Turtle Beach Corporation
🔔 Watch stock
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
Whoever buys today is betting that Turtle Beach bridges two to three lean years until the next console generation on its own strength — with cash flow intact, buybacks running and no new control or tariff surprises. Whoever waits may give up a few percent off the bottom but gets to see whether the Q1 hole closes in the 2026 holiday quarter and whether the controls opinion comes back clean — the coming reports will deliver the proof, or not. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Turtle Beach is not a bankruptcy candidate but a cash-rich niche market leader in the lull between two console waves: $34 million of free cash flow and consistent buybacks stand against revenue down 34 percent in the first quarter of 2026, tariff whiplash, 58.8 percent of revenue with three customers and two control weaknesses in two years including an adverse opinion. On 2025 cash flow the stock is cheap, on trailing earnings expensive — which reading is right will be decided by other people's calendars: those of the console makers and of tariff policy. Not investment advice.
Market position & portfolio
Per the annual report, the market-share leader in console gaming headsets for 16 years running (Circana retail data), built out into a broad accessories supplier via PDP (2024, $114.4 million), ROCCAT and Neat; more than 475,000 points of sale in over 40 countries (10-K for 2025).
Demand & console cycle
Revenue down 14.2 percent in 2025 and down 34 percent in Q1 2026 with a $15.2 million net loss — almost the complete 2025 annual profit; the 10-K names the dependence on third-party platforms and game titles as a risk factor, and the next Microsoft/Sony consoles are expected only in two to three years.
Tariffs & China manufacturing
Many products are manufactured in China per the 10-K; tariffs weighed on the 2025 gross margin, and 2026 brought the whiplash of the Supreme Court ruling (IEEPA tariffs not authorized, February 2026), an open refund process and a new 10 percent Section 122 tariff (since February 24, 2026) — predictability and margin suffer.
Balance sheet & capital allocation
Roughly $34 million of 2025 free cash flow on just $1.4 million of capex; $49 million of buybacks since the start of 2024, a $75 million program through May 2027 ($57.8 million remaining); $111.9 million of equity, net bank debt around $40 million (03/31/2026), Altman Z around 5.2 (data as of July 10, 2026).
Controls & governance
Misappropriation of $3.4 million of in-transit inventory in 2024 (control weaknesses, remediated), a new IT control weakness as of 12/31/2025 with an adverse auditor opinion on internal controls (March 12, 2026); a poison pill with a 10 percent trigger (June 2025) and insider transactions within a small circle (Donerail/Diversis, August 2025) — all disclosed, but a lot of concentrated power for 290 employees.
Worth Noting
TBCH reached our research list via the Reddit hype scanner (ApeWisdom, just 2 mentions in 24 hours, as of July 15, 2026) — here the silence was the hook, not the hype. The 3 hits in our in-house stock scanner carry the July 10, 2026 data cut-off and rotate daily.
Scanner metrics (P/E, P/B, Piotroski, Altman Z, relative strength) are computed from trailing twelve-month figures; the Q1 2026 loss pushes the trailing P/E to 612 — that is a vanishing-earnings effect, not a growth premium.
Price and valuation figures are dated to July 10, 2026 (about $12.30, market value roughly $240 million); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TBCH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 10.10 $ to 17.10 $ · Last price: 12.60 $ (As of: September 17, 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 09/18/2026
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: Consumer Electronics
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Turtle Beach Corporation TBCH | 0.3 | 612.8 | 13.3 | 37.6 | – | -14.2 | -16.4 |
| Apple Inc AAPL | 4,949.6 | 41.9 | 29.1 | 48.7 | 32.3 | 6.4 | 41.5 |
| Sony Group Corp SONY | 139.4 | 20.2 | 8.2 | 32.3 | 16.7 | 2.1 | -14.4 |
| Xiaomi Corp ADR XIACY | 85.4 | 17.8 | 11.6 | 21.4 | 4.0 | 21.6 | -54.5 |
| Sonos Inc SONO | 1.9 | – | 13.5 | 45.0 | -9.1 | -4.9 | 6.5 |
| GoPro Inc GPRO | 0.2 | – | 129.5 | 27.7 | -37.2 | -18.7 | -45.5 |
| Vuzix Corp Cmn Stk VUZI | 0.2 | – | -1.1 | -9.6 | – | 9.1 | 16.0 |
| Zepp Health Corporation ZEPP | 0.1 | – | -0.5 | 38.6 | -33.9 | 36.1 | -90.8 |
| UTime Limited FXHO | 0.1 | – | -0.2 | -1.0 | 11.2 | 45.8 | -99.8 |
| Median of companies shown | 0.3 | 31.1 | 11.6 | 32.3 | 4.0 | 6.4 | -16.4 |
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) |
|---|---|---|---|---|---|---|---|
| 2016 | 174 | -78 | -87 | -7.18 | – | – | – |
| 2017 | 149 | 5 | -3 | -0.26 | – | – | – |
| 2018 | 287 | 54 | 39 | 2.74 | – | – | – |
| 2019 | 235 | 10 | 18 | 1.14 | – | – | – |
| 2020 | 360 | 49 | 39 | 2.37 | 51 | 116 | 203 |
| 2021 | 366 | 20 | 18 | 0.97 | 0 | 141 | 231 |
| 2022 | 240 | -51 | -60 | -3.62 | -42 | 89 | 163 |
| 2023 | 258 | -16 | -18 | -1.03 | 27 | 85 | 150 |
| 2024 | 373 | 20 | 16 | 0.78 | 6 | 121 | 299 |
| 2025 | 320 | 20 | 16 | 0.77 | 35 | 129 | 269 |
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.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· 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 | 0.95 | 92.10 | 146 | 46.80 | 13.80 | 14 | 13 |
| 2025: Q1 | -0.03 | -505.10 | 64 | 14.40 | -1.00 | 41 | 40 |
| 2025: Q2 | -0.14 | – | 57 | -25.80 | -5.20 | -3 | -4 |
| 2025: Q3 | 0.08 | -47.00 | 81 | -14.70 | 2.10 | -15 | -16 |
| 2025: Q4 | 0.87 | -8.80 | 119 | -18.70 | 14.80 | 13 | 13 |
| 2026: Q1 | -0.78 | – | 42 | -34.00 | -36.10 | 29 | 29 |
| 2026: Q2 | -0.38 | -171.40 | 56 | -0.70 | -12.90 | 7 | 6 |
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 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Research
Risk & Weakness
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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. 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 |
|---|---|---|---|---|---|
| 12/31/2026 | 0.53 | 0.43 – 0.61 | 343 | -1.8% | 3 |
| 12/31/2027 | 1.00 | 0.84 – 1.27 | 378 | 89.9% | 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 -5.5% 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) | $32.3M |
|---|---|
| Market cap | $250.0M |
| Free cash flow in year ten | $18.3M |
| Terminal value as a share of market value | 38.6% |
For comparison: over the past five years free cash flow shrank by 5.6% 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
Turtle Beach erzielt keine KI-Umsätze, dokumentiert im Geschäftsbericht (10-K) 2025 aber ausdrücklich einen begrenzten operativen KI-Einsatz: „We currently use limited traditional and generative AI solutions for certain functions as licensed software in a secured environment.“ Der Kontext ist das IT-/Cybersecurity-Kapitel; zusätzlich nennt der Bericht als Wettbewerbsrisiko, dass Konkurrenten KI schneller integrieren könnten. Kein KI-Produkt, keine KI-Umsatzquelle, kein konkretes Bedroht-Szenario fürs Geschäftsmodell (Konsolen-Headsets/Controller) — nach Kriterienkatalog „nutzt“. In den vier jüngsten Quartalsberichten (10-Q) und im 10-K 2024 finden sich keine KI-Treffer (Negativ-Befund dokumentiert).
View the full file — quotes, sources, reviewed filings
„We currently use limited traditional and generative AI solutions for certain functions as licensed software in a secured environment. We may incorporate additional AI solutions into our IT systems in the future, and these solutions may become important in our operations over time."
Wir setzen derzeit in begrenztem Umfang traditionelle und generative KI-Lösungen für bestimmte Funktionen als lizenzierte Software in einer gesicherten Umgebung ein. Künftig könnten wir weitere KI-Lösungen in unsere IT-Systeme integrieren, und diese Lösungen könnten im Laufe der Zeit für unseren Betrieb an Bedeutung gewinnen.
10-K · 2026-03-12 · View SEC filing
„Our competitors or other third parties may incorporate AI into their IT systems and financial services operations more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our operating results."
Unsere Wettbewerber oder andere Dritte könnten KI schneller oder erfolgreicher als wir in ihre IT-Systeme und Abläufe integrieren, was unsere Fähigkeit, wirksam zu konkurrieren, beeinträchtigen und unsere Betriebsergebnisse negativ beeinflussen könnte.
10-K · 2026-03-12 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-03-12 · 10-K 2025-03-17
Rated on July 16, 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 10.0%
- More than 10% revenue growth is expected for the coming year 10.0%
- Share count grows by less than 3% a year 7.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -3.5%
- Gross margin at 40% or higher and without meaningful erosion 37.3%
- Goodwill from acquisitions does not grow faster than revenue 18.7%
- Net debt below twice EBITDA 1.7 x EBITDA
- Operating cash flow covers the profits of the last three years 54 m
- Return on capital at 15% or higher, or up versus two years ago 10.8%
- Insiders hold at least 10% or are net buyers 20.6%
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
6/10The 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% 7.0%
- Exp. sales growth 3Y > 5% 8.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 14.0%
- Net debt < 4x EBIT 3.4x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 36.0%
- ROCE > 15% 10.8%
- Expected return > 10% 29.6%
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 |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Dc Vga Llc | 10% Owner | Sell | 5,671 | 13.00 | 73,723 |
| Aug 11, 2026 | Dc Vga Llc | 10% Owner | Sell | 140,000 | 12.67 | 1,773,926 |
| Aug 10, 2026 | Dc Vga Llc | 10% Owner | Sell | 140,000 | 12.70 | 1,777,454 |
The company
About the Company
Turtle Beach Corporation, ein Audio- und Gaming-Technologieunternehmen, entwickelt und vermarktet Audio- und Gaming-Zubehörprodukte unter der Marke Turtle Beach in Amerika, Europa, im Nahen Osten und im asiatisch-pazifischen Raum. Das Unternehmen bietet Headsets, Controller, Tastaturen, Mäuse, Flug- und Renn-Sim…
- Employees
- 268
- Headquarters
- San Diego, CA
- Address
- 15822 Bernardo Center Drive, 92127 San Diego, United States
- Phone
- 914 345 2255
- Website
- turtlebeach.com
- IPO Date
- 10/05/2010
- ISIN
- US9004502061
- Stock Split
- 1:4 on 04/09/2018
- Stock Split
- 1:5 on 03/22/2012
Management
| Name | Title | Birth Year |
|---|---|---|
| Cristopher Keirn | CEO & Director | 1971 |
| Megan Wynne | General Counsel & Corporate Secretary | 1969 |
| Andrew Clipsham | Interim Chief Financial Officer | – |
| Jose Rosado | Senior Vice President of Global Operations | – |
| MacLean Marshall | Senior Director of PR & Communications | – |
| Drew Johnson | Senior Vice President of Global Sales | – |
| Kate Zibell | Chief Marketing Officer | – |
| Matt Seymour | Senior Vice President of Product Management | – |
| Ryan Dell | Senior Vice President of Global Marketing | – |
| Kim DeNapoli | SVP & Head of Brand | – |
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).
- 08/06/2026 Turtle Beach Corp (TBCH): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/31/2026 Turtle Beach Corp (TBCH): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.