# Funko, Inc. (FNKO)

> Source: Nexqual · https://nexqual.com/FNKO · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Funko, Inc. (FNKO), nexqual.com/FNKO" · informational, not investment advice.

**Price:** USD 6.83 (-2.91% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 7.04 · day 6.82–7.02 · 52w 2.72–7.35 · market cap $382M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $933M, net income -$2.0M (-0.2% margin), free cash flow $27.2M (SEC filings).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.7M; 2 not under a Rule 10b5-1 plan ($1.1M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $500K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (2 analysts), mean target USD 7.25 (range 6.5–8).
- Total return with dividends: 1Y +108.2% vs S&P 500 +13.4%; 5Y -58.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 0.1, revenue estimate $249M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.03B | $1.32B | $1.10B | $1.05B | $908M | $933M |
| Gross profit | $381M | $434M | $333M | — | — | — |
| Operating income | $95.5M | -$11.9M | -$104M | $13.0M | -$45.5M | $24.9M |
| Net income | $43.9M | -$8.0M | -$154M | -$14.7M | -$67.4M | -$2.0M |
| EPS (diluted) | $1.08 | -$0.18 | -$3.19 | -$0.28 | -$1.24 | — |
| Free cash flow | $59.6M | -$99.3M | -$4.2M | $90.7M | -$38.1M | $27.2M |
| Gross margin | 37.0% | 32.8% | 30.4% | — | — | — |
| Operating margin | 9.3% | -0.9% | -9.5% | 1.2% | -5.0% | 2.7% |
| Net margin | 4.3% | -0.6% | -14.1% | -1.4% | -7.4% | -0.2% |
| Revenue growth | +57.7% | +28.5% | -17.1% | -4.2% | -13.5% | — |
| Cash + short-term investments | $83.6M | $19.2M | $36.5M | $34.7M | $42.1M | — |
| Total debt | $173M | $176M | $153M | $183M | $225M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/EBITDA 6.4x · EV/Sales 0.6x · P/FCF 14.0x · P/B 2.0x · FCF yield 7.12% · Earnings yield -0.52% · Net debt $160M · EV $543M

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Simon Josh | Chief Executive Officer | 181,893 | $1.1M | 54.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-28…2026-09-01 | Le Pendeven Yves | CFO | 42,769 | $282K | 100% | Yes (adopted May 13, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-27 | Le Pendeven Yves | CFO | 4,000 | $28K | 8.6% | Yes (adopted May 13, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-11…2026-08-12 | Shah Husnal | Chief Product Officer | 9,000 | $54K | 53.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07…2026-08-10 | Le Pendeven Yves | CFO | 14,255 | $99K | 23.4% | Yes (adopted May 13, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-08 | Oddie Andrew David | CHIEF INTERNATIONAL OFFICER | 34,656 | $208K | 50% | Yes (adopted December 16, 2025) | Routine (sold in Mar & Apr & May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $500K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-24 | Denson Charles D | Director | 72,992 | $500K | 6.85 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 2 analysts; mean target USD 7.25 (low 6.5, high 8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-24 | Seaport Global | Initiated | Buy | $8 |
| 2026-08-08 | DA Davidson | Target raised | Buy | $7 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +108.2% | -58.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +108.8% | -16.1% |
| Volatility (annualized) | 66.5% | 81.0% |
| Max drawdown | -44.1% (Feb 2026→Mar 2026) | -90.6% (Jul 2022→Aug 2025) |

## Peers (Leisure)
JOUT (Johnson Outdoors Inc.) USD 45 -0.97% · LUCK (LUCKY STRIKE ENTERTAINMENT CORP) USD 4.18 -6.90% · TRON (Tron Inc.) USD 1.44 -4.33% · FUN (Six Flags Entertainment Corpora) USD 6.77 -6.49% · PRKS (United Parks & Resorts Inc.) USD 30.31 -2.48% · PTON (Peloton Interactive, Inc.) USD 5.37 -1.65%

## More
Full page: https://nexqual.com/FNKO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FNKO's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/1704711/000170471126000020/fnko-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Alphabet (Google) (GOOGL) | "We rely on internet search engines, such as Google and we maintain Facebook, X, Instagram, TikTok and YouTube accounts." |
| Supplier | Meta Platforms (META) | "We rely on internet search engines, such as Google and we maintain Facebook, X, Instagram, TikTok and YouTube accounts." |
| Supplier | ByteDance | "We rely on internet search engines, such as Google and we maintain Facebook, X, Instagram, TikTok and YouTube accounts." |
| Customer | Amazon (AMZN) | "Internationally, we sell our products directly to similar retailers, primarily in Europe, through our subsidiary Funko UK, Ltd. Our key international retail customers include Amazon, Smyths Toys, and Carrefour." |
| Partner | Walmart (WMT) | "Our key retail partners in the United States include Amazon, Hot Topic, Walmart, Target and GameStop." |
| Related party | FAH | "Pursuant to the Stockholders Agreement, TCG has the right to designate certain of our directors, which we refer to as the TCG Directors, which will be two TCG Directors for as long as the TCG Related Parties (as defined …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Core Collectible | $171.6M | 82.6% | +9.0% |
| Loungefly | $31.3M | 15.1% | -1.7% |
| Other | $4.8M | 2.3% | +15.2% |
| Total revenue | $207.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $121.8M | 58.7% | +3.4% |
| Europe | $69.0M | 33.2% | +19.4% |
| Other International | $16.9M | 8.1% | -5.1% |
| Total revenue | $207.7M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Outlook and Raises Adjusted EBITDA Guidance --Q2 Net Sales Grew 7%;"
- "We delivered 7% sales growth, above the high end of our guidance range."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.12 | -16.7% | $248.9M | 2 |
| Next quarter (ends 2026-12-31) | $0.20 | $0.13 | +56.0% | $277.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.45 | $-0.04 | -1088.9% | $935.3M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.44 | $0.22 | +100.0% | $1.01B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±26.1%; last 8 reports averaged ±13%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 107.5% | ±26.1% |
| 2027-01-15 | 83 | 87.7% | ±35.7% |
| 2027-02-19 | 118 | 78.0% | ±37.5% |
| 2027-05-21 | 209 | 90.7% | ±56.3% |