Turtle Beach Corp (TBCH) stock analysis
Close on Nov 12, 2026Market cap $295.51MP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak7 of 30 checks passed
Turtle Beach passes 7 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 3/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Revenue growing 10%+ a year
Revenue grew 10.0% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 53.6% of total debt.
Gross margin improving
Gross margin was 36.5% over the last twelve months, against 36.2% a year earlier.
Return on equity above the industry
Turtle Beach's return on equity of -0.5% is above the Communications Equipment median of -3.7%.
What to watch
Margin of safety under 20%
The price is 100% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $16.73 is above our fair value estimate of $8.35.
Return on equity under 15%
Return on equity was -0.5% over the last twelve months and averaged -6.0% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 4.9%, below the 10% that usually covers the cost of capital.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA above its 5-year median
Turtle Beach's EV/EBITDA of 27.9 is above its 5-year median of 10.7.
P/B above the industry
Turtle Beach's price-to-book of 3.47 is above the Communications Equipment median of 2.54.
Trading above fair value
The share price of $16.73 is above our fair value estimate of $8.35.
Margin of safety under 20%
The price is 100% above fair value, so there is no margin of safety.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 10.0% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth not accelerating
Net income grew -103% over the last twelve months, against a 5-year average of -16.5% a year.
Growing slower than the industry
Revenue grew -13.0% over the last twelve months; the Communications Equipment median is 10.9%.
Guidance unchanged
The latest outlook (full year 2026 Net revenues, Aug 6, 2026) was maintained, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 36.5% over the last twelve months, against 36.2% a year earlier.
Past performance3/6
Return on equity under 15%
Return on equity was -0.5% over the last twelve months and averaged -6.0% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 4.9%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Turtle Beach's return on equity of -0.5% is above the Communications Equipment median of -3.7%.
Earnings shrank over 5 years
Net income shrank 16.5% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was -0.2% over the last twelve months, against a 5-year average of -3.5%.
Net margin above the industry
Turtle Beach's net margin of -0.2% is above the Communications Equipment median of -2.2%.
Financial health2/6
High debt
Debt is 92.5% of shareholders' equity, above the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 53.6% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.94 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.12; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Turtle Beach has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$8.35
The share price is 100% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDA | 15.3× | 10.7× | 20.0× | $7.48 | 58% |
| P/B | 2.4× | 2.3× | 2.5× | $11.73 | 17% |
| Earnings power | 13.8% cost of equity | – | – | $8.11 | 25% |
| Fair value | $8.35 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 18.1
- Communications Equipment median 24.9
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $9.04M
- Value traded per 1% price move
- $2.43M
Downside
Medium risk
- Typical loss in a bad month
- 20.8%
- Volatility (annualized)
- 53%
- Sharpe ratio, 1 year
- 0.07
- Beta to the S&P 500 (5Y)
- 1.79
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2010 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -14.2% | +10.0% | -2.3% | +7.0% | |
| Gross profit | -7.5% | +34.4% | -2.3% | +11.4% | |
| Operating income | +37.4% | – | -11.0% | – | |
| Net income | -2.8% | – | -16.5% | – | |
| EPS, diluted | -1.3% | – | -20.1% | – | |
| Free cash flow | +3918.8% | – | -5.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -484.9% | 43.1% | 12.6% | |
| Return on assets | -65.2% | 23.1% | 5.5% | |
| Current ratio | 1.30 | 2.16 | 1.98 | |
| Debt to equity | -1.37 | – | 0.43 | |
| Net debt to EBITDA | -0.30× | – | 1.19× | |
| Interest coverage | -10.4× | 105.3× | 3.5× | |
| Inventory turnover | 5.5× | 3.9× | 2.9× | |
| Capex to revenue | 1.9% | 1.6% | 0.4% | |
| Diluted shares | 12M | 16M | 20M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Turtle Beach generated $110.44M from operations and spent $70.26M on capital expenditure, dividends and share buybacks. 25% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.9% | 1.13× | 2.28× | 12.6% |
| FY2024 | 4.3% | 1.66× | 2.18× | 15.7% |
| FY2023 | -6.8% | 1.65× | 1.80× | -20.3% |
| FY2022 | -24.8% | 1.22× | 1.71× | -51.7% |
| FY2021 | 4.8% | 1.69× | 1.68× | 13.7% |
| FY2020 | 10.8% | 2.15× | 1.86× | 43.1% |
| FY2019 | 7.6% | 1.85× | 2.51× | 35.6% |
| FY2018 | 13.6% | 2.66× | 14.09× | 511.0% |
| FY2017 | -2.2% | 1.58× | -4.41× | 15.2% |
| FY2016 | -50.1% | 1.30× | 7.43× | -484.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$15.73M
- Cash generatingOperating cash flow above zero$35.46M
- Return on assets improvedROA up on the prior year10.8% → 5.3%
- Earnings backed by cashOperating cash flow above net income$35.46M vs $15.73M
- Less leverageLong-term debt to assets fell15.3% → 17.2%
- Better liquidityCurrent ratio rose1.52 → 1.98
- No dilutionShare count did not rise21M → 20M
- Gross margin improvedGross margin up on the prior year34.60% → 37.29%
- More efficientAsset turnover rose2.49 → 1.07
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