Digital Turbine Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because the substance behind the improving business does not yet hold: over the twelve months to June 2026 operating income covers interest only about once (roughly $61.8 million against roughly $61.5 million), equity without goodwill and intangibles is negative at minus $240.8 million, and the twelve-month statement in the quarterly report still depends on a successful refinancing — no formal going-concern doubt, but coverage sits right at the threshold, and between two grades the more cautious one applies.
What the thesis turns on
Assessment: Opportunities & Risks
Digital Turbine is the inflection trap in its second edition: in fiscal 2026 the operating business pointed up and the capital structure down. The first quarter of fiscal 2027 narrowed the gap — 26.8 percent revenue growth in every region, $23.1 million of operating income against $12.9 million of interest, raised guidance. Over twelve months, however, operating income covers interest only about once, $387.8 million of debt is secured by substantially all assets, tangible equity is minus $240.8 million, and the twelve-month statement still begins with an "if". Not investment advice.
Business model and competitive position
The slot on the handset before first use is hard to replicate and rests on years of contract work; in the April-to-June 2026 quarter a partnership with Orange was added. The annual report names the Google Play app store as its primary competition, but the in-house solutions of carriers and device makers as the more material competition — precisely the partners the revenue depends on.
Earnings power
Operating income swung to a positive $34.0 million in fiscal 2026 and reached $23.1 million in the first quarter of fiscal 2027, driven by 26.8 percent revenue growth across all regions and 23.1 percent lower administrative costs. Guidance was raised. Because of valuation items, the bottom line still shows a loss.
Interest burden and financing
In the quarter operating income covered interest 1.8 times, but over the twelve months to June 2026 only about 1.0 times (roughly $61.8 million against roughly $61.5 million). $387.8 million of debt costs 11.2 to 11.6 percent, 17.21 percent on one tranche; the refinancing is still pending, and a $5.0 million fee deadline runs to December 31, 2026.
Balance sheet and substance
Equity of $190.6 million (June 30, 2026) sits against $222.9 million of goodwill and $208.5 million of other intangibles; tangible book value is minus $240.8 million. Substantially all assets are pledged to the lender, and the twelve-month statement in the quarterly report is still conditional on a successful refinancing.
Cash flow
Operations produced $17.9 million in the first quarter of fiscal 2027 and $50.9 million over twelve months; roughly $21.2 million was left as free cash flow. Interest paid in the quarter, at $11.6 million, was clearly lower, after exceeding operating cash flow in fiscal 2026 ($47.1 million against $41.8 million).
Concentration, leadership and dilution
As of March 31, 2026 one single customer accounted for 20.6 percent of receivables. The finance chief has been interim since June 1, 2026, the chief business officer leaves on October 30, 2026, and roughly 41 percent of votes cast opposed executive pay. Through the standing registration (universal shelf) renewed on October 1, 2026, the company could issue new shares without further waiting.
Worth Noting
Update of October 3, 2026: the analysis of July 26, 2026 was extended with the quarterly report (10-Q) for June 30, 2026 (first quarter of fiscal 2027, filed August 5, 2026), the earnings releases on Form 8-K of August 4, 2026 and Form 8-K/A of August 5, 2026, all filings through October 1, 2026 and the transcript of the August 4, 2026 earnings call. The placement in our in-house stock scanner (rank 16 of 28 in “Richard Moglen: 1 Week Top Performers”, as of July 25, 2026) is a snapshot from the first edition.
Every figure carries its own as-of date: annual figures from the Form 10-K for fiscal 2026 (filed May 26, 2026), quarterly figures from the 10-Qs for September 30, 2025, December 31, 2025 and June 30, 2026, equity at March 31, 2026 in the corrected version of the 8-K/A of August 5, 2026, share count and closing price as of September 30, 2026 from the 424B7 prospectus supplement of October 1, 2026. Twelve-month figures are our own calculation (fiscal 2026 plus the first quarter of fiscal 2027 minus the first quarter of fiscal 2026); for interest expense that is $58.6 million plus $12.9 million minus $10.0 million, or roughly $61.5 million. Valuation metrics as of October 2, 2026 — meant to be evergreen, with no daily price used as an argument.
Risk of confusion: the ticker APPS belongs to Digital Turbine, Inc. of Austin (CIK 0000317788), not to an app store operator. The company was named Mandalay Digital Group until 2015, and NeuMedia and Mandalay Media before that; its SEC registration runs back to 1995 under changing names. One Store International Holding B.V., acquired in 2024, is a small holding (purchase price $1.9 million), not the Korean One Store app marketplace itself.
Stock Watch
This analysis is as of October 3, 2026. Stock Watch will tell you what's changed at APPS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.80 $ to 14.40 $ · Last price: 8.50 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Application
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Digital Turbine Inc APPS | 1.0 | – | 13.7 | 49.1 | – | 15.2 | 35.6 |
| Salesforce.com Inc CRM | 181.3 | 22.6 | 13.4 | 77.3 | 21.8 | 9.6 | -12.4 |
| Uber Technologies Inc UBER | 135.8 | 18.1 | 18.1 | 40.8 | 14.6 | 18.3 | -30.9 |
| Automatic Data Processing Inc ADP | 119.4 | 27.4 | 17.0 | 48.8 | 30.2 | 7.1 | 18.1 |
| ServiceNow Inc NOW | 106.0 | 61.5 | 34.1 | 73.2 | 13.3 | 20.9 | -42.3 |
| Snowflake Inc. SNOW | 99.1 | – | -76.6 | 67.0 | -22.2 | 29.2 | 5.8 |
| Adobe Systems Incorporated ADBE | 98.7 | 14.4 | 9.5 | 89.3 | 35.3 | 10.5 | -26.2 |
| Intuit Inc INTU | 96.7 | 22.5 | 13.0 | 81.0 | 47.0 | 15.6 | -47.3 |
| Cadence Design Systems Inc CDNS | 90.9 | 74.2 | 38.8 | 85.7 | 29.7 | 14.1 | -2.7 |
| Median of companies shown | 99.1 | 22.6 | 13.7 | 73.2 | 25.8 | 15.2 | -12.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 92 | -22 | -24 | -0.36 | -7 | 62 | 108 |
| 2018 | 75 | -6 | -53 | -0.75 | 7 | 28 | 87 |
| 2019 | 104 | 3 | -6 | -0.08 | 1 | 36 | 83 |
| 2020 | 139 | 13 | 14 | 0.16 | 31 | 77 | 184 |
| 2021 | 748 | 92 | 36 | 0.35 | 63 | 145 | 260 |
| 2022 | 748 | 92 | 36 | 0.35 | 113 | 515 | 1,459 |
| 2023 | 666 | 46 | 17 | 0.16 | 29 | 605 | 1,267 |
| 2024 | 544 | -374 | -420 | -4.16 | 12 | 214 | 866 |
| 2025 | 491 | -54 | -92 | -0.89 | 12 | 154 | 813 |
| 2026 | 565 | 34 | -38 | -0.33 | 42 | 192 | 842 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.22 | – | 135 | 13.40 | -17.20 | 10 | 3 |
| 2025: Q1 | -0.18 | – | 119 | -11.50 | -15.80 | 12 | 5 |
| 2025: Q2 | -0.13 | – | 131 | 11.00 | -10.80 | 9 | 1 |
| 2025: Q3 | -0.20 | – | 140 | 18.30 | -15.20 | 12 | 5 |
| 2025: Q4 | 0.04 | – | 151 | 12.40 | 3.40 | 14 | 6 |
| 2026: Q1 | -0.06 | – | 143 | 19.50 | -9.60 | 7 | -1 |
| 2026: Q2 | -0.09 | 30.80 | 166 | 26.80 | -6.80 | 18 | 11 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- High ADR (≥5%)
- Power Trend
- Qullamaggie: Top Gainers 1M
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | 0.71 | 0.68 – 0.74 | 665 | 26.8% | 3 |
| 03/31/2028 | 0.94 | 0.93 – 0.97 | 744 | 32.9% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 20.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $21.2M |
|---|---|
| Market cap | $1.05B |
| Free cash flow in year ten | $131.8M |
| Terminal value as a share of market value | 66.2% |
For comparison: over the past five years free cash flow shrank by 26.9% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Fortgeschrieben am 02.10.2026 mit dem Quartalsbericht (10-Q) zum 30.06.2026 (eingereicht 05.08.2026): Digital Turbine baut KI nach eigener Darstellung inzwischen direkt in die Kernsysteme für Zielgruppenansprache, Empfehlungen und Echtzeit-Optimierung ein und nennt Kooperationen mit Google Cloud und Databricks; ein eigenes KI-Produkt als ausgewiesene Umsatzquelle nennen weder Geschäfts- noch Quartalsbericht — die Einstufung bleibt „nutzt“. Erstprüfung am 26.07.2026: KI-Einsatz in der Entwicklung der Werbe- und Monetarisierungslösungen, Abhängigkeit von externen KI-Partnern.
View the full file — quotes, sources, reviewed filings
„We are increasingly building AI into certain of our offerings. We use AI technologies in connection with the development of our advertising and monetization solutions, and other product offerings, as well as in other aspects of our business."
Wir bauen künstliche Intelligenz zunehmend in einzelne unserer Angebote ein. Wir setzen KI-Technologien bei der Entwicklung unserer Werbe- und Monetarisierungslösungen und weiterer Produktangebote ein, ebenso in anderen Bereichen unseres Geschäfts.
10-K · 2026-05-26 · View SEC filing
„We depend on our third-party AI partners for core data and infrastructure and the resulting provision of our AI-based advertising and monetization solutions in the SSP and DSP spaces."
Wir sind bei Kerndaten und Infrastruktur auf unsere externen KI-Partner angewiesen und damit auch bei der Bereitstellung unserer KI-gestützten Werbe- und Monetarisierungslösungen im SSP- und DSP-Bereich.
10-K · 2026-05-26 · View SEC filing
„The Company is embedding AI directly into the core intelligence systems powering its platform to improve targeting, recommendations, and real-time optimization across apps, devices, and on-device surfaces."
Die Gesellschaft baut KI direkt in die zentralen Intelligenzsysteme ein, die ihre Plattform antreiben, um Zielgruppenansprache, Empfehlungen und Echtzeit-Optimierung über Apps, Geräte und Oberflächen auf dem Gerät hinweg zu verbessern.
10-Q · 2026-08-05 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-K 2026-05-26 · 10-Q 2026-02-03 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-K 2025-06-16 · 10-Q 2025-02-05
Rated on October 2, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -5.3%
- More than 10% revenue growth is expected for the coming year 10.9%
- Share count grows by less than 3% a year 3.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 17.2%
- Gross margin at 40% or higher and without meaningful erosion 48.6%
- Goodwill from acquisitions does not grow faster than revenue 26.5%
- Net debt below twice EBITDA 8.3 x EBITDA
- Operating cash flow covers the profits of the last three years 616 m
- Return on capital at 15% or higher, or up versus two years ago 5.9%
- Insiders hold at least 10% or are net buyers 5.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 22.4%
- Exp. sales growth 3Y > 5% 14.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 14.7%
- Net debt < 4x EBIT 9.7x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 5.9%
- Expected return > 10% 15.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 29, 2026 | Kinsell Joshua | Chief Accounting Officer | Other | 618 | 10.57 | 6,532 |
| Oct 9, 2026 | Kinsell Joshua | Chief Accounting Officer | Other | 6,994 | 10.78 | 75,395 |
| Sep 2, 2026 | John Benneaser | Chief Technology Officer | Other | 51,124 | 9.78 | 499,993 |
| Sep 2, 2026 | Kinsell Joshua | Chief Accounting Officer | Other | 51,124 | 9.78 | 499,993 |
| Sep 2, 2026 | Akkerman Michael | Chief Business Officer | Other | 76,687 | 9.78 | 749,999 |
| Sep 2, 2026 | Stone William Gordon Iii | Chief Executive Officer | Other | 204,498 | 9.78 | 1,999,990 |
| Aug 25, 2026 | Sterling Michelle M | Director | Other | 18,951 | 0.00 | – |
| Aug 25, 2026 | Karish Jeff | Director | Other | 19,113 | 0.00 | – |
| Aug 25, 2026 | Gyani Mohan S | Director | Other | 19,159 | 0.00 | – |
| Aug 25, 2026 | Groos Holyce Hess | Director | Other | 19,390 | 0.00 | – |
The company
About the Company
Digital Turbine, Inc. betreibt über seine Tochtergesellschaften eine mobile Wachstumsplattform für Werbetreibende, Publisher, Mobilfunkbetreiber und Geräte-Erstausrüster (OEMs).
- Employees
- 620
- Headquarters
- Austin, TX
- Address
- 110 San Antonio Street, 78701 Austin, United States
- Phone
- 512 387 7717
- Website
- digitalturbine.com
- IPO Date
- 06/30/2006
- ISIN
- US25400W1027
- Stock Split
- 1:5 on 04/15/2013
- Stock Split
- 25:10 on 08/18/2006
Management
| Name | Title | Birth Year |
|---|---|---|
| William Gordon Stone III | CEO & Director | 1968 |
| Joshua Kinsell | Interim CFO & Chief Accounting Officer | 1986 |
| Michael Akkerman | Chief Business Officer | 1985 |
| Benneaser John | Chief Technology Officer | – |
| Brian Bartholomew | Senior VP of Capital Markets & Strategy and Investor Relations | – |
| Angeline Tucker | Chief People Officer | – |
| Eva Sayre | Chief of Staff | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/01/2026 Digital Turbine, Inc. (APPS): Other Events; Financial Statements and Exhibits SEC ↗
- 09/24/2026 Digital Turbine, Inc. (APPS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 09/08/2026 Digital Turbine, Inc. (APPS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/25/2026 Digital Turbine, Inc. (APPS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits SEC ↗
- 08/04/2026 Digital Turbine, Inc. (APPS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.