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Mobile app distribution and monetization platform pre-installing apps on Android phones for carriers and OEMs.
Mobile app distribution and monetization platform pre-installing apps on Android phones for carriers and OEMs.
Advertisers and app developers pay for each install or ad impression delivered to a phone, and Digital Turbine shares part of that with the carrier or phone maker that gave it the placement on the device. It expanded into ad exchanges by buying AdColony and Fyber.
Moat: narrow (distribution, installed base). Exclusive carrier/OEM placement agreements are hard for rivals to replicate at scale.
Headquarters: Austin, Texas, US · Founded: 1998 · Employees: 620
Size Digital Turbine (APPS) is a United States Information Technology company (Packaged Software) with a market value of $1.26B, the 2106th largest of 3,117 United States companies the cockpit tracks. Shares closed at $10.38 on 6 Nov 2026.
Performance Over six months the shares gained 200.0%, against +13.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue grew 19.2% over the last twelve months (peer median +13.3%); the operating margin is 10.3% (peer median 7.5%).
Valuation It trades at 14.7× forward earnings against a peer median of 19.7× (5th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.0 points below its cost of capital (16.7% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $600M | $565M | $491M | $544M | $666M |
| Revenue growth | — | +15% | -10% | -18% | — |
| Gross profit | $230M | $203M | $138M | $168M | $245M |
| EBITDA | $127M | $106M | $35.0M | $46.1M | $133M |
| Net income | -$35.0M | -$37.7M | -$92.1M | -$420M | $16.7M |
| Free cash flow | $30.5M | $11.2M | -$15.6M | $4.40M | $89.5M |
| Capital expenditure | $29.7M | $30.6M | $27.5M | $24.3M | $23.9M |
| Total debt | $356M | $369M | $418M | $390M | $421M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Digital Turbine APPS | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% |
| AppLovin APP | $131B | -16% | +29% | 78% | 20.0× | 28.2% |
| Unity Software U | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APPS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.7% | -3.3% | 11th highest of 21 |
| 6-month return | +200.0% | +13.8% | highest of 19 |
| Distance from 52-week high | -23.7% | -28.4% | 10th highest of 21 |
| Revenue growth (TTM) | +19.2% | +13.3% | 9th highest of 21 |
| Operating margin | 10.3% | 7.5% | 7th highest of 21 |
| Forward P/E | 14.7× | 19.7× | 5th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 33.1% | 13.5% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +12.5% | +17.6% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +20.6 pp | -10.6 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -7.0 pp | -0.9 pp | 9th lowest of 21 |
| EV / EBITDA | 12.4× | 12.1× | 7th cheapest of 13 |
| Net debt / EBITDA | 2.5× | -0.9× | 3rd most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Digital Turbine APPS | United States | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% | +12.5% |
| Fengzhushou 301382.SZ | China | $1.28B | -32% | +28% | 8% | n/a | n/a | n/a |
| Datang Telecom Technology 600198.SS | China | $1.25B | -24% | -11% | -30% | n/a | n/a | n/a |
| Corsair Gaming CRSR | United States | $1.28B | +63% | +3% | 3% | 16.1× | 24.3% | -2.9% |
| Shenzhen HQVT Technology 1392.HK | Hong Kong | $1.28B | n/a | +28% | 5% | n/a | n/a | n/a |
| Infomart 2492.T | Japan | $1.24B | +70% | +11% | 19% | 65.9× | 14.5% | +16.5% |
| PagerDuty PD | United States | $1.23B | +115% | +2% | 7% | 11.1× | 12.8% | +18.2% |
| Genimous Technology 000676.SZ | China | $1.30B | -7% | +3% | 6% | n/a | 14.1% | -17.5% |
| CHAPTERS CHG.DE | Germany | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% | +178.6% |
| Cyient CYIENT.NS | India | $1.23B | +24% | +10% | 9% | 20.2× | 20.3% | +12.0% |
| Richinfo Technology 300634.SZ | China | $1.30B | -15% | -11% | 10% | 31.2× | 20.8% | +19.9% |
| InnovAge INNV | United States | $1.22B | +18% | +15% | 8% | 19.8× | -6.7% | +9.2% |
| Bandwidth BAND | United States | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% | +17.0% |
| Vitec Software VIT-B.ST | Sweden | $1.22B | +18% | +6% | 21% | 24.0× | 3.8% | +22.6% |
| Modern Times Group MTG MTG-A.ST | Sweden | $1.22B | +16% | +42% | 11% | 6.6× | -8.4% | +23.7% |
| Opera Limited Sponsored ADR OPRA | United States | $1.31B | -21% | +23% | 16% | 11.9× | 4.5% | +30.1% |
| NSD 9759.T | Japan | $1.32B | +12% | +10% | 16% | 16.6× | -10.9% | +12.2% |
| Amagi Media Labs AMAGI.NS | India | $1.32B | +30% | +30% | 3% | 60.2× | n/a | n/a |
| Transwarp Technology (Shanghai) 6727.HK | Hong Kong | $1.33B | n/a | +32% | -50% | n/a | n/a | n/a |
| SHIFT UP 462870.KS | South Korea | $1.33B | -4% | -12% | 56% | 13.3× | -12.9% | +59.7% |
| WeRide 0800.HK | Hong Kong | $1.33B | -47% | +109% | -221% | n/a | n/a | n/a |