What is Turtle Beach's operating income?

Turtle Beach's total operating income in 2025 was $27.52 million, based on the following breakdown: Total Gross Profit: $119.28 million Total Operating Expenses: $91.77 million

Turtle Beach (TBCH) Financials

$12.95 +0.40 (+3.19%)

Closing price 07/9/2026 04:00 PM Eastern

Extended Trading

$12.94 -0.01 (-0.08%)

As of 07/9/2026 04:10 PM Eastern

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Annual Income Statements for Turtle Beach

This table shows Turtle Beach's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-83	-87	-3.25	39	18	39	18	-60	-18	16	16
Consolidated Net Income / (Loss)	-83	-87	-3.25	39	18	39	18	-60	-18	16	16
Net Income / (Loss) Continuing Operations	-83	-87	-3.25	39	18	39	18	-60	-18	16	16
Total Pre-Tax Income	-81	-88	-2.66	41	12	52	20	-54	-17	11	17
Total Operating Income	-74	-78	4.80	54	10	49	20	-51	-16	20	28
Total Gross Profit	41	43	51	109	79	134	128	49	76	129	119
Total Revenue	163	174	149	287	235	360	366	240	258	373	320
Operating Revenue	163	174	149	287	235	360	366	240	258	373	320
Total Cost of Revenue	122	131	98	179	156	226	238	191	183	244	201
Operating Cost of Revenue	122	131	98	179	156	226	238	191	183	244	201
Total Operating Expenses	115	120	46	55	68	85	108	101	92	109	92
Selling, General & Admin Expense	21	20	16	17	22	26	32	33	31	28	30
Marketing Expense	32	29	24	32	39	47	59	47	43	52	52
Research & Development Expense	12	8.26	5.59	5.61	7.86	12	17	19	17	17	17
Impairment Charge	50	63	-	-	-	0.00	0.00	1.90	0.00	0.00	0.00
Restructuring Charge	0.40	0.66	0.53	-	-	-	-	0.00	0.00	11	1.42
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	-9.40
Total Other Income / (Expense), net	-6.12	-9.87	-7.45	-13	1.28	3.29	-0.28	-2.97	-0.90	-9.36	-11
Interest Expense	5.10	7.45	7.92	5.34	0.93	0.47	0.38	1.22	0.50	8.07	9.77
Other Income / (Expense), net	-1.02	-2.42	0.46	-7.78	2.21	3.76	0.10	-1.75	-0.39	-1.29	-0.95
Income Tax Expense	2.39	-0.39	0.59	1.74	-6.24	14	2.43	5.09	0.34	-5.51	1.07
Basic Earnings per Share	($1.96)	($7.18)	($0.26)	$2.90	$1.24	$2.62	$1.11	($3.62)	($1.03)	$0.81	$0.78
Weighted Average Basic Shares Outstanding	42.27M	12.15M	12.34M	13.51M	14.48M	14.80M	15.92M	16.45M	17.14M	20.02M	20.26M
Diluted Earnings per Share	($1.96)	($7.18)	($0.26)	$2.74	$1.04	$2.37	$0.97	($3.62)	($1.03)	$0.78	$0.77
Weighted Average Diluted Shares Outstanding	42.27M	12.15M	12.34M	14.29M	15.69M	16.37M	18.25M	16.45M	17.14M	20.83M	20.46M
Weighted Average Basic & Diluted Shares Outstanding	42.30M	48.70M	12.50M	13.50M	14.50M	15.48M	16.17M	16.58M	17.61M	19.97M	19.60M

This table shows Turtle Beach's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3.61	8.55	0.16	-7.52	3.41	20	-0.66	-2.93	1.72	18	-15
Consolidated Net Income / (Loss)	-3.61	8.55	0.16	-7.52	3.41	20	-0.66	-2.93	1.72	18	-15
Net Income / (Loss) Continuing Operations	-3.61	8.55	0.16	-7.52	3.41	20	-0.66	-2.93	1.72	18	-15
Total Pre-Tax Income	-3.11	8.51	-6.23	-6.68	3.46	20	-0.77	-3.18	1.97	19	-15
Total Operating Income	-2.52	8.36	-5.71	-4.11	6.42	23	1.54	-0.33	5.37	21	-14
Total Gross Profit	18	32	18	23	34	54	23	18	30	48	11
Total Revenue	59	100	56	76	94	146	64	57	80	119	42
Operating Revenue	59	100	56	76	94	146	64	57	80	119	42
Total Cost of Revenue	41	68	38	53	60	92	41	39	50	71	31
Operating Cost of Revenue	41	68	38	53	60	92	41	39	50	71	31
Total Operating Expenses	20	23	23	27	28	31	22	19	25	27	25
Selling, General & Admin Expense	5.24	5.95	5.67	7.46	6.35	8.90	8.22	7.35	7.54	7.26	8.52
Marketing Expense	11	13	9.01	14	14	16	12	13	13	15	12
Research & Development Expense	4.38	4.47	3.90	4.59	4.31	4.50	3.99	4.47	4.16	4.26	4.57
Restructuring Charge	0.00	-	4.91	1.39	3.51	1.02	0.61	0.00	0.48	0.34	0.00
Other Special Charges / (Income)	-	-	-	0.00	0.00	-	-3.44	-5.97	0.00	-	0.00
Total Other Income / (Expense), net	-0.59	0.15	-0.52	-2.57	-2.96	-3.30	-2.31	-2.85	-3.40	-2.16	-1.27
Interest Expense	0.11	0.25	0.15	2.22	2.71	2.99	2.01	2.05	3.72	2.00	1.37
Other Income / (Expense), net	-0.48	0.41	-0.37	-0.35	-0.25	-0.32	-0.30	-0.80	0.32	-0.17	0.10
Income Tax Expense	0.50	-0.04	-6.39	0.84	0.05	-0.01	-0.11	-0.25	0.25	1.17	-0.12
Basic Earnings per Share	($0.21)	$0.51	$0.01	($0.35)	$0.17	$0.98	($0.03)	($0.14)	$0.09	$0.86	($0.78)
Weighted Average Basic Shares Outstanding	17.35M	17.14M	18.32M	21.25M	20.55M	20.02M	20.51M	20.67M	20.07M	20.26M	19.50M
Diluted Earnings per Share	($0.21)	$0.51	$0.01	($0.35)	$0.16	$0.96	($0.03)	($0.14)	$0.08	$0.86	($0.78)
Weighted Average Diluted Shares Outstanding	17.35M	17.14M	19.39M	21.25M	21.50M	20.83M	20.51M	20.67M	20.41M	20.46M	19.50M
Weighted Average Basic & Diluted Shares Outstanding	17.40M	17.61M	21.52M	20.75M	20.08M	19.97M	20.15M	19.81M	19.31M	19.60M	19.85M

This table details how cash moves in and out of Turtle Beach's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.79	-0.93	-1.16	1.83	1.17	38	-8.96	-26	7.33	-5.73	3.97
Net Cash From Operating Activities	-15	-1.83	3.42	42	39	51	-0.33	-42	27	5.76	35
Net Cash From Continuing Operating Activities	-15	1.52	3.42	42	39	51	-0.33	-42	27	5.76	36
Net Income / (Loss) Continuing Operations	-83	-87	-3.25	39	18	39	18	-60	-18	16	16
Consolidated Net Income / (Loss)	-83	-87	-3.25	39	18	39	18	-60	-18	16	16
Depreciation Expense	5.90	5.07	4.07	3.95	4.56	4.36	4.05	4.58	3.83	4.41	4.37
Amortization Expense	2.38	5.47	1.94	1.38	0.83	1.08	1.45	1.43	1.15	7.89	9.03
Non-Cash Adjustments To Reconcile Net Income	61	81	8.05	19	5.06	13	7.50	14	13	15	10
Changes in Operating Assets and Liabilities, net	-1.70	-5.77	-7.40	-21	11	-6.44	-31	-1.81	26	-38	-3.73
Net Cash From Investing Activities	-6.69	-3.23	-4.41	-5.08	-15	-5.66	-8.12	-3.55	-2.16	-82	1.10
Net Cash From Continuing Investing Activities	-6.69	-3.23	-4.41	-5.08	-15	-5.66	-8.12	-3.55	-2.16	-82	1.10
Purchase of Property, Plant & Equipment	-6.69	-3.23	-4.41	-5.08	-1.91	-5.66	-5.62	-3.55	-2.16	-4.91	-1.42
Acquisitions	-	-	-	0.00	-13	0.00	-2.50	0.00	0.00	-77	2.52
Net Cash From Financing Activities	21	4.21	-0.16	-35	-24	-7.41	-0.06	20	-18	71	-33
Net Cash From Continuing Financing Activities	21	4.21	-0.16	-35	-24	-7.41	-0.06	20	-18	71	-33
Repayment of Debt	-229	-211	-173	-402	-242	-339	-121	19	-229	-301	-76
Repurchase of Common Equity	-	0.00	-	0.00	-2.53	0.00	-4.88	0.00	-0.97	-28	-19
Issuance of Debt	249	209	173	364	220	324	121	0.00	210	397	60
Other Financing Activities, net	0.73	0.00	-	3.99	0.08	8.24	4.83	0.65	2.26	3.36	1.99
Effect of Exchange Rate Changes	-0.10	-0.09	-	-0.21	0.56	0.46	-0.46	-0.64	0.29	-0.34	-0.00
Cash Interest Paid	1.73	2.05	1.98	1.50	0.77	0.31	0.19	0.98	0.50	7.14	6.97
Cash Income Taxes Paid	0.02	0.00	-	0.00	2.32	8.04	6.56	-2.38	0.06	0.19	2.52

This table details how cash moves in and out of Turtle Beach's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.45	6.39	-0.91	-5.35	1.34	-0.81	-1.31	0.02	0.55	4.71	-4.64
Net Cash From Operating Activities	-16	19	27	-13	-23	14	40	-3.15	-15	13	29
Net Cash From Continuing Operating Activities	-16	19	27	-13	-23	14	40	-3.15	-15	14	29
Net Income / (Loss) Continuing Operations	-3.61	8.55	0.16	-7.52	3.41	20	-0.66	-2.93	1.72	18	-15
Consolidated Net Income / (Loss)	-3.61	8.55	0.16	-7.52	3.41	20	-0.66	-2.93	1.72	18	-15
Depreciation Expense	0.96	0.92	0.92	1.17	1.18	1.15	1.11	1.08	1.07	1.11	0.89
Amortization Expense	0.28	0.28	0.63	2.42	2.42	2.42	2.29	2.29	2.24	2.20	2.20
Non-Cash Adjustments To Reconcile Net Income	2.87	7.14	-0.51	2.59	10	3.11	4.27	2.79	3.06	0.18	4.87
Changes in Operating Assets and Liabilities, net	-17	2.21	26	-11	-40	-13	33	-6.38	-23	-7.53	37
Net Cash From Investing Activities	-0.67	-0.24	-76	-3.04	-1.43	-1.52	2.35	-0.33	-0.67	-0.25	-0.28
Net Cash From Continuing Investing Activities	-0.67	-0.24	-76	-3.04	-1.43	-1.52	2.35	-0.33	-0.67	-0.25	-0.28
Purchase of Property, Plant & Equipment	-0.67	-0.24	-0.73	-1.24	-1.43	-1.52	-0.17	-0.33	-0.67	-0.25	-0.28
Acquisitions	-	-	-75	-1.80	-	-	2.52	-	-	-	0.00
Net Cash From Financing Activities	14	-13	48	10	24	-12	-45	3.13	17	-8.11	-34
Net Cash From Continuing Financing Activities	14	-13	48	10	24	-12	-45	3.13	17	-8.11	-34
Repayment of Debt	-37	-73	-84	24	-128	233	-108	-67	-80	180	-32
Repurchase of Common Equity	-	-	0.00	-15	-10	-2.44	-1.75	-5.01	-10	-1.95	-2.20
Issuance of Debt	50	60	130	-	162	-243	65	75	106	-186	0.00
Other Financing Activities, net	0.36	0.54	1.26	1.68	0.06	0.35	0.01	0.11	1.79	0.09	0.04
Effect of Exchange Rate Changes	-0.13	0.24	0.08	0.13	1.44	-1.99	0.77	0.37	-0.86	-0.27	-0.06

This table presents Turtle Beach's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	172	95	94	122	131	203	231	163	150	299	269
Total Current Assets	95	87	87	114	103	170	193	135	125	188	174
Cash & Equivalents	7.11	6.18	5.25	7.08	8.25	47	38	11	19	13	17
Accounts Receivable	57	55	51	53	45	44	36	43	54	93	77
Inventories, net	26	22	28	49	46	71	102	71	44	71	69
Prepaid Expenses	4.19	4.12	3.47	4.47	4.06	8.13	18	9.20	7.72	11	11
Plant, Property, & Equipment, net	6.86	4.31	4.68	5.86	3.96	6.58	6.96	6.36	4.82	5.84	3.00
Total Noncurrent Assets	71	3.85	2.81	2.25	25	27	30	22	20	105	92
Goodwill	31	0.00	-	-	8.52	8.18	11	11	11	53	50
Intangible Assets	38	1.62	1.40	1.04	6.01	5.14	5.79	2.61	1.73	42	34
Noncurrent Deferred & Refundable Income Taxes	0.00	0.54	-	-	7.44	6.95	5.90	0.00	-	-	0.00
Other Noncurrent Operating Assets	1.59	1.69	1.40	1.21	2.88	6.64	8.07	8.55	7.87	9.31	7.47
Total Liabilities & Shareholders' Equity	172	95	94	122	131	203	231	163	150	299	269
Total Liabilities	116	115	116	84	68	87	89	74	65	178	141
Total Current Liabilities	69	67	68	74	65	79	78	64	56	124	88
Short-Term Debt	37	39	43	37	16	0.00	0.00	19	0.00	51	38
Accounts Payable	18	12	13	18	23	43	40	20	27	35	25
Other Current Liabilities	14	16	11	18	26	36	38	25	29	38	25
Total Noncurrent Liabilities	47	49	49	11	3.38	8.40	11	10	8.56	55	53
Long-Term Debt	28	28	28	-	-	-	-	-	0.00	46	46
Noncurrent Deferred Revenue	-	-	-	-	-	3.15	3.77	2.08	1.55	1.36	0.82
Other Noncurrent Operating Liabilities	19	20	21	11	3.22	5.26	7.19	8.04	7.01	7.60	5.72
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	57	-21	-22	37	63	116	141	89	85	121	128
Total Preferred & Common Equity	57	-21	-22	37	63	116	141	89	85	121	128
Total Common Equity	57	-21	-22	37	63	116	141	89	85	121	128
Common Stock	137	147	148	169	177	191	198	207	220	240	229
Retained Earnings	-80	-167	-170	-131	-114	-75	-57	-117	-134	-118	-102
Accumulated Other Comprehensive Income / (Loss)	-0.47	-0.56	-0.20	-0.48	0.12	0.59	0.13	-1.39	-0.85	-1.31	1.65

This table presents Turtle Beach's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	156	258	264	313	247	240	278	210
Total Current Assets	131	141	144	196	142	138	178	118
Cash & Equivalents	12	18	12	14	12	12	12	12
Accounts Receivable	34	43	46	71	42	36	57	30
Inventories, net	76	70	73	102	74	77	95	64
Prepaid Expenses	8.78	10	11	9.69	15	13	14	11
Plant, Property, & Equipment, net	4.83	5.53	6.30	5.75	4.88	4.78	3.84	2.45
Total Noncurrent Assets	21	112	114	111	100	97	96	90
Goodwill	11	53	57	57	50	50	50	50
Intangible Assets	1.98	49	47	45	40	38	36	32
Noncurrent Deferred & Refundable Income Taxes	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Noncurrent Operating Assets	7.86	11	11	9.75	9.10	8.57	9.23	6.99
Total Liabilities & Shareholders' Equity	156	258	264	313	247	240	278	210
Total Liabilities	84	133	159	211	126	123	168	98
Total Current Liabilities	74	77	103	156	72	75	112	48
Short-Term Debt	13	0.00	24	59	6.59	20	42	8.57
Accounts Payable	39	45	48	66	40	34	47	21
Other Current Liabilities	22	32	31	31	26	21	23	18
Total Noncurrent Liabilities	9.43	56	56	56	54	48	56	50
Long-Term Debt	-	46	46	46	46	40	48	44
Noncurrent Deferred Revenue	2.20	1.53	1.51	1.49	1.37	1.37	1.38	0.82
Other Noncurrent Operating Liabilities	7.22	8.89	8.61	8.49	6.81	6.67	6.22	5.16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	72	125	105	102	121	117	111	112
Total Preferred & Common Equity	72	125	105	102	121	117	111	112
Total Common Equity	72	125	105	102	121	117	111	112
Common Stock	216	261	248	239	240	236	229	228
Retained Earnings	-143	-134	-142	-138	-119	-122	-120	-118
Accumulated Other Comprehensive Income / (Loss)	-1.00	-1.27	-1.03	0.69	-0.54	2.25	1.43	1.01

This table displays calculated financial ratios and metrics derived from Turtle Beach's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	42,518,116.00	49,251,336.00	49,386,006.00	28,479,178.00	14,517,229.00	15,187,576.00	16,045,984.00	16,556,960.00	17,404,013.00	-	19,311,014.00
DEI Adjusted Shares Outstanding	10,629,529.00	12,312,834.00	12,346,502.00	28,479,178.00	14,517,229.00	15,187,576.00	16,045,984.00	16,556,960.00	17,404,013.00	-	19,311,014.00
DEI Earnings Per Adjusted Shares Outstanding	-7.80	-7.08	-0.26	1.38	1.24	2.55	1.10	-3.60	-1.02	-	0.81
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.58%	6.90%	-14.28%	92.74%	-18.36%	53.45%	1.74%	-34.44%	7.48%	44.41%	-14.18%
EBITDA Growth	-1,226.33%	-3.64%	116.20%	357.61%	-65.07%	223.81%	-55.39%	-281.41%	74.89%	361.73%	28.81%
EBIT Growth	-418.35%	-6.24%	106.57%	779.34%	-72.69%	318.84%	-61.20%	-359.27%	68.37%	211.30%	41.80%
NOPAT Growth	-438.15%	-4.44%	106.18%	1,440.74%	-69.12%	127.23%	-50.52%	-300.55%	68.06%	363.87%	-15.17%
Net Income Growth	-435.37%	-5.16%	96.27%	1,306.59%	-54.21%	115.93%	-54.26%	-436.02%	70.31%	191.54%	-2.79%
EPS Growth	-402.56%	-5.16%	96.27%	1,153.85%	-62.04%	127.88%	-59.07%	-473.20%	71.55%	175.73%	-1.28%
Operating Cash Flow Growth	-2.02%	87.91%	286.78%	1,136.07%	-6.80%	29.65%	-100.64%	-12,696.94%	164.63%	-78.70%	515.48%
Free Cash Flow Firm Growth	100.80%	1,315.71%	-97.53%	5,330.60%	-51.53%	187.80%	-142.69%	-81.59%	164.64%	-665.29%	131.56%
Invested Capital Growth	-31.87%	-65.02%	7.16%	58.19%	4.41%	-1.52%	48.67%	-6.80%	-31.31%	205.41%	-3.95%
Revenue Q/Q Growth	-4.52%	-1.34%	-1.65%	12.36%	-3.91%	9.47%	-6.02%	-3.43%	-0.52%	14.27%	-7.86%
EBITDA Q/Q Growth	-280.74%	44.90%	19.80%	24.87%	-40.35%	15.84%	-36.02%	-39.23%	54.77%	116.76%	-6.07%
EBIT Q/Q Growth	-203.96%	42.07%	45.90%	29.88%	-49.40%	17.83%	-41.92%	-33.01%	46.37%	326.98%	-8.08%
NOPAT Q/Q Growth	-213.96%	43.09%	16.60%	17.18%	-24.83%	-12.00%	-37.71%	-38.61%	50.06%	775.12%	-14.65%
Net Income Q/Q Growth	-143.77%	40.25%	38.46%	36.04%	-19.07%	-9.53%	-39.90%	-87.40%	64.26%	252.11%	-13.85%
EPS Q/Q Growth	-145.00%	40.25%	38.46%	33.66%	-32.03%	-17.99%	-45.81%	-84.69%	65.08%	136.36%	-11.49%
Operating Cash Flow Q/Q Growth	-10.60%	-71.03%	-21.32%	12.71%	50.31%	14.18%	-104.02%	29.75%	-24.08%	-45.38%	-2.68%
Free Cash Flow Firm Q/Q Growth	113.80%	-46.94%	-84.81%	-2.33%	476.84%	10.20%	-93.72%	54.63%	-60.20%	8.33%	0.46%
Invested Capital Q/Q Growth	-25.39%	99.26%	117.52%	86.17%	15.81%	1.82%	-1.81%	-32.66%	-9.51%	5.36%	3.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.00%	24.49%	34.20%	37.82%	33.54%	37.15%	35.04%	20.48%	29.25%	34.60%	37.29%
EBITDA Margin	-41.25%	-40.00%	7.56%	17.95%	7.68%	16.21%	7.11%	-19.66%	-4.59%	8.33%	12.50%
Operating Margin	-45.71%	-44.66%	3.22%	18.80%	4.44%	13.65%	5.58%	-21.44%	-6.37%	5.37%	8.60%
EBIT Margin	-46.34%	-46.05%	3.53%	16.09%	5.38%	14.70%	5.60%	-22.17%	-6.52%	5.03%	8.31%
Profit (Net Income) Margin	-50.94%	-50.11%	-2.18%	13.63%	7.65%	10.76%	4.84%	-24.79%	-6.85%	4.34%	4.92%
Tax Burden Percent	102.97%	99.56%	122.34%	95.76%	153.28%	73.86%	87.95%	109.35%	101.95%	151.64%	93.63%
Interest Burden Percent	106.76%	109.29%	-50.47%	88.47%	92.65%	99.12%	98.13%	102.29%	102.99%	56.95%	63.23%
Effective Tax Rate	0.00%	0.00%	0.00%	4.24%	-53.28%	26.14%	12.05%	0.00%	0.00%	-51.64%	6.37%
Return on Invested Capital (ROIC)	-36.91%	-70.48%	8.11%	93.52%	23.06%	51.69%	20.73%	-35.99%	-14.13%	22.58%	12.89%
ROIC Less NNEP Spread (ROIC-NNEP)	-102.27%	-125.88%	-2.40%	67.18%	33.47%	39.32%	21.32%	120.41%	97.34%	-22.24%	-0.43%
Return on Net Nonoperating Assets (RNNOA)	-51.36%	-414.46%	7.05%	417.46%	12.51%	-8.59%	-6.98%	-15.72%	-6.19%	-6.85%	-0.26%
Return on Equity (ROE)	-88.28%	-484.94%	15.16%	510.99%	35.57%	43.10%	13.75%	-51.71%	-20.32%	15.74%	12.63%
Cash Return on Invested Capital (CROIC)	1.00%	25.86%	1.19%	48.44%	18.75%	53.22%	-18.41%	-28.95%	23.00%	-78.75%	16.93%
Operating Return on Assets (OROA)	-35.96%	-59.96%	5.57%	42.80%	9.98%	31.61%	9.46%	-27.03%	-10.75%	8.35%	9.36%
Return on Assets (ROA)	-39.53%	-65.24%	-3.44%	36.26%	14.17%	23.15%	8.17%	-30.23%	-11.28%	7.21%	5.54%
Return on Common Equity (ROCE)	-88.28%	-484.94%	15.16%	510.99%	35.57%	43.10%	13.75%	-51.71%	-20.32%	15.74%	12.63%
Return on Equity Simple (ROE_SIMPLE)	-146.34%	421.25%	14.66%	104.52%	28.31%	33.29%	12.54%	-66.95%	0.00%	13.42%	0.00%
Net Operating Profit after Tax (NOPAT)	-52	-54	3.36	52	16	36	18	-36	-12	30	26
NOPAT Margin	-32.00%	-31.26%	2.25%	18.00%	6.81%	10.09%	4.90%	-15.00%	-4.46%	8.15%	8.05%
Net Nonoperating Expense Percent (NNEP)	65.36%	55.40%	10.51%	26.35%	-10.40%	12.37%	-0.59%	-156.40%	-111.46%	44.82%	13.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-33.37%	-13.53%	14.08%	12.11%
Cost of Revenue to Revenue	75.00%	75.51%	65.80%	62.18%	66.46%	62.85%	64.96%	79.52%	70.75%	65.40%	62.71%
SG&A Expenses to Revenue	13.20%	11.25%	10.53%	5.80%	9.29%	7.10%	8.62%	13.56%	12.13%	7.62%	9.49%
R&D to Revenue	7.10%	4.75%	3.75%	1.95%	3.35%	3.41%	4.77%	7.96%	6.64%	4.64%	5.28%
Operating Expenses to Revenue	70.72%	69.15%	30.98%	19.02%	29.10%	23.50%	29.47%	41.92%	35.62%	29.23%	28.68%
Earnings before Interest and Taxes (EBIT)	-75	-80	5.26	46	13	53	21	-53	-17	19	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-67	-70	11	52	18	58	26	-47	-12	31	40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.51	0.00	0.00	5.42	2.16	2.81	2.53	1.33	2.24	2.88	2.11
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	5.57	2.81	3.18	2.86	1.57	2.62	13.76	6.20
Price to Revenue (P/Rev)	0.53	0.37	0.15	0.71	0.58	0.91	0.98	0.49	0.74	0.93	0.85
Price to Earnings (P/E)	0.00	0.00	0.00	5.19	7.65	8.45	20.16	0.00	0.00	21.48	17.22
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	19.29%	13.08%	11.84%	4.96%	0.00%	0.00%	4.66%	5.81%
Enterprise Value to Invested Capital (EV/IC)	1.25	3.13	2.04	3.44	2.04	4.02	3.08	1.31	2.59	2.12	1.73
Enterprise Value to Revenue (EV/Rev)	0.88	0.72	0.59	0.81	0.62	0.78	0.87	0.53	0.67	1.15	1.06
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	7.75	4.53	8.02	4.81	12.27	0.00	0.00	13.84	8.46
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	16.61	5.05	11.44	5.30	15.56	0.00	0.00	22.92	12.73
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	26.02	4.51	9.05	7.73	17.78	0.00	0.00	14.15	13.13
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	25.57	5.53	3.67	5.50	0.00	0.00	6.35	74.57	9.54
Enterprise Value to Free Cash Flow (EV/FCFF)	101.55	6.27	177.05	8.71	11.13	7.50	0.00	0.00	9.17	0.00	10.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.14	-3.23	-3.17	1.00	0.25	0.00	0.00	0.21	0.00	0.79	0.66
Long-Term Debt to Equity	0.49	-1.37	-1.25	0.00	0.00	0.00	0.00	0.00	0.00	0.38	0.36
Financial Leverage	0.50	3.29	-2.93	6.21	0.37	-0.22	-0.33	-0.13	-0.06	0.31	0.60
Leverage Ratio	2.23	7.43	-4.41	14.09	2.51	1.86	1.68	1.71	1.80	2.18	2.28
Compound Leverage Factor	2.38	8.12	2.23	12.47	2.33	1.85	1.65	1.75	1.85	1.24	1.44
Debt to Total Capital	53.36%	144.82%	146.06%	49.93%	19.81%	0.00%	0.00%	17.64%	0.00%	44.07%	39.61%
Short-Term Debt to Total Capital	30.68%	83.48%	88.63%	49.93%	19.81%	0.00%	0.00%	17.64%	0.00%	22.91%	17.84%
Long-Term Debt to Total Capital	22.67%	61.33%	57.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.16%	21.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	46.64%	-44.82%	-46.06%	50.07%	80.19%	100.00%	100.00%	82.36%	100.00%	55.93%	60.39%
Debt to EBITDA	-0.97	-0.96	6.23	0.72	0.87	0.00	0.00	-0.40	0.00	3.06	2.11
Net Debt to EBITDA	-0.86	-0.87	5.77	0.59	0.41	0.00	0.00	-0.16	0.00	2.64	1.68
Long-Term Debt to EBITDA	-0.41	-0.41	2.45	0.00	0.00	0.00	0.00	0.00	0.00	1.47	1.16
Debt to NOPAT	-1.24	-1.23	20.92	0.72	0.98	0.00	0.00	-0.53	0.00	3.13	3.27
Net Debt to NOPAT	-1.11	-1.12	19.36	0.59	0.46	0.00	0.00	-0.21	0.00	2.70	2.61
Long-Term Debt to NOPAT	-0.53	-0.52	8.23	0.00	0.00	0.00	0.00	0.00	0.00	1.50	1.80
Altman Z-Score	-0.52	-2.83	-0.40	3.94	2.45	4.91	4.54	0.87	2.41	2.33	2.52
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.30	1.28	1.55	1.59	2.16	2.47	2.10	2.22	1.52	1.98
Quick Ratio	0.93	0.91	0.83	0.81	0.82	1.15	0.94	0.85	1.30	0.86	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1.41	20	0.49	27	13	37	-16	-29	19	-106	34
Operating Cash Flow to CapEx	-226.10%	-56.67%	77.49%	831.84%	2,059.31%	901.45%	-5.82%	-1,179.09%	1,252.62%	117.24%	2,498.80%
Free Cash Flow to Firm to Interest Expense	0.28	2.68	0.06	5.02	13.99	80.07	-41.68	-23.76	37.18	-13.13	3.46
Operating Cash Flow to Interest Expense	-2.97	-0.25	0.43	7.92	42.38	109.31	-0.85	-34.30	53.66	0.71	3.63
Operating Cash Flow Less CapEx to Interest Expense	-4.28	-0.68	-0.13	6.97	40.33	97.19	-15.53	-37.21	49.38	0.11	3.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	1.30	1.58	2.66	1.85	2.15	1.69	1.22	1.65	1.66	1.13
Accounts Receivable Turnover	2.75	3.11	2.84	5.56	4.82	8.15	9.18	6.06	5.28	5.05	3.77
Inventory Turnover	3.78	5.49	3.99	4.64	3.28	3.87	2.75	2.21	3.17	4.23	2.86
Fixed Asset Turnover	23.97	31.15	33.19	54.58	47.80	68.35	54.15	36.07	46.15	69.88	72.39
Accounts Payable Turnover	4.59	8.87	7.73	11.46	7.75	6.96	5.73	6.33	7.81	7.90	6.71
Days Sales Outstanding (DSO)	132.60	117.30	128.70	65.61	75.69	44.80	39.76	60.25	69.10	72.22	96.93
Days Inventory Outstanding (DIO)	96.51	66.47	91.53	78.61	111.39	94.36	132.85	165.50	115.20	86.29	127.78
Days Payable Outstanding (DPO)	79.58	41.13	47.21	31.84	47.08	52.45	63.66	57.64	46.72	46.22	54.37
Cash Conversion Cycle (CCC)	149.53	142.64	173.01	112.38	140.00	86.71	108.96	168.10	137.57	112.29	170.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	114	40	43	68	71	70	104	97	66	203	196
Invested Capital Turnover	1.15	2.25	3.60	5.19	3.39	5.13	4.23	2.40	3.17	2.77	1.60
Increase / (Decrease) in Invested Capital	-53	-74	2.87	25	2.99	-1.08	34	-7.05	-30	136	-8.06
Enterprise Value (EV)	143	125	87	234	145	281	319	126	172	430	338
Market Capitalization	85	65	22	203	137	327	357	119	191	348	271
Book Value per Share	$1.33	($0.42)	($0.45)	$2.63	$4.37	$7.66	$8.81	$5.37	$4.89	$6.01	$6.65
Tangible Book Value per Share	($0.29)	($0.45)	($0.48)	$2.56	$3.37	$6.79	$7.78	$4.57	$4.17	$1.26	$2.26
Total Capital	121	46	48	75	79	116	141	108	85	216	213
Total Debt	65	67	70	37	16	0.00	0.00	19	0.00	95	84
Total Long-Term Debt	28	28	28	0.00	0.00	0.00	0.00	0.00	0.00	46	46
Net Debt	58	61	65	30	7.41	-47	-38	7.66	-19	82	67
Capital Expenditures (CapEx)	6.69	3.23	4.41	5.08	1.91	5.66	5.62	3.55	2.16	4.91	1.42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	56	52	57	71	45	45	77	79	50	101	107
Debt-free Net Working Capital (DFNWC)	63	58	62	78	54	91	115	90	69	114	124
Net Working Capital (NWC)	26	20	19	40	38	91	115	71	69	65	86
Net Nonoperating Expense (NNE)	31	33	6.61	13	-1.96	-2.43	0.25	24	6.17	14	10
Net Nonoperating Obligations (NNO)	58	61	65	30	7.41	-47	-38	7.66	-19	82	67
Total Depreciation and Amortization (D&A)	8.28	11	6.02	5.34	5.39	5.44	5.50	6.01	4.98	12	13
Debt-free, Cash-free Net Working Capital to Revenue	34.33%	29.95%	37.96%	24.54%	19.33%	12.40%	21.08%	32.69%	19.29%	27.13%	33.49%
Debt-free Net Working Capital to Revenue	38.70%	33.51%	41.48%	27.00%	22.85%	25.36%	31.38%	37.43%	26.55%	30.61%	38.79%
Net Working Capital to Revenue	15.80%	11.35%	12.89%	13.99%	16.18%	25.36%	31.38%	29.50%	26.55%	17.36%	26.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($7.84)	($7.16)	($0.28)	$2.90	$1.24	$2.62	$1.11	($3.62)	($1.03)	$0.81	$0.78
Adjusted Weighted Average Basic Shares Outstanding	10.57M	12.15M	12.34M	13.51M	14.48M	14.80M	15.92M	16.45M	17.14M	20.02M	20.26M
Adjusted Diluted Earnings per Share	($7.84)	($7.16)	($0.28)	$2.74	$1.04	$2.37	$0.97	($3.62)	($1.03)	$0.78	$0.77
Adjusted Weighted Average Diluted Shares Outstanding	10.57M	12.15M	12.34M	14.29M	15.69M	16.37M	18.25M	16.45M	17.14M	20.83M	20.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.31M	12.31M	12.35M	14.28M	14.50M	15.48M	16.17M	16.58M	17.61M	19.97M	19.60M
Normalized Net Operating Profit after Tax (NOPAT)	-17	-9.66	3.73	52	7.30	36	18	-35	-12	22	18
Normalized NOPAT Margin	-10.40%	-5.55%	2.50%	18.00%	3.11%	10.09%	4.90%	-14.45%	-4.46%	5.80%	5.72%
Pre Tax Income Margin	-49.47%	-50.33%	-1.78%	14.24%	4.99%	14.57%	5.50%	-22.67%	-6.72%	2.86%	5.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.79	-10.76	0.66	8.67	13.60	113.33	53.61	-43.63	-33.41	2.32	2.72
NOPAT to Interest Expense	-10.21	-7.30	0.42	9.70	17.20	77.76	46.92	-29.54	-22.84	3.76	2.64
EBIT Less CapEx to Interest Expense	-16.10	-11.19	0.11	7.72	11.54	101.20	38.93	-46.54	-37.69	1.71	2.57
NOPAT Less CapEx to Interest Expense	-11.53	-7.74	-0.13	8.75	15.15	65.64	32.24	-32.45	-27.12	3.16	2.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	14.07%	0.00%	27.55%	0.00%	-5.51%	171.65%	120.56%

This table displays calculated financial ratios and metrics derived from Turtle Beach's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	17,309,270.00	17,404,013.00	17,605,444.00	21,522,744.00	20,754,274.00	-	19,971,117.00	20,146,401.00	19,806,636.00	19,311,014.00	19,600,044.00
DEI Adjusted Shares Outstanding	17,309,270.00	17,404,013.00	17,605,444.00	21,522,744.00	20,754,274.00	-	19,971,117.00	20,146,401.00	19,806,636.00	19,311,014.00	19,600,044.00
DEI Earnings Per Adjusted Shares Outstanding	-0.21	0.49	0.01	-0.35	0.16	-	-0.03	-0.15	0.09	0.91	-0.78
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.31%	-1.35%	8.56%	59.39%	59.51%	46.76%	14.42%	-25.76%	-14.74%	-18.69%	-34.00%
EBITDA Growth	87.93%	326.79%	14.85%	94.04%	657.33%	167.78%	202.16%	355.63%	-7.90%	-9.69%	-334.56%
EBIT Growth	81.21%	251.31%	8.00%	72.09%	305.84%	163.75%	120.27%	74.73%	-7.81%	-10.11%	-1,232.20%
NOPAT Growth	81.63%	247.70%	12.00%	73.97%	459.70%	179.16%	126.89%	92.00%	-26.23%	-16.23%	-1,015.43%
Net Income Growth	69.98%	136.81%	102.31%	52.74%	194.65%	135.49%	-528.39%	61.04%	-49.69%	-12.56%	-2,190.06%
EPS Growth	71.23%	136.17%	102.50%	62.37%	176.19%	88.24%	-400.00%	60.00%	-50.00%	-10.42%	-2,500.00%
Operating Cash Flow Growth	42.47%	-30.99%	-5.97%	-164.57%	-42.42%	-25.06%	48.41%	75.09%	34.46%	-6.83%	-27.38%
Free Cash Flow Firm Growth	244.00%	2,729.84%	-312.11%	-294.36%	-264.84%	-392.02%	92.61%	97.43%	107.24%	124.28%	86.94%
Invested Capital Growth	-48.88%	-31.31%	138.92%	179.06%	162.32%	205.41%	5.19%	1.55%	-1.81%	-3.95%	-5.54%
Revenue Q/Q Growth	23.29%	68.26%	-43.89%	36.94%	23.39%	54.80%	-56.26%	-11.15%	41.71%	47.63%	-64.50%
EBITDA Q/Q Growth	88.11%	668.34%	-145.54%	80.63%	1,211.49%	173.07%	-82.63%	-51.52%	300.45%	167.77%	-145.12%
EBIT Q/Q Growth	81.25%	392.33%	-169.41%	26.63%	238.27%	274.57%	-94.67%	-191.48%	604.34%	265.25%	-167.18%
NOPAT Q/Q Growth	84.06%	576.60%	-147.62%	28.04%	320.23%	269.88%	-95.41%	-121.42%	2,130.12%	320.01%	-150.12%
Net Income Q/Q Growth	77.35%	337.16%	-98.19%	-4,954.19%	145.36%	490.07%	-103.30%	-341.42%	158.58%	925.57%	-186.35%
EPS Q/Q Growth	77.42%	342.86%	-98.04%	-3,600.00%	145.71%	500.00%	-103.13%	-366.67%	157.14%	975.00%	-190.70%
Operating Cash Flow Q/Q Growth	-240.36%	217.42%	42.71%	-146.39%	-83.22%	161.79%	182.60%	-107.78%	-382.12%	187.85%	120.27%
Free Cash Flow Firm Q/Q Growth	23.93%	-43.47%	-341.10%	-15.07%	-5.10%	-0.15%	93.96%	60.06%	396.64%	239.53%	-103.25%
Invested Capital Q/Q Growth	25.84%	-9.51%	131.14%	6.02%	18.29%	5.36%	-20.88%	2.35%	14.37%	3.69%	-22.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.90%	31.95%	31.85%	30.17%	36.17%	36.96%	36.57%	32.16%	37.36%	40.07%	26.78%
EBITDA Margin	-2.96%	10.01%	-8.12%	-1.15%	10.35%	18.26%	7.25%	3.96%	11.18%	20.28%	-25.78%
Operating Margin	-4.25%	8.40%	-10.23%	-5.38%	6.81%	16.04%	2.40%	-0.58%	6.67%	17.63%	-33.34%
EBIT Margin	-5.07%	8.80%	-10.89%	-5.84%	6.54%	15.82%	1.93%	-1.99%	7.07%	17.49%	-33.10%
Profit (Net Income) Margin	-6.10%	8.59%	0.28%	-9.84%	3.62%	13.79%	-1.04%	-5.16%	2.13%	14.83%	-36.06%
Tax Burden Percent	116.14%	100.46%	-2.49%	112.58%	98.67%	100.05%	85.90%	92.26%	87.11%	93.76%	99.20%
Interest Burden Percent	103.57%	97.14%	102.47%	149.74%	56.05%	87.08%	-62.69%	281.65%	34.65%	90.38%	109.81%
Effective Tax Rate	0.00%	-0.46%	0.00%	0.00%	1.33%	-0.05%	0.00%	0.00%	12.89%	6.24%	0.00%
Return on Invested Capital (ROIC)	-7.13%	26.73%	-17.28%	-9.92%	16.49%	44.48%	4.07%	-0.89%	10.59%	26.46%	-44.37%
ROIC Less NNEP Spread (ROIC-NNEP)	-17.66%	23.93%	92.54%	-32.28%	10.10%	34.04%	-1.00%	-6.01%	7.08%	23.77%	-57.62%
Return on Net Nonoperating Assets (RNNOA)	-3.40%	-1.52%	3.33%	-7.48%	5.30%	10.48%	-0.28%	-2.86%	5.62%	14.37%	-20.05%
Return on Equity (ROE)	-10.53%	25.20%	-13.95%	-17.40%	21.79%	54.96%	3.79%	-3.75%	16.21%	40.84%	-64.42%
Cash Return on Invested Capital (CROIC)	43.43%	23.00%	-92.06%	-97.00%	-86.99%	-78.75%	11.45%	17.73%	17.67%	16.93%	9.72%
Operating Return on Assets (OROA)	-7.04%	14.51%	-14.12%	-8.41%	9.09%	26.28%	2.91%	-2.84%	8.30%	19.71%	-43.20%
Return on Assets (ROA)	-8.47%	14.15%	0.36%	-14.18%	5.03%	22.90%	-1.57%	-7.39%	2.51%	16.70%	-47.06%
Return on Common Equity (ROCE)	-10.53%	25.20%	-13.95%	-17.40%	21.79%	54.96%	3.79%	-3.75%	16.21%	40.84%	-64.42%
Return on Equity Simple (ROE_SIMPLE)	-68.32%	0.00%	-8.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.76	8.40	-4.00	-2.88	6.34	23	1.08	-0.23	4.68	20	-9.84
NOPAT Margin	-2.98%	8.44%	-7.16%	-3.76%	6.72%	16.05%	1.68%	-0.41%	5.81%	16.53%	-23.34%
Net Nonoperating Expense Percent (NNEP)	10.53%	2.80%	-109.82%	22.36%	6.40%	10.43%	5.07%	5.11%	3.51%	2.69%	13.25%
Return On Investment Capital (ROIC_SIMPLE)	-	9.87%	-2.34%	-1.64%	3.07%	10.87%	0.62%	-0.13%	2.32%	9.23%	-5.98%
Cost of Revenue to Revenue	70.10%	68.05%	68.15%	69.83%	63.83%	63.04%	63.43%	67.84%	62.64%	59.93%	73.22%
SG&A Expenses to Revenue	8.86%	5.97%	10.16%	9.76%	6.73%	6.09%	12.86%	12.95%	9.37%	6.11%	20.21%
R&D to Revenue	7.40%	4.49%	6.99%	6.00%	4.57%	3.08%	6.25%	7.87%	5.17%	3.59%	10.85%
Operating Expenses to Revenue	34.16%	23.55%	42.08%	35.55%	29.36%	20.92%	34.16%	32.74%	30.69%	22.44%	60.12%
Earnings before Interest and Taxes (EBIT)	-3.00	8.76	-6.08	-4.46	6.17	23	1.23	-1.13	5.69	21	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.75	9.96	-4.54	-0.88	9.77	27	4.64	2.25	9.00	24	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.17	2.24	2.42	2.93	3.13	2.88	2.36	2.38	2.85	2.11	1.78
Price to Tangible Book Value (P/TBV)	2.63	2.62	12.85	169.95	553.69	13.76	9.48	9.94	13.19	6.20	6.83
Price to Revenue (P/Rev)	0.61	0.74	1.16	1.06	0.98	0.93	0.75	0.77	0.91	0.85	0.67
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	69.27	21.48	18.55	13.96	17.25	17.22	167.15
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	1.44%	4.66%	5.39%	7.16%	5.80%	5.81%	0.60%
Enterprise Value to Invested Capital (EV/IC)	2.15	2.59	2.16	2.25	2.13	2.12	2.02	1.98	2.08	1.73	1.57
Enterprise Value to Revenue (EV/Rev)	0.61	0.67	1.26	1.26	1.25	1.15	0.85	0.91	1.13	1.06	0.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	130.99	28.56	13.84	8.09	7.54	9.24	8.46	9.78
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	93.16	22.92	12.49	11.12	13.60	12.73	21.03
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	117.82	14.15	12.53	10.36	13.02	13.13	37.91
Enterprise Value to Operating Cash Flow (EV/OCF)	4.44	6.35	13.10	20.98	38.77	74.57	17.17	11.49	10.79	9.54	9.81
Enterprise Value to Free Cash Flow (EV/FCFF)	3.36	9.17	0.00	0.00	0.00	0.00	18.06	11.26	11.68	10.00	15.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.00	0.37	0.66	1.02	0.79	0.43	0.51	0.82	0.66	0.47
Long-Term Debt to Equity	0.00	0.00	0.37	0.43	0.45	0.38	0.38	0.34	0.44	0.36	0.40
Financial Leverage	0.19	-0.06	0.04	0.23	0.52	0.31	0.28	0.48	0.79	0.60	0.35
Leverage Ratio	2.06	1.80	1.93	2.25	2.69	2.18	2.05	2.27	2.78	2.28	1.96
Compound Leverage Factor	2.13	1.75	1.98	3.37	1.51	1.90	-1.29	6.40	0.96	2.06	2.16
Debt to Total Capital	15.48%	0.00%	26.85%	39.87%	50.61%	44.07%	30.13%	33.93%	44.98%	39.61%	32.09%
Short-Term Debt to Total Capital	15.48%	0.00%	0.00%	13.73%	28.44%	22.91%	3.81%	11.28%	20.91%	17.84%	5.20%
Long-Term Debt to Total Capital	0.00%	0.00%	26.85%	26.15%	22.17%	21.16%	26.32%	22.65%	24.07%	21.78%	26.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.52%	100.00%	73.15%	60.13%	49.39%	55.93%	69.87%	66.07%	55.02%	60.39%	67.92%
Debt to EBITDA	-0.51	0.00	-4.15	24.98	7.29	3.06	1.30	1.38	2.13	2.11	2.16
Net Debt to EBITDA	-0.04	0.00	-2.54	20.52	6.32	2.64	1.01	1.11	1.84	1.68	1.66
Long-Term Debt to EBITDA	0.00	0.00	-4.15	16.38	3.19	1.47	1.13	0.92	1.14	1.16	1.81
Debt to NOPAT	-0.58	0.00	-4.19	-25.04	30.06	3.13	2.01	1.90	3.00	3.27	8.37
Net Debt to NOPAT	-0.04	0.00	-2.57	-20.57	26.08	2.70	1.56	1.53	2.59	2.61	6.42
Long-Term Debt to NOPAT	0.00	0.00	-4.19	-16.42	13.17	1.50	1.75	1.27	1.60	1.80	7.02
Altman Z-Score	1.87	2.97	1.88	1.64	1.55	2.38	2.58	2.45	2.13	2.45	2.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	2.22	1.83	1.39	1.26	1.52	1.96	1.83	1.60	1.98	2.46
Quick Ratio	0.62	1.30	0.79	0.57	0.54	0.86	0.75	0.64	0.62	1.07	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	68	39	-93	-107	-113	-113	-6.89	-2.75	8.16	28	-0.90
Operating Cash Flow to CapEx	-2,420.54%	8,127.66%	3,728.73%	-1,022.98%	-1,625.68%	940.47%	24,368.67%	-954.24%	-2,255.87%	5,334.80%	10,643.84%
Free Cash Flow to Firm to Interest Expense	638.85	153.96	-621.15	-48.29	-41.55	-37.79	-3.43	-1.34	2.19	13.86	-0.66
Operating Cash Flow to Interest Expense	-152.02	76.10	181.71	-5.70	-8.54	4.79	20.17	-1.54	-4.08	6.68	21.46
Operating Cash Flow Less CapEx to Interest Expense	-158.30	75.16	176.84	-6.25	-9.07	4.28	20.08	-1.70	-4.26	6.55	21.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.39	1.65	1.30	1.44	1.39	1.66	1.51	1.43	1.17	1.13	1.31
Accounts Receivable Turnover	8.11	5.28	7.85	8.72	6.24	5.05	8.93	8.71	5.45	3.77	8.20
Inventory Turnover	2.01	3.17	2.72	2.84	2.46	4.23	3.44	3.08	2.25	2.86	2.77
Fixed Asset Turnover	50.57	46.15	44.96	48.56	61.66	69.88	73.11	65.21	72.38	72.39	81.32
Accounts Payable Turnover	5.68	7.81	5.50	4.87	4.16	7.90	5.84	5.58	3.91	6.71	6.33
Days Sales Outstanding (DSO)	44.98	69.10	46.48	41.85	58.47	72.22	40.86	41.90	66.99	96.93	44.53
Days Inventory Outstanding (DIO)	181.29	115.20	134.10	128.40	148.28	86.29	106.12	118.44	162.47	127.78	131.86
Days Payable Outstanding (DPO)	64.25	46.72	66.41	74.95	87.82	46.22	62.53	65.36	93.34	54.37	57.65
Cash Conversion Cycle (CCC)	162.02	137.57	114.17	95.29	118.93	112.29	84.45	94.98	136.12	170.34	118.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	73	66	153	163	192	203	161	165	189	196	152
Invested Capital Turnover	2.39	3.17	2.41	2.64	2.46	2.77	2.42	2.20	1.82	1.60	1.90
Increase / (Decrease) in Invested Capital	-70	-30	89	104	119	136	7.96	2.52	-3.48	-8.06	-8.94
Enterprise Value (EV)	158	172	332	366	409	430	325	327	393	338	239
Market Capitalization	157	191	304	309	318	348	285	279	315	271	199
Book Value per Share	$4.18	$4.89	$7.11	$4.89	$4.91	$6.01	$6.05	$5.80	$5.59	$6.65	$5.71
Tangible Book Value per Share	$3.45	$4.17	$1.34	$0.08	$0.03	$1.26	$1.51	$1.39	$1.21	$2.26	$1.48
Total Capital	86	85	171	175	206	216	173	177	201	213	165
Total Debt	13	0.00	46	70	104	95	52	60	90	84	53
Total Long-Term Debt	0.00	0.00	46	46	46	46	46	40	48	46	44
Net Debt	0.92	-19	28	57	91	82	40	48	78	67	41
Capital Expenditures (CapEx)	0.67	0.24	0.73	1.24	1.43	1.52	0.17	0.33	0.67	0.25	0.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	57	50	46	52	86	101	65	71	97	107	66
Debt-free Net Working Capital (DFNWC)	70	69	64	64	99	114	76	83	109	124	78
Net Working Capital (NWC)	56	69	64	40	41	65	70	63	67	86	70
Net Nonoperating Expense (NNE)	1.84	-0.15	-4.15	4.65	2.92	3.30	1.74	2.70	2.96	2.03	5.36
Net Nonoperating Obligations (NNO)	0.92	-19	28	57	91	82	40	48	78	67	41
Total Depreciation and Amortization (D&A)	1.25	1.20	1.55	3.58	3.60	3.56	3.40	3.38	3.31	3.32	3.09
Debt-free, Cash-free Net Working Capital to Revenue	22.12%	19.29%	17.51%	17.87%	26.23%	27.13%	16.99%	19.66%	27.82%	33.49%	22.18%
Debt-free Net Working Capital to Revenue	26.88%	26.55%	24.30%	22.15%	30.46%	30.61%	20.06%	22.91%	31.35%	38.79%	26.32%
Net Working Capital to Revenue	21.77%	26.55%	24.30%	13.89%	12.49%	17.36%	18.33%	17.38%	19.24%	26.92%	23.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	$0.51	$0.01	($0.35)	$0.17	$0.98	($0.03)	($0.14)	$0.09	$0.86	($0.78)
Adjusted Weighted Average Basic Shares Outstanding	17.35M	17.14M	18.32M	21.25M	20.55M	20.02M	20.51M	20.67M	20.07M	20.26M	19.50M
Adjusted Diluted Earnings per Share	($0.21)	$0.51	$0.01	($0.35)	$0.16	$0.96	($0.03)	($0.14)	$0.08	$0.86	($0.78)
Adjusted Weighted Average Diluted Shares Outstanding	17.35M	17.14M	19.39M	21.25M	21.50M	20.83M	20.51M	20.67M	20.41M	20.46M	19.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.40M	17.61M	21.52M	20.75M	20.08M	19.97M	20.15M	19.81M	19.31M	19.60M	19.85M
Normalized Net Operating Profit after Tax (NOPAT)	-1.76	5.85	-0.56	-1.90	9.80	17	-0.91	-4.41	5.09	20	-9.84
Normalized NOPAT Margin	-2.98%	5.88%	-1.01%	-2.49%	10.39%	11.72%	-1.42%	-7.76%	6.33%	16.80%	-23.34%
Pre Tax Income Margin	-5.25%	8.55%	-11.16%	-8.74%	3.67%	13.78%	-1.21%	-5.60%	2.45%	15.81%	-36.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-28.02	34.92	-40.55	-2.01	2.28	7.74	0.61	-0.55	1.53	10.40	-10.20
NOPAT to Interest Expense	-16.47	33.46	-26.66	-1.30	2.34	7.85	0.54	-0.11	1.26	9.83	-7.19
EBIT Less CapEx to Interest Expense	-34.30	33.98	-45.43	-2.57	1.75	7.23	0.53	-0.71	1.35	10.27	-10.40
NOPAT Less CapEx to Interest Expense	-22.75	32.52	-31.53	-1.85	1.81	7.34	0.45	-0.27	1.08	9.70	-7.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.97%	-5.51%	0.00%	-627.61%	551.33%	171.65%	192.19%	96.86%	106.53%	120.56%	1,632.80%

Financials Breakdown Chart

Turtle Beach Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Turtle Beach's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Turtle Beach's net income appears to be on a downward trend, with a most recent value of $15.73 million in 2025, falling from -$82.91 million in 2015. The previous period was $16.18 million in 2024. View Turtle Beach's forecast to see where analysts expect Turtle Beach to go next.

Turtle Beach's total operating income in 2025 was $27.52 million, based on the following breakdown:

Total Gross Profit: $119.28 million
Total Operating Expenses: $91.77 million

Over the last 10 years, Turtle Beach's total revenue changed from $162.75 million in 2015 to $319.91 million in 2025, a change of 96.6%.

Turtle Beach's total liabilities were at $140.56 million at the end of 2025, a 21.1% decrease from 2024, and a 21.4% increase since 2015.

In the past 10 years, Turtle Beach's cash and equivalents has ranged from $5.25 million in 2017 to $46.68 million in 2020, and is currently $16.96 million as of their latest financial filing in 2025.

Over the last 10 years, Turtle Beach's book value per share changed from 1.33 in 2015 to 6.65 in 2025, a change of 399.4%.

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Financial statements for NASDAQ:TBCH last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Turtle Beach (TBCH) Financials

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Turtle Beach (TBCH) Financials

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