Digital Turbine

APPS · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

APPS · Last close · November 6, 2026

$10.38

Digital Turbine's revenue rose 15.2% to $565 million in fiscal 2026. Its operating margin was 6.0%, up from −11.0% a year earlier. Free cash flow was $11 million. The diluted share count rose 8.8%.

DIGITAL TURBINE, INC. Latest fiscal year ended March 31, 2026 10-K filed May 26, 2026 · 0001628280-26-038115 Updated November 6, 2026

Revenue

$565M

15.2%

Operating margin

6.0%

17.0 pts

Net income

−$38M

Free cash flow

$11M

Return on capital

5.2%

13.0 pts

Market cap

$1.3B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Digital Turbine does

Digital Turbine runs a mobile advertising and app distribution business. It works with advertisers, app publishers, wireless carriers and phone makers, which the filing calls device original equipment manufacturers. Its technology helps advertisers find and acquire app users and gives carriers, phone makers and app developers a way to earn money from apps and content.

It reports two segments. On Device Solutions delivers apps and content to phone users through partnerships with carriers and phone makers. Application Media places app installs, and Content Media shows news, weather and sports on the phone itself and earns from ads and sponsored stories. App Growth Platform sells advertising solutions to app developers, brands and agencies, and helps app owners earn from ads in their apps.

Digital Turbine uses its own tools, including a demand-side platform, which is software advertisers use to bid for ad space, and a one-touch app install tool called SingleTap. It earns revenue largely from fees tied to installs, ad views and clicks.

Its biggest risks, as it describes them

A history of net losses, with no assurance it will reach or keep profitability.
Revenue concentrated in a limited number of wireless carriers and other customers.
Lower advertising spending, which it cannot control, would cut the revenue it earns.
A highly competitive and fragmented mobile app market.
A shift in technology platforms by carriers and phone makers that could raise its costs.

From Digital Turbine's annual report on Form 10-K, filed May 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2023, earnings per share grew 0.0% a year and net income 6.3% a year, as new shares raised the share count by 14% and diluted each share's earnings. Digital Turbine then lost money in fiscal 2024, 2025 and 2026.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	127	75	33	39	38
Debt incl. finance leases	533	410	384	409	361
Net debt (negative means net cash)	406	335	351	369	323
Net debt to EBITDA	2.7x	2.6x	—	12.8x	3.1x
Debt to equity	1.0x	0.7x	1.8x	2.6x	1.9x
Interest coverage	10.9x	2.0x	−12.1x	−1.6x	0.6x
Current ratio	1.1x	1.2x	1.0x	1.1x	1.2x
Quick ratio	1.1x	1.2x	1.0x	1.1x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Digital Turbine's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Digital Turbine's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Digital Turbine shares on the open market, and 1 insider sold $2,347.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Feb 23, 2026	Joshua KinsellChief Accounting Officer	Sold	578	$4.06	$2,347	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	3 of 9	6 of 9	7 of 9
Rule of 40	−17.4%	−13.1%	17.2%
Altman Z''	−4.76	−2.80	−1.89
Accruals ratio	−42.1%	−12.4%	−9.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 9	6 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Digital Turbine side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Digital Turbine	FY26	15.2%	6.0%	2.0%	5.2%	3.1x	7
Intapp	FY26	14.6%	−6.9%	25.0%	—	—	—	Compare
nCino	FY26	10.0%	0.6%	13.9%	—	—	—	Compare
JFrog	FY25	24.1%	−17.3%	26.8%	—	—	—	Compare
Varonis Systems	FY25	13.2%	−23.5%	21.6%	−29.1%	—	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	40	75	104	139	314	748	666	544	490	565
Revenue growth	80.7%	85.9%	38.5%	33.9%	126.1%	138.4%	−10.9%	−18.2%	−9.9%	15.2%
Gross profit	11	25	36	55	135	377	357	282	255	322
Research and development	9	10	11	12	20	53	56	54	40	40
Operating income	−17	−6	3	13	59	92	46	−374	−54	34
Net income	−24	−53	−6	14	55	36	17	−420	−92	−38
Diluted EPS (US$)	−0.36	−0.75	−0.08	0.16	0.57	0.35	0.16	−4.16	−0.89	−0.33
Diluted shares (millions)	66	70	77	90	96	103	102	101	104	113
Cash flow
Cash from operations	−7	7	1	31	63	85	113	29	12	42
Capital expenditure	0	2	2	2	9	24	23	24	28	31
Free cash flow	−7	5	−0	30	54	61	91	4	−16	11
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	42	29	149	3	0	0	0
Stock-based compensation	3	3	2	3	6	19	30	34	34	16
Balance sheet at fiscal year end
Cash and short-term investments	6	13	11	22	31	127	75	33	39	38
Debt incl. finance leases	10	4	0	20	15	533	410	384	409	361
Total assets	108	87	83	184	260	1,458	1,267	866	813	842
Total liabilities	46	59	46	107	115	942	659	652	659	650
Shareholders' equity	62	28	36	78	145	515	605	214	154	192
Margins and ratios
Gross margin	28.0%	33.5%	34.3%	39.7%	43.0%	50.4%	53.6%	51.8%	52.0%	56.9%
Operating margin	−42.2%	−7.8%	3.3%	9.5%	18.9%	12.3%	6.9%	−68.8%	−11.0%	6.0%
Net margin	−60.4%	−70.7%	−5.8%	10.0%	17.5%	4.8%	2.5%	−77.2%	−18.8%	−6.7%
Free cash flow margin	−16.6%	7.1%	−0.3%	21.6%	17.2%	8.2%	13.6%	0.8%	−3.2%	2.0%
Rule of 40 (growth + FCF margin)	64.1%	93.0%	38.3%	55.5%	143.3%	146.6%	2.7%	−17.4%	−13.1%	17.2%
Return on capital	−18.2%	−10.9%	12.3%	26.1%	57.8%	14.2%	3.8%	−39.2%	−7.8%	5.2%
Return on equity	−33.6%	−117.8%	−18.8%	24.4%	49.3%	10.8%	3.0%	−102.6%	−50.1%	−21.8%
Return on assets	−21.1%	−54.4%	−7.1%	10.4%	24.7%	4.1%	1.2%	−39.4%	−11.0%	−4.6%
Net debt to EBITDA	—	—	−1.8x	−0.1x	−0.2x	2.7x	2.6x	—	12.8x	3.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Digital Turbine's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Digital Turbine.