Digital Turbine, Inc. (APPS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-105.0%

-$0.43

vs $8.46 price

Levered DCF

-$2.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.59

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-8.73×	-3.06×	-0.58×	72.71×	118.41×	217.19×	25.35×	-45.88×
P/B	1.69×	1.83×	1.14×	2.02×	8.11×	52.72×	4.71×	7.58×
P/S	0.58×	0.58×	0.45×	1.83×	5.58×	10.23×	2.63×	2.66×
EV / EBITDA	16.36×	22.14×	13.04×	15.2×	45.17×	76.85×	23.4×	42.61×
Gross margin	48.6%	45.0%	45.4%	48.1%	46.4%	46.4%	38.7%	34.3%
Operating margin	6.0%	-11.0%	-68.8%	6.9%	12.3%	12.3%	9.5%	3.3%
Net margin	-6.7%	-18.8%	-77.2%	2.5%	4.8%	4.8%	10.0%	-5.8%
Current ratio	1.16×	1.09×	1.03×	1.2×	1.07×	0.88×	0.71×	0.97×
Debt / equity	1.92×	2.72×	1.82×	0.7×	1.05×	0.11×	0.27×	0×
Interest coverage	0.58×	-1.55×	0×	1.98×	10.86×	91.97×	0×	3.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-19.6%	-59.8%	-196.4%	2.8%	6.9%	24.5%	17.9%	-16.5%
Return on invested capital	5.8%	-9.1%	-59.5%	3.4%	6.8%	45.1%	12.7%	7.7%
Return on assets	-4.5%	-11.3%	-48.6%	1.3%	2.4%	13.7%	7.6%	-7.3%
Free cash flow yield	3.4%	-5.5%	-6.4%	0.4%	2.1%	0.7%	7.3%	-0.4%
Earnings yield	-11.6%	-32.6%	-172.0%	1.4%	0.9%	0.5%	3.8%	-2.2%
Enterprise value	$656.1M	$660.3M	$600.5M	$1.6B	$4.6B	$7.6B	$364M	$264.6M
Net debt / EBITDA	8.25×	12.68×	7.73×	3.35×	4.05×	-0.15×	-0.04×	-1.78×
Cash conversion cycle (days)	-5	-48	-68	-28	-25	-2	-48	-0