Digital Turbine (APPS)


Market Price (11/10/2026): $8.34 | Market Cap: $1.0 BilSector: Information Technology | Industry: Application Software

Digital Turbine (APPS)


Market Price (11/10/2026): $8.34
Market Cap: $1.0 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Social Media & Creator Economy, and Digital Advertising. Themes include Ad-Tech Platforms.

Stock price has recently run up significantly
6M Rtn6 month market price return is 183%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.2%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%

Key risks
APPS key risks include [1] significant profitability challenges and a substantial debt load, Show more.

0 Megatrend and thematic drivers
Megatrends include Social Media & Creator Economy, and Digital Advertising. Themes include Ad-Tech Platforms.
1 Stock price has recently run up significantly
6M Rtn6 month market price return is 183%
2 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.2%
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%
4 Key risks
APPS key risks include [1] significant profitability challenges and a substantial debt load, Show more.

APPS in ETFs

Weight = APPS's share of each fund

VTI0.00%
ITOT0.00%
IWM0.04%
IWN0.06%
VTWO0.04%
SCHA0.03%
DFAS0.02%
VGT0.02%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/9/2026

Digital Turbine (APPS) stock has gained about 40% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2027 Earnings Beat and Initial Raised Full-Year Guidance.

Digital Turbine (APPS) reported exceptional financial results for its fiscal first quarter 2027 (ended June 30, 2026) on August 3, 2026, which significantly fueled the stock's rally. The company announced earnings per share (EPS) of $0.19, surpassing analysts' expectations of $0.14 by 35.71%. Total revenue increased by 27% year-over-year to $166 million, exceeding estimates of $145 million. This robust performance was further highlighted by a 56% year-over-year surge in Application Growth Platform (AGP) revenue to $56.6 million and a 69% increase in adjusted EBITDA to $42.5 million. Following this strong report, Digital Turbine raised its full-year fiscal 2027 revenue guidance to a range of $650 million to $670 million and its adjusted EBITDA guidance to $145 million to $155 million. The stock reacted strongly, gaining 38.49% on August 4, 2026, the day of the earnings call.

2. Continued Operational Momentum with Fiscal Q2 2027 Earnings Beat and Further Revenue Outlook Increase.

The positive trend continued with the release of fiscal Q2 2027 results (ended September 30, 2026) on November 9, 2026. Digital Turbine again surpassed market expectations, reporting adjusted EPS of $0.18, beating the Zacks Consensus Estimate of $0.16 by 12.50%. Revenue for the quarter reached $178.7 million, exceeding analysts' estimates of $173.16 million by 7.24% and representing a 27% year-over-year growth. The On Device Solutions (ODS) segment was a key driver, growing 20% year-over-year to $116 million. In light of these results, the company further raised its full-year fiscal 2027 revenue guidance to a range of $670 million to $690 million.

Show more
Updated on 11/9/2026

Digital Turbine (APPS) stock has gained about 40% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2027 Earnings Beat and Initial Raised Full-Year Guidance.

Digital Turbine (APPS) reported exceptional financial results for its fiscal first quarter 2027 (ended June 30, 2026) on August 3, 2026, which significantly fueled the stock's rally. The company announced earnings per share (EPS) of $0.19, surpassing analysts' expectations of $0.14 by 35.71%. Total revenue increased by 27% year-over-year to $166 million, exceeding estimates of $145 million. This robust performance was further highlighted by a 56% year-over-year surge in Application Growth Platform (AGP) revenue to $56.6 million and a 69% increase in adjusted EBITDA to $42.5 million. Following this strong report, Digital Turbine raised its full-year fiscal 2027 revenue guidance to a range of $650 million to $670 million and its adjusted EBITDA guidance to $145 million to $155 million. The stock reacted strongly, gaining 38.49% on August 4, 2026, the day of the earnings call.

2. Continued Operational Momentum with Fiscal Q2 2027 Earnings Beat and Further Revenue Outlook Increase.

The positive trend continued with the release of fiscal Q2 2027 results (ended September 30, 2026) on November 9, 2026. Digital Turbine again surpassed market expectations, reporting adjusted EPS of $0.18, beating the Zacks Consensus Estimate of $0.16 by 12.50%. Revenue for the quarter reached $178.7 million, exceeding analysts' estimates of $173.16 million by 7.24% and representing a 27% year-over-year growth. The On Device Solutions (ODS) segment was a key driver, growing 20% year-over-year to $116 million. In light of these results, the company further raised its full-year fiscal 2027 revenue guidance to a range of $670 million to $690 million.

3. Strategic Growth Initiatives Driven by AI and International Expansion.

Digital Turbine's strategic focus on integrating artificial intelligence (AI) and expanding its international footprint significantly contributed to its growth and investor confidence. The company leveraged AI and machine learning to improve targeting and pricing strategies, resulting in a 40% increase in AGP rates and enhanced overall advertising effectiveness. Furthermore, international expansion proved to be a critical growth driver, with international devices and revenue per device (RPD) both achieving more than 20% growth. These underlying operational improvements and market expansion strategies provided a foundation for the robust financial performance seen throughout the period.

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Stock Movement Drivers

Fundamental Drivers

The 40.2% change in APPS stock from 7/31/2026 to 11/9/2026 was primarily driven by a 32.8% change in the company's P/S Multiple.
(LTM values as of)731202611092026Change
Stock Price ($)8.0611.3040.2%
Change Contribution By: 
Total Revenues ($ Mil)5656006.2%
P/S Multiple1.72.332.8%
Shares Outstanding (Mil)120121-0.6%
Cumulative Contribution40.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
APPS40.2% 
Market (SPY)0.8%33.5%
Sector (XLK)-2.5%32.6%

Fundamental Drivers

The 220.1% change in APPS stock from 4/30/2026 to 11/9/2026 was primarily driven by a 200.8% change in the company's P/S Multiple.
(LTM values as of)430202611092026Change
Stock Price ($)3.5311.30220.1%
Change Contribution By: 
Total Revenues ($ Mil)54260010.8%
P/S Multiple0.82.3200.8%
Shares Outstanding (Mil)116121-3.9%
Cumulative Contribution220.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
APPS220.1% 
Market (SPY)5.0%27.8%
Sector (XLK)7.3%25.9%

Fundamental Drivers

The 81.1% change in APPS stock from 10/31/2025 to 11/9/2026 was primarily driven by a 71.9% change in the company's P/S Multiple.
(LTM values as of)1031202511092026Change
Stock Price ($)6.2411.3081.1%
Change Contribution By: 
Total Revenues ($ Mil)50360019.2%
P/S Multiple1.32.371.9%
Shares Outstanding (Mil)107121-11.6%
Cumulative Contribution81.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
APPS81.1% 
Market (SPY)11.3%27.3%
Sector (XLK)14.1%26.7%

Fundamental Drivers

The 138.4% change in APPS stock from 10/31/2023 to 11/9/2026 was primarily driven by a 199.2% change in the company's P/S Multiple.
(LTM values as of)1031202311092026Change
Stock Price ($)4.7411.30138.4%
Change Contribution By: 
Total Revenues ($ Mil)624600-3.7%
P/S Multiple0.82.3199.2%
Shares Outstanding (Mil)100121-17.2%
Cumulative Contribution138.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
APPS138.4% 
Market (SPY)86.2%30.3%
Sector (XLK)112.1%26.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
APPS Return8%-75%-55%-75%196%126%-80%
Peers Return28%-65%127%167%43%-19%219%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
APPS Win Rate50%33%42%33%58%64% 
Peers Win Rate62%25%73%63%55%40% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
APPS Max Drawdown-49%-83%-76%-83%-66%-49% 
Peers Max Drawdown-30%-70%-27%-30%-47%-52% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: APP, U, GOOGL, META, TTD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)

How Low Can It Go

EventAPPSS&P 500
2025 US Tariff Shock
  % Loss-56.5%-18.8%
  % Gain to Breakeven130.0%23.1%
  Time to Breakeven59 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-57.6%-9.5%
  % Gain to Breakeven135.6%10.5%
  Time to Breakeven968 days24 days
2023 SVB Regional Banking Crisis
  % Loss-38.1%-6.7%
  % Gain to Breakeven61.6%7.1%
  Time to Breakeven1102 days31 days
2020 COVID-19 Crash
  % Loss-45.6%-33.7%
  % Gain to Breakeven83.9%50.9%
  Time to Breakeven76 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-40.3%-3.7%
  % Gain to Breakeven67.6%3.9%
  Time to Breakeven139 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-57.9%-12.2%
  % Gain to Breakeven137.4%13.9%
  Time to Breakeven757 days62 days

Compare to APP, U, GOOGL, META, TTD

In The Past

Digital Turbine's stock fell -56.5% during the 2025 US Tariff Shock. Such a loss loss requires a 130.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAPPSS&P 500
2025 US Tariff Shock
  % Loss-56.5%-18.8%
  % Gain to Breakeven130.0%23.1%
  Time to Breakeven59 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-57.6%-9.5%
  % Gain to Breakeven135.6%10.5%
  Time to Breakeven968 days24 days
2023 SVB Regional Banking Crisis
  % Loss-38.1%-6.7%
  % Gain to Breakeven61.6%7.1%
  Time to Breakeven1102 days31 days
2020 COVID-19 Crash
  % Loss-45.6%-33.7%
  % Gain to Breakeven83.9%50.9%
  Time to Breakeven76 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-40.3%-3.7%
  % Gain to Breakeven67.6%3.9%
  Time to Breakeven139 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-57.9%-12.2%
  % Gain to Breakeven137.4%13.9%
  Time to Breakeven757 days62 days
2014-2016 Oil Price Collapse
  % Loss-81.8%-6.8%
  % Gain to Breakeven450.5%7.3%
  Time to Breakeven1282 days15 days
2013 Taper Tantrum
  % Loss-49.5%-0.2%
  % Gain to Breakeven97.8%0.2%
  Time to Breakeven80 days1 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-31.0%-15.4%
  % Gain to Breakeven45.0%18.2%
  Time to Breakeven17 days125 days
2008-2009 Global Financial Crisis
  % Loss-87.1%-53.4%
  % Gain to Breakeven677.8%114.4%
  Time to Breakeven4178 days1085 days

Compare to APP, U, GOOGL, META, TTD

In The Past

Digital Turbine's stock fell -56.5% during the 2025 US Tariff Shock. Such a loss loss requires a 130.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Digital Turbine (APPS)

Digital Turbine (APPS) offers a comprehensive suite of media and communication products and solutions designed for the mobile ecosystem. At its core, the company provides an application media software platform that enables mobile operators and device manufacturers (OEMs) to efficiently control, manage, and monetize the applications and content on their devices. This platform helps partners enhance user experience, optimize device functionality, and generate revenue from device usage and app engagement.

In addition to its device management platform, Digital Turbine specializes in programmatic advertising and targeted media delivery services. This capability allows application advertisers to effectively reach their desired audiences on mobile devices, while also assisting app publishers in monetizing their content and user base. The company serves a diverse, global clientele that includes mobile operators, device OEMs, app advertisers, and publishers across North America, Europe, Asia Pacific, and other key international markets.

AI Analysis | Feedback

Here are 1-3 brief analogies for Digital Turbine (APPS):

  • It's like Google AdSense, but specifically for mobile phone carriers and device manufacturers to monetize their devices with app suggestions and targeted ads.
  • Think of it as a specialized 'app and ad monetization platform' for mobile carriers and phone makers, helping them generate revenue from their devices, much like how Apple controls and monetizes its App Store.
  • It's like The Trade Desk, but instead of helping advertisers buy ads across the web, Digital Turbine helps mobile carriers and device manufacturers control and monetize the ad inventory on their own devices.

AI Analysis | Feedback

  • Application Media Software Platform: A software platform that enables mobile operators and OEMs to control, manage, and monetize devices.
  • Programmatic Advertising Services: Services that facilitate automated, data-driven buying and selling of ad inventory.
  • Targeted Media Delivery Services: Services focused on delivering media and advertisements to specific user segments.
  • Professional Services: Services directly related to the core platform, including implementation and support.

AI Analysis | Feedback

Digital Turbine (APPS) primarily sells its products and solutions to other companies. Its major customers fall into the following categories:

1. Mobile Operators: These companies provide cellular and data services to consumers. Digital Turbine's platform enables them to control, manage, and monetize the applications and services on devices they distribute to their subscribers.

  • Verizon Communications Inc. (VZ)
  • AT&T Inc. (T)
  • T-Mobile US, Inc. (TMUS)
  • Telefónica, S.A. (TEF)
  • Vodafone Group Plc (VOD.L)

2. Device Original Equipment Manufacturers (OEMs): These are companies that manufacture mobile phones and other devices. Digital Turbine often integrates its software platform directly into these devices before they reach consumers, facilitating app discovery and monetization.

  • Samsung Electronics Co., Ltd. (005930.KS)
  • LG Electronics Inc. (066570.KS)
  • Motorola Mobility (part of Lenovo Group Ltd., 0992.HK)

3. Application Advertisers and Publishers: This broad category includes companies that seek to promote their mobile applications (advertisers) and companies that own or operate apps/websites and want to monetize their digital inventory through advertising (publishers). Digital Turbine provides programmatic advertising and targeted media delivery services to this ecosystem, connecting advertisers with relevant ad placements and helping publishers generate revenue. This segment includes a vast number of app developers, ad networks, and digital content providers.

  • This category encompasses a wide array of companies, from major app developers (e.g., gaming companies, social media platforms) to numerous digital publishers and advertising agencies that leverage Digital Turbine's platforms for media buying and selling. Specific "major customer companies" are not typically individually named due to the fragmented nature of the ad-tech ecosystem, but they represent the extensive user base of Digital Turbine's advertising solutions.

AI Analysis | Feedback

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AI Analysis | Feedback

Bill Stone, Chief Executive Officer

Bill Stone joined Digital Turbine in September 2012 and was elevated to CEO and Board Member in October 2014. He brings over 30 years of experience in telco, mobile applications, content, technology, marketing, and distribution. Prior to Digital Turbine, he served as Senior Vice President of Qualcomm, Inc. and as President of its subsidiary, FLO TV and MediaFLO Technologies Inc., from 2009 to 2011. From 2007 to 2009, he was CEO and President of Handango, a smartphone application storefront provider that was acquired by Appia Inc. He also held executive positions at mobile operators including Verizon, Vodafone, and AirTouch.

Stephen Lasher, Executive Vice President and Chief Financial Officer

Stephen Lasher was appointed Chief Financial Officer of Digital Turbine effective February 5, 2025. He oversees all aspects of Digital Turbine's worldwide financial operations, including accounting, financial planning and analysis, tax, investor relations, and corporate strategy. Stephen brings more than 30 years of financial leadership experience in the technology sector. Most recently, from January 2021 to July 2024, he served as Senior Vice President and Chief Financial Officer of Vonage, where he was instrumental in executing strategic initiatives and driving revenue growth. Previously, he spent 24 years at IBM Corporation in senior financial management roles, including Vice President of Finance for IBM Global Markets, Global Business Services, and Cloud divisions from 2015 to January 2021.

Ben John, Chief Technology Officer

Ben John was appointed Chief Technology Officer of Digital Turbine on February 25, 2026. He leads global engineering, product architecture, data-first scaling, and AI-driven development. John joins Digital Turbine from Microsoft AI Copilot and has over 20 years of experience in AI, data, and AdTech. Prior to his tenure at Microsoft, he was the Chief Technology Officer of AppNexus, an independent adtech marketplace, where he led the global technology organization through its acquisition by AT&T in 2018. He subsequently co-founded Xandr, serving as its CTO and architecting the integration of AT&T's data assets before facilitating the company's acquisition by Microsoft in 2022.

Matt Tubergen, EVP of Global Strategy & Partnerships

Matt Tubergen is a 20-year veteran in the mobile app and content industry. He has helped lead the strategy and deployment of cutting-edge mobile products and platforms, with a focus on alternative distribution models for mobile applications and the evolving landscape of operating systems, app stores, and payment platforms. His background includes media acquisitions, mobile marketing and monetization strategies, product management, and business development. He was also EVP Corporate Development and Strategy at Digital Turbine during the company's acquisition of Fyber in 2021.

Michael Akkerman, Chief Business Officer

Michael Akkerman was appointed Chief Business Officer of Digital Turbine on June 3, 2024. In this role, he has led product, revenue, and partnerships. His prior experience includes leadership positions at companies such as Uber, data.ai, Cardlytics, and Pinterest.

AI Analysis | Feedback

Digital Turbine (APPS) faces several key business risks, primarily stemming from its operating environment within the mobile ecosystem and its financial structure.
  1. Dependence on Major Tech Ecosystems and Platform Policy Changes: Digital Turbine's business model is highly dependent on the policies and platforms of major tech companies, such as Google and Apple. Changes in their operating system policies, app store regulations, or data restrictions (like the deprecation of third-party identifiers) can directly impact Digital Turbine's revenue streams and the effectiveness of its App Growth Platform and On Device Solutions segment. This reliance creates a significant external risk, as any sudden policy shifts can immediately disrupt their business model.
  2. High Leverage and Financial Instability: The company exhibits a precarious financial position characterized by high leverage, a substantial debt load, and persistent GAAP net losses. Digital Turbine's liquidity ratios are reported to be just above the critical benchmark, and its Altman Z-Score is in the distress zone, indicating potential financial instability and solvency risk. This financial weakness could hinder its ability to fund operations, invest in growth, or navigate challenging market conditions without further debt or equity dilution.
  3. Intense Competition and Challenges to Profitability: Digital Turbine operates in a highly competitive mobile advertising market, contending with larger tech giants that possess greater financial resources and more integrated advertising offerings. The company has experienced declining revenues and faces ongoing challenges in achieving consistent profitability, as evidenced by a negative net margin. This intense competition and the struggle to maintain or grow market share pose a significant risk to its long-term financial performance and sustainability.

AI Analysis | Feedback

The clear emerging threat for Digital Turbine is the ongoing development and rollout of **Google's Privacy Sandbox on Android**. This initiative aims to fundamentally change how mobile advertising and user tracking work on the Android platform, similar to how Apple's App Tracking Transparency (ATT) framework impacted iOS. Digital Turbine's business, which includes "programmatic advertising and targeted media delivery services," relies on current methods of data collection, targeting, and measurement. The Privacy Sandbox seeks to restrict access to user data and device identifiers, requiring ad-tech companies to adapt to new, more privacy-preserving APIs and potentially less granular targeting capabilities. This represents a significant shift in the underlying technological and privacy framework of the Android ecosystem, where Digital Turbine primarily operates, and could disrupt its core advertising and monetization capabilities by making current methods obsolete or less effective.

AI Analysis | Feedback

Digital Turbine (APPS) operates in several addressable markets related to mobile advertising and app distribution.

For its App Growth Platform (AGP), which provides programmatic advertising and targeted media delivery services, the addressable markets are substantial:

  • The global ad-tech market size is projected to expand to $2.54 trillion in 2032, growing at an accelerated Compound Annual Growth Rate (CAGR) of +14.5% from $876.21 billion in 2024.
  • Within this, North America commands 34.6% of the global ad-tech market size.
  • The global programmatic advertising market size was estimated at $678.37 billion in 2023 and is projected to reach $2,753.03 billion by 2030, with a CAGR of 22.8% from 2024 to 2030.
  • North America held the largest global market share for programmatic advertising at 32.6% in 2023.
  • The global programmatic advertising platform market size was valued at $10.87 billion in 2024 and is projected to register a CAGR of 26.8% from 2025 to 2034.
  • The U.S. had a major share in the programmatic advertising platform market, with a market size of $2.704 billion in 2024, projected to grow at a CAGR of 26.2% during the forecast period.

For its On Device Solutions (ODS) segment, which enables mobile operators and OEMs to control, manage, and monetize devices through application media software, a specific quantifiable addressable market size for this unique offering was not available in the provided information.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Digital Turbine (symbol: APPS) over the next 2-3 years:

  1. International Expansion and Growing Device Installations: Digital Turbine expects to drive future revenue growth through the continued expansion of its platform across global smartphones and an increase in device installations. The company's On Device Solutions (ODS) segment has demonstrated significant international growth, attributed to higher global device volumes and increased revenue per device, particularly in international markets.
  2. Expansion of Single Tap Technology and Strategic Partnerships for Alternative App Distribution: Growth is anticipated from the continued expansion of Digital Turbine's Single Tap technology and strategic partnerships with major technology companies, including those focused on alternative app distribution. This strategy aims to enhance market share and monetization opportunities.
  3. Growth of the Application Growth Platform (AGP) and Leveraging AI/First-Party Data: The Application Growth Platform (AGP) is projected to be a significant contributor to revenue growth. This growth is driven by the integration of technology stacks, improved advertiser demand, and strategic investments in artificial intelligence (AI) and first-party data capabilities, which enable smarter targeting and a better return on ad spend for advertisers.

AI Analysis | Feedback

Capital Allocation Decisions (Last 3-5 Years) for Digital Turbine (APPS)

Share Repurchases

  • Digital Turbine's 3-Year Share Buyback Ratio as of December 2025 was -2.90%, indicating a net share issuance rather than repurchases.
  • The company's buyback yield was -6.22% in the last 12 months.

Share Issuance

  • Digital Turbine sold 6.8 million shares through an At-The-Market (ATM) equity offering at an average price of $6.54, generating gross proceeds of $44.6 million.
  • The ATM program was subsequently terminated due to the company's strengthened balance sheet.

Outbound Investments

  • In 2021, Digital Turbine made significant acquisitions including AdColony, Fyber, and Appreciate, totaling over $1 billion, to expand into programmatic advertising, monetization, and user acquisition capabilities.
  • The company's most recent acquisition was One Store, an online distribution platform for mobile applications, in October 2024.

Capital Expenditures

  • Capital expenditures were approximately -$27.48 million for a recent fiscal year (likely FY2025 or TTM).
  • In the last 12 months, capital expenditures amounted to -$30.12 million.
  • These investments are described as necessary for the business and focused on strengthening the platform and driving operational efficiencies.

Better Bets vs. Digital Turbine (APPS)

Peer Outperformance in Application Software

APPS has trailed 76% of its 125 Application Software peers over 5Y. Among the peers that beat it is MSTR. Application Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that APPS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
96%
of 151 industry peers · 88.6% return
3Y
91%
of 136 industry peers · 137.9% return
5Y
24%
of 125 industry peers · -84.4% return
Application Software peers with revenue growth within 4pp of APPS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
APPS Digital Turbine -0.2% -39.0x 88.6%137.9%-84.4% —
MSTR Strategy -0.5% -3.7x -48.1%146.7%46.2% +131pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is APPS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 10 15.6%110.8%187.8% FLEX 499% · TTMI 428% · JBL 303%
Technology Distributors 9 50.7%59.2%59.9% AVT 146% · SNX 118% · CNXN 77%
Semiconductor Materials & Equipment 28 39.5%48.2%43.1% AXTI 370% · KLAC 281% · LRCX 274%
Communications Equipment 36 10.5%99.8%38.1% AAOI 806% · LITE 546% · ANET 461%
Electronic Components 24 20.6%78.5%33.8% CLS 1838% · BELFA 1082% · APH 310%
Electronic Equipment & Instruments 27 -5.1%32.8%-0.4% PI 129% · OSIS 112% · MIR 70%
Semiconductors 55 12.1%44.0%-5.3% MU 893% · AVGO 526% · NVDA 485%
Technology Hardware, Storage & Peripherals 21 13.0%88.7%-8.8% WDC 592% · DELL 581% · SMCI 538%
IT Consulting & Other Services 30 -17.7%-7.7%-25.2% APLD 293% · IBM 142% · GIB -10%
Internet Services & Infrastructure 6 -9.8%38.8%-29.7% GDDY 56% · VRSN 33% · AKAM -27%
Systems Software 70 -7.3%17.7%-52.9% ZETA 227% · CRWD 212% · CVLT 145%
Application Software ← 126 -11.5%-11.7%-55.7% PLTR 598% · FROG 180% · AGYS 141%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

APPSAPPUGOOGLMETATTDMedian
NameDigital .AppLovin Unity So.Alphabet Meta Pla.Trade De. 
Mkt Price8.34408.0951.28290.11641.5515.27170.69
Mkt Cap1.0136.222.63,555.61,637.27.279.4
Rev LTM6007,6092,180471,098241,6062,9905,300
Op Inc LTM625,918-389156,97679,3805863,252
FCF LTM214,90360419,74728,6498492,876
FCF 3Y Avg63,32940849,70741,9376922,011
CFO LTM514,903622179,551133,0871,0822,992
CFO 3Y Avg333,334437145,359107,8028532,094

Growth & Margins

APPSAPPUGOOGLMETATTDMedian
NameDigital .AppLovin Unity So.Alphabet Meta Pla.Trade De. 
Rev Chg LTM19.2%57.8%20.9%22.2%27.5%11.6%21.5%
Rev Chg 3Y Avg-0.2%51.8%3.2%16.7%24.0%20.1%18.4%
Rev Chg Q26.8%55.5%32.2%24.7%26.1%3.0%26.4%
QoQ Delta Rev Chg LTM6.2%11.4%7.5%5.7%5.9%0.7%6.0%
Op Inc Chg LTM244.8%68.9%21.5%26.5%-3.1%23.4%25.0%
Op Inc Chg 3Y Avg-43.6%181.6%20.2%26.0%32.6%62.1%29.3%
Op Mgn LTM10.3%77.8%-17.9%33.3%32.9%19.6%26.2%
Op Mgn 3Y Avg-2.6%76.2%-30.2%32.1%38.7%17.1%24.6%
QoQ Delta Op Mgn LTM4.3%0.3%12.5%0.2%-5.2%-0.7%0.3%
CFO/Rev LTM8.5%64.4%28.5%38.1%55.1%36.2%37.1%
CFO/Rev 3Y Avg6.0%72.1%21.8%36.1%54.9%32.0%34.1%
FCF/Rev LTM3.5%64.4%27.7%4.2%11.9%28.4%19.8%
FCF/Rev 3Y Avg0.9%71.9%20.3%13.2%23.0%26.1%21.7%

Valuation

APPSAPPUGOOGLMETATTDMedian
NameDigital .AppLovin Unity So.Alphabet Meta Pla.Trade De. 
Mkt Cap1.0136.222.63,555.61,637.27.279.4
P/S1.717.910.47.56.82.47.2
P/Op Inc16.323.0-58.122.720.612.218.5
P/EBIT21.722.2-69.012.220.111.916.1
P/E-28.827.2-66.615.121.817.616.3
P/CFO19.827.836.419.812.36.619.8
Total Yield-2.6%3.7%-1.5%7.0%4.9%5.8%4.3%
Dividend Yield0.0%0.0%0.0%0.3%0.3%0.0%0.0%
FCF Yield 3Y Avg0.5%3.5%2.7%1.9%2.5%4.4%2.6%
D/E0.40.00.10.00.10.10.1
Net D/E0.30.0-0.0-0.00.0-0.1-0.0

Returns

APPSAPPUGOOGLMETATTDMedian
NameDigital .AppLovin Unity So.Alphabet Meta Pla.Trade De. 
1M Rtn-20.0%47.3%9.4%-17.5%-10.7%26.4%-0.7%
3M Rtn-42.0%20.4%19.0%-18.8%7.9%14.0%11.0%
6M Rtn109.0%-14.7%90.8%-25.3%7.3%-29.0%-3.7%
12M Rtn39.2%-34.2%28.1%4.3%3.5%-64.5%3.9%
3Y Rtn75.6%831.9%89.9%120.9%97.0%-76.1%93.4%
1M Excs Rtn-15.9%52.8%14.9%-11.9%-5.2%32.1%4.9%
3M Excs Rtn-32.7%32.6%21.4%-11.0%11.7%17.3%14.5%
6M Excs Rtn109.4%-14.2%91.3%-24.8%7.8%-28.5%-3.2%
12M Excs Rtn26.0%-44.0%18.7%-7.7%-5.8%-76.7%-6.7%
3Y Excs Rtn20.4%921.8%26.2%58.4%37.5%-152.3%31.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
On Device Solutions (ODS)382342370420503
App Growth Platform (AGP)186153179253262
Eliminations-3-4-4-7-17
Total565491544666748


Operating Income by Segment
$ Mil20262025202420172016
On Device Solutions (ODS)173134142-17 
App Growth Platform (AGP)148121140  
Eliminations000  
Impairment of goodwill00-337  
Product development-40-39-54  
Other direct costs of revenue-47-35-35  
Sales and marketing-58-62-61  
General and administrative-142-174-170  
Content   -5-8
Advertising    -18
Total34-54-374-22-26


Price Behavior

Price Behavior
Market Price$11.30 
Market Cap ($ Bil)1.4 
First Trading Date07/06/2006 
Distance from 52W High-21.5% 
   50 Days200 Days
DMA Price$10.59$7.67
DMA Trenddownup
Distance from DMA6.7%47.4%
 3M1YR
Volatility84.3%97.2%
Downside Capture330.68206.07
Upside Capture290.09244.90
Correlation (S&P 500)39.4%25.6%
APPS Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta4.594.524.232.872.182.48
Up Beta-13.855.496.463.581.452.66
Down Beta9.787.449.095.232.992.27
Up Capture177%336%317%453%446%3036%
Bmk +ve Days12182862130427
Stock +ve Days11213267125360
Down Capture423%342%209%88%153%113%
Bmk -ve Days10253664121325
Stock -ve Days11223259124378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with APPS
APPS80.9%97.2%1.01-
Sector ETF (XLK)18.7%28.5%0.5925.9%
Equity (SPY)13.3%13.7%0.6526.3%
Gold (GLD)3.7%28.8%0.1216.2%
Commodities (DBC)38.2%21.3%1.42-11.5%
Real Estate (VNQ)13.7%14.3%0.657.4%
Bitcoin (BTCUSD)-25.3%43.6%-0.5512.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with APPS
APPS-34.4%112.5%0.10-
Sector ETF (XLK)17.1%26.5%0.5838.1%
Equity (SPY)11.8%17.3%0.5141.7%
Gold (GLD)17.8%19.1%0.7510.8%
Commodities (DBC)8.0%19.6%0.295.8%
Real Estate (VNQ)1.5%18.9%-0.0332.8%
Bitcoin (BTCUSD)4.4%51.6%0.2725.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with APPS
APPS31.6%94.6%0.70-
Sector ETF (XLK)23.1%25.3%0.8338.6%
Equity (SPY)15.3%18.0%0.7239.7%
Gold (GLD)12.1%16.5%0.608.2%
Commodities (DBC)7.6%18.1%0.338.8%
Real Estate (VNQ)6.1%20.7%0.2530.7%
Bitcoin (BTCUSD)60.0%66.3%1.0017.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity11.6 Mil
Short Interest: % Change Since 930202612.0%
Average Daily Volume2.6 Mil
Days-to-Cover Short Interest4.5 days
Basic Shares Quantity120.7 Mil
Short % of Basic Shares9.6%

Earnings Returns History

Updated 9/4/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/202638.5%37.1%2.8%
5/26/202638.9%77.8%111.2%
2/3/2026-5.1%-5.5%-14.0%
11/4/202523.1%2.0%-15.4%
8/5/2025-14.5%-21.3%-22.1%
6/16/202556.8%14.6%11.6%
2/5/202596.5%141.7%15.7%
11/6/2024-44.8%-54.0%-53.7%
...
SUMMARY STATS   
# Positive91310
# Negative141013
Median Positive38.9%31.3%18.3%
Median Negative-12.3%-20.3%-33.5%
Max Positive96.5%141.7%111.2%
Max Negative-44.8%-54.0%-53.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/202638.5%37.1%2.8%
5/26/202638.9%77.8%111.2%
2/3/2026-5.1%-5.5%-14.0%
11/4/202523.1%2.0%-15.4%
8/5/2025-14.5%-21.3%-22.1%
6/16/202556.8%14.6%11.6%
2/5/202596.5%141.7%15.7%
11/6/2024-44.8%-54.0%-53.7%
8/7/202461.8%82.0%59.6%
5/28/2024-17.0%-28.1%-33.5%
2/7/2024-24.4%-29.0%-38.5%
11/8/2023-5.4%3.3%20.8%
8/8/2023-8.3%-11.1%-21.9%
5/24/2023-43.0%-35.6%-43.5%
2/8/2023-24.0%-17.7%-39.5%
11/9/202260.9%72.0%52.4%
8/8/2022-10.1%3.3%-26.0%
5/17/2022-7.1%-18.6%-45.1%
2/8/20228.9%20.9%-16.8%
11/2/2021-19.0%-19.2%-43.6%
6/1/2021-4.0%8.7%12.3%
2/3/202119.8%37.9%14.8%
10/29/2020-10.1%31.3%41.1%
SUMMARY STATS   
# Positive91310
# Negative141013
Median Positive38.9%31.3%18.3%
Median Negative-12.3%-20.3%-33.5%
Max Positive96.5%141.7%111.2%
Max Negative-44.8%-54.0%-53.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/26/202610-K
12/31/202502/03/202610-Q
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202506/16/202510-K
12/31/202402/05/202510-Q
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/28/202410-K
12/31/202302/07/202410-Q
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/25/202310-K
12/31/202202/08/202310-Q
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/26/202610-K
12/31/202502/03/202610-Q
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202506/16/202510-K
12/31/202402/05/202510-Q
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/28/202410-K
12/31/202302/07/202410-Q
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/25/202310-K
12/31/202202/08/202310-Q
09/30/202211/09/202210-Q
06/30/202208/08/202210-Q
03/31/202206/06/202210-K
12/31/202102/08/202210-Q
09/30/202111/02/202110-Q
06/30/202108/09/202110-Q
03/31/202106/10/202110-K
12/31/202002/03/202110-Q
09/30/202010/29/202010-Q
06/30/202008/05/202010-Q
03/31/202006/02/202010-K
12/31/201902/10/202010-Q
09/30/201911/04/201910-Q

Recent Forward Guidance

Updated 11/9/2026

Latest: Q2 2027 Earnings Reported 11/9/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported670.00 Mil680.00 Mil690.00 Mil3.0% RaisedGuidance: 660.00 Mil for 2027
2027 Non-GAAP adjusted EBITDAReported145.00 Mil150.00 Mil155.00 Mil0.0% AffirmedGuidance: 150.00 Mil for 2027


Prior: Q1 2027 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported650.00 Mil660.00 Mil670.00 Mil3.1% RaisedGuidance: 640.00 Mil for 2027
2027 Non-GAAP adjusted EBITDAReported145.00 Mil150.00 Mil155.00 Mil7.1% RaisedGuidance: 140.00 Mil for 2027

Q4 2026 Earnings Reported 5/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2027 RevenueReported630.00 Mil640.00 Mil650.00 Mil15.2% Higher NewGuidance: 555.50 Mil for 2026
2027 Non-GAAP adjusted EBITDAReported135.00 Mil140.00 Mil145.00 Mil21.2% Higher NewGuidance: 115.50 Mil for 2026

Q3 2026 Earnings Reported 2/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported553.00 Mil555.50 Mil558.00 Mil1.9% RaisedGuidance: 545.00 Mil for 2026
2026 Non-GAAP adjusted EBITDAReported114.00 Mil115.50 Mil117.00 Mil12.7% RaisedGuidance: 102.50 Mil for 2026

Insider Activity

Updated 8/25/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kinsell, JoshuaChief Accounting OfficerDirectSell22420264.065782,3461,127,493Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kinsell, JoshuaChief Accounting OfficerDirectSell22420264.065782,3461,127,493Form
Core Cache Last Updated: 11/9/2026