Digital Turbine Inc (APPS)
🔔 Watch stock
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Red here is not a verdict on the business but on the substance behind it, and the findings are documented. Fiscal 2026 operating income does not cover the same year's interest expense ($34.0 million against $58.6 million, coverage of 0.58); interest paid exceeds operating cash flow ($47.1 million against $41.8 million); equity after deducting goodwill and intangibles is negative at minus $248.3 million; and the lender had to cut the liquidity covenant eight months after signing. That the twelve-month statement in the annual report is conditional on a successful refinancing is not a formal going-concern doubt — the auditor flagged none — but it is not the usual unconditional formula either. None of this takes anything away from the visible operational recovery, which is the reason this stock is interesting at all. The decision is yours.
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Digital Turbine puts apps on new Android phones before the buyer ever unlocks them, and sells advertising space inside other companies' apps. In fiscal 2026, ended March 31, 2026, revenue rose 15.2 percent to $565.3 million and the operating line turned positive for the first time in three years, at $34.0 million. The same year cost $58.6 million in interest, and on April 20, 2026 lender Blue Torch cut the liquidity covenant from $20 million to $15 million. We read the filings to see what survives the interest bill.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at APPS since then.
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Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 8.10 $ — 51% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIDigital Turbine setzt KI nach eigener Darstellung in der Entwicklung der Werbe- und Monetarisierungslösungen ein und hängt dabei an externen KI-Partnern; ein eigenes KI-Produkt als ausgewiesene Umsatzquelle nennt der Geschäftsbericht nicht.
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.
„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.
Filings Reviewed: 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 July 26, 2026 · How the Rating Is Built
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.
Analysts & Price Target
The price target sits 35.8% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 2
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | 0.73 | 0.68 – 0.84 | 642 | 31.0% | 3 |
| 03/31/2028 | 0.99 | 0.91 – 1.06 | 713 | 34.3% | 2 |
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.
Next Reporting Date
- Expected Earnings per Share
- 0.10 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.22 | – | 135 | 13.40 | -17.20 | 10 | 3 |
| 2025: Q1 | -0.18 | – | 119 | -11.50 | -15.80 | 12 | 5 |
| 2025: Q2 | -0.13 | – | 131 | 11.00 | -10.80 | 9 | 1 |
| 2025: Q3 | -0.13 | – | 131 | 10.30 | -10.80 | 12 | 5 |
| 2025: Q4 | 0.04 | – | 151 | 12.40 | 3.40 | 14 | 6 |
| 2026: Q1 | -0.13 | – | 152 | 27.60 | -9.60 | 7 | -1 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
The slot on the handset before first use is hard to replicate and rests on years of contract work. The fiscal 2026 annual report, however, names as its main competition the in-house solutions of carriers and device makers — precisely the partners the revenue depends on.
Operating income swung to a positive $34.0 million in fiscal 2026 from minus $54.1 million, driven by 15.2 percent revenue growth and 18.2 percent lower administrative costs. The bottom line was still a loss of $37.7 million — the fifth consecutive loss-making year.
Interest expense rose 68.4 percent to $58.6 million in fiscal 2026, exceeding the entire operating profit (interest coverage 0.58). The average rate climbed from 8.4 percent to 11.3 percent, and one tranche of the Blue Torch loan carried an effective rate of 20.62 percent. The refinancing of certain tranches is still under way.
Reported equity of $192.2 million as of March 31, 2026 sits against $223.1 million of goodwill and $217.4 million of other intangibles; tangible book value is minus $248.3 million. In fiscal 2024 the company wrote off $336.6 million of goodwill in a single year. On April 20, 2026 Blue Torch cut the liquidity covenant from $20 million to $15 million in return for a $5.0 million fee.
Operating cash flow rose to $41.8 million in fiscal 2026 from $11.9 million, and free cash flow turned positive at $11.2 million. The increase, however, rested on $51.8 million of additional unpaid revenue share — and interest paid, at $47.1 million, was higher still.
As of March 31, 2026 one single customer accounted for 20.6 percent of receivables (a year earlier none exceeded 10 percent), and the entire revenue increase came from Asia Pacific and China. The chief financial officer resigned on May 22, 2026, and the proxy statement of July 13, 2026 still shows the post filled only on an interim basis.
Digital Turbine is the inflection trap in pure form: everything measured at the operating level pointed up in 2026 — 15.2 percent revenue growth, $34.0 million of operating income after two loss-making years, a fifth less administrative cost, $41.8 million of operating cash flow. Everything attached to the capital structure points down: $58.6 million of interest expense, interest coverage of 0.58, $391.2 million of debt with a specialist lender, a liquidity covenant loosened eight months after signing, and equity with minus $248.3 million of tangible value behind it. The twelve-month statement in the annual report begins with an "if". Not investment advice.
- Digital Turbine reached our research list through our in-house stock scanner: rank 16 of 28 in the list „Richard Moglen: 1 Week Top Performers“ (U.S. selection) with a relative strength rating of 95, as of July 25, 2026. As of July 26, 2026 the stock met 18 scanner strategies, nearly all of them momentum and trend filters. These lists are recalculated daily; they measure demand for the stock, not the quality of the company.
- 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 Form 10-Q for December 31, 2025 (filed February 3, 2026), the credit amendment from the Form 8-K filed April 23, 2026, share count and equity plan from the DEF 14A proxy statement filed July 13, 2026. Valuation metrics as of July 26, 2026, based on the closing price of July 24, 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.
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 | 30. Jun 2006 |
| ISIN | US25400W1027 |
| Stock Split | 1:5 on 04/15/2013 |
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 |
| 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.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 8. Jul 2026 | Kinsell Joshua | Chief Accounting Officer | Other | 5,663 | 10.50 | 59,462 |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.