stockrowTurtle Beach Corporation
TBCH Technology Consumer Electronics
Turtle Beach Corporation’s revenue for fiscal 2025 (year ended December 2025) was $319.9 million, down 14.2% from fiscal 2024.
- Revenue
- +5.28%
- EPS
- +166.7%
- Free cash flow
- +53.8%
- Total debt
- −16.4%
Quarter to September 2026, against a year earlier
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Turtle Beach Corporation (TBCH) Altman Z-score
Turtle Beach Corporation's Altman Z-score for fiscal 2025 is 2.59, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.59 | 0.25 |
| FY2024 | 2.34 | (0.05) |
| FY2023 | 2.39 | 1.49 |
| FY2022 | 0.90 | (3.62) |
| FY2021 | 4.52 | (0.27) |
| FY2020 | 4.79 | 2.40 |
| FY2019 | 2.39 | (1.68) |
| FY2018 | 4.08 | 4.49 |
| FY2017 | −0.42 | 2.34 |
| FY2016 | −2.75 | (2.25) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.38 | |
| Retained earnings / total assets | (0.38) | — | −0.53 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 2.02 | — | 1.21 | |
| Sales / total assets | 1.19 | — | 1.19 | |
| Altman Z-score | Grey zone | 2.59 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.51 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FXHO UTime Limited compare | 18.2× |
| AXIL AXIL Brands, Inc. compare | 8.8× |
| KOSS Koss Corporation compare | 5.1× |
| SONO Sonos, Inc. compare | 4.0× |
| UEIC Universal Electronics Inc. compare | 2.8× |
| TBCH Turtle Beach Corporation | 2.6× |
| LPL LG Display Co., Ltd. compare | 1.1× |
| GPRO GoPro, Inc. compare | −1.3× |
| VUZI Vuzix Corporation compare | −4.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets