Funko
FNKONASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $7.24 Prior regular-session close from the quote source.
- $7.10–$7.36 Regular-session low and high so far today.
- 970.8K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $2.72–$7.48 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FNKO if Funko is a turnaround thesis: the brand still has a real fan-expression niche, but equity value depends on proving that licensed collectibles demand can be converted into sustainable GAAP profit and cash again.
FNKO price history
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Investment thesis
What must happen next
Funko’s fan-expression proposition remains relevant enough that retailers and consumers keep buying across pop-culture cycles rather than treating the product line as a fading fad.HoldingMateriality: High
FY2025 annual GAAP revenue was $908.2 million, showing the business still has a sizable demand base despite recent pressure. If demand stabilizes, the company has a revenue base on which cost actions can matter; if fandom demand is structurally impaired, operating leverage works in reverse.
Watch: Major retailers reduce collectible shelf space in favor of private-label toys, games, trading cards, or faster-turning licensed products.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP revenue was $908.2 million, showing the business still has a sizable demand base despite recent pressure.
Open source ↗Funko must rebuild discipline in matching production and assortment to real sell-through, because collectibles demand can turn quickly when a license, character, or release cycle cools.WeakeningMateriality: High
FY2024 annual GAAP operating cash flow was positive $123.5 million, showing the model can release or generate cash when working capital is managed well. Good demand planning converts fandom into cash; poor planning turns revenue into markdowns, working-capital drag, and obsolete inventory risk.
Watch: Retail sell-through weakens and Funko responds by forcing orders into channels rather than cutting production early.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 annual GAAP operating cash flow was positive $123.5 million, showing the model can release or generate cash when working.
Open source ↗Funko’s licensed designs need to retain enough consumer differentiation and royalty/manufacturing efficiency to support gross profit, rather than becoming commoditized licensed toys sold mainly on price.HoldingMateriality: Medium
Estimated FY2023 annual GAAP gross profit was $333.0 million. If product differentiation and licensing economics hold, revenue can translate into gross profit; if they erode, even stable sales may not repair earnings.
Watch: Licensors demand higher royalty rates, shorter terms, or more restrictive exclusivity, reducing Funko’s economics on attractive franchises.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Estimated FY2023 annual GAAP gross profit was $333.0 million.
Open source ↗Management has to resize the fixed-cost and distribution base to the current demand level, because the company no longer has the 2022 revenue scale that once absorbed overhead.WeakeningMateriality: Medium
FY2024 annual GAAP operating income was positive $13.0 million after a FY2023 annual GAAP operating loss of $103.8 million. A successful cost reset can make a smaller Funko profitable; failure means revenue stabilization alone will not create shareholder value.
Watch: Distribution, corporate, and licensing-support costs remain too high for a sub-$1 billion annual revenue base.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2024 annual GAAP operating income was positive $13.0 million after a FY2023 annual GAAP operating loss of $103.8 million.
Open source ↗Funko needs enough liquidity runway to complete the turnaround without emergency dilution or creditor-driven strategic choices.HoldingMateriality: Medium
Cash and equivalents were $42.1 million at FY2025 year-end, up from $34.7 million at FY2024 year-end. If liquidity holds, shareholders keep more upside from an operating recovery; if liquidity tightens, financing terms can dominate the investment outcome.
Watch: Vendors shorten payment terms or require more upfront cash because of concerns about sell-through or balance-sheet risk.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and equivalents were $42.1 million at FY2025 year-end, up from $34.7 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Funko’s fan-expression proposition remains relevant enough that retailers and consumers keep buying across pop-culture cycles rather than treating the product line as a fading fad. If demand stabilizes, the company has a revenue base on which cost actions can matter; if fandom demand is structurally impaired, operating leverage works in reverse.
Funko must rebuild discipline in matching production and assortment to real sell-through, because collectibles demand can turn quickly when a license, character, or release cycle cools. Good demand planning converts fandom into cash; poor planning turns revenue into markdowns, working-capital drag, and obsolete inventory risk.
Funko’s licensed designs need to retain enough consumer differentiation and royalty/manufacturing efficiency to support gross profit, rather than becoming commoditized licensed toys sold mainly on price. If product differentiation and licensing economics hold, revenue can translate into gross profit; if they erode, even stable sales may not repair earnings.
Management has to resize the fixed-cost and distribution base to the current demand level, because the company no longer has the 2022 revenue scale that once absorbed overhead. A successful cost reset can make a smaller Funko profitable; failure means revenue stabilization alone will not create shareholder value.
Funko needs enough liquidity runway to complete the turnaround without emergency dilution or creditor-driven strategic choices. If liquidity holds, shareholders keep more upside from an operating recovery; if liquidity tightens, financing terms can dominate the investment outcome.
All standing thesis claims
Original report summary
Funko is a turnaround thesis: the brand still has a real fan-expression niche, but equity value depends on proving that licensed collectibles demand can be converted into sustainable GAAP profit and cash again.
Bull case and bear case
Bull case and bear case for Funko
Where the evidence on Funko disagrees: Mixed on the latest evidence (Nov 9, 2026). Of its 5 thesis points, 3 holding and 2 weakening.
Bull case: what the evidence supports
Funko’s fan-expression proposition remains relevant enough that retailers and consumers keep buying across pop-culture cycles rather than treating the product line as a fading fad.
Funko’s licensed designs need to retain enough consumer differentiation and royalty/manufacturing efficiency to support gross profit, rather than becoming commoditized licensed toys sold mainly on price.
Funko needs enough liquidity runway to complete the turnaround without emergency dilution or creditor-driven strategic choices.
Bear case: what the evidence questions
Funko must rebuild discipline in matching production and assortment to real sell-through, because collectibles demand can turn quickly when a license, character, or release cycle cools.
Management has to resize the fixed-cost and distribution base to the current demand level, because the company no longer has the 2022 revenue scale that once absorbed overhead.
Thesis-Break Engine
Thesis-break watch · Funko
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Funko filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Funko filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Funko filed an SEC 8-K on 2026-05-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Major retailers reduce collectible shelf space in favor of private-label toys, games, trading cards, or faster-turning licensed products.
- Retail sell-through weakens and Funko responds by forcing orders into channels rather than cutting production early.
- Licensors demand higher royalty rates, shorter terms, or more restrictive exclusivity, reducing Funko’s economics on attractive franchises.
- Distribution, corporate, and licensing-support costs remain too high for a sub-$1 billion annual revenue base.
- Vendors shorten payment terms or require more upfront cash because of concerns about sell-through or balance-sheet risk.
FNKO news
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Financial statements
FNKO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FNKO: quick answers
- Have members of Congress traded FNKO?
- 8 trades in FNKO have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FNKO trade