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Turtle Beach Corp (TBCH) stock

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NASDAQ: TBCH Nasdaq Electronic Equipment & Instruments Next results ~November 5, 2026

C+ Fundamentals grade

Turtle Beach Corp is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$21

Cash-flow model

Base case. Range ~$15–$29 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 26% below our base value.

Price used: $15.77, November 3, 2026

Turtle Beach Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds58 adding, 51 cuttingOf 17 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Turtle Beach files

Where Turtle Beach stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $298m, down 17.5% on a year earlier, a smaller fall than the 21.7% decline a quarter earlier. That puts it 21 of 22 for growth among the electronic equipment & instruments companies we cover. Free-cash-flow margin rose to 10.8% from 6.9% a year earlier. Operating margin narrowed to 3.1% from 8.6%. The diluted share count is down 5.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $17.16 a share, against a share price of $16.72. At that price, our model says the market is pricing in about 3.6% a year of cash-flow growth for five years, faster than the -4.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Turtle Beach Corp's trailing-twelve-month revenue fell 17.5% year on year, with a free-cash-flow margin of 10.8%. Where it stands out: change in share count of -5.4% ranks 1 of 46 electronic equipment & instruments companies we cover. Where it lags: revenue growth of -17.5% ranks 49 of 53 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$21 per share in the base case (~$15–$29 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -17.5% (+4.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $15.73 is 35% below our value per share of $21.
  • Shrinking share count. Diluted shares fell 5.4% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 17.5% over the last 12 months.
  • Margins narrowing. Operating margin is down 5.5 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 1.8 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 35.5% ranks 27 of 31 electronic equipment & instruments companies we cover (median 15.2%).
  • Heavily shorted. 28.3% of the shares available to trade are sold short (10.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.36 against an average estimate of -$0.27: missed by 33.2%
Revenue
$56m, down 0.7% on a year earlier
Share reaction
+3.0% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.28

Turtle Beach's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.3%
  • 1 week-4.9%
  • 1 month+12.7%
  • This year+12.1%
  • 1 year-5.2%
  • 5 years-44.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$298M
Operating margin
3.1%
Net margin
-1.1%
EPS (TTM, diluted)
$-0.16

Growth

Revenue growth
−17.5%
Change in growth rate
+4.2 pts
Share count change
−5.4%

Cash

Free cash flow (TTM)
$32.3M
FCF margin
10.8%
Stock pay % of revenue
2.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Results
  4. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Turtle Beach Corp valuation models and calculator

What the price is pricing in

The share price implies about 1.8% a year of cash-flow growth for five years.That is faster than the -4.1% a year revenue growth Turtle Beach has delivered.

  • Priced in1.8%
  • Last 12 months-17.5%
  • 3 years a year5.8%
  • 5 years a year-4.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($15.77, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$21
Price used
$15.77close November 3, 2026
Implied change
▲ +34%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Turtle Beach Corp's free cash flow after stock-based pay with after-tax interest added back ($21.1M, FY2026 Q2 TTM), growing 14.3% and 5.4% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$29 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Turtle Beach Corp's free cash flow after stock-based pay ( $21.1M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Turtle Beach Corp as an operating company, with every model that fits that kind of business. Cost of equity 11.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.5 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$21 ~$15–$29 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$18 ~$14–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.3 ~$0.1–$0.5 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$18–$21 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Turtle Beach Corp with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +51%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$20$28$38$52$70
8.5% $9$14$20$27$37$50
10% $7$10$15$21$28$38

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$8.04$5.24$1.81$14.27$9.45$21.55$22.26$7.17$10.95$17.31$14.03$15.73
Market value$85m$64m$22m$204m$148m$353m$406m$147m$188m$361m$287m$312m
+ Net debt (− = net cash)$90m$98m$103m$68m−$8m−$47m−$38m$8m−$19m$85m$68m$64m
Enterprise value$175m$161m$126m$272m$140m$306m$369m$154m$169m$446m$355m$376m
Multiples
Price / sales 0.5x0.4x0.1x0.7x0.6x1.0x1.1x0.6x0.7x1.0x0.9x1.0x
Price / earnings ———5.2x8.3x9.1x22.9x——22.3x18.2x—
Price / free cash flow ———5.5x4.0x7.8x——7.5xn/m8.4x9.7x
EV / EBITDA ——14.2x4.7x9.3x5.7x15.1x——18.3x11.1x28.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Turtle Beach's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 8.1% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 35.1%, moving by 5.0 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.6%; its worst year was -26.3%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.4% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 26.7% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $93m and EPS of $0.28 (range $0.26 to $0.32) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.53 −2% $343m +7%
Next $1.00 +90% $378m +10%

Next year's EPS estimate has moved −12.3% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −22.9% on 90 days ago. In the last 30 days, 1 analyst raised Turtle Beach Corp's forecast and 0 cut it.

Consensus EPS forecast Turtle Beach Corp, last 90 days
$0.40 $0.60 $0.80 $1.00 $1.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.68 Current fiscal year, 60 days ago: $0.53 Current fiscal year, 30 days ago: $0.53 Current fiscal year, 7 days ago: $0.53 Current fiscal year, Now: $0.53 $0.53 Next fiscal year, 90 days ago: $1.14 Next fiscal year, 60 days ago: $1.00 Next fiscal year, 30 days ago: $1.00 Next fiscal year, 7 days ago: $1.00 Next fiscal year, Now: $1.00 $1.00

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.68$1.14
60 days ago $0.53$1.00
30 days ago $0.53$1.00
7 days ago $0.53$1.00
Now $0.53$1.00

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.27 −$0.36 −33.2%
Mar 2026 −$0.44 −$0.62 −39.2%
Dec 2025 $1.12 $0.98 −12.4%
Sept 2025 $0.18 $0.12 −32.7%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Turtle Beach Corp's revenue by +14.3% next year and +5.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+21.1%, weight 60%) and the company's own record (+4.0%, weight 40%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315

Counts of recommendations published by analysts covering Turtle Beach Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
28.3%
of tradable shares
Days to cover
10.31
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
13.9%
of shares
Employees
268
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −6.9%

$16.90 on October 31, 2025 to $15.73

ThenNowEffect
Revenue (last 12 months) $361m $298m −17.5%
P/S multiple 1.0x 1.0x +6.8%
Share count 21m 20m +5.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +84.8%

$8.51 on November 3, 2023 to $15.73

ThenNowEffect
Revenue (last 12 months) $252m $298m +18.3%
P/S multiple 0.6x 1.0x +85.6%
Share count 17m 20m −15.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TBCH+3%−68%+53%+58%−19%+12%
Industry peers (median)−3%−37%+13%−1%−5%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TBCH33%42%50%58%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TBCH−43%−74%−38%−30%−52%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 87% from August 3, 2018 to March 18, 2020. Getting back needed a 661% gain, reached on February 11, 2021, 330 days after the low.

Price behaviour

52-week range
$10.14 – $16.63
From 52-week high
−5.4%
vs 50-day average
+14.8%
vs 200-day average
+25.2%
Volatility (1 year)
51%
Beta vs S&P 500
1.75

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±9.3%
After a week
6 up, 6 down
typical move ±15.8%
After a month
8 up, 4 down
typical move ±17.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +3.0% +0.5% −5.2% −7.8%
May 7, 2026 −3.0% +0.5% −10.3% +2.3%
March 12, 2026 −1.3% −2.1% −16.4% −21.7%
November 6, 2025 −9.1% −1.0% −10.0% −9.3%
August 7, 2025 +8.5% +0.7% +9.5% +4.5%
May 8, 2025 +15.4% +0.6% +32.8% +44.5%
March 13, 2025 −5.9% +0.7% −1.5% −19.9%
November 7, 2024 +7.9% +1.2% −3.8% +14.8%
August 8, 2024 +18.2% +2.8% +17.8% +8.2%
May 7, 2024 +1.8% +0.1% +9.4% +0.9%
March 13, 2024 +26.5% −0.4% +55.8% +48.0%
November 7, 2023 +10.7% +0.4% +16.5% +28.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Turtle Beach Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Turtle Beach Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Turtle Beach Corp
$250M $300M $350M $400M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $259.5M Revenue (TTM), FY23 Q4: $258.1M Revenue (TTM), FY24 Q1: $262.5M Revenue (TTM), FY24 Q2: $291M Revenue (TTM), FY24 Q3: $326.2M Revenue (TTM), FY24 Q4: $372.8M Revenue (TTM), FY25 Q1: $380.8M Revenue (TTM), FY25 Q2: $361.1M Revenue (TTM), FY25 Q3: $347.2M Revenue (TTM), FY25 Q4: $319.9M Revenue (TTM), FY26 Q1: $298.2M Revenue (TTM), FY26 Q2: $297.8M $297.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $259.5M
FY23 Q4 $258.1M
FY24 Q1 $262.5M
FY24 Q2 $291M
FY24 Q3 $326.2M
FY24 Q4 $372.8M
FY25 Q1 $380.8M
FY25 Q2 $361.1M
FY25 Q3 $347.2M
FY25 Q4 $319.9M
FY26 Q1 $298.2M
FY26 Q2 $297.8M
Revenue growth, TTM YoY Turtle Beach Corp
-40% -20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 4.3% Revenue growth, TTM YoY, FY23 Q4: 7.5% Revenue growth, TTM YoY, FY24 Q1: 7.2% Revenue growth, TTM YoY, FY24 Q2: 15.7% Revenue growth, TTM YoY, FY24 Q3: 25.7% Revenue growth, TTM YoY, FY24 Q4: 44.4% Revenue growth, TTM YoY, FY25 Q1: 45.1% Revenue growth, TTM YoY, FY25 Q2: 24.1% Revenue growth, TTM YoY, FY25 Q3: 6.4% Revenue growth, TTM YoY, FY25 Q4: -14.2% Revenue growth, TTM YoY, FY26 Q1: -21.7% Revenue growth, TTM YoY, FY26 Q2: -17.5% -17.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 4.3%
FY23 Q4 7.5%
FY24 Q1 7.2%
FY24 Q2 15.7%
FY24 Q3 25.7%
FY24 Q4 44.4%
FY25 Q1 45.1%
FY25 Q2 24.1%
FY25 Q3 6.4%
FY25 Q4 -14.2%
FY26 Q1 -21.7%
FY26 Q2 -17.5%
Operating margin (TTM) Turtle Beach Corp
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -12.7% Operating margin (TTM), FY23 Q4: -6.4% Operating margin (TTM), FY24 Q1: -6.0% Operating margin (TTM), FY24 Q2: -1.4% Operating margin (TTM), FY24 Q3: 1.5% Operating margin (TTM), FY24 Q4: 5.4% Operating margin (TTM), FY25 Q1: 7.2% Operating margin (TTM), FY25 Q2: 8.6% Operating margin (TTM), FY25 Q3: 8.6% Operating margin (TTM), FY25 Q4: 8.6% Operating margin (TTM), FY26 Q1: 4.0% Operating margin (TTM), FY26 Q2: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -12.7%
FY23 Q4 -6.4%
FY24 Q1 -6.0%
FY24 Q2 -1.4%
FY24 Q3 1.5%
FY24 Q4 5.4%
FY25 Q1 7.2%
FY25 Q2 8.6%
FY25 Q3 8.6%
FY25 Q4 8.6%
FY26 Q1 4.0%
FY26 Q2 3.1%
FCF margin (TTM) Turtle Beach Corp
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 12.3% FCF margin (TTM), FY23 Q4: 9.6% FCF margin (TTM), FY24 Q1: 8.9% FCF margin (TTM), FY24 Q2: 5.0% FCF margin (TTM), FY24 Q3: 2.1% FCF margin (TTM), FY24 Q4: 0.2% FCF margin (TTM), FY25 Q1: 3.8% FCF margin (TTM), FY25 Q2: 6.9% FCF margin (TTM), FY25 Q3: 9.7% FCF margin (TTM), FY25 Q4: 10.6% FCF margin (TTM), FY26 Q1: 7.7% FCF margin (TTM), FY26 Q2: 10.8% 10.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 12.3%
FY23 Q4 9.6%
FY24 Q1 8.9%
FY24 Q2 5.0%
FY24 Q3 2.1%
FY24 Q4 0.2%
FY25 Q1 3.8%
FY25 Q2 6.9%
FY25 Q3 9.7%
FY25 Q4 10.6%
FY26 Q1 7.7%
FY26 Q2 10.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Sept 2010 2011 Sept 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 0 207 178 186 163 174 149 287 235 360 366 240 258 373 320 298
Gross profit 0 0 74 50 51 41 43 51 109 79 134 128 49 76 129 119 111
EBITDA −1 −1 45 6 −8 −68 −73 9 58 15 54 24 −47 −13 24 32 13
Operating income −1 −1 43 2 −14 −74 −78 5 54 10 49 20 −51 −16 20 28 9
Net income −1 −1 26 −6 −15 −83 −87 −3 39 18 39 18 −60 −18 16 16 −3
Diluted EPS −$0.40 −$0.59 $0.17 −$0.65 −$1.56 −$7.84 −$7.18 −$0.26 $2.74 $1.04 $2.37 $0.97 −$3.62 −$1.03 $0.78 $0.77 −$0.16
Growth (year on year)
Revenue — −87.0% +>999% −13.8% +4.3% −12.6% +6.9% −14.3% +92.7% −18.4% +53.5% +1.7% −34.4% +7.5% +44.4% −14.2% −17.5%
EBITDA — — — −86.6% −233.3% — — — +553.7% −74.2% +257.2% −54.3% −291.6% — — +30.5% −63.2%
Operating income — — — −96.3% — — — — +>999% −80.7% +371.5% −58.4% −352.0% — — +37.4% −70.4%
Net income — — — −123.3% — — — — — −54.2% +115.9% −54.3% −436.0% — — −2.8% −116.0%
Diluted EPS — — — −476.9% — — — — — −62.0% +127.9% −59.1% −473.2% — — −1.3% −116.9%
Margins
Gross margin 16.7% 55.1% 35.9% 28.2% 27.2% 25.0% 24.5% 34.2% 37.8% 33.5% 37.2% 35.0% 20.5% 29.3% 34.6% 37.3% 37.2%
EBITDA margin −140.0% <−999% 21.6% 3.4% −4.3% −42.1% −41.7% 5.9% 20.2% 6.4% 14.9% 6.7% −19.5% −4.9% 6.6% 10.0% 4.4%
Operating margin −151.8% <−999% 20.7% 0.9% −7.4% −45.7% −44.7% 3.2% 18.8% 4.4% 13.7% 5.6% −21.4% −6.4% 5.4% 8.6% 3.1%
Net margin −152.1% <−999% 12.8% −3.5% −8.3% −50.9% −50.1% −2.2% 13.6% 7.6% 10.8% 4.8% −24.8% −6.8% 4.3% 4.9% −1.1%
Free-cash-flow margin 41.1% <−999% 0.5% 6.8% −9.9% −13.4% −2.9% −0.7% 12.9% 16.0% 12.6% −1.6% −18.9% 9.6% 0.2% 10.6% 10.8%
Cash flow
Cash from operations 0 −1 7 18 −15 −15 −2 3 42 39 51 −0 −42 27 6 35 34
Capital spending 0 0 6 6 4 7 3 4 5 2 6 6 4 2 5 1 2
Free cash flow 0 −1 1 12 −18 −22 −5 −1 37 37 45 −6 −45 25 1 34 32
Stock-based pay 0 0 1 3 5 6 4 1 2 4 6 8 8 12 6 6 6
Free cash flow after stock pay 0 −1 0 10 −24 −28 −9 −2 35 34 40 −14 −53 13 −5 28 26
Balance sheet
Cash — — 5 7 8 7 5 5 7 8 47 38 11 19 13 17 20
Total debt 0 0 0 104 81 97 103 109 75 — 0 0 19 0 98 85 84
Net debt (negative = net cash) — — −5 98 74 90 98 103 68 −8 −47 −38 8 −19 85 68 64
Diluted shares 2m 3m 10m 10m 10m 11m 12m 12m 14m 16m 16m 18m 20m 17m 21m 20m 20m
Returned to shareholders
Buybacks — — — — — — 0 0 0 3 — 5 — 1 28 19 39
Total returned — — — — — — 0 0 0 3 — 5 — 1 28 19 39

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $215m
Short-term assets $125mLonger-term assets $90m
What it owes, and who funded it · $215m
Short-term liabilities $53mLonger-term liabilities $82mShareholders' equity $81m
  • Short-term assets cover short-term liabilities $125m of assets due within a year against $53m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $125m short-term assets against $82m of longer-dated liabilities.
  • More cash than debt $20m of cash against $81m of debt.
  • Debt below 40% of shareholders' equity Debt is 100% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $34m of operating cash flow against $81m of debt.
  • Operating profit covers interest at least five times over Operating income of $9m against $7m of interest.

From Turtle Beach Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$39.4M
Returned to shareholders
122%
of free cash flow
Buybacks, last 3 fiscal years
$47.7M
Diluted share count
−5.4%
year over year
Total shareholder yield
14.0%
dividends 0.0% + buybacks 14.0% of market value
R&D spending
6.0%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated TBCH LASR TRNS ITRN DDD KRNT Median
Revenue, last 12 months $298m $311m $348m $359m $388m $208m $104m
Revenue growth, last 12 months −17.5% 43.2% 20.9% 6.8% −6.2% 2.1% 9.8%
Revenue growth, 3-year average 5.8% 11.5% 13.8% 28.3% −9.0% 61.5% 7.2%
Revenue growth, latest quarter −0.7% 33.8% 21.6% — −0.3% — 16.5%
Gross margin 37.2% 31.5% 32.5% 49.7% 33.8% 44.3% 38.5%
Operating margin 3.1% −5.5% 3.3% 21.5% −15.8% −16.6% −7.3%
Operating margin, 3-year average 3.4% −19.0% 5.7% 21.9% −56.3% −4.8% −5.1%
Net margin −1.1% −4.0% 1.0% 16.1% −14.2% −6.5% −5.3%
Cash from operations / revenue 11.4% 17.1% 11.5% 24.7% −10.9% 11.8% −1.6%
Free-cash-flow margin 10.8% 13.5% 7.3% 18.6% −13.5% 1.6% −2.5%
Free-cash-flow margin, 3-year average 7.6% 3.7% 7.2% 15.0% −17.9% 4.7% 3.7%
Stock pay / revenue 2.0% 13.8% 2.4% — 3.5% 10.5% 3.0%
Change in share count −5.4% 11.7% 1.1% −0.1% 9.1% −4.7% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth -17.5% 9.8% 49 of 53
Change in growth rate Growth +4.2pp +2.3pp 18 of 53
Gross margin Profitability 37.2% 39.7% 25 of 48
Operating margin Profitability 3.1% -7.3% 19 of 53
Net margin Profitability -1.1% -5.3% 23 of 53
Free-cash-flow margin Cash generation 10.8% -2.1% 16 of 52
Stock pay as % of revenue Cash generation 2.0% 3.0% 17 of 49
Long-term debt as % of assets Balance sheet 35.5% 15.2% 27 of 31
Change in share count Balance sheet -5.4% 1.9% 1 of 46
Days sales outstanding Balance sheet 47 days 68 days 9 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $236M 73.7% ▼ 17.1%
Europe and Middle East $71M 22.2% ▼ 6.9%
Asia Pacific $13.3M 4.1% ▲ 8.5%

From Turtle Beach Corp's 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$165M
Institutions reporting
111
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
16 / 14

Top buyers and sellers, Q2 2026: 58 institutions bought and 51 sold ; the biggest buyer was Ameriprise Financial Inc (+492K shares) and the biggest seller Jpmorgan Chase & Co (−259K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Windward Management LP $20M 1.6M 12.2% 0.0%
Garnet Equity Capital Holdings, Inc. $18.8M 1.5M 11.4% ▼ 0.5%
Blackrock, Inc. $14.6M 1.2M 8.9% ▲ 1.7%
Morgan Stanley $14.6M 1.2M 8.9% ▼ 0.6%
Shay Capital LLC $9.9M 794K 6.0% ▲ 24.0%
Vanguard Capital Management LLC $7.6M 613K 4.6% ▼ 5.7%
Dimensional Fund Advisors LP $6.6M 528K 4.0% ▲ 20.6%
Goldman Sachs Group Inc $6.4M 515K 3.9% ▼ 22.5%
Ameriprise Financial Inc $6.1M 492K 3.7% New
Geode Capital Management, LLC $4.9M 395K 3.0% ▲ 5.7%
State Street Corp $4.3M 344K 2.6% ▲ 0.2%
LSV Asset Management $4.2M 337K 2.5% ▼ 14.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Turtle Beach Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4M 8 trades by 2 insiders · 0% under pre-set plans
Net ▼ $4M net selling
Insider Date Trade Shares Price Value
Dc Vga Llc 10% owner August 12, 2026 Sell 5,671 $13.00 $73,723
Dc Vga Llc 10% owner August 11, 2026 Sell 140,000 $12.67 $1.8M
Dc Vga Llc 10% owner August 10, 2026 Sell 140,000 $12.70 $1.8M
Scherping Katherine Lee Director May 29, 2026 Sell 2,000 $13.25 $26,500
Scherping Katherine Lee Director May 27, 2026 Sell 5,000 $13.20 $66,000
Scherping Katherine Lee Director May 27, 2026 Sell 1,845 $12.82 $23,653
Scherping Katherine Lee Director March 23, 2026 Sell 19,902 $11.62 $231,261
Scherping Katherine Lee Director March 20, 2026 Sell 98 $11.50 $1,127

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • March 12, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Turtle Beach Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Turtle Beach Corp in brief

What does Turtle Beach Corp do?
Turtle Beach Corp is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Turtle Beach Corp's stock ticker?
Turtle Beach Corp trades under the ticker TBCH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Turtle Beach Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Turtle Beach Corp reported revenue of $298M, 17.5% lower than a year earlier, according to its SEC filings.
What is Turtle Beach Corp's free cash flow?
Turtle Beach Corp's free-cash-flow margin is 10.8% of revenue over the trailing twelve months, ranking 16 of the 52 electronic equipment & instruments companies we cover.
What is Turtle Beach Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Turtle Beach Corp's free cash flow after stock-based pay gives ~$21 per share in the base case, and ~$15–$29 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Turtle Beach Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Windward Management LP, Garnet Equity Capital Holdings, Inc. and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Turtle Beach Corp buying back stock, and does it pay a dividend?
Turtle Beach Corp spent $39.4M on share repurchases over the trailing twelve months, and its diluted share count fell 5.4% over the year.
What is Turtle Beach Corp's market cap?
On November 2, 2026, Turtle Beach Corp's market capitalisation was about $312M and net debt of $64.4M. Market figures come from third-party market data and may be delayed.
How much debt does Turtle Beach Corp have?
Turtle Beach Corp's debt-to-equity ratio is 100.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Turtle Beach Corp's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Turtle Beach Corp are Nlight, Inc., Transcat Inc, Ituran Location & Control Ltd., 3d Systems Corp and Kornit Digital Ltd. The side-by-side comparison below sets their revenue, margins and growth against Turtle Beach Corp's.
Are insiders buying or selling Turtle Beach Corp stock?
Over the last 12 months, Turtle Beach Corp's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Turtle Beach Corp's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Turtle Beach Corp announces its own schedule.