Turtle Beach (TBCH) AI Stock Analysis

• Market Cap: $305.81M
• Dividend Yield: N/A
• Average Volume (3M): 230.06K
• Price to Earnings (P/E): 16.5
• Beta (1Y): 2.17
• Revenue Growth: 24.09%
• EPS Growth: N/A
• Country: US
• Employees: 262
• Sector: Technology
• Sector Strength: 83
• Industry: Consumer Electronics
• EPS (TTM): -0.13
• Shares Outstanding: 19,806,637
• 10 Day Avg. Volume: 221,333
• 30 Day Avg. Volume: 230,057
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.10
• Enterprise Value/Revenue: 0.93
• Enterprise Value/Gross Profit: 2.63
• Enterprise Value/Ebitda: 7.95
• 1Y Price Target: $18.25
• Price Target Upside: 17.21% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 74 Outperform
• Price Target: $18.00 ▲(15.61% Upside)

Turtle Beach's overall stock score is driven by strong financial performance and positive technical indicators. The company's strategic initiatives, such as stock repurchases and refinancing, bolster its financial flexibility and shareholder value. However, challenges in revenue growth and valuation metrics slightly temper the overall outlook.

Positive Factors

Financial Performance

TBCH entered into a new $150M credit line agreement with a lower cost of capital than prior agreements, leading to strong positive free cash flow without requiring additional capital.

Operational Strategy

Turtle Beach could see upside from the ongoing integration of PDP, which was acquired last year.

Stock Valuation

TBCH shares appear significantly undervalued, trading at a CY26 EV/EBITDA multiple of 5.2x compared to its closest peers, and a Buy rating is reiterated with a price target of $21.

Negative Factors

Product Launch Delays

The GTA 6 release date delays a significant uptick of sales from this coming holiday period to Q2 – Q4 next year.

Revenue Challenges

Management lowered 2025 guidance for revenue and adjusted EBITDA due to industry headwinds and uncertainty around tariffs, indicating challenges in the upcoming year.

Tariff Impact

Tariffs in China create a material impact on Turtle Beach, given that over 75% of its revenue is from domestic sales, while roughly 50% of its manufacturing is from China.

Turtle Beach Business Overview & Revenue Model

Company Description

Turtle 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.

How the Company Makes Money

Turtle Beach generates revenue through the sale of its gaming headsets and audio accessories, which are available through multiple channels including retail, online, and direct sales to consumers. The company’s revenue model is primarily based on product sales, with a significant portion of earnings coming from high-margin gaming headsets that are tailored for competitive gaming. Additionally, Turtle Beach engages in partnerships with game developers and publishers, which can enhance product visibility and drive sales through co-branding initiatives and exclusive merchandise. Seasonal promotions and esports sponsorships also contribute to revenue growth by increasing brand recognition and consumer engagement during peak gaming periods.

Turtle Beach Financial Statement Overview

Summary

Turtle Beach demonstrates a strong financial recovery with significant revenue growth and improved profitability. The balance sheet is stable with a solid equity base and reasonable debt levels. Cash flow improvements indicate a positive shift in operational efficiency, although consistency in free cash flow remains an area for improvement.

Income Statement

Turtle Beach shows a strong recovery in revenue with a substantial growth rate from the previous year. The company has improved its gross and net profit margins significantly, turning a previous net loss into a profit. However, the EBIT and EBITDA margins show room for improvement, indicating potential efficiency gains. The revenue growth trajectory is positive, contributing to a robust income statement performance.

Balance Sheet

The company's balance sheet reflects a healthy equity position with a satisfactory debt-to-equity ratio. The return on equity has improved with the return to profitability, but the equity ratio indicates a moderate reliance on liabilities. Overall, the balance sheet demonstrates stability with a balanced asset structure, though there are opportunities to optimize leverage.

Cash Flow

While free cash flow growth has been inconsistent, the company has managed to reverse previous negative operating cash flows to positive figures, showcasing improved cash generation capabilities. The operating and free cash flow to net income ratios are favorable, indicating effective cash conversion, but further consistency in free cash flow growth could enhance performance.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	361.12M	372.77M	258.12M	240.17M	366.35M	360.09M
Gross Profit	127.75M	128.98M	75.50M	49.19M	128.38M	133.79M
EBITDA	42.23M	30.13M	-12.00M	-47.42M	25.84M	58.17M
Net Income	19.96M	16.18M	-17.68M	-59.55M	17.72M	38.75M
Balance Sheet
Total Assets	240.18M	298.86M	149.97M	163.39M	230.50M	203.45M
Cash, Cash Equivalents and Short-Term Investments	11.71M	12.99M	18.73M	11.40M	37.72M	46.68M
Total Debt	61.66M	96.28M	7.73M	19.05M	7.76M	6.02M
Total Liabilities	123.35M	178.26M	64.89M	74.45M	89.14M	87.05M
Stockholders Equity	116.83M	120.60M	85.08M	88.94M	141.37M	116.40M
Cash Flow
Free Cash Flow	25.01M	847.00K	24.89M	-45.40M	-5.95M	45.39M
Operating Cash Flow	28.45M	5.76M	27.04M	-41.85M	-327.00K	51.05M
Investing Cash Flow	-928.00K	-82.21M	-2.16M	-3.55M	-8.12M	-5.66M
Financing Cash Flow	-28.87M	71.05M	-17.85M	19.71M	-56.00K	-7.41M

Turtle Beach Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.57
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TBCH, the sentiment is Positive. The current price of 15.57 is above the 20-day moving average (MA) of 15.31, above the 50-day MA of 14.42, and above the 200-day MA of 14.78, indicating a bullish trend. The MACD of 0.41 indicates Positive momentum. The RSI at 57.07 is Neutral, neither overbought nor oversold. The STOCH value of 21.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TBCH.

Turtle Beach Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TBCH	74 Outperform	$305.81M	16.47	17.97%	―	24.09%	―
Sector *	61 Neutral	$35.62B	7.50	-10.94%	1.87%	8.86%	-10.27%
GPRO	61 Neutral	$289.48M	―	-76.81%	―	-19.83%	73.22%
SONO	58 Neutral	$1.65B	―	-17.69%	―	-10.02%	-385.04%
UEIC	52 Neutral	$68.82M	―	-10.48%	―	4.00%	62.67%
KOSS	44 Neutral	$61.04M	―	-2.44%	―	-0.34%	32.41%
VUZI	43 Neutral	$161.64M	―	-113.13%	―	-12.75%	57.64%

Turtle Beach Corporate Events

Turtle Beach Executes Major Stock Repurchase Agreement

On August 14, 2025, Turtle Beach Corporation entered into a stock purchase agreement to repurchase 694,926 shares of its common stock from Diversis Capital for approximately $10 million, with The Donerail Group acquiring an additional 693,962 shares. This transaction, approved by the Audit Committee, aligns with Turtle Beach’s capital allocation priorities and underscores confidence in the company’s strategy and long-term value creation. Following the transaction, Diversis will retain approximately 10% ownership of Turtle Beach’s common stock, with the remaining shares subject to a 90-day lock-up agreement. The repurchase was executed under the company’s existing $75 million authorization and reflects Turtle Beach’s commitment to enhancing shareholder value and ownership stability.

The most recent analyst rating on (TBCH) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Turtle Beach stock, see the TBCH Stock Forecast page.

Turtle Beach Secures New Credit Agreement with Bank of America

On August 1, 2025, Turtle Beach Corporation entered into a new Credit Agreement with Bank of America, which includes a $60 million term loan facility and a $90 million revolving credit facility. This agreement replaces the company’s previous debt arrangements and provides financial flexibility for ongoing operations, potentially impacting its market positioning by enhancing liquidity and operational capabilities.

The most recent analyst rating on (TBCH) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Turtle Beach stock, see the TBCH Stock Forecast page.

Turtle Beach Amends Financing for Share Repurchases

On June 11, 2025, Turtle Beach Corporation amended its financing agreement to allow for up to $5 million in share repurchases before June 30, 2025, as part of a broader $75 million authorization. This move demonstrates the company’s commitment to returning capital to shareholders and confidence in its financial stability. Additionally, Turtle Beach plans to pay down $5 million of its term loan debt and is in discussions to refinance its outstanding loan balance on improved terms, indicating strategic efforts to enhance capital flexibility.

The most recent analyst rating on (TBCH) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Turtle Beach stock, see the TBCH Stock Forecast page.

Turtle Beach Adopts Stockholder Rights Plan to Prevent Takeovers

On June 9, 2025, Turtle Beach Corporation announced the adoption of a limited duration stockholder rights plan, effective June 23, 2025, to protect against hostile takeovers. The plan allows stockholders to purchase additional shares at a discount if a person or group acquires 10% or more of the company’s stock without board approval, thereby discouraging unsolicited acquisition attempts.

The most recent analyst rating on (TBCH) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Turtle Beach stock, see the TBCH Stock Forecast page.

Turtle Beach Approves Stock Plan Amendment at Annual Meeting

On June 3, 2025, Turtle Beach Corporation held its Annual Meeting of Stockholders via webcast, where an amendment to the 2023 Stock-Based Incentive Compensation Plan was approved, increasing the available shares by 1,510,000. Additionally, stockholders voted on various matters including the election of eight board members, the ratification of Ernst & Young LLP as the independent auditor for 2025, and advisory votes on executive compensation and its future frequency.

The most recent analyst rating on (TBCH) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on Turtle Beach stock, see the TBCH Stock Forecast page.