Turtle Beach Corp TBCH
Our mission is to deliver the ultimate experience to gamers by providing high-quality, high-performance gaming accessories, including headsets, controllers, keyboards, mice, flight and racing simulation hardware, microphones, and more. For over 50 years, we have been a pioneer and key innovator in audio technology, and today we are one of the most recognized brand names in gaming. Headquartered in San Diego, California, we were incorporated in the state of Nevada in 2010, and our stock is traded on the Nasdaq Global Market under the symbol TBCH.
According to retail sales tracking data from The Circana Group ("Circana"), we have been the market share leader in console gaming headsets for 16-years running with a vast portfolio of headsets designed to be multiplatform compatible with the latest Xbox, PlayStation, and Nintendo consoles, as well as for personal computers ("PCs") and mobile and tablet devices. Our PC product portfolio includes PC gaming headsets, keyboards, mice, microphones, and other PC gaming peripherals, and we expanded our brand beyond gaming headsets to include our gaming controller product line, as well as flight simulation. In 2024, we acquired Performance Designed Products ("PDP"), another leading gaming accessory brand with a robust slate of products, including gaming controllers for all major platforms and licensing deals with popular gaming and entertainment properties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $319.9M | $372.8M | $258.1M | $240.2M | $366.4M | $360.1M | $234.7M | $287.4M | $149.1M | $174.0M |
| Cost of revenue | $200.6M | $243.8M | $182.6M | $191.0M | $238.0M | $226.3M | $155.9M | $178.7M | $98.1M | $131.4M |
| Gross profit | $119.3M | $129.0M | $75.5M | $49.2M | $128.4M | $133.8M | $78.7M | $108.7M | $51.0M | $42.6M |
| R&D | $16.9M | $17.3M | $17.1M | $19.1M | $17.5M | $12.3M | $7.9M | $5.6M | $5.6M | $8.3M |
| SG&A | $30.4M | $28.4M | $31.3M | $32.6M | $31.6M | $25.6M | $21.8M | $16.7M | $15.7M | $19.6M |
| Total operating expenses | $91.8M | $109.0M | $91.9M | $100.7M | $108.0M | $84.6M | $68.3M | $54.7M | $46.2M | $120.3M |
| Operating income | $27.5M | $20.0M | -$16.4M | -$51.5M | $20.4M | $49.2M | $10.4M | $54.0M | $4.8M | -$77.7M |
| Interest expense | $9.8M | $8.1M | $504.0K | $1.2M | $383.0K | $467.0K | $929.0K | $5.3M | $7.9M | $7.4M |
| Pre-tax income | $16.8M | $10.7M | -$17.3M | -$54.5M | $20.1M | $52.5M | $11.7M | $40.9M | -$2.7M | -$87.6M |
| Income tax | $1.1M | $5.5M | $338.0K | $5.1M | $2.4M | $13.7M | $6.2M | $1.7M | $593.0K | $387.0K |
| Net income | $15.7M | $16.2M | -$17.7M | -$59.5M | $17.7M | $38.7M | $17.9M | $39.2M | -$3.2M | -$87.2M |
| EPS, basic | 0.78 | 0.81 | -1.03 | -3.62 | 1.11 | 2.62 | 1.24 | 2.90 | -0.26 | -7.18 |
| EPS, diluted | 0.77 | 0.78 | -1.03 | -3.62 | 0.97 | 2.37 | 1.04 | 2.74 | -0.26 | -7.18 |
| Shares, diluted (wtd. avg.) | $20.5M | $20.8M | $17.1M | $20.5M | $18.3M | $16.4M | $15.7M | $14.3M | $12.3M | $12.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.0M | $13.0M | $18.7M | $11.4M | $37.7M | $46.7M | $8.2M | $7.1M | $5.2M | $6.2M |
| Receivables | $76.8M | $93.1M | $54.4M | $43.3M | $36.0M | $43.9M | $44.5M | $52.8M | $50.5M | $54.6M |
| Inventory | $69.2M | $71.3M | $44.0M | $71.3M | $101.9M | $71.3M | $45.7M | $49.5M | $27.5M | $21.7M |
| Total current assets | $173.8M | $188.4M | $124.9M | $135.2M | $193.1M | $170.0M | $102.5M | $113.8M | $86.8M | $86.6M |
| Property, plant and equipment | $3.0M | $5.8M | $4.8M | $6.4M | $7.0M | $6.6M | $4.0M | $5.9M | $4.7M | $4.3M |
| Goodwill | $50.4M | $52.9M | $10.7M | $10.7M | $10.7M | $8.2M | $8.5M | $0 | $0 | $0 |
| Other intangibles | $34.3M | $42.4M | $1.7M | $2.6M | $5.8M | $5.1M | $6.0M | $1.0M | $1.4M | $1.6M |
| Total assets | $269.1M | $298.9M | $150.0M | $163.4M | $230.5M | $203.5M | $131.4M | $121.9M | $94.3M | $94.8M |
| Accounts payable | $24.9M | $34.8M | $26.9M | $19.8M | $40.5M | $42.5M | $22.5M | $17.7M | $13.5M | $11.9M |
| Short-term debt | $8.6M | $1.2M | — | — | — | — | — | — | — | — |
| Total current liabilities | $87.7M | $123.7M | $56.3M | $64.3M | $78.2M | $78.7M | $64.6M | $73.6M | $67.5M | $66.9M |
| Long-term debt | $46.3M | $45.6M | — | — | — | — | — | $0 | $27.6M | $28.3M |
| Total liabilities | $140.6M | $178.3M | $64.9M | $74.4M | $89.1M | $87.1M | $68.0M | $84.4M | $116.4M | $115.5M |
| Retained earnings | -$102.4M | -$118.1M | -$134.3M | -$116.6M | -$57.1M | -$74.8M | -$113.5M | -$131.5M | -$170.0M | -$166.8M |
| Total equity | $128.5M | $120.6M | $85.1M | $88.9M | $141.4M | $116.4M | $63.4M | $37.5M | -$22.2M | -$20.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $35.5M | $5.8M | $27.0M | -$41.8M | -$327.0K | $51.0M | $39.4M | $42.2M | $3.4M | -$1.8M |
| Depreciation and amortisation | $4.4M | $4.4M | $3.8M | $4.6M | $4.1M | $4.4M | $4.6M | $4.0M | $4.1M | $5.1M |
| Capital expenditure | $1.4M | $4.9M | $2.2M | $3.5M | $5.6M | $5.7M | $1.9M | $5.1M | $4.4M | $3.2M |
| Investing cash flow | $1.1M | -$82.2M | -$2.2M | -$3.5M | -$8.1M | -$5.7M | -$14.6M | -$5.1M | -$4.4M | -$3.2M |
| Financing cash flow | -$32.6M | $71.1M | -$17.8M | $19.7M | -$56.0K | -$7.4M | -$24.2M | -$35.1M | -$162.0K | $4.2M |
| Buybacks | $19.0M | $27.8M | $974.0K | — | $4.9M | — | $2.5M | $246.0K | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-167148.
Others in SIC 3669
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LITE | Lumentum Holdings Inc. | $79.05B | — | 83.2% |
| ESE | ESCO TECHNOLOGIES INC | $7.10B | 23.7x | 19.2% |
| NSSC | NAPCO SECURITY TECHNOLOGIES, INC | $1.32B | 30.8x | 11.4% |
| AIOT | Powerfleet, Inc. | $405.4M | — | 22.4% |
| AMPG | AmpliTech Group, Inc. | $101.2M | — | 165.0% |
| REKR | Rekor Systems, Inc. | $73.8M | — | 5.3% |
| INSG | INSEEGO CORP. | $69.6M | — | -13.1% |
| KSCP | Knightscope, Inc. | $26.5M | — | 4.9% |