Digital Turbine, Inc. (APPS) Stock

Digital Turbine, Inc. (APPS) is a Financials stock trading at $10.66 (as of 2026-09-18), with a market capitalization of $1.29B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Digital Turbine, Inc., through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers, and device original equipment manufacturers (OEMs). The company operates through three segments: On Device Media, In App Media – AdColony, and In App Media – Fyber. Its application media platform delivers mobile applications to various publishers, carriers, OEMs, and devices; and content media platform offers news, weather, sports, and other content, as well as programmatic advertising, and sponsored and editorial content media. The company also provides an end-to-end platform for brands, agencies, publishers, and application developers to deliver advertising to consumers on mobile devices; and a platform that allows mobile application developers and digital publishers to monetize their content through display, native, and video advertising. It operates in the United States, Canada, Europe, the Middle East, Africa, the Asia Pacific, China, Mexico, Central America, and South America. The company is headquartered in Austin, Texas.

Understand Digital Turbine, Inc.: how it makes money

Digital Turbine runs a mobile advertising and app-distribution platform, monetizing brand ad spend at the moment consumers download or open apps on their phones. Revenue comes from per-install and per-impression fees paid by advertisers and routed through carriers, OEMs, and publisher channels, so the top line tracks both device volumes and ad budgets.

The structural truth: Digital Turbine is a pass-through middleman in mobile ad and app distribution, earning a margin on other companies' ad budgets rather than on proprietary content or recurring subscriptions.

Revenue by segment (latest quarter)
On-Device Solutions$0.1B
In App Media$0.1B

Business quality (Weak): Weak: a 14% operating margin on a cyclical ad-spend base, negative return on equity, and high leverage leave little cushion for a demand miss.

Bull case

  • International volumes and ARPU rising: Management noted on the Q1 FY27 call that international On-Device Solutions growth came from both higher device volumes and higher revenue per device, meaning the expansion is not purely a volume play.
  • AI lifting monetization per impression: The same call highlighted that AI-driven targeting and data capabilities are improving advertiser outcomes, which should allow Digital Turbine to charge more per impression over time without needing additional volume.
  • Gross margin funds operating leverage: A 57% gross margin (10-Q) on $200M quarterly revenue means each incremental dollar of ad spend drops heavily to the operating line, so even modest top-line growth at 12% year-over-year should ratchet the 14% operating margin higher.

Bear case

  • Balance sheet still highly leveraged: The Q1 FY27 call acknowledged that the company remains highly leveraged despite recent improvement, leaving limited financial headroom if ad spend softens or a restructuring cost hits.
  • Device-cycle exposure caps upside: Management flagged that global device volumes remain exposed to supply-chain and component-price pressures. With On-Device Solutions representing $100M of the $200M quarterly bill, a device-shipping slowdown directly cuts the largest revenue line.
  • Thin operating margin, no cushion: Operating margin sits at just 14% on $200M quarterly revenue (10-Q), yielding roughly $28M of operating income. A 10% revenue miss at current cost structure would erase over a third of that profit.
Valuation — source: SEC EDGAR (first-party)
Price$10.66
Market Cap$1.29B
EV / EBITDA12.0
Price / Book6.77
Price / Sales2.15
FCF Yield0.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$565.25M
Net Margin-6.7%
Return on Equity-18.3%
Debt / Equity1.85
Current Ratio1.20
Revenue Growth (YoY)26.8%
EPS Growth (YoY)-30.8%
FCF Growth (YoY)853.9%
Financial Health — source: SEC EDGAR
Altman Z-Score0.77 (distress)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Sector P/E (Financials)13.5
Industry P/E (Trading)26.6
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($120.66M)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorFinancials
IndustryTrading
CEOWilliam Gordon Stone
Employees754
CountryUS
IPO Date2006-07-06

Digital Turbine, Inc. earnings call transcripts

  • APPS Q1 FY27 earnings call transcript (reported 2026-08-04) · analysis
  • APPS Q4 FY26 earnings call transcript (reported 2026-05-26) · analysis

All APPS earnings calls

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APPS earnings history · APPS institutional & insider holders · APPS KPIs & operating metrics · APPS financials · APPS filings, presentations & press releases · APPS investor presentations & press releases · APPS SEC filings · APPS peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.