Digital Turbine, Inc. APPS

Information TechnologySoftware & IT ServicesUnited States of America

Last close 8.87 USD on Nov 1, 2026, +77.4% year to date

Quant rating

Quant rating C Rank 234 of 389 in Information Technology

Growth C 262 of 389
Valuation C 161 of 389
Quality C 166 of 389
Revisions D 326 of 389
Momentum B 86 of 389

Wall Street consensus Buy (2.00)Average target 17.00 USD +91.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 1.4B
52-week range: 2.75 – 15.34
3-year range: 1.21 – 15.34
Dividend yield: –
Beta (5 years): 3.02
Shares outstanding: 122M
Next earnings: Nov 2, 2026

About the company

Digital Turbine, Inc., through its subsidiaries, operates an independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers (OEMs). The Company operates through two segments: On Device Solutions (ODS) and App Growth Platform (AGP). The ODS segment consists of products and services that simplify the discovery and delivery of mobile apps and content media for device end-users. The AGP segment consists of Advertising Solutions and Ad Monetization Solutions. The Company offers end-to-end products and solutions leveraging proprietary technology to all participants in the mobile application ecosystem, enabling brand discovery and advertising, user acquisition and engagement, and operational efficiency for advertisers. In addition, the Company’s products and solutions provide monetization opportunities for OEMs, carriers, and app publishers and developers.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	565	491	544	666	748	–
Revenue growth	15.2%	−9.9%	−18.2%	−10.9%	138.4%	12.5%
EPS (basic, normalized)	0.56	0.35	0.58	1.15	1.66	–
EPS growth	60.0%	−39.7%	−49.6%	−30.7%	–	–
Gross margin	48.6%	45.0%	45.4%	48.1%	46.4%	46.7%
Net margin	−6.7%	−18.8%	−77.2%	2.5%	4.8%	−19.1%
ROE	−21.8%	−50.1%	−102.6%	3.0%	10.8%	−32.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	43.2
Current ratio	1.20x
Long-term debt (mil)	343
Net debt (mil)	310
Total equity (mil)	191
Net debt / equity	1.63x
Net debt / EBITDA	2.53x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	565	+15.2%	2.5x	122	+76.3%	11.3x	0.56	+60.0%	15.8x
2027	665	+17.7%	2.1x	152	+24.4%	9.1x	0.71	+26.8%	12.5x
2028	744	+11.8%	1.9x	183	+20.0%	7.6x	0.94	+32.9%	9.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	665	+0.2%	+3.6%	+7.5%	0.71	−2.1%	−3.2%	+13.6%
2028	744	+0.7%	+4.4%	–	0.94	−0.7%	−4.2%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	112	118	119	135	119	131	140	151	143	166
Sales mean (mil)	118	116	126	124	117	122	128	146	133	150
Surprise	−4.6%	+1.7%	−5.7%	+8.9%	+2.2%	+7.4%	+10.0%	+3.9%	+7.0%	+10.7%
EPS reported	0.12	0.07	0.05	0.13	0.10	0.05	0.15	0.18	0.16	0.19
EPS mean	0.07	0.04	0.06	−0.01	0.04	0.08	0.05	0.12	0.09	0.14
Surprise	+82.4%	+75.0%	−10.7%	−1,075.2%	+150.0%	−37.5%	+200.0%	+56.5%	+88.2%	+35.7%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
APPS Digital Turbine, Inc.	1.1B	2.53x	−6.7%	5.63x	12.5x	9.4x	9.1x	7.6x
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
ORCL Oracle Corporation	396.1B	2.81x	26.6%	5.92x	16.0x	11.9x	9.4x	6.6x
IBM International Business Machines Corp	243.7B	2.78x	17.4%	6.86x	20.8x	19.4x	14.6x	13.7x
CRM Salesforce, Inc.	188.6B	1.57x	18.0%	4.91x	13.7x	14.3x	11.1x	10.3x
MSTR Strategy Inc	55.8B	−2.56x	−886.3%	0.80x	−4.7x	11.1x	−6.6x	9.8x
Mean		1.19x	−132.3%	4.98x	13.3x	14.1x	8.2x	9.5x
Median		2.05x	17.7%	5.70x	14.9x	13.1x	10.3x	9.3x

Technical analysis

1M−20.9%
3M+4.8%
1Y+37.9%
3Y+86.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Digital Turbine, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	565	491	544	666	748	314
Cost of revenue	291	270	297	346	400	181
Gross profit	275	221	247	320	347	133
Selling, general & administrative expenses	128	153	151	140	126	48.5
Research & development	40.3	39.5	54.2	56.5	52.7	20.1
Depreciation/amortization	71.5	82.7	79.8	74.8	53.0	4.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	10.4	0	337	2.3	22.9	0.5
Other operating expenses	0	0	0	0	0	0
Operating income	24.2	−54.1	−374	46.2	92.2	58.8
Net interest income (expense)	−53.5	−33.5	−30.7	−24.4	−6.4	−1.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.0	−0.3	0	0.2	−41.8	−15.9
Net income before taxes	−31.3	−87.9	−405	22.0	44.0	41.9
Provision for taxes	6.4	4.2	15.3	5.1	8.4	−13.0
Minority interest	–	0	0.2	−0.2	0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−37.7	−92.1	−420	16.7	35.5	54.9
Extraordinary items	–	–	–	–	0	0
Net income	−37.7	−92.1	−420	16.7	35.5	54.9
EBIT, normalized	34.7	−47.9	−25.2	53.2	141	59.2
EBITDA, normalized	106	35.0	58.6	134	199	66.3
Basic EPS, normalized	0.56	0.35	0.58	1.15	1.66	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Digital Turbine, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	38.0	40.1	33.6	75.1	127	30.8
Receivables	256	190	191	178	263	62.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	6.1	6.9	7.7	12.3	20.6	4.3
Other current assets	12.1	5.7	10.0	0.5	0.4	0.3
Total current assets	312	243	242	266	411	97.4
Property, plant & equipment	56.9	56.9	54.9	49.4	46.5	16.5
Goodwill	223	222	220	562	560	80.2
Intangibles	217	258	314	380	441	53.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	32.4	33.7	34.7	9.9	0.7	13.0
Total assets	842	813	866	1,267	1,459	260
Liabilities
Accounts payable	133	140	159	119	168	35.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	122	57.0	55.0	84.2	128	57.5
Short-term debt	0	0	0	0	12.5	14.6
Current portion of long-term debt	7.0	–	–	–	–	–
Other current liabilities	6.4	25.6	21.9	17.4	76.4	4.1
Total current liabilities	268	223	236	221	385	111
Long-term debt	354	409	383	411	521	0
Minority interest	–	–	0	2.1	1.6	–
Other liabilities	27.3	27.7	32.1	27.9	36.2	4.1
Total liabilities	649	659	652	661	944	115
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	969	893	858	822	746	373
Retained earnings (accumulated deficit)	−725	−687	−595	−175	−192	−227
Treasury stock	−0.1	−0.1	−0.1	−0.1	−0.1	−0.1
Other equity	−51.7	−51.2	−48.9	−41.8	−39.2	−0.8
Total equity	192	154	214	605	515	145
Total liabilities & shareholders' equity	842	813	866	1,267	1,459	260

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Digital Turbine, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−37.7	−92.1	−420	16.9	35.6	54.9
Depreciation, depletion & amortization	71.5	82.9	83.9	81.1	57.5	7.1
Deferred taxes	−0.7	−4.1	6.9	−6.0	−4.0	−13.0
Non-cash items	39.0	40.3	373	33.5	60.1	6.2
Changes in working capital	−30.3	−15.2	−14.9	−12.1	−64.4	7.5
Cash from operations	41.8	11.9	28.7	113	84.7	62.8
Investing activities
Capital expenditures	−30.6	−27.5	−24.3	−23.9	−23.3	−9.2
Other investing cash flows	0	0	−19.6	−11.2	−149	−28.6
Cash from investing	−30.6	−27.5	−43.8	−35.1	−172	−37.8
Financing activities
Financing cash flow items	−22.7	−2.1	−5.0	−6.8	−315	−17.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	11.8	25.4	−24.3	−121	501	2.2
Cash from financing	−10.9	23.3	−29.3	−128	185	−15.2
Foreign exchange effects	−2.4	−1.2	2.5	−1.6	−1.9	−0.3
Net change in cash	−2.1	6.5	−42.0	−51.6	96.0	9.5
Free cash flow	11.2	−15.6	4.4	89.5	61.5	53.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.