Tearsheet

Funko (FNKO)

Market Price (12/4/2025): $3.17 | Market Cap: $173.2 Mil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Funko (FNKO)

Market Price (12/4/2025): $3.17
Market Cap: $173.2 Mil
Sector: Consumer Discretionary
Industry: Leisure Facilities

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%	Weak multi-year price returns 2Y Excs Rtn is -104%, 3Y Excs Rtn is -139%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.0%
1	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Digital Content & Streaming. Themes include Direct-to-Consumer Brands, Gaming Content & Platforms, Show more.	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 145%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -14%
3			Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.0%
4			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 -41%

0	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%
1	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Digital Content & Streaming. Themes include Direct-to-Consumer Brands, Gaming Content & Platforms, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -104%, 3Y Excs Rtn is -139%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.0%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 145%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -14%
7	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.0%
8	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 -41%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$3.17	$13.39	$7.73	$10.91	$18.80
Market Cap CYE ($ Mil)	173.2	707.4	389.6	515.1	752.0
Total Debt ($ Mil)	312.2	260.3	362.4	347.1	238.6
Total Cash ($ Mil)	39.2	34.7	36.5	19.2	83.6
Enterprise Value ($ Mil)	446.3	967.7	752.0	862.2	990.6
Valuation Ratios
P/S TTM	0.2	0.7	0.3	0.4	0.7
P/EBIT TTM	-4.1	69.2	-94.1	-38.2	7.8
P/E TTM	-2.8	-47.4	-2.4	-60.5	16.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3	8.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4	10.8

	12/4/25	2024	2023
Share Price CYE	$3.17	$13.39	$7.73
Market Cap CYE ($ Mil)	173.2	707.4	389.6
Total Debt ($ Mil)	312.2	260.3	362.4
Total Cash ($ Mil)	39.2	34.7	36.5
Enterprise Value ($ Mil)	446.3	967.7	752.0
Valuation Ratios
P/S TTM	0.2	0.7	0.3
P/EBIT TTM	-4.1	69.2	-94.1
P/E TTM	-2.8	-47.4	-2.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.6	8.0	7.8
P/E TTM (Sector)	10.4	11.1	10.7

	FNKO	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.9
Rev Chg Q	-14.3%	7.1%
Rev Chg LTM	-11.3%	6.1%
Rev Chg 3Y Avg	-11.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-5.0%	18.8%
CFO/Rev LTM	2.9%	20.5%
Net Inc Mgn	-7.4%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.2
P/CFO	7.2	15.8
P/FCF	-20.1	20.5
P/E	-2.8	23.5
STABILITY	POOR
Debt/Equity	1.64	0.20
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Number of Active Intellectual Property Licenses	more than 900	11062025	Link
Direct-to-Consumer Sales Mix	18%	11062025	Link
Number of Active Licensing Agreements	over 250	12312023	Link
Total Collector Base	7.2 million	12312024	Link
Average Number of Figures per Collector	37	12312024	Link
Number of Unique Pop! Figure Characters	13741	12312023	Link
Number of Instagram Followers	1.2 million	12312024	Link
Number of Twitter/X Followers	482000	12312024	Link
Annual New Pop! Vinyl Figures Introduced	approximately 1,500-2,000	12312024	Link
Annual Limited Edition Pop! Figures Produced	approximately 250-300	12312024	Link

Recent
11/06/2025	Earnings Release	Rev: $250 Mil (A) vs. $260 Mil (E) EPS: 0.06 (A) vs. $0.04 (E)

FNKO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points explaining the approximate -9.5% stock movement for Funko (FNKO) from August 31, 2025, to December 4, 2025:

1. Continuing Negative Sentiment from Q2 2025 Financial Miss: Funko reported significantly lower-than-expected earnings per share and revenue for the second quarter of 2025 in early August, prior to the start of this period. The company's EPS of $0.48 fell substantially below the forecasted $-0.32, marking a 250% negative surprise, and net sales declined 22% year-over-year. This poor performance led to an immediate stock decline and likely fostered a persistent negative investor sentiment extending into the subsequent months.

2. Bearish Analyst Outlook and Price Target Revisions: In August 2025, following the disappointing Q2 results, analysts issued cautious ratings and price target revisions. For instance, Goldman Sachs set a price target of $2.50 on August 14, 2025, suggesting a potential downside of over 20%. The consensus among Wall Street analysts was to "Hold" FNKO shares, with some even issuing "Sell" ratings, reflecting a generally pessimistic outlook that could have pressured the stock during the period.

3. Persistent Revenue Decline Despite Q3 Profitability Beat: While Funko's third-quarter 2025 earnings, reported in early November, showed a significant beat on profitability (adjusted EPS of $0.06 strongly surpassed estimates) and outperforming EBITDA, net sales still decreased by 14.3% year-over-year to $250.9 million and missed analyst revenue forecasts. This ongoing top-line weakness, particularly in core collectibles, indicated sustained challenges in the market and may have tempered any lasting positive momentum from the earnings beat.

4. Overall Bearish Technical Indicators and High Volatility: As of early December 2025, Funko's stock exhibited a bearish trend in its moving averages, with technical indicators leaning towards a negative outlook. Funko's stock is also characterized by high volatility, having experienced numerous price movements greater than 5% over the preceding year, making it prone to significant swings, including declines, during the period.

5. Increased Debt and Broader Market Caution: Funko's total debt increased to $256.6 million by June 30, 2025, up from $182.8 million at the end of 2024, raising concerns about the company's financial leverage. Additionally, broader market trends showing increased caution around high valuations in early November, which impacted other growth-sensitive companies, may have contributed to a generally unfavorable environment for Funko's stock.

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Stock Movement Drivers

Fundamental Drivers

The -2.8% change in FNKO stock from 9/3/2025 to 12/3/2025 was primarily driven by a -4.3% change in the company's Total Revenues ($ Mil).

	9032025	12032025	Change
Stock Price ($)	3.22	3.13	-2.80%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	970.70	928.84	-4.31%
P/S Multiple	0.18	0.18	2.12%
Shares Outstanding (Mil)	54.36	54.65	-0.53%
Cumulative Contribution			-2.80%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
FNKO	-2.8%
Market (SPY)	6.2%	49.2%
Sector (XLY)	3.5%	38.0%

Fundamental Drivers

The -25.8% change in FNKO stock from 6/4/2025 to 12/3/2025 was primarily driven by a -16.4% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	4.22	3.13	-25.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1024.89	928.84	-9.37%
P/S Multiple	0.22	0.18	-16.45%
Shares Outstanding (Mil)	53.53	54.65	-2.09%
Cumulative Contribution			-25.86%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
FNKO	-25.8%
Market (SPY)	15.1%	30.4%
Sector (XLY)	11.5%	29.1%

Fundamental Drivers

The -73.0% change in FNKO stock from 12/3/2024 to 12/3/2025 was primarily driven by a -68.4% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	11.61	3.13	-73.04%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1047.36	928.84	-11.32%
P/S Multiple	0.58	0.18	-68.37%
Shares Outstanding (Mil)	52.52	54.65	-4.05%
Cumulative Contribution			-73.08%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
FNKO	-73.0%
Market (SPY)	14.3%	49.3%
Sector (XLY)	7.4%	50.1%

Fundamental Drivers

The -70.2% change in FNKO stock from 12/4/2022 to 12/3/2025 was primarily driven by a -50.4% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	10.51	3.13	-70.22%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1325.94	928.84	-29.95%
P/S Multiple	0.37	0.18	-50.44%
Shares Outstanding (Mil)	46.87	54.65	-16.59%
Cumulative Contribution			-71.04%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
FNKO	-55.4%
Market (SPY)	53.2%	45.3%
Sector (XLY)	42.3%	45.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
FNKO Return	-40%	81%	-42%	-29%	73%	-76%	-82%
Peers Return	1%	3%	-3%	-1%	7%	-5%	1%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
FNKO Win Rate	58%	58%	50%	50%	50%	30%
Peers Win Rate	12%	10%	7%	12%	33%	36%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
FNKO Max Drawdown	-81%	-3%	-58%	-51%	-29%	-82%
Peers Max Drawdown	-13%	-2%	-8%	-9%	-5%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FUN, NOMA, TRON, AS, PLNT.
[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] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	FNKO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-80.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	407.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-81.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	452.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	343 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-62.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	168.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to FUN, NOMA, TRON, AS, PLNT

In The Past

Funko's stock fell -80.3% during the 2022 Inflation Shock from a high on 8/3/2022. A -80.3% loss requires a 407.1% gain to breakeven.

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About Funko (FNKO)

Funko, Inc., a pop culture consumer products company, designs, sources, and distributes licensed pop culture products in the United States, Europe, and internationally. The company provides vinyl, blind-packed miniature, and action figures; fashion accessories, including bags, backpacks, and wallets; apparel, such as t-shirts and hats; board games, plush products, and accessories, such as keychains, pens, and pins; homewares, comprising drinkware, and other home accessories, non-fungible tokens, and others. It offers its products under the Funko, Pop!, Loungefly, Mystery Minis, Paka Paka, Vinyl Gold, Funko Soda, Funko Games, Funko action figures, Funko Plush, Funko Gold, and Popsies brand names; and licenses its properties under the classic evergreen, movie release, current TV, and current video game categories. The company sells its products to specialty retailers, mass-market retailers, e-commerce sites, and distributors; and at specialty licensing and comic book shows, conventions, and exhibitions, as well as through its e-commerce business. Funko, Inc. was incorporated in 2017 and is headquartered in Everett, Washington.

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Here are 1-2 brief analogies for Funko (FNKO):

LEGO for pop culture collectibles.
The Beanie Babies of licensed pop culture figures.

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Pop! Vinyl Figures: Stylized collectible vinyl figures of characters from various pop culture franchises.
Loungefly Accessories: Premium pop culture-inspired handbags, wallets, and accessories featuring licensed characters.
Funko Games: Board games and card games featuring popular entertainment properties.
Funko Soda: Limited edition collectible vinyl figures packaged in stylized soda cans.

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Funko's Major Customers

Funko (symbol: FNKO) primarily sells its products to other companies, specifically retailers, who then sell to individual consumers. Therefore, Funko operates on a business-to-business (B2B) model.

Based on their latest financial filings, Funko's major customers include some of the largest retailers globally. While no single customer accounted for more than 10% of their net sales in recent years, the company has a concentration of sales among its top customers. The following are some of their key customers:

Amazon.com, Inc. (Symbol: AMZN)
Target Corporation (Symbol: TGT)
Walmart Inc. (Symbol: WMT)
GameStop Corp. (Symbol: GME)

These companies represent a mix of online retailers, mass merchandisers, and specialty retailers, through which Funko's popular collectible figures, apparel, and accessories reach end consumers.

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Michael Lunsford Interim Chief Executive Officer

Michael Lunsford has served on Funko's Board of Directors since October 2018. He has held the role of Interim Chief Executive Officer from July 2023 to May 2024 and again from July 2025. Prior to his time at Funko, Mr. Lunsford served as the Chief Executive Officer of SK Planet, Inc., an e-commerce subsidiary of SK Telecom Co. Ltd. From 2008 to 2013, he held multiple leadership positions at RealNetworks, Inc., including Interim Chief Executive Officer. His experience also includes serving as CEO for other companies such as Rhapsody, EarthLink, and Shopkick.

Yves LePendeven Chief Financial Officer

Yves LePendeven was appointed Chief Financial Officer of Funko, Inc. in August 2024. He joined Funko in October 2019 and has held several senior finance roles, including Acting Chief Financial Officer and Deputy Chief Financial Officer. Before joining Funko, Mr. LePendeven held various senior finance positions at Volcom, a subsidiary of the Kering Group, where his most recent role was Vice President of Financial Planning & Analysis. Earlier in his career, he served as Director of Financial Planning & Analysis in the corporate finance group at Quiksilver.

Tracy Daw Chief Legal Officer and Secretary

Tracy Daw serves as Funko's Chief Legal Officer and Secretary. He has also held the position of Senior Vice President and General Counsel of FAH, LLC. Mr. Daw has been a Senior VP, General Counsel & Secretary of Funko, Inc. since April 2017.

Andy Oddie Chief Commercial Officer

Andy Oddie serves as Funko's Chief Commercial Officer and Managing Director of Funko EMEA. He joined the company in January 2017 following Funko's acquisition of Underground Toys, a company he founded. Mr. Oddie brings over 25 years of experience in the design, manufacturing, and marketing of pop culture merchandise. He has held board positions at key industry players, including Forbidden Planet International, Forbidden Planet New York, and Underground Toys. As Managing Director of Underground Toys, he established and managed the company's manufacturing base in the Far East and grew the business to more than $70 million in revenue before its acquisition by Funko.

Husnal Shah Chief Product Officer

Husnal Shah is the Chief Product Officer at Funko. He also holds the title of Senior Vice President - Global Product Design, Sourcing And Quality.

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Funko (symbol: FNKO) operates within several addressable markets for its main products and services, primarily focusing on licensed pop culture collectibles.

1. Vinyl Figures (including Funko Pop!)

The global figurine market, which includes vinyl figures, was valued at approximately $7.894 billion in 2025.
More specifically, the global vinyl figure market size was valued at $1.963 billion in 2024 and is projected to reach $3.310 billion by 2032. The Asia-Pacific region dominates this market.
The global PVC figures market (vinyl figures are often made from PVC) was valued at $8.73 billion in 2024 and is projected to reach $32.69 billion by 2033. Asia Pacific is anticipated to hold a major share, with North America also showing prominent growth. Another estimate for the global PVC figures market size was approximately $2.5 billion in 2023, projected to reach around $4.8 billion by 2032.
The North American PVC figures market was valued at around $650 million in 2023 and is projected to reach approximately $1.2 billion by 2032.
The Asia Pacific PVC figures market was approximately $1 billion in 2023 and is expected to grow to an estimated $1.9 billion by 2032.

2. Other Collectibles (Plush, Action Figures, Mystery Minis, Bobbleheads, etc.)

The broader global collectibles market was estimated at $306.44 billion in 2024 and is projected to reach $535.50 billion by 2033. Other estimates for the global collectibles market include approximately $394.5 billion in 2024, projected to surpass $599.6 billion by 2031; $462.82 billion in 2024, expected to grow from 2025 to 2033; and $304.55 billion in 2024, expected to reach around $522.69 billion by 2034.
North America holds a dominant share of the global collectibles market. In 2024, the North American collectibles market achieved a revenue of $61.50 billion. The U.S. collectibles market size is estimated at $64.92 billion in 2025 and is forecasted to reach around $113.33 billion by 2034.
The global pop culture merchandise market size reached $37.2 billion in 2024 and is expected to register a CAGR of 8.7% from 2025 to 2033, culminating in a projected value of $77.4 billion by 2033.
The global toy collectibles market was valued at $26.4 billion in 2024 and is projected to reach $48.9 billion by 2034. The total market for "Toy, Figurines and Consumer Collectibles" is around $52.2 billion in 2025.

3. Apparel and Accessories (e.g., Loungefly)

The global apparel market size was valued at $1.77 trillion in 2024 and is projected to reach $2.26 trillion by 2030. Another estimate places the global apparel market at $1.84 trillion in 2025.
The U.S. apparel market is valued at $365.70 billion in 2025.
The global licensed merchandise market is expanding, with apparel & accessories estimated to dominate this market. The U.S. licensed merchandise market was valued at $20.5 billion in 2023.

4. Games (Board Games)

The global board games market size was valued at $18.53 billion in 2024 and is estimated to reach $41.63 billion by 2033.
Other estimates for the global board games market include $14.36 billion in 2024, projected to grow to $31.99 billion by 2032; $19.90 billion in 2024, projected to reach $31.93 billion by 2030 (including playing cards); and $16.78 billion in 2024, projected to grow to $53.94 billion by 2035.
North America held a dominant share of the board games market, valued at $5.98 billion in 2024. The U.S. board games market is estimated to reach $3.90 billion in 2025.

5. Digital Collectibles/NFTs

Funko generated $285.5 million in digital collectibles revenue in 2022 through its partnership with the Droppp platform. However, a specific addressable market size for "digital collectibles" or "NFTs" as a broad market that Funko operates in was not explicitly identified in the provided search results.

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Funko (NASDAQ: FNKO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Expansion of the Direct-to-Consumer (DTC) Channel: Funko has observed significant growth in its DTC sales, which now constitute a larger portion of its overall sales and yield higher gross margins. Products like "Pop! Yourself" have been particularly successful, serving as the company's fastest-growing product line and a crucial customer acquisition tool, bringing in nearly 800,000 new fans in 2024 alone. The company anticipates year-over-year growth in DTC sales.
International Market Expansion and Penetration: Funko is actively pursuing growth in international markets. The company has seen strong performance in Europe, with sales up more than 20% in Q4 2024, and plans to launch "Pop! Yourself" in Europe for the upcoming holiday season. Management also identifies Asia and Latin America as key underpenetrated markets with significant opportunities for brand growth through deeper retail partnerships and expanded local product assortments.
New Product Launches and Innovation: Funko's "Make Culture POP!" strategy focuses on rapid trend identification and the introduction of new products. Initiatives include the continued success of "Bitty Pop!" and the forthcoming launch of "KPop Demon Hunters" merchandise, expected to boost upcoming quarter results. "Pop! Yourself" has demonstrated substantial year-over-year growth, highlighting the success of personalized offerings.
Leveraging Licensing Renewals and Expanding into High-Potential Categories: The company emphasizes the importance of multiyear licensing renewals with major entertainment studios to maintain brand relevance and fuel product development. Funko is also actively expanding its presence in high-potential categories such as sports, music, and gaming, which are expected to contribute to sustainable, long-term value creation.

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Inbound Investments

A consortium led by The Chernin Group (TCG) made a $263 million strategic investment in Funko in May 2022. The consortium acquired 12,520,559 shares of Funko Class A common stock at $21.00 per share, resulting in a 25% ownership stake in the company.
Other investors in this consortium included eBay Inc., Robert A. Iger (Former Disney Chairman and CEO), and Rich Paul (CEO and Founder of Klutch Sports Group).
As part of this investment, Funko and eBay entered a commercial agreement, making eBay the preferred secondary marketplace for Funko and initiating a partnership for exclusive product releases.

Outbound Investments

In June 2022, Funko acquired Mondo, a high-end pop culture company.
Funko divested assets related to its Funko Games studio in 2024, laying off employees and granting exclusive worldwide distribution of its board games and puzzles to Goliath Games.

Capital Expenditures

Capital expenditures amounted to -$36.06 million in the last 12 months (as of mid-2025).
Funko's capital expenditures are primarily focused on working capital, inventory management, integrating its warehouse management system (WMS), developing additional platforms for its direct-to-consumer experience, and building out new leased warehouse and office space.

Better Bets than Funko (FNKO)

	FNKO	Better Performance than FNKO
Metric	Value	INDUSTRY: Leisure Facilities
Rev Chg LTM	-11.3%	AS (21.9%), LTH (15.8%), PLNT (14.4%), MSGE (0.7%), PTON (-8.7%)
Rev Chg 3Y Avg	-11.2%	OSW (28.9%), LTH (19.5%), PLNT (15.7%), PRKS (-0.7%), PTON (-10.0%)
Op Mgn LTM	-5.0%	PLNT (29.4%), LTH (15.1%), MSGE (14.4%), AS (11.1%), PTON (3.9%)
CFO/Rev LTM	2.9%	PLNT (27.8%), LTH (27.2%), MSGE (16.9%), PTON (16.0%), OSW (8.6%)
FCF/Rev LTM	-1.0%	PLNT (15.7%), PTON (15.5%), MSGE (14.6%), OSW (7.1%), LTH (2.4%)
Total Yield	-36.5%	LTH (4.7%), PLNT (2.4%), MSGE (1.6%), AS (1.0%), PTON (-2.8%)
P/S	0.2
P/Op Inc	-4.1

	FNKO	Better Performance than FNKO
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	-11.3%	AMZN (10.9%), HD (8.5%), TJX (4.1%), MCD (1.2%), TSLA (-1.6%)
Rev Chg 3Y Avg	-11.2%	AMZN (11.3%), TSLA (9.3%), TJX (5.3%), MCD (4.2%), HD (2.2%)
Op Mgn LTM	-5.0%	MCD (46.1%), HD (13.1%), AMZN (11.4%), TJX (11.2%), TSLA (5.1%)
CFO/Rev LTM	2.9%	MCD (39.9%), AMZN (18.1%), TSLA (16.5%), HD (10.8%), TJX (10.2%)
FCF/Rev LTM	-1.0%	MCD (28.1%), HD (8.6%), TSLA (7.1%), TJX (7.0%), AMZN (2.0%)
Total Yield	-36.5%	HD (6.5%), MCD (6.2%), TJX (4.9%), AMZN (3.0%), TSLA (0.4%)
P/S	0.2	KSS (0.1), ADNT (0.1), GT (0.1), M (0.1), SAH (0.2)
P/Op Inc	-4.1

	FNKO	Better Performance than FNKO
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-11.3%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AAPL (6.0%)
Rev Chg 3Y Avg	-11.2%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	-5.0%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	2.9%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	-1.0%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	-36.5%	GOOGL (4.6%), MSFT (3.4%), AAPL (3.0%), NVDA (2.3%), AVGO (1.5%)
P/S	0.2	CNC (0.1), ACI (0.1), AAL (0.1), CAH (0.2), COR (0.2)
P/Op Inc	-4.1

		Best Bets In Consumer Discretionary Sector
	FNKO
What You Pay
P/E	-2.7
P/EBIT	-4.0
What You Get
Rev Chg Q	-14.3%
Rev Chg LTM	-11.3%
Rev Chg 3Y Avg	-11.2%
FCF/Rev 3Y Avg	1.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Can Funko Stock Hold Up When Markets Turn?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to FNKO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	6.8%	6.8%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.5%	0.5%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.6%	-2.6%	-2.6%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.7%	3.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.3%	1.3%	-1.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Funko

Peers to compare with:

Financials

	FNKO	FUN	NOMA	TRON	AS	PLNT	Median
Name	Funko	Six Flag.	Nomadar	Tron	Amer Spo.	Planet F.
Mkt Price	3.13	15.39	7.32	2.11	36.96	108.43	11.36
Mkt Cap	0.2	1.6	-	-	20.5	9.1	5.3
Rev LTM	929	3,138	1	4	5,698	1,288	1,109
Op Inc LTM	-46	248	-2	-3	630	378	123
FCF LTM	-9	-169	-0	-2	-	203	-2
FCF 3Y Avg	14	22	-	-1	-	198	18
CFO LTM	27	333	-0	-2	-	358	27
CFO 3Y Avg	49	353	-	-1	-	344	197

Growth & Margins

	FNKO	FUN	NOMA	TRON	AS	PLNT	Median
Name	Funko	Six Flag.	Nomadar	Tron	Amer Spo.	Planet F.
Rev Chg LTM	-11.3%	31.1%	-	-12.7%	21.9%	14.4%	14.4%
Rev Chg 3Y Avg	-11.2%	21.3%	-	-	-	15.7%	15.7%
Rev Chg Q	-14.3%	-2.3%	-	-10.9%	23.5%	13.0%	-2.3%
QoQ Delta Rev Chg LTM	-4.3%	-1.0%	160.4%	-3.8%	4.3%	3.0%	1.0%
Op Mgn LTM	-5.0%	7.9%	-306.9%	-82.4%	11.1%	29.4%	1.5%
Op Mgn 3Y Avg	-6.2%	13.9%	-	-56.8%	8.5%	27.1%	8.5%
QoQ Delta Op Mgn LTM	-0.8%	3.5%	485.7%	-8.0%	0.5%	1.2%	0.8%
CFO/Rev LTM	2.9%	10.6%	-52.6%	-35.9%	-	27.8%	2.9%
CFO/Rev 3Y Avg	4.7%	15.2%	-	-28.3%	-	29.8%	9.9%
FCF/Rev LTM	-1.0%	-5.4%	-52.6%	-41.8%	-	15.7%	-5.4%
FCF/Rev 3Y Avg	1.3%	2.0%	-	-30.9%	-	17.1%	1.7%

Valuation

	FNKO	FUN	NOMA	TRON	AS	PLNT	Median
Name	Funko	Six Flag.	Nomadar	Tron	Amer Spo.	Planet F.
Mkt Cap	0.2	1.6	-	-	20.5	9.1	5.3
P/S	0.2	0.7	-	-	3.8	6.7	2.3
P/EBIT	-4.0	-1.7	-	-	38.4	21.5	9.9
P/E	-2.7	-1.3	-	-	96.1	42.1	20.4
P/CFO	7.1	6.9	-	-	-	24.2	7.1
Total Yield	-36.5%	-75.1%	-	-	1.0%	2.4%	-17.7%
Dividend Yield	0.0%	0.0%	-	-	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	0.1%	-	-	-	-	3.3%	1.7%
D/E	1.7	2.3	-	-	0.1	0.3	1.0
Net D/E	1.5	2.3	-	-	0.1	0.2	0.8

Returns

	FNKO	FUN	NOMA	TRON	AS	PLNT	Median
Name	Funko	Six Flag.	Nomadar	Tron	Amer Spo.	Planet F.
1M Rtn	1.0%	-32.2%	-36.3%	-12.4%	17.4%	18.0%	-5.7%
3M Rtn	-2.8%	-35.0%	-	-46.0%	-2.6%	6.5%	-2.8%
6M Rtn	-25.8%	-53.7%	-	-	-0.7%	3.0%	-13.3%
12M Rtn	-73.0%	-67.4%	-	-	43.6%	9.1%	-29.2%
3Y Rtn	-70.2%	-	-	-	-	37.9%	-16.1%
1M Excs Rtn	1.0%	-32.2%	-36.3%	-12.4%	17.5%	18.0%	-5.7%
3M Excs Rtn	-11.4%	-45.2%	-	-45.1%	-7.5%	-0.0%	-11.4%
6M Excs Rtn	-40.5%	-68.4%	-	-	-15.4%	-11.8%	-28.0%
12M Excs Rtn	-86.9%	-80.2%	-	-	26.8%	-4.6%	-42.4%
3Y Excs Rtn	-138.9%	-	-	-	-	-31.6%	-85.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	3/13/2025	3/7/2024	3/1/2023	3/3/2022	3/11/2021	3/5/2020
Key Financials
Total Revenue	929	1,050	1,096	1,323	1,029	653	795
EBITDA	14	73	56	35	133	69	91
Operating Income	-46	13	-104	-12	95	24	47
Net Income	-69	-15	-154	-8	44	4	12
EPS	-1.27	-0.28	-3.19	-0.18	1.14	0.11	0.38
Growth Rates
Total Revenue Growth	-11.3%	-4.2%	-17.1%	28.5%	57.7%	-17.9%	15.9%
EBITDA Growth	-79.1%	30.2%	58.4%	-73.6%	92.5%	-24.0%	-0.2%
Operating Income Growth	-1206.4%	112.5%	-771.0%	-112.5%	305.5%	-49.5%	-23.4%
Net Income Growth	-186.4%	90.4%	-1817.6%	-118.3%	1008.3%	-66.2%	57.1%
Margins
EBITDA Margin	1.5%	6.9%	5.1%	2.7%	12.9%	10.6%	11.5%
Operating Income Margin	-5.0%	1.2%	-9.5%	-0.9%	9.3%	3.6%	5.9%
Net Income Margin	-7.4%	-1.4%	-14.1%	-0.6%	4.3%	0.6%	1.5%
Cash & Debt
Total Cash	39	35	36	19	84	52	25
Total Debt	312	260	362	347	239	262	315
Net Debt / (Cash)	273	226	326	328	155	210	290
Cash Flows
Net Cash from Operations	27	124	31	-40	87	109	91
Free Cash from Operations	-9	91	-4	-99	60	90	49
Returns to Shareholders
Dividends	0	-0	1	11	9	4	24
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	3/13/2025	11/7/2024	8/8/2024	5/9/2024	3/7/2024	11/2/2023	8/3/2023	5/4/2023	3/1/2023
Key Financials Quarterly
Total Revenue	251	193	191	294	293	248	216	291	313	240	252	333
Ebitda	22	-21	-8	21	26	27	-1	13	10	84	-52	-44
Operating Income	6	-35	-23	5	12	11	-15	-3	-5	-31	-64	-58
Net Income	1	-40	-28	-2	4	5	-23	-11	-15	-73	-55	-42
EPS	0.02	-0.74	-0.52	-0.03	0.08	0.10	-0.45	-0.18	-0.31	-1.54	-1.17	-0.89
Key Financials TTM
Total Revenue TTM	929	971	1,025	1,050	1,047	1,068	1,060	1,096	1,138	1,191	1,266	1,323
Ebitda TTM	14	18	66	73	66	50	107	56	-1	18	-46	36
Operating Income TTM	-46	-41	5	13	4	-13	-54	-104	-158	-136	-96	-12
Net Income TTM	-69	-65	-20	-15	-24	-43	-121	-154	-186	-161	-73	-8
Growth Rates Quarterly
Total Revenue Growth	-14.3%	-21.9%	-11.6%	0.9%	-6.4%	3.2%	-14.4%	-12.6%	-14.4%	-24.0%	-18.3%	-1.0%
EBITDA Growth	-14.7%	-177.5%	-825.1%	55.7%	163.7%	-67.7%	98.3%	130.5%	-66.1%	322.2%	-273.4%	-230.6%
Operating Income Growth	-45.2%	-423.8%	-55.7%	259.6%	315.4%	135.2%	76.9%	94.1%	-131.3%	-441.2%	-425.5%	-330.5%
Net Income Growth	-79.2%	-891.6%	-21.7%	86.1%	128.8%	107.0%	59.0%	74.5%	-255.9%	-597.5%	-659.7%	-461.7%
Margins Quarterly
EBITDA Margin	8.9%	-10.9%	-4.2%	7.0%	8.9%	11.0%	-0.4%	4.6%	3.2%	35.2%	-20.6%	-13.1%
Operating Income Margin	2.6%	-18.0%	-12.2%	1.8%	4.0%	4.3%	-6.9%	-1.2%	-1.7%	-12.7%	-25.6%	-17.4%
Net Income Margin	0.4%	-20.9%	-14.5%	-0.5%	1.5%	2.1%	-10.5%	-3.7%	-4.8%	-30.4%	-22.0%	-12.7%
Cash & Debt
Total Cash	39	49	26	35	29	42	26	36	32	37	35	19
Total Debt	312	331	277	260	304	305	331	362	391	400	409	347
Net Debt / (Cash)	273	282	251	226	276	264	305	326	359	363	374	328
Cash Flows Quarterly
FCF from Operations	11	-22	-22	60	3	46	15	34	9	18	-30	25
Cash Flows TTM
FCF from Operations TTM	27	19	87	124	98	103	76	31	22	-22	-47	-40
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	1	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	1.8%	-21.7%	-15.5%	3.8%	6.0%	6.3%	-9.4%	-2.1%	-3.2%	-17.9%	-32.1%	-27.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-7.3%	-6.4%	0.8%	2.3%	0.7%	-2.2%	-8.6%	-15.9%	-23.5%	-19.9%	-10.1%	-0.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Core Collectibles	803	999	821
Loungefly	215
Other	78	71	58	70	98
Loungefly Branded Products		253	151	85	72
Pop Branded Products				497	625
Total	1,096	1,323	1,030	653	795

Price Behavior

Price Behavior

Market Price	$3.13
Market Cap ($ Bil)	0.2
First Trading Date	11/02/2017
Distance from 52W High	-78.4%
	50 Days	200 Days
DMA Price	$3.20	$4.71
DMA Trend	down	down
Distance from DMA	-2.2%	-33.6%
	3M	1YR
Volatility	73.5%	94.9%
Downside Capture	333.86	275.18
Upside Capture	229.52	110.81
Correlation (SPY)	48.9%	49.2%

FNKO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.00	3.04	3.06	2.40	2.36	1.99
Up Beta	2.78	2.92	2.93	1.66	2.51	2.09
Down Beta	1.04	3.03	3.08	3.84	2.47	1.87
Up Capture	550%	264%	259%	113%	134%	447%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	17	26	56	108	364
Down Capture	410%	303%	304%	230%	157%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	24	34	65	133	371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of FNKO With Other Asset Classes (Last 1Y)
	FNKO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-72.8%	9.3%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	94.4%	24.8%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.96	0.31	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		50.1%	49.4%	0.1%	24.3%	29.8%	22.7%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of FNKO With Other Asset Classes (Last 5Y)
	FNKO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.0%	9.5%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	75.9%	23.8%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.07	0.36	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		38.1%	37.7%	-0.6%	10.9%	29.5%	12.1%

Based On 10-Year Data

		Comparison of FNKO With Other Asset Classes (Last 10Y)
	FNKO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.6%	12.6%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	75.0%	22.0%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.23	0.53	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		39.6%	38.0%	-1.9%	16.0%	32.2%	10.2%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,365,910
Short Interest: % Change Since 10312025	-8.0%
Average Daily Volume	1,313,777
Days-to-Cover Short Interest	4.85
Basic Shares Quantity	54,648,816
Short % of Basic Shares	11.6%

Returns Analyses

	Title
0	Can Funko Stock Hold Up When Markets Turn?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	3132025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	3072024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	3032022	10-K 12/31/2021

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Funko (FNKO)

Market Price (12/4/2025): $3.17 | Market Cap: $173.2 MilSector: Consumer Discretionary | Industry: Leisure Facilities

Funko (FNKO)

Market Price (12/4/2025): $3.17Market Cap: $173.2 MilSector: Consumer DiscretionaryIndustry: Leisure Facilities

Valuation, Metrics & Events

FNKO Stock

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Qualitative Assessment

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About Funko (FNKO)

Funko's Major Customers

1. Vinyl Figures (including Funko Pop!)

2. Other Collectibles (Plush, Action Figures, Mystery Minis, Bobbleheads, etc.)

3. Apparel and Accessories (e.g., Loungefly)

4. Games (Board Games)

5. Digital Collectibles/NFTs

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Market Price (12/4/2025): $3.17 | Market Cap: $173.2 Mil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Market Price (12/4/2025): $3.17
Market Cap: $173.2 Mil
Sector: Consumer Discretionary
Industry: Leisure Facilities