Turtle Beach Corporation (TBCH) 10-Year Financial Performance & Capital Metrics

TBCH • • Industrial / General

TechnologyConsumer ElectronicsAudio & Entertainment ElectronicsGaming Audio & Accessories

AboutTurtle Beach Corporation operates as an audio technology company in North America, Europe, the Middle East, and the Asia Pacific. It develops, commercializes, and markets gaming headset solutions for various platforms, including video game and entertainment consoles, handheld consoles, personal computers, tablets, and mobile devices under the Turtle Beach brand. The company also offers gaming headsets, keyboards, mice, and other accessories for the personal computer peripherals market under the ROCCAT brand. In addition, it provides game controllers, and gaming flight simulation and racing simulation accessories, as well as USB and analog microphones for gamers, streamers, professionals, and students. The company serves retailers and distributors. Turtle Beach Corporation was founded in 1975 and is headquartered in White Plains, New York.Show more

Revenue $373M +44.4%
EBITDA $31M +370.8%
Net Income $16M +191.5%
EPS (Diluted) 0.78 +175.7%
Gross Margin 34.6% +18.3%
EBITDA Margin 8.43% +287.5%
Operating Margin 5.37% +184.3%
Net Margin 4.34% +163.4%
ROE 15.74% +177.4%
ROIC 10.76% +171.1%
Debt/Equity 0.87
Interest Coverage 2.48 +107.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 21.6% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y0.58%

TTM6.43%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-2.98%

TTM297.32%

EPS CAGR

10Y-

5Y-

3Y-7.01%

TTM169.69%

ROCE

10Y Avg2.2%

5Y Avg2.2%

3Y Avg-14.37%

Latest14.9%

Peer Comparison

Gaming Audio & Accessories

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TBCHTurtle Beach Corporation	271.13M	14.04	18	44.41%	5.26%	16.5%	0.31%	0.87
KOSSKoss Corporation	41.51M	4.39	-47.00	2.93%	-1.57%	-0.69%		0.08

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	360.09M	366.35M	240.17M	258.12M	372.77M
Revenue Growth %	-	0.02%	-0.34%	0.07%	0.44%
Cost of Goods Sold+	226.31M	237.97M	190.98M	182.62M	243.78M
COGS % of Revenue	0.63%	0.65%	0.8%	0.71%	0.65%
Gross Profit+	133.79M	128.38M	49.19M	75.5M	128.98M
Gross Margin %	0.37%	0.35%	0.2%	0.29%	0.35%
Gross Profit Growth %	-	-0.04%	-0.62%	0.54%	0.71%
Operating Expenses+	84.62M	107.95M	100.67M	91.95M	108.95M
OpEx % of Revenue	0.23%	0.29%	0.42%	0.36%	0.29%
Selling, General & Admin	72.36M	90.46M	79.65M	74.81M	80.82M
SG&A % of Revenue	0.2%	0.25%	0.33%	0.29%	0.22%
Research & Development	12.27M	17.49M	19.12M	17.14M	17.3M
R&D % of Revenue	0.03%	0.05%	0.08%	0.07%	0.05%
Other Operating Expenses	0	0	1.9M	0	10.83M
Operating Income+	49.17M	20.43M	-51.48M	-16.44M	20.03M
Operating Margin %	0.14%	0.06%	-0.21%	-0.06%	0.05%
Operating Income Growth %	-	-0.58%	-3.52%	0.68%	2.22%
EBITDA+	54.41M	25.74M	-45.66M	-11.6M	31.42M
EBITDA Margin %	0.15%	0.07%	-0.19%	-0.04%	0.08%
EBITDA Growth %	-	-0.53%	-2.77%	0.75%	3.71%
D&A (Non-Cash Add-back)	5.25M	5.31M	5.82M	4.84M	11.39M
EBIT	52.92M	20.53M	-53.23M	-16.84M	18.74M
Net Interest Income+	-467K	-383K	-1.22M	-504K	-8.07M
Interest Income	0	0	0	0	0
Interest Expense	467K	383K	1.22M	504K	8.07M
Other Income/Expense	3.29M	-282K	-2.97M	-898K	-9.36M
Pretax Income+	52.46M	20.15M	-54.45M	-17.34M	10.67M
Pretax Margin %	0.15%	0.05%	-0.23%	-0.07%	0.03%
Income Tax+	13.71M	2.43M	5.09M	338K	-5.51M
Effective Tax Rate %	0.74%	0.88%	1.09%	1.02%	1.52%
Net Income+	38.75M	17.72M	-59.55M	-17.68M	16.18M
Net Margin %	0.11%	0.05%	-0.25%	-0.07%	0.04%
Net Income Growth %	-	-0.54%	-4.36%	0.7%	1.92%
Net Income (Continuing)	38.75M	17.72M	-59.55M	-17.68M	16.18M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	2.37	0.97	-3.62	-1.03	0.78
EPS Growth %	-	-0.59%	-4.73%	0.72%	1.76%
EPS (Basic)	2.62	1.11	-3.62	-1.03	0.81
Diluted Shares Outstanding	16.36M	18.25M	16.45M	17.14M	20.83M
Basic Shares Outstanding	14.8M	15.91M	16.45M	17.14M	20.02M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	169.98M	193.11M	135.18M	124.86M	188.37M
Cash & Short-Term Investments	46.68M	37.72M	11.4M	18.73M	12.99M
Cash Only	46.68M	37.72M	11.4M	18.73M	12.99M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	43.87M	35.95M	43.34M	54.39M	93.12M
Days Sales Outstanding	44.46	35.82	65.86	76.91	91.18
Inventory	71.3M	101.93M	71.25M	44.02M	71.25M
Days Inventory Outstanding	115	156.34	136.18	87.98	106.68
Other Current Assets	0	0	9.2M	7.72M	11.01M
Total Non-Current Assets+	33.48M	37.39M	28.21M	25.11M	110.49M
Property, Plant & Equipment	6.58M	6.96M	6.36M	4.82M	5.84M
Fixed Asset Turnover	54.77x	52.67x	37.75x	53.51x	63.79x
Goodwill	8.18M	10.69M	10.69M	10.69M	52.94M
Intangible Assets	5.14M	5.79M	2.61M	1.73M	42.4M
Long-Term Investments	0	0	0	0	0
Other Non-Current Assets	6.64M	8.06M	8.55M	7.87M	9.31M
Total Assets+	203.45M	230.5M	163.39M	149.97M	298.86M
Asset Turnover	1.77x	1.59x	1.47x	1.72x	1.25x
Asset Growth %	-	0.13%	-0.29%	-0.08%	0.99%
Total Current Liabilities+	78.65M	78.17M	64.33M	56.33M	123.67M
Accounts Payable	42.53M	40.48M	19.85M	26.91M	34.84M
Days Payables Outstanding	68.59	62.08	37.93	53.78	52.16
Short-Term Debt	0	0	19.05M	0	50.66M
Deferred Revenue (Current)	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0
Current Ratio	2.16x	2.47x	2.10x	2.22x	1.52x
Quick Ratio	1.25x	1.17x	0.99x	1.43x	0.95x
Cash Conversion Cycle	90.87	130.08	164.11	111.11	145.7
Total Non-Current Liabilities+	8.4M	10.97M	10.11M	8.56M	54.59M
Long-Term Debt	0	0	0	0	45.62M
Capital Lease Obligations	0	0	0	0	7.1M
Deferred Tax Liabilities	128K	0	0	0	0
Other Non-Current Liabilities	8.28M	10.97M	10.11M	8.56M	1.87M
Total Liabilities	87.05M	89.14M	74.45M	64.89M	178.26M
Total Debt+	0	0	19.05M	0	105.19M
Net Debt	-46.68M	-37.72M	7.66M	-18.73M	92.2M
Debt / Equity	-	-	0.21x	-	0.87x
Debt / EBITDA	-	-	-	-	3.35x
Net Debt / EBITDA	-0.86x	-1.47x	-	-	2.93x
Interest Coverage	105.28x	53.34x	-42.20x	-32.63x	2.48x
Total Equity+	116.4M	141.37M	88.94M	85.08M	120.6M
Equity Growth %	-	0.21%	-0.37%	-0.04%	0.42%
Book Value per Share	7.11	7.75	5.41	4.97	5.79
Total Shareholders' Equity	116.4M	141.37M	88.94M	85.08M	120.6M
Common Stock	15K	16K	17K	18K	20K
Retained Earnings	-74.77M	-57.05M	-116.6M	-134.28M	-118.09M
Treasury Stock	0	0	0	0	0
Accumulated OCI	589K	127K	-1.39M	-849K	-1.3M
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	51.05M	-327K	-41.85M	27.04M	5.76M
Operating CF Margin %	0.14%	-0%	-0.17%	0.1%	0.02%
Operating CF Growth %	-	-1.01%	-126.97%	1.65%	-0.79%
Net Income	38.75M	17.72M	-59.55M	-17.68M	16.18M
Depreciation & Amortization	5.25M	5.31M	5.82M	4.84M	11.39M
Stock-Based Compensation	5.55M	7.66M	7.98M	11.98M	6.17M
Deferred Taxes	468K	1.12M	6.2M	-44K	-6.86M
Other Non-Cash Items	6.83M	-1.9M	5.71M	1.58M	10.19M
Working Capital Changes	-5.79M	-30.24M	-8.01M	26.36M	-31.31M
Change in Receivables	-1.75M	9.68M	-4.84M	-5.76M	-15.62M
Change in Inventory	-30.68M	-32.24M	22.1M	27.34M	-12.26M
Change in Payables	18.67M	-2.79M	-23.35M	1.77M	-4.02M
Cash from Investing+	-5.66M	-8.12M	-3.55M	-2.16M	-82.21M
Capital Expenditures	-5.66M	-5.62M	-3.55M	-2.16M	-4.91M
CapEx % of Revenue	0.02%	0.02%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	0	0	0	0	0
Cash from Financing+	-7.41M	-56K	19.71M	-17.85M	71.05M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	4.2M	5.29M	653K	2.18M	459K
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	45.39M	-5.95M	-45.4M	24.89M	847K
FCF Margin %	0.13%	-0.02%	-0.19%	0.1%	0%
FCF Growth %	-	-1.13%	-6.63%	1.55%	-0.97%
FCF per Share	2.77	-0.33	-2.76	1.45	0.04
FCF Conversion (FCF/Net Income)	1.32x	-0.02x	0.70x	-1.53x	0.36x
Interest Paid	309K	194K	979K	500K	7.14M
Taxes Paid	8.04M	6.56M	0	63K	193K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	33.29%	13.75%	-51.71%	-20.32%	15.74%
Return on Invested Capital (ROIC)	52.89%	17.68%	-38.56%	-15.14%	10.76%
Gross Margin	37.15%	35.04%	20.48%	29.25%	34.6%
Net Margin	10.76%	4.84%	-24.79%	-6.85%	4.34%
Debt / Equity	-	-	0.21x	-	0.87x
Interest Coverage	105.28x	53.34x	-42.20x	-32.63x	2.48x
FCF Conversion	1.32x	-0.02x	0.70x	-1.53x	0.36x
Revenue Growth	-	1.74%	-34.44%	7.48%	44.41%

Frequently Asked Questions

Valuation & Price

Turtle Beach Corporation (TBCH) has a price-to-earnings (P/E) ratio of 18.0x. This is roughly in line with market averages.

Growth & Financials

Turtle Beach Corporation (TBCH) reported $347.2M in revenue for fiscal year 2024. This represents a 4% decrease from $360.1M in 2020.

Turtle Beach Corporation (TBCH) grew revenue by 44.4% over the past year. This is strong growth.

Yes, Turtle Beach Corporation (TBCH) is profitable, generating $18.3M in net income for fiscal year 2024 (4.3% net margin).

Dividend & Returns

Turtle Beach Corporation (TBCH) has a return on equity (ROE) of 15.7%. This is reasonable for most industries.

Turtle Beach Corporation (TBCH) generated $33.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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