Funko

FNKO · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

FNKO · Last close · November 6, 2026

$6.72

Funko's revenue fell 13.5% to $908 million in fiscal 2025. Its operating margin was −5.0%, down from 1.2% a year earlier. Free cash flow was −$38 million, against $91 million a year earlier. The diluted share count rose 4.5%.

FUNKO, INC. Latest fiscal year ended December 31, 2025 10-K filed March 12, 2026 · 0001704711-26-000020 Updated November 9, 2026

Revenue

$908M

13.5%

Operating margin

−5.0%

6.2 pts

Net income

−$67M

Free cash flow

−$38M

$91M a year earlier

Return on capital

−12.7%

15.7 pts

Market cap

$390M

Nov 6 close

P/E

96.0x

On $0.07 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Funko does

Funko designs and sells pop culture consumer products based on licensed movies, TV shows, video games, music and sports. Its products include collectible figures, bags, wallets, apparel, plush toys, homewares, vinyl records and posters. It sells them under three brands: Funko, Loungefly and Mondo.

Its Core Collectible products, which include the Pop! Vinyl figures, were 80% of 2025 sales. Loungefly products are mostly licensed fashion accessories. Funko sells mainly to retailers and distributors. Customers outside the United States accounted for about 40% of sales.

Because its products rely on other companies' characters and stories, it depends on license agreements. Its top ten licensors accounted for about 63% of 2025 sales. Funko says it is adding personalized products, micro collectibles and blind boxes, which hold a mystery figure.

Its biggest risks, as it describes them

Dependence on license agreements, and on content that other companies create and the popularity of those properties.
Economic downturns and changes in retailing that hurt its retail customers.
Higher tariffs and trade limits, given its factories and sales outside the United States.
Its debt and its ability to raise or refinance financing on good terms.
Managing inventory and keeping its products popular with fans.

From Funko's annual report on Form 10-K, filed March 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2021, earnings per share grew 128.0% a year and net income 83.2% a year, as the share count fell by 20%. Funko then lost money in fiscal 2022, 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	84	19	36	35	42
Debt incl. finance leases	173	176	153	123	100
Net debt (negative means net cash)	90	157	117	88	58
Net debt to EBITDA	0.7x	4.3x	—	1.2x	4.3x
Debt to equity	0.5x	0.5x	0.7x	0.5x	0.5x
Interest coverage	16.8x	−1.4x	−4.2x	0.6x	−2.5x
Current ratio	1.6x	1.3x	0.9x	0.9x	1.2x
Quick ratio	1.0x	0.6x	0.6x	0.6x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Funko's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Funko's projections

Insider trades

No officer, director or 10% owner of Funko reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	3 of 9	4 of 8	3 of 8
Rule of 40	−17.5%	4.4%	−17.7%
Altman Z''	−0.94	−0.02	−0.45
Accruals ratio	−19.6%	−18.4%	−8.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	3 of 9	4 of 8	3 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Funko side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Funko	FY25	−13.5%	−5.0%	−4.2%	−12.7%	4.3x	3
Malibu Boats	FY26	13.2%	0.3%	4.7%	0.4%	1.9x	5	Compare
Cricut	FY25	−0.5%	13.6%	—	—	—	—	Compare
Johnson Outdoors	FY25	−0.1%	−2.7%	6.8%	−4.7%	−39.8x	4	Compare
JAKKS Pacific	FY25	−17.4%	2.5%	−0.2%	5.2%	−2.1x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	427	516	686	795	652	1,029	1,323	1,096	1,050	908
Revenue growth	—	20.9%	32.9%	15.9%	−17.9%	57.7%	28.5%	−17.1%	−4.2%	−13.5%
Gross profit	146	199	255	282	249	381	434	333	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	44	42	61	47	24	96	−12	−104	13	−46
Net income	27	4	8	12	4	44	−8	−154	−15	−67
Diluted EPS (US$)	—	0.04	0.29	0.36	0.11	1.08	−0.18	−3.19	−0.28	−1.24
Diluted shares (millions)	—	51	26	33	36	41	45	48	52	54
Cash flow
Cash from operations	50	24	50	91	109	87	−40	31	124	−5
Capital expenditure	21	34	27	42	18	28	59	35	33	33
Free cash flow	28	−10	23	48	90	60	−99	−4	91	−38
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	1	32	1	6	0	0	20	5	0	0
Stock-based compensation	2	6	9	13	10	13	17	10	14	12
Balance sheet at fiscal year end
Cash and short-term investments	6	8	14	25	52	84	19	36	35	42
Debt incl. finance leases	211	223	227	216	191	173	176	153	123	100
Total assets	522	630	666	796	764	968	1,091	799	707	685
Total liabilities	305	349	373	491	441	571	702	560	471	499
Shareholders' equity	217	131	155	225	242	322	368	232	233	186
Margins and ratios
Gross margin	34.3%	38.5%	37.2%	35.5%	38.2%	37.0%	32.8%	30.4%	—	—
Operating margin	10.3%	8.2%	8.9%	5.9%	3.6%	9.3%	−0.9%	−9.5%	1.2%	−5.0%
Net margin	6.3%	0.8%	1.1%	1.5%	0.6%	4.3%	−0.6%	−14.1%	−1.4%	−7.4%
Free cash flow margin	6.6%	−1.9%	3.4%	6.1%	13.8%	5.8%	−7.5%	−0.4%	8.6%	−4.2%
Rule of 40 (growth + FCF margin)	—	19.1%	36.3%	22.0%	−4.1%	63.5%	21.0%	−17.5%	4.4%	−17.7%
Return on capital	—	7.6%	10.0%	8.0%	4.1%	16.1%	−1.8%	−18.2%	3.0%	−12.7%
Return on equity	—	2.3%	5.2%	6.2%	1.7%	15.6%	−2.3%	−51.4%	−6.3%	−32.2%
Return on assets	—	0.7%	1.1%	1.6%	0.5%	5.1%	−0.8%	−16.3%	−1.9%	−9.7%
Net debt to EBITDA	3.0x	2.9x	2.1x	2.2x	2.0x	0.7x	4.3x	—	1.2x	4.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Funko's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Funko.