Stock

Turtle Beach Corporation

TBCH

Consumer Electronics · Technology

Also trades as: 0ZNF.L GBP 0.16 (-4.16%)

Price

$16.43

+0.16 (+0.98%)

Market Cap

$294.3M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

6/30

Growth

Weak

2/20

Cash Flow

Weak

2/10

Stability

Mixed

3/10

Valuation

Data not available

0/10

Ownership

Good

10/15

Dividends

Not counted

n/a

23 of 95 counted points = Winston Score 24. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+12.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 18.3M (2021) → 20.5M (2025)

§Winston Score History

The full picture

Turtle Beach makes gaming headsets and accessories for video game players. Its main products are wired and wireless headsets designed for consoles like PlayStation and Xbox, as well as PC gaming. The company also sells gaming keyboards, mice, and controllers under the ROCCAT brand, which it acquired to expand beyond headsets. Turtle Beach is one of the largest gaming headset brands in North America.

The company earns money by selling hardware through retail stores like Best Buy and Walmart, as well as online channels. Most of its revenue comes from North America and Europe. Its competitive position relies on brand recognition among console gamers and a broad product lineup at multiple price points, but it faces constant pressure from larger electronics companies like Sony and Logitech. The key risk is that the gaming accessories market is crowded and sensitive to console upgrade cycles, which can cause sharp swings in demand from year to year.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-171.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$17M/ year

→ Flat (-2% vs prior year)

5.3% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

40.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$20M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Turtle Beach Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

38.8%

Modest — 38.8% gross margin

Profit after running costs

Operating Margin

-5.4%

Losing money on operations — -5.4%

Return on the money invested

ROCE

6.0%

Weak — 6.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-17.5%

Shrinking sales (-17.5% YoY)

Profit growth

EPS YoY

-118.3%

Earnings shrinking (-118.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

10.8%

Modest free cash flow (10.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.00

Moderate — manageable debt (1.00)

Covers its interest

Interest Cover

0.91x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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