Latest Ratios: P/E Ratio -31.5x · EV/EBITDA N/A · ROE -21.8%. (2004–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $325M | $282M | $265M | $1.3B | $4.5B | $8.2B | $386M | $271M | $141M | $63M |
| Enterprise Value | $1.6B | $656M | $660M | $621M | $1.6B | $4.9B | $8.2B | $385M | $260M | $138M | $69M |
| P/E Ratio → | -31.47 | — | — | — | 77.25 | 125.17 | 229.60 | 26.94 | — | — | — |
| P/S Ratio | 2.22 | 0.58 | 0.58 | 0.49 | 1.89 | 6.01 | 11.03 | 2.78 | 2.62 | 1.89 | 0.68 |
| P/B Ratio | 6.10 | 1.69 | 1.83 | 1.24 | 2.07 | 8.71 | 56.84 | 4.98 | 7.45 | 5.10 | 1.01 |
| P/FCF | 112.02 | 29.07 | — | — | 286.14 | 50.23 | 153.91 | 14.55 | — | 28.39 | — |
| P/OCF | 29.97 | 7.78 | 23.75 | 22.27 | 43.88 | 39.66 | 131.35 | 12.30 | 213.59 | 20.27 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.16 | 1.35 | 1.14 | 2.41 | 6.56 | 11.01 | 2.78 | 2.51 | 1.85 | 0.75 |
| EV / EBITDA | — | — | 22.90 | — | 12.61 | 32.78 | 55.00 | 24.78 | 41.86 | — | — |
| EV / EBIT | 46.53 | — | — | — | 34.74 | 53.20 | 89.26 | 29.17 | 75.47 | — | — |
| EV / FCF | — | 58.66 | — | — | 364.70 | 54.82 | 153.63 | 14.53 | — | 27.78 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.6% | 48.6% | 45.0% | 45.4% | 48.1% | 46.4% | 46.4% | 38.7% | 34.3% | 33.5% | 14.6% |
| Operating Margin | 6.0% | 6.0% | -11.0% | -68.8% | 6.9% | 12.3% | 12.3% | 9.5% | 3.3% | -7.8% | -24.1% |
| Net Profit Margin | -6.7% | -6.7% | -18.8% | -77.2% | 2.5% | 4.8% | 4.8% | 10.0% | -5.8% | -70.7% | -26.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.8% | -21.8% | -50.1% | -102.3% | 3.0% | 10.7% | 31.9% | 24.4% | -18.8% | -117.8% | -33.6% |
| ROA | -4.6% | -4.6% | -11.0% | -39.4% | 1.2% | 4.1% | 16.0% | 10.4% | -7.1% | -54.4% | -21.1% |
| ROIC | 4.8% | 4.8% | -7.4% | -36.9% | 3.7% | 13.1% | 66.9% | 19.4% | 10.4% | -9.4% | -22.0% |
| ROCE | 5.9% | 5.9% | -8.9% | -44.7% | 4.4% | 15.1% | 73.7% | 18.1% | 8.1% | -9.9% | -27.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.92 | 1.92 | 2.72 | 1.82 | 0.69 | 1.04 | 0.11 | 0.27 | — | 0.36 | 0.21 |
| Debt / EBITDA | — | — | 14.50 | — | 3.31 | 3.59 | 0.11 | 1.36 | — | — | — |
| Net Debt / Equity | — | 1.72 | 2.46 | 1.66 | 0.57 | 0.80 | -0.10 | -0.01 | -0.30 | -0.11 | 0.10 |
| Net Debt / EBITDA | — | — | 13.11 | — | 2.72 | 2.74 | -0.10 | -0.04 | -1.78 | — | — |
| Debt / FCF | — | 29.58 | — | — | 78.56 | 4.59 | -0.28 | -0.02 | — | -0.61 | — |
| Interest Coverage | -0.53 | -0.53 | -1.55 | — | — | — | 91.97 | — | 3.08 | -2.81 | -6.34 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.16 | 1.16 | 1.09 | 1.03 | 1.20 | 1.07 | 0.88 | 0.71 | 0.97 | 0.86 | 0.77 |
| Quick Ratio | 1.16 | 1.16 | 1.09 | 1.03 | 1.20 | 1.07 | 0.88 | 0.71 | 0.97 | 0.86 | 0.77 |
| Cash Ratio | 0.14 | 0.14 | 0.18 | 0.14 | 0.34 | 0.33 | 0.28 | 0.26 | 0.29 | 0.28 | 0.21 |
| Asset Turnover | — | 0.67 | 0.60 | 0.63 | 0.53 | 0.51 | 2.87 | 0.75 | 1.25 | 0.86 | 0.85 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 162.23 | 141.43 | 128.05 | 97.67 | 128.47 | 30.26 | 87.19 | 80.02 | 83.25 | 42.51 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 1.3% | 0.8% | 0.4% | 3.7% | — | — | — |
| FCF Yield | 0.9% | 3.4% | — | — | 0.3% | 2.0% | 0.6% | 6.9% | — | 3.5% | — |
| Buyback Yield | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $113M | $104M | $101M | $102M | $103M | $103M | $90M | $77M | $70M | $67M |
Carrier dependency and leverage
Based on reported figures, Digital Turbine's forward P/E of 28.03 suggests investors are pricing in a recovery, yet the negative TTM P/E of -33.55 highlights the significant disconnect between current earnings volatility and the valuation multiples commanded by peers like DoubleVerify or Magnite.
The current valuation appears to hinge on the market's belief in a turnaround rather than historical earnings performance. Investors should monitor whether the forward multiple is justified by organic growth or if it remains a speculative premium on the company's unique carrier-integrated distribution moat.
According to recent financial data, the company's ROIC has struggled to remain positive, oscillating between -2.1% and 3.1% over the last ten quarters, which indicates that the firm is currently failing to generate returns on invested capital that exceed its likely cost of capital.
The inability to consistently compound returns suggests that the capital-intensive acquisitions of AdColony and Fyber have yet to yield the expected operational synergies. This trend warrants further investigation into whether the current asset base can support long-term value creation or if further impairment risks exist.
As reported in quarterly filings, the company's asset turnover remains low at 0.18, while DSO levels fluctuating between 140 and 151 days suggest that the firm faces significant delays in converting its service-based revenue into actual cash, hindering overall operational efficiency compared to industry benchmarks.
The extended collection cycle appears to be a structural byproduct of the carrier-heavy business model, where payment terms are dictated by large telecommunications partners. This inefficiency forces the company to maintain higher working capital levels, which may limit its ability to pivot quickly during market downturns.
Based on the company's reported figures, the debt-to-equity ratio of 1.92 in 2026Q4, combined with inconsistent interest coverage, indicates that the firm's balance sheet remains vulnerable to interest rate volatility and the ongoing need to service debt incurred during its aggressive acquisition phase.
The high leverage relative to the company's volatile operating income suggests that management has limited room for error in its capital allocation strategy. Investors should monitor the debt-to-EBITDA trajectory, as any further deterioration in interest coverage could necessitate costly refinancing or equity dilution.
The P/E ratio is frequently misapplied to Digital Turbine, as it fails to account for the heavy non-cash amortization of intangibles from past acquisitions, which significantly distorts GAAP earnings and obscures the underlying cash-generating potential of the firm's core mobile advertising and distribution platform.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow to better understand the company's operational health. Relying on P/E in this context may lead to an overly pessimistic view of the business's ability to generate value, as it ignores the cash-generative nature of the ODM segment.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying APPS stock.
Digital Turbine, Inc.'s current P/E ratio is -31.5x. The historical average is 76.5x.
Digital Turbine, Inc.'s return on equity (ROE) is -21.8%. The historical average is -69.2%.
Based on historical data, Digital Turbine, Inc. is trading at a P/E of -31.5x. Compare with industry peers and growth rates for a complete picture.
Digital Turbine, Inc. has 48.6% gross margin and 6.0% operating margin.