Turtle Beach Corporation (TBCH) 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

-122.5%

-$3.53

vs $15.73 price

Levered DCF

-$3.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.38

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.99×	21.37×	-10.06×	-1.98×	20.05×	8.23×	8.36×	4.92×
P/B	2.21×	2.87×	2.09×	1.33×	2.51×	2.74×	0×	0×
P/S	0.89×	0.93×	0.69×	0.49×	0.97×	0.89×	0.58×	0.67×
EV / EBITDA	9.02×	14.56×	-13.23×	-2.65×	12.25×	4.68×	0×	0×
Gross margin	37.3%	34.6%	29.3%	20.5%	35.0%	37.2%	33.5%	37.8%
Operating margin	6.1%	5.4%	-6.4%	-21.4%	5.6%	13.7%	4.4%	18.8%
Net margin	4.9%	4.3%	-6.8%	-24.8%	4.8%	10.8%	7.6%	13.6%
Current ratio	1.98×	1.52×	2.22×	2.1×	2.47×	2.16×	0×	0×
Debt / equity	0.66×	0.87×	0×	0.21×	0×	0×	0×	0×
Interest coverage	2×	2.48×	-32.63×	-42.2×	53.34×	105.28×	11.22×	10.13×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.2%	13.4%	-20.8%	-67.0%	12.5%	33.3%	0.0%	0.0%
Return on invested capital	8.3%	8.8%	-17.6%	-43.6%	11.8%	29.1%	0.0%	0.0%
Return on assets	5.8%	5.4%	-11.8%	-36.4%	7.7%	19.0%	0.0%	0.0%
Free cash flow yield	12.0%	0.2%	14.0%	-38.5%	-1.7%	14.2%	0.0%	0.0%
Earnings yield	5.5%	4.7%	-10.0%	-50.5%	5.0%	12.1%	13.1%	20.3%
Enterprise value	$351.6M	$438.8M	$158.8M	$125.6M	$316.5M	$272.3M	$0	$0
Net debt / EBITDA	1.73×	3.06×	1.56×	-0.16×	-1.46×	-0.8×	0×	0×
Cash conversion cycle (days)	168	146	111	164	130	91	0	0