Digital Turbine
APPSNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $7.25 Prior regular-session close from the quote source.
- $7.31–$7.86 Regular-session low and high so far today.
- 7.3M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $2.74–$15.34 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own APPS if Digital Turbine is a leveraged mobile-ad turnaround whose value depends on proving that its carrier/OEM on-device distribution still gives advertisers and publishers a profitable independent channel.
APPS price history
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Investment thesis
What must happen next
Carrier and OEM integrations remain differentiated enough that advertisers continue routing mobile user-acquisition and monetization budgets through Digital Turbine rather than only through larger closed platforms.HoldingMateriality: High
Digital Turbine describes itself as a leading independent mobile growth platform for advertisers, publishers, carriers, and device OEMs. If this holds, revenue recovery is evidence of a real channel advantage; if it breaks, Digital Turbine becomes a commoditized ad-tech reseller.
Watch: Google changes Android rules in a way that limits preloads, app recommendations, or on-device discovery economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Digital Turbine describes itself as a leading independent mobile growth platform for advertisers, publishers, carriers, and device OEMs.
Open source ↗Digital Turbine’s marketplace quality and on-device supply remain valuable enough that partner revenue shares and advertiser pricing do not compress the company’s gross economics.StrengtheningMateriality: High
GAAP annual gross profit increased from $255.2 million in FY2025 to $321.6 million in FY2026. Revenue growth only creates owner value if Digital Turbine keeps enough of the transaction economics after paying supply partners and traffic costs.
Watch: OEMs or carriers demand materially higher revenue shares to keep Digital Turbine placements.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit increased from $255.2 million in FY2025 to $321.6 million in FY2026.
Open source ↗The post-downturn cost base is low enough that incremental gross profit can flow through to operating income rather than being absorbed by sales, product, integration, or compliance spending.StrengtheningMateriality: Medium
GAAP annual operating income improved from a $54.1 million loss in FY2025 to $34.0 million of income in FY2026. This determines whether Digital Turbine is merely stabilizing revenue or rebuilding a profitable software/ad-tech platform.
Watch: Management must materially increase engineering, data science, or sales spending to defend the platform against larger ad-tech competitors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income improved from a $54.1 million loss in FY2025 to $34.0 million of income in FY2026.
Open source ↗The business remains cash-generative enough to fund platform investment and balance-sheet needs without depending on external capital.HoldingMateriality: Medium
GAAP annual operating cash flow increased from $11.9 million in FY2025 to $41.8 million in FY2026. A turnaround with cash generation can compound per-share value; one that needs financing risks dilution or creditor-driven outcomes.
Watch: Advertisers or agencies slow payments, creating working-capital pressure before revenue weakness is visible.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $11.9 million in FY2025 to $41.8 million in FY2026.
Open source ↗Management prioritizes balance-sheet repair and disciplined investment over debt-funded acquisitions or uneconomic growth, preserving the upside from the operating recovery.HoldingMateriality: Medium
Total liabilities declined from $658.9 million at March 31, 2025 to $641.3 million at March 31, 2026. Per-share value depends not just on recovery, but on who captures it: shareholders or creditors/new capital providers.
Watch: Management announces a debt-funded acquisition before the core platform demonstrates durable profitability.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities declined from $658.9 million at March 31, 2025 to $641.3 million at March 31, 2026.
Open source ↗
Full investment case & evidence
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Original research
Carrier and OEM integrations remain differentiated enough that advertisers continue routing mobile user-acquisition and monetization budgets through Digital Turbine rather than only through larger closed platforms. If this holds, revenue recovery is evidence of a real channel advantage; if it breaks, Digital Turbine becomes a commoditized ad-tech reseller.
Digital Turbine’s marketplace quality and on-device supply remain valuable enough that partner revenue shares and advertiser pricing do not compress the company’s gross economics. Revenue growth only creates owner value if Digital Turbine keeps enough of the transaction economics after paying supply partners and traffic costs.
The post-downturn cost base is low enough that incremental gross profit can flow through to operating income rather than being absorbed by sales, product, integration, or compliance spending. This determines whether Digital Turbine is merely stabilizing revenue or rebuilding a profitable software/ad-tech platform.
The business remains cash-generative enough to fund platform investment and balance-sheet needs without depending on external capital. A turnaround with cash generation can compound per-share value; one that needs financing risks dilution or creditor-driven outcomes.
Management prioritizes balance-sheet repair and disciplined investment over debt-funded acquisitions or uneconomic growth, preserving the upside from the operating recovery. Per-share value depends not just on recovery, but on who captures it: shareholders or creditors/new capital providers.
All standing thesis claims
Original report summary
Digital Turbine is a leveraged mobile-ad turnaround whose value depends on proving that its carrier/OEM on-device distribution still gives advertisers and publishers a profitable independent channel.
Bull case and bear case
Bull case and bear case for Digital Turbine
Where the evidence on Digital Turbine stands: Holding on the latest evidence (Oct 19, 2026). Of its 5 thesis points, 2 strengthening and 3 holding.
Bull case: what the evidence supports
Carrier and OEM integrations remain differentiated enough that advertisers continue routing mobile user-acquisition and monetization budgets through Digital Turbine rather than only through larger closed platforms.
Digital Turbine’s marketplace quality and on-device supply remain valuable enough that partner revenue shares and advertiser pricing do not compress the company’s gross economics.
The post-downturn cost base is low enough that incremental gross profit can flow through to operating income rather than being absorbed by sales, product, integration, or compliance spending.
The business remains cash-generative enough to fund platform investment and balance-sheet needs without depending on external capital.
Management prioritizes balance-sheet repair and disciplined investment over debt-funded acquisitions or uneconomic growth, preserving the upside from the operating recovery.
Bear case: what would count against it
Google changes Android rules in a way that limits preloads, app recommendations, or on-device discovery economics.
OEMs or carriers demand materially higher revenue shares to keep Digital Turbine placements.
Management must materially increase engineering, data science, or sales spending to defend the platform against larger ad-tech competitors.
Thesis-Break Engine
Thesis-break watch · Digital Turbine
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedOther material event.
Digital Turbine filed an SEC 8-K on 2026-10-01: Other material event. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Digital Turbine filed an SEC 8-K on 2026-09-24: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Digital Turbine filed an SEC 8-K on 2026-09-08: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Google changes Android rules in a way that limits preloads, app recommendations, or on-device discovery economics.
- OEMs or carriers demand materially higher revenue shares to keep Digital Turbine placements.
- Management must materially increase engineering, data science, or sales spending to defend the platform against larger ad-tech competitors.
- Advertisers or agencies slow payments, creating working-capital pressure before revenue weakness is visible.
- Management announces a debt-funded acquisition before the core platform demonstrates durable profitability.
APPS news
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Financial statements
APPS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.