TBCH
Turtle Beach Corp
Next earnings Aug 5, 2026 · consensus $-0.29 EPS, $63.0M rev
Last earnings -2.2% on 2026-05-07
$12.55
▲ +1.78%$12.55▼ -9.26%
over 1Y
L $10.14H $17.09
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.8%
1W+2.4%
1M-5.6%
3M+23.5%
YTD-10.5%
1Y-9.3%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 12 analysts
Buy
Profitable, FCF-gushing console-headset leader at 0.8x sales and 16x earnings, buying back stock into the next console cycle.
Operating cash flow $35.5M · FY2025
The read
The fundamentals carry the rating, but the price is rich (~50% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
TBCH is a cyclical hardware business trading like it will keep shrinking, but the FY2025 numbers say otherwise where it matters most. Revenue fell 14.2% to $320M — the late-console-cycle air-pocket the MD&A all but forecasts, with PS5/Xbox now five years into a 'seven-to-eight-year' pattern — yet operating income jumped 37.4% to $27.5M and net income held at $15.7M. The real standout is cash: operating cash flow surged 515% to $35.5M against just $1.42M of capex, so the company converted a down revenue year into ~$34M of free cash flow. On a $246M market cap that is a ~14% FCF yield, and management is plainly aware — $19M went to buybacks and the share count shrank 1.9% to 19.6M. A 16.3x P/E and 0.8x P/S on a business earning a 12.2% ROE and 8.6% operating margin is not demanding.
The filing frames the down year as cyclical, not structural. Turtle Beach cites 16 straight years of U.S. console-headset share leadership, a ~$2.9B headset TAM, and two genuine forward catalysts: the June 2025 Nintendo Switch 2 launch (which expands the chat-enabled installed base that drives headset attach) and next-gen Xbox/PlayStation consoles 'anticipated within the next 2-3 years.' The 2024 PDP acquisition adds a ~$3.0B controllers market and ~$3.9B PC-accessories market as cross-sell into the same retail footprint (Amazon, Best Buy, Target, Walmart across 475k distribution points). Margin expansion in a revenue-down year suggests the PDP integration and cost base are being managed well, not stretched.
Is TBCH a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~90d expiry
- Long call 12.5 @ ~1.62 est
- Short call 14 @ ~1.05 est
debit $57max +$93max −$57BE 13.07
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $366M | $240M | $258M | $373M | $320M |
| Gross profit | $128M | $49.2M | $75.5M | $129M | $119M |
| Operating income | $20.4M | -$51.5M | -$16.4M | $20.0M | $27.5M |
| Net income | $17.7M | -$59.5M | -$17.7M | $16.2M | $15.7M |
| Diluted EPS | $0.97 | -$3.62 | -$1.03 | $0.78 | $0.77 |
| Net margin | 4.8% | -24.8% | -6.8% | 4.3% | 4.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$287M
EV / EBITDA9.0
EV / Sales0.9
EV / FCF8.4
P / FCF7.3
PEG (trailing)—
Earnings yield6.3%
FCF yield13.7%
Quality & risk
ROIC (est.)11.9%
Free cash flow$34.0M
Total debt$54.9M
Net cash-$37.9M
Altman Z-Score2.44 grey
Piotroski F-Score7/9
Capital returns
Buyback yield7.6%
Dividend yield (est.)—
Shareholder yield7.6%
Shares Δ YoY-1.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
- 8-K Shareholder vote2026-06-02
Annual meeting vote results: directors elected, say-on-pay and auditor ratified
- 8-K Officer / director change2026-05-20
Board/executive leadership change disclosed alongside a press release
- 8-K Earnings results2026-05-07
Q1 2026 quarterly results filed (period ended Mar 31)
- 10-Q Quarterly report2026-05-07
Q1 2026 quarterly results filed (period ended Mar 31)
- 8-K Material agreement2026-05-04
Entered new credit agreement, creating a direct debt obligation
- 8-K Officer / director change2026-04-21
2026 proxy: board slate, exec comp and auditor up for shareholder vote
- DEF 14A Proxy statement2026-04-21
2026 proxy: board slate, exec comp and auditor up for shareholder vote
- 8-K Earnings results2026-03-12
FY2025: revenue -14% to $320M but profit held; OCF surged, debt cut
- 10-K Annual report2026-03-12
FY2025: revenue -14% to $320M but profit held; OCF surged, debt cut
Recent filings
all on EDGAR ↗144Filing2026-06-16open ↗144Filing2026-06-12open ↗144Filing2026-06-09open ↗144Filing2026-06-03open ↗8-KPeriod ending 2026-06-022026-06-02open ↗4Period ending 2026-05-272026-05-29open ↗144Filing2026-05-29open ↗SDFiling2026-05-29open ↗SCHEDULE 13G/AFiling2026-05-28open ↗144Filing2026-05-27open ↗8-KPeriod ending 2026-05-162026-05-20open ↗SCHEDULE 13GFiling2026-05-12open ↗
Frequently asked
- Is Turtle Beach Corp (TBCH) a buy?
- TBCH currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Profitable, FCF-gushing console-headset leader at 0.8x sales and 16x earnings, buying back stock into the next console cycle.
- What is TBCH's fair value?
- A Modified-Graham model based on TBCH's SEC fundamentals estimates a fair value of about $6.22. It is an estimate from reported earnings, not a price target.
- Is TBCH overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TBCH currently appears overvalued relative to its SEC-grounded earnings power.
- What is Turtle Beach Corp's quality score?
- TBCH scores 61.37531376358767/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001493761, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 7/3/2026, 10:47:50 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 6:47 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.