Funko (FNKO)
NASDAQ:FNKO
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Funko
(NASDAQ:FNKO)
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Rating:49Neutral
Price Target:
$4.50
▲(2.97% Upside)
Action:ReiteratedDate:03/17/26
The score is held back primarily by deteriorating financial performance (falling revenue, renewed losses, higher leverage, and weaker 2025 cash flow). Technicals also lean bearish with weak momentum. These are partially offset by a more optimistic 2026 earnings outlook focused on margin expansion and EBITDA improvement, while valuation support is limited given ongoing losses and no dividend.
Positive Factors
Margin Expansion Guidance
Management's 2026 guidance targets sustained gross margins above 40% and adjusted EBITDA of $70–$80M. Durable margin improvement, if realized, strengthens cash generation capacity and resilience to modest revenue growth, enabling reinvestment and debt reduction despite top-line variability.
Negative Factors
Revenue & Cash Flow Decline
Material revenue deterioration and volatile cash conversion signal weakening demand and working-capital stress. Negative operating and free cash flow in 2025 reduces internal funding for inventory, marketing, and licensing, increasing reliance on external financing and constraining strategic investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion Guidance
Management's 2026 guidance targets sustained gross margins above 40% and adjusted EBITDA of $70–$80M. Durable margin improvement, if realized, strengthens cash generation capacity and resilience to modest revenue growth, enabling reinvestment and debt reduction despite top-line variability.
Read all positive factors
Funko (FNKO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$248.31M
Dividend YieldN/A
Average Volume (3M)947.77K
Price to Earnings (P/E)―
Beta (1Y)2.23
Revenue Growth-13.49%
EPS Growth-323.00%
CountryUS
Employees1,267
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.05
Shares Outstanding55,835,464
10 Day Avg. Volume654,006
30 Day Avg. Volume947,770
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.00
Price to Sales (P/S)0.20
P/FCF Ratio-4.86
Enterprise Value/Market Cap2.00
Enterprise Value/Revenue0.55
Enterprise Value/Gross Profit1.42
Enterprise Value/Ebitda34.83
Forecast
1Y Price Target
$4.00Price Target Upside-8.47% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.07
Revenue Forecast (FY)$990.08M
Funko Business Overview & Revenue Model
Company Description
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; fashio...
How the Company Makes Money
Funko primarily makes money by designing, sourcing/manufacturing (typically via third-party manufacturers), and selling licensed pop-culture products to retailers and directly to consumers. (1) Wholesale sales to retail and distribution partners: ...
Funko Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call highlighted improving profitability trends (gross margin ~41%, SG&A down 12%, Q4 adjusted EBITDA at the high end) and strong product/market momentum (EU sales +20%, major product rollouts, cultural wins). Management provided a conservative but improving 2026 profitability outlook (adjusted EBITDA $70–80M) while guiding modest top-line growth (flat to +3%) and noting remaining risks from tariffs, shipping costs, and a double-digit decline in Loungefly due to SKU rationalization. Overall, positive operational and margin progress is balanced against top-line modesty and external uncertainties.Positive Updates
Q4 Revenue Beat
Net sales of $273 million in Q4, up 9% versus Q3 and described as better than expectations.
Negative Updates
Loungefly Decline
Loungefly expected to be down double digits in 2026, primarily due to SKU cuts implemented last year; this offsets some of the core Funko product growth in the sales guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue Beat
Net sales of $273 million in Q4, up 9% versus Q3 and described as better than expectations.
Read all positive updates
Company Guidance
Management guided 2026 net sales to be flat to up 3% versus 2025, with adjusted EBITDA of $70–$80 million and gross margin of 41–43%; Q4 results that underlie the outlook included net sales of $273 million (Q4 up 9% vs. Q3), gross margin of 41% (7 of the last 8 quarters >40%), SG&A of $91 million (down 12% year‑over‑year) and adjusted EBITDA of $23 million. They expect Funko core product lines to grow high‑single‑digits in 2026 offset by Loungefly down double‑digits (SKU cuts), assume tariff rates around 15% for the year (noting 2025 tariffs/duties were ~ $40 million, about half IEEPA‑related), see strong POS trends (Europe +20% Jan ’25–Jan ’26 and continued double‑digit POS growth; U.S. comps improving into Q1) and emphasize margin upside from tariff mitigation, price/cost actions and license renewals; no additional borrowing is expected and incremental debt paydowns are planned.Funko Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 908.21M | 1.05B | 1.10B | 1.32B | 1.03B |
| Gross Profit | 351.27M | 434.53M | 363.30M | 434.02M | 380.99M |
| EBITDA | 14.28M | 72.65M | -7.28M | 35.75M | 133.28M |
| Net Income | -67.36M | -14.72M | -154.08M | -8.04M | 43.90M |
Balance Sheet | |||||
| Total Assets | 685.23M | 707.25M | 804.64M | 1.09B | 967.50M |
| Cash, Cash Equivalents and Short-Term Investments | 42.15M | 34.66M | 36.45M | 19.20M | 83.56M |
| Total Debt | 291.65M | 260.31M | 362.35M | 347.08M | 238.63M |
| Total Liabilities | 499.42M | 470.90M | 566.61M | 701.46M | 570.95M |
| Stockholders Equity | 185.81M | 233.02M | 231.94M | 368.22M | 321.64M |
Cash Flow | |||||
| Free Cash Flow | -38.09M | 90.73M | -4.20M | -99.28M | 59.60M |
| Operating Cash Flow | -5.12M | 123.52M | 30.93M | -40.13M | 87.36M |
| Investing Cash Flow | -31.90M | -25.23M | -39.80M | -78.06M | -27.38M |
| Financing Cash Flow | 42.04M | -99.24M | 25.60M | 54.64M | -28.63M |
Funko Technical Analysis
Positive
4.37
Price Trends
3.98
Positive
3.72
Positive
3.61
Positive
Market Momentum
0.04
Negative
66.37
Neutral
90.21
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNKO, the sentiment is Positive. The current price of 4.37 is above the 20-day moving average (MA) of 3.50, above the 50-day MA of 3.98, and above the 200-day MA of 3.61, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 66.37 is Neutral, neither overbought nor oversold. The STOCH value of 90.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FNKO.
Funko Risk Analysis
Funko disclosed 62 risk factors in its most recent earnings report. Funko reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Funko Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $13.48B | -36.02 | -54.74% | 3.44% | 13.57% | -183.12% | |
59 Neutral | $4.51B | 17.72 | 21.72% | ― | -0.25% | 2.23% | |
53 Neutral | $275.35M | -8.87 | 4.05% | 5.97% | -21.02% | -82.84% | |
49 Neutral | $248.31M | -2.75 | -35.34% | ― | -13.49% | -323.00% | |
46 Neutral | $17.85M | -9.12 | -8.77% | ― | -19.38% | -33.51% | |
46 Neutral | $196.41M | -14.88 | 754.17% | ― | -19.05% | 86.54% |
* Consumer Cyclical Sector Average
FNKO
Funko
4.44
0.54
13.85%
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DOGZ
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1.23
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Funko Corporate Events
Business Operations and StrategyFinancial Disclosures
Funko Posts Weak 2025 Results Amid Gradual Operational Improvement
Negative
Mar 12, 2026
On March 12, 2026, Funko reported fourth-quarter and full-year 2025 results showing continued pressure on sales and profitability but some operational improvement late in the year. Fourth-quarter 2025 net sales fell 7% year over year to $273.1 mil...
Business Operations and StrategyExecutive/Board Changes
Funko Names Andrew Oddie Chief International Officer Abroad
Positive
Mar 6, 2026
On March 4, 2026, Funko, Inc. and its subsidiary Funko UK, Ltd amended the existing service agreement with executive Andrew Oddie, formalizing his change in role to Chief International Officer. Under the revised terms, Oddie will no longer reside ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Funko Extends Credit Facility, Adjusts Loan Covenant Terms
Neutral
Feb 13, 2026
On February 13, 2026, Funko Acquisition Holdings, a subsidiary of Funko, Inc., and its key domestic subsidiaries executed a fifth amendment to their senior credit agreement with a lender group led by JPMorgan Chase, extending the loan maturity fro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.