TBCHTurtle Beach Corp

Communications Equipment, NEC

Revenue: $320M; 14% YoY
Operating margin: 8.6%; 60% YoY
EBITDA: $32M; 31% YoY
Market cap: $287M
Employees: 290; $1M revenue each
Net debt / EBITDA: 1.1×; $34M net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
225% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 81st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 38th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$287M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$366M	$240M	$258M	$373M	$320M	14%
Operating income	$20M	−$51M	−$16M	$20M	$28M	37%
Net income	$18M	−$60M	−$18M	$16M	$16M	2.8%
Operating cash flow	−$327K	−$42M	$27M	$6M	$35M	515%
Capex	$6M	$4M	$2M	$5M	$1M	71%
Stock-based comp	$8M	$8M	$12M	$6M	$6M	0.1%
Buybacks	$5M	—	$974K	$28M	$19M	32%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 3, 2013	DEFM14A	VTB Holdings, Inc.	$12.39	0%
Nov 4, 2013	PREM14A	VTB Holdings, Inc.	$17.69	0%

13D filers

Filed	Filer	Form	Stake	Intent
Aug 27, 2026	DC VGA LLC	SCHEDULE 13D/A	15.0%	Active
Aug 12, 2026	DC VGA LLC	SCHEDULE 13D/A	39.8%	Passive
Aug 11, 2026	Hoak Public Equities, LP	SCHEDULE 13D/A	4.1%	Passive
Feb 24, 2026	Hoak Public Equities, LP	SCHEDULE 13D	4.7%	Passive
Aug 22, 2025	DC VGA LLC	SCHEDULE 13D/A	10.4%	Passive
Mar 21, 2024	DC VGA LLC	SC 13D	19.6%	Passive
May 16, 2023	Stark Juergen M.	SC 13D/A	4.3%	Passive
May 9, 2023	TORO 18 HOLDINGS LLC	SC 13D/A	5.0%	Passive
May 8, 2023	Stark Juergen M.	SC 13D	5.2%	Passive
May 8, 2023	TORO 18 HOLDINGS LLC	SC 13D/A	8.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 8
Net: −$4M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	65	83
FY2024	—	—	183	108
FY2023	—	—	116	116
FY2022	—	—	76	99
FY2021	—	—	236	143