APPSDigital Turbine, Inc.

Patent Owners & Lessors

Revenue: $565M; 15% YoY
Operating margin: 6.0%; 155% YoY
EBITDA: $105M; 266% YoY
Market cap: $1.1B
Employees: 620; $912K revenue each
Net debt / EBITDA: 2.9×; $310M net debt
AI in 10-K: 10.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentYes
59% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$912K · 55th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.7 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$748M	$666M	$544M	$491M	$565M	15%
Operating income	$92M	$46M	−$374M	−$54M	$34M	163%
Net income	$36M	$17M	−$420M	−$92M	−$38M	59%
Operating cash flow	$85M	$113M	$29M	$12M	$42M	252%
Capex	—	—	$24M	$27M	$31M	11%
Stock-based comp	$19M	$30M	$34M	$34M	$16M	51%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2K · 1
Net: −$2K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$5M	$3M	4	27
FY2025	$2M	$3M	3	39
FY2024	$8M	−$2M	3	47
FY2023	$8M	−$4M	15	47
FY2022	$8M	−$6M	55	60