Turtle Beach Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Turtle Beach Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	174	149	287	235	360	366	240	258	373	320
Cost of revenue	131	98.1	179	156	226	238	191	183	244	201
Gross profit	42.6	51	109	78.7	134	128	49.2	75.5	129	119
Research and development	8.26	5.59	5.61	7.86	12.3	17.5	19.1	17.1	17.3	16.9
Selling and marketing	28.6	24.4	32.4	38.6	46.8	58.9	47.1	43.5	52.4	52.5
General and administrative	19.6	15.7	16.7	21.8	25.6	31.6	32.6	31.3	28.4	30.4
Operating expenses	120	46.2	54.7	68.3	84.6	108	101	91.9	109	91.8
Operating income	-77.7	4.8	54	10.4	49.2	20.4	-51.5	-16.4	20	27.5
Interest expense	7.45	7.92	5.34	0.93	0.47	0.38	1.22	0.5	8.3	7.9
Other non-operating income	-2.42	0.46	-7.78	2.21	3.76	0.1	-1.75	-0.39	-1.29	-0.95
Pre-tax income	-87.6	-2.66	40.9	11.7	52.5	20.1	-54.5	-17.3	10.7	16.8
Income tax	-0.39	0.59	1.74	-6.24	13.7	2.43	5.09	0.34	-5.51	1.07
Net income	-87.2	-3.25	39.2	17.9	38.7	17.7	-59.5	-17.7	16.2	15.7
EBITDA	-72.6	8.87	58	15	53.5	24.5	-46.9	-12.6	24.4	31.9
EPS, basic	-7.18	-0.26	2.90	1.24	2.62	1.11	-3.62	-1.03	0.81	0.78
EPS, diluted	-7.18	-0.26	2.74	1.04	2.37	0.97	-3.62	-1.03	0.78	0.77
Shares, basic (weighted)	12.1	12.3	13.5	14.5	14.8	15.9	20.3	17.1	20	20.3
Shares, diluted (weighted)	12.1	12.3	14.3	15.7	16.4	18.3	20.5	17.1	20.8	20.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.25	5.25	7.08	8.25	46.7	37.7	11.4	18.7	13	17
Receivables	54.6	50.5	52.8	44.5	43.9	36	43.3	54.4	93.1	76.8
Inventory	21.7	27.5	49.5	45.7	71.3	102	71.3	44	71.3	69.2
Other current assets	4.12	3.47	4.47	4.06	8.13	17.5	9.2	7.72	11	10.8
Total current assets	86.6	86.8	114	103	170	193	135	125	188	174
Property, plant and equipment	4.31	4.68	5.86	3.96	6.58	6.96	6.36	4.82	5.84	3
Lease right-of-use assets				1.77	5.77	7.41	8	7.01	8.15	5.84
Goodwill	0	0	0	8.52	8.18	10.7	10.7	10.7	52.9	50.4
Intangible assets	1.62	1.4	1.04	6.01	5.14	5.79	2.61	1.73	42.4	34.3
Total assets	94.8	94.3	122	131	203	231	163	150	299	269
Accounts payable	11.9	13.5	17.7	22.5	42.5	40.5	19.8	26.9	34.8	24.9
Accrued liabilities	2.79	2.51	4.57	3.67	7.07	4.11	4.17	3.94	3.71	2.49
Short-term debt									1.25	8.57
Total current liabilities	66.9	67.6	73.6	64.6	78.7	78.2	64.3	56.3	124	87.7
Long-term debt	28.3	27.6	0						45.6	46.3
Lease liabilities				1.28	5.13	6.99	7.53	6.48	7.1	5.24
Other non-current liabilities	2.8	2.31	2.79	3.22	5.26	7.19	8.04	7.01	7.6	5.72
Total liabilities	115	116	84.4	68	87.1	89.1	74.4	64.9	178	141
Total debt	66.9	70.3	37.4						49	55.7
Paid-in capital	147	148	169	177	191	198	207	220	240	229
Retained earnings	-167	-170	-131	-114	-74.8	-57.1	-117	-134	-118	-102
Other comprehensive income	-0.56	-0.2	-0.48	0.12	0.59	0.13	-1.39	-0.85	-1.31	1.65
Shareholders' equity	-20.7	-22.2	37.5	63.4	116	141	88.9	85.1	121	128
Total equity	-20.7	-22.2	37.5	63.4	116	141	88.9	85.1	121	128
Total liabilities and equity	94.8	94.3	122	131	203	231	163	150	299	269
Shares outstanding	49.3	12.3	14.3	14.5	15.5	16.2	16.6	17.5	20	19.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-87.2	-3.25	39.2	17.9	38.7	17.7	-59.5	-17.7	16.2	15.7
Depreciation and amortization	5.07	4.07	3.95	4.56	4.36	4.05	4.58	3.83	4.41	4.37
Stock-based compensation	3.96	1.43	1.88	3.56	5.55	7.66	7.98	12	6.17	6.18
Deferred income tax	-0.55	0.18	0.55	-7.47	0.47	1.12	6.2	-0.04	-6.86	0.12
Change in receivables	4.09	3.11	-6.98	9.93	-1.76	9.68	-4.85	-5.76	-15.6	17.1
Change in inventory	-6.97	-7.5	-25.4	7.26	-30.7	-32.2	22.1	27.3	-12.3	-0.98
Change in payables	-5.06	1.49	4.1	-0.39	18.7	-2.79	-23.4	1.77	-4.02	-9.96
Cash from operations	-1.83	3.42	42.2	39.4	51	-0.33	-41.8	27	5.76	35.5
Capital expenditures	-3.23	-4.41	-5.08	-1.91	-5.66	-5.62	-3.55	-2.16	-4.91	-1.42
Acquisitions	0			-12.7		-2.5			-77.3	2.52
Cash from investing	-3.23	-4.41	-5.08	-14.6	-5.66	-8.12	-3.55	-2.16	-82.2	1.1
Stock issued	5.97	0	0	0.33	4.2	5.29	0.65	2.26	3.36	1.99
Share buybacks	0	0	-0.25	-2.53		-4.88		-0.97	-27.8	-19
Cash from financing	4.21	-0.16	-35.1	-24.2	-7.41	-0.06	19.7	-17.8	71.1	-32.6
Exchange rate effect	-0.09	0.22	-0.21	0.56	0.46	-0.46	-0.64	0.29	-0.34	-0
Net change in cash	-0.93	-0.94	1.83	1.17	38.4	-8.96	-26.3	7.33	-5.73	3.97
Free cash flow	-5.06	-0.99	37.2	37.5	45.4	-5.95	-45.4	24.9	0.85	34
Interest paid	2.05	1.98	1.5	0.77	0.31	0.19	0.98	0.5	7.14	6.97
Income taxes paid	0	0	0	2.32	8.04	6.56	-2.38	0.06	0.19	2.52

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $16.60 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.5%	Gross profit / revenue.
Operating margin	3.2%	Operating income / revenue.
EBITDA margin	4.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.1%	Pre-tax income / revenue.
Net margin	-0.2%	Net income / revenue.
FCF margin	13.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.2%	Cash from operations / revenue.
Return on equity (ROE)	-0.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.0%	Research and development expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	37.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-11.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	30.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-9.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-16.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-20.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	515.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3,919.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-5.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.94x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.93x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.7%	Total debt / total assets.
Liabilities / assets	65.7%	Total liabilities / total assets.
Net debt	$68.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$79.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	97.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.40x	Cost of revenue / average inventory.
Days inventory	152 days	365 x average inventory / cost of revenue.
Receivables turnover	5.00x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	103 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	122 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	4.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.60	Revenue / diluted weighted shares.
FCF per share	$2.24	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.35	Cash from operations / diluted weighted shares.
Book value per share	$4.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.42	Tangible book value / shares outstanding.
Cash per share	$0.62	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	71.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$297.3M	Share price x shares outstanding.
Enterprise value	$366.0M	Market cap + total debt - cash - short-term investments.
P/S	0.98x	Market cap / revenue.
P/B	3.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	39.9x	Market cap / tangible book value, when positive.
P/FCF	7.29x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.95x	Market cap / cash from operations, when positive.
EV/Sales	1.21x	Enterprise value / revenue.
EV/EBIT	37.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.98x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.7%	Free cash flow / market cap.
Earnings yield	-0.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.8%	(Dividends paid + share buybacks) / market cap.

What was Turtle Beach Corp's revenue in fiscal 2025?

Turtle Beach Corp reported revenue of $319.9M for fiscal 2025, 14.2% lower than the year before.

Was Turtle Beach Corp profitable in fiscal 2025?

Yes. Net income was $15.7M, a net margin of 4.9%.

How much free cash flow did Turtle Beach Corp generate in fiscal 2025?

Cash from operations of $35.5M minus capital expenditures of $1.4M left free cash flow of $34.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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