%	1.57%	1.53%	1.48%	0.84%	1.32%	—	—
Capex / operating cash flow	-4.29%	-36.8K%	18%	5.04%	11.9%	48.9%	-6.56%	8.83%	106.6%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$59.2M	$99.5M	$55.8M	$76.5M	$94.4M	$146.1M	$63.9M	$56.8M	$80.5M	$118.8M	$42.2M	$56.4M
YoY change	+15.3%	-1.35%	+8.56%	+59.4%	+59.5%	+46.8%	+14.4%	-25.8%	-14.7%	-18.7%	-34%	-0.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	6.2M	5.2M	7.1M	8.2M	46.7M	37.7M	11.4M	18.7M	13M	17M
Receivables	54.6M	50.5M	52.8M	44.5M	43.9M	36M	43.3M	54.4M	93.1M	76.8M
Inventory	21.7M	27.5M	49.5M	45.7M	71.3M	101.9M	71.3M	44M	71.3M	69.2M
Total current assets	86.6M	86.8M	113.8M	102.5M	170M	193.1M	135.2M	124.9M	188.4M	173.8M
Property, plant & equipment	4.3M	4.7M	5.9M	4M	6.6M	7M	6.4M	4.8M	5.8M	3M
Goodwill & intangibles	3.2M	2.8M	2.1M	29.1M	26.6M	33M	26.6M	24.8M	190.7M	169.5M
Total assets	94.8M	94.3M	121.9M	131.4M	203.5M	230.5M	163.4M	150M	298.9M	269.1M
Accounts payable	11.9M	13.5M	17.7M	22.5M	42.5M	40.5M	19.8M	26.9M	34.8M	24.9M
Short-term debt	38.6M	42.6M	37.4M	15.7M	—	—	19.1M	—	50.7M	38M
Total current liabilities	66.9M	67.5M	73.6M	64.6M	78.7M	78.2M	64.3M	56.3M	123.7M	87.7M
Long-term debt	28.3M	27.6M	—	—	—	—	—	—	45.6M	46.3M
Total liabilities	115.5M	116.4M	84.4M	68M	87.1M	89.1M	74.4M	64.9M	178.3M	140.6M
Shareholders' equity	-20.7M	-22.2M	37.5M	63.4M	116.4M	141.4M	88.9M	85.1M	120.6M	128.5M
Total debt	66.9M	70.3M	37.4M	15.7M	—	—	19.1M	—	96.3M	84.3M
Net debt	60.7M	65M	30.3M	7.4M	—	—	7.7M	—	83.3M	67.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	12.3M	18.7M	17.8M	12.5M	13.8M	13M	11.7M	11.7M	12.3M	17M	12.3M	19.6M
Receivables	33.8M	54.4M	42.9M	46.5M	70.7M	93.1M	42.4M	36.4M	56.8M	76.8M	30.4M	37.9M
Inventory	76M	44M	69.5M	73.3M	102.3M	71.3M	73.7M	76.8M	95M	69.2M	64.3M	56.5M
Total current assets	131M	124.9M	140.6M	143.7M	196.5M	188.4M	142.2M	138M	178.4M	173.8M	117.7M	125M
Property, plant & equipment	4.8M	4.8M	5.5M	6.3M	5.8M	5.8M	4.9M	4.8M	3.8M	3M	2.5M	2.4M
Goodwill & intangibles	25.3M	24.8M	203.2M	206.9M	202.5M	190.7M	181.6M	177.6M	173.6M	169.5M	165.5M	161.6M
Total assets	156.3M	150M	258.4M	264.4M	313.2M	298.9M	247M	240.2M	278.2M	269.1M	209.9M	215.2M
Accounts payable	39.2M	26.9M	44.8M	48.4M	66.4M	34.8M	39.5M	34.5M	46.9M	24.9M	20.8M	27.9M
Short-term debt	13.3M	—	—	24M	58.6M	50.7M	7.8M	21.6M	42.1M	38M	8.6M	4.3M
Total current liabilities	74.5M	56.3M	76.8M	103.2M	155.7M	123.7M	72.4M	75.3M	111.6M	87.7M	47.8M	52.5M
Long-term debt	—	—	46M	45.8M	45.7M	45.6M	45.5M	40.1M	48.4M	46.3M	44.3M	76.4M
Total liabilities	83.9M	64.9M	133.2M	159.1M	211.4M	178.3M	126.2M	123.3M	167.6M	140.6M	98.1M	134.5M
Shareholders' equity	72.4M	85.1M	125.2M	105.3M	101.8M	120.6M	120.9M	116.8M	110.7M	128.5M	111.9M	80.7M
Total debt	13.3M	—	46M	69.8M	104.3M	96.3M	53.4M	61.7M	90.5M	84.3M	52.8M	80.7M
Net debt	921K	—	28.1M	57.3M	90.5M	83.3M	41.7M	50M	78.2M	67.3M	40.5M	61.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-87.2M	-3.2M	39.2M	17.9M	38.7M	17.7M	-59.5M	-17.7M	16.2M	15.7M
Depreciation & amortization	9.2M	4.4M	4.3M	5.2M	5.2M	5.3M	5.8M	4.8M	11.4M	12.4M
Stock-based compensation	4M	1.4M	1.9M	3.6M	5.5M	7.7M	8M	12M	6.2M	6.2M
Change in working capital	-5.5M	-8.3M	-21.3M	19.7M	-1.7M	-18.6M	-14.8M	25.2M	-30.9M	-1.7M
Operating cash flow	-75.2M	-12K	28.2M	37.9M	47.4M	11.5M	-54.1M	24.5M	4.6M	35.5M
Capital expenditure	-3.2M	-4.4M	-5.1M	-1.9M	-5.7M	-5.6M	-3.5M	-2.2M	-4.9M	—
Investing cash flow	-3.2M	-4.4M	-5.1M	-14.6M	-5.7M	-8.1M	-3.5M	-2.2M	-82.2M	2.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-1.6M	-2.8M	-325K	-5.3M	0	-974K	-27.8M	-19M
Financing cash flow	7.7M	2.4M	-40.4M	-46.2M	-27.3M	-5.3M	38.1M	-39.2M	67.7M	-34.6M
Net change in cash	-70.8M	-2M	-17.3M	-22.9M	14.5M	-2M	-19.6M	-16.9M	-9.9M	3.4M
Free cash flow	-5.1M	-993K	37.2M	37.5M	45.4M	-5.9M	-45.4M	24.9M	847K	34M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-3.6M	8.6M	155K	-7.5M	3.4M	20.1M	-664K	-2.9M	1.7M	17.6M	-15.2M	-7.3M
Depreciation & amortization	1.2M	1.2M	1.5M	3.3M	3.3M	3.3M	3.1M	3.1M	3.1M	3.1M	2.9M	2.7M
Stock-based compensation	1.6M	3.4M	1.1M	846K	1.5M	2.7M	1.9M	1M	1.4M	1.9M	1.4M	1.3M
Change in working capital	-16.9M	1.4M	33.1M	-10.9M	-41.8M	-11.4M	38.8M	-7.9M	-22.3M	-10.3M	37M	7.2M
Operating cash flow	-17.6M	14.7M	29.2M	-12.4M	-34.9M	22.7M	43M	-3.1M	-15.2M	13.3M	29.4M	6.5M
Capital expenditure	-672K	-235K	-731K	-1.2M	-1.4M	-1.5M	-166K	—	—	—	—	—
Investing cash flow	-672K	-235K	-76.2M	-3M	-1.4M	-1.5M	2.3M	0	0	0	0	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	-15.2M	-10.1M	-2.4M	-1.8M	-5M	-10.3M	-1.9M	-2.2M	-25.5M
Financing cash flow	-23.7M	-26.5M	46.7M	-71.8M	-103.3M	230.6M	-44.9M	-137.3M	-14.5M	178.1M	-33.7M	2.3M
Net change in cash	-42M	-12M	-271K	-87.2M	-139.6M	251.8M	434K	-140.5M	-29.7M	191.4M	-4.3M	8.8M
Free cash flow	-16.9M	18.9M	26.5M	-13.9M	-24.6M	12.8M	40.3M	-3.5M	-15.9M	13.1M	29.1M	5.9M

Turtle Beach Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement