Turtle Beach
TBCH on Nasdaq. Communications equipment, nec. Market value $248m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $13.33 of spare cash in the past 12 months. A savings account pays about $4.
You pay 32.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 49 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$13.51 a share, 37% above its 1-year low
Over the past year the price has ranged from $9.84 to $17.39.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $366m | $240m | $258m | $373m | $320m |
| Operating margin | |||||
| Operating margin | 5.6% | -21.4% | -6.4% | 5.4% | 8.6% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 0.42 | 0.43 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.43× equity
- Revenue growth, five yearsShrinking, 2.3% a year
- Buying back its own sharesNo, 8% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $56 million last quarter, down 1% on a year ago.
- A loss of $7 million, compared with a loss of $3 million a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, down from 9 cents a year earlier.
- Spare cash over the past 12 months: $32 million, up from $25 million.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $61 million more than cash, up from $33 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $94m |
| December 2024 | $146m |
| March 2025 | $64m |
| June 2025 | $57m |
| September 2025 | $80m |
| December 2025 | $119m |
| March 2026 | $42m |
| June 2026 | $56m |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $20m |
| March 2025 | -$664,000 |
| June 2025 | -$3m |
| September 2025 | $2m |
| December 2025 | $18m |
| March 2026 | -$15m |
| June 2026 | -$7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 111 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $4m | <0.1% | Cut |
Largest holders overall
- Windward Management LP$20m
- Garnet Equity Capital Holdings$19m
- BlackRock$15m
- Morgan Stanley$15m
- Shay Capital$10mAdded
- Vanguard Capital Management$8mCut
- Dimensional Fund Advisors LP$7mAdded
- Goldman Sachs Group$6mCut
- Ameriprise Financial$6mNew
- Geode Capital Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Kevin MaPassive investor10.4%Since 21 August 2025
- Windward Management LLCPassive investorat least 8.4%+2.9 pts(filed with 2 related holders)Since 31 March 2025
- Garnet Equity Capital Holdings, Inc.Passive investorat least 8.2%−0.5 pts(filed with 4 related holders)Since 30 June 2025
- 22NW, LPPassive investorat least 7.3%(filed with 4 related holders)Since 27 August 2026
- ALBERT RABILPassive investor6.2%−1.0 ptsSince 4 August 2026
- Morgan StanleyPassive investorat least 5.9%(filed with 1 related holder)Since 31 March 2026
- Hoak J. Haleat least 4.6%−0.5 pts(filed with 7 related holders)Since 7 August 2026
- DC VGA LLCPassive investorat least 3.8%−6.1 pts(filed with 5 related holders)Since 25 August 2026
- AWM Investment Company, Inc.Passive investorSold down below 5%Since 31 January 2025
- Dorothy T. HoakSold down below 5%Since 23 February 2026
What they said
The Reporting Persons purchased the Common Stock based on the belief that such securities, at current market prices, are significantly undervalued and represent an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities, and…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Kevin Ma Passive investor | 10.4% | 21 August 2025 | |
Windward Management LLC Passive investor | at least 8.4%+2.9 pts (filed with 2 related holders) | 31 March 2025 | |
Garnet Equity Capital Holdings, Inc. Passive investor | at least 8.2%−0.5 pts (filed with 4 related holders) | 30 June 2025 | |
22NW, LP Passive investor | at least 7.3% (filed with 4 related holders) | 27 August 2026 | |
ALBERT RABIL Passive investor | 6.2%−1.0 pts | 4 August 2026 | |
Morgan Stanley Passive investor | at least 5.9% (filed with 1 related holder) | 31 March 2026 | |
Hoak J. Hale | at least 4.6%−0.5 pts (filed with 7 related holders) | 7 August 2026 | |
DC VGA LLC Passive investor | at least 3.8%−6.1 pts (filed with 5 related holders) | 25 August 2026 | |
AWM Investment Company, Inc. Passive investor | Sold down below 5% | 31 January 2025 | |
Dorothy T. Hoak | Sold down below 5% | 23 February 2026 | What they saidThe Reporting Persons purchased the Common Stock based on the belief that such securities, at current market prices, are significantly undervalued and represent an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities, and… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $348,541.
- Scherping Katherine LeeDirectorSold
- Date
- 29 May 2026
- Shares
- 2,000
- Price
- $13.25
- Value
- $26,500
- Scherping Katherine LeeDirectorSold
- Date
- 27 May 2026
- Shares
- 6,845
- Price
- $13.10
- Value
- $89,653
- Scherping Katherine LeeDirectorSold
- Date
- 23 March 2026
- Shares
- 19,902
- Price
- $11.62
- Value
- $231,261
- Scherping Katherine LeeDirectorSold
- Date
- 20 March 2026
- Shares
- 98
- Price
- $11.50
- Value
- $1,127
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 May 2026 | Scherping Katherine Lee Director | Sold | 2,000 | $13.25 | $26,500 |
| 27 May 2026 | Scherping Katherine Lee Director | Sold | 6,845 | $13.10 | $89,653 |
| 23 March 2026 | Scherping Katherine Lee Director | Sold | 19,902 | $11.62 | $231,261 |
| 20 March 2026 | Scherping Katherine Lee Director | Sold | 98 | $11.50 | $1,127 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 2.3% a year.
- It isn't cheap on profits: 32.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.