GPGI

GPGI · NYSE · Information Technology · Financials, fiscal 2019 to 2025

GPGI · Last close · November 6, 2026

$14.21

GPGI's revenue fell 85.8% to $60 million in fiscal 2025. Its operating margin was −22.9%, down from 25.6% a year earlier. Free cash flow was −$23 million, against $122 million a year earlier. It paid out $12 million in dividends and buybacks. The diluted share count rose 151.1%.

GPGI, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 12, 2026 · 0001628280-26-017266 Updated November 7, 2026

Revenue

$60M

85.8%

Operating margin

−22.9%

48.5 pts

Net income

−$136M

Free cash flow

−$23M

$122M a year earlier

Return on equity

−272.8%

Market cap

$4.2B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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.

About these figures. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs. Piotroski F-score for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

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

What GPGI does

GPGI, formerly CompoSecure, is a holding company that says it aims to acquire, own and grow businesses it considers well positioned in good industries. It owns two businesses. CompoSecure makes metal credit cards and secure authentication products. Husky makes injection molding equipment, and services it afterward, for the food, packaging and medical markets.

The operations, capital allocation and strategy of these businesses are managed by Resolute Holdings Management, which was spun off to GPGI's shareholders. Resolute is paid a fee to manage them. GPGI says it applies a method called the Resolute Operating System to each business, and that it looks for more companies to buy, either as add-ons to CompoSecure or Husky or as new business segments.

The company traces this change to September 2024, when Tungsten became its majority owner. It ended the old dual-share structure. It is a company that acquires businesses, so its results depend on the two it owns.

Its biggest risks, as it describes them

Failing to find, buy and integrate acquisitions successfully.
Relying heavily on Resolute Holdings, which manages its businesses for a fee and has substantial influence.
Conflicts of interest with Resolute Holdings and its affiliates.
U.S. tariffs and other limits on imported goods that could hurt revenue and operations.
Data and security breaches, or technology system failures.

From GPGI'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 2021 to 2023, earnings per share grew 182.8% a year and net income 144.9% a year, as the share count fell by 63%. GPGI then lost money in fiscal 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	22	14	41	78	115
Debt incl. finance leases	360	344	336	196	—
Net debt (negative means net cash)	338	330	295	118	—
Net debt to EBITDA	3.7x	2.7x	2.3x	1.0x	—
Debt to equity	—	—	—	—	—
Interest coverage	6.8x	5.4x	4.3x	5.3x	−8.1x
Current ratio	1.3x	2.0x	3.4x	2.3x	6.3x
Quick ratio	0.9x	1.2x	2.1x	1.7x	6.3x

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 GPGI'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 GPGI's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 6 insiders bought $2.1 million of GPGI shares on the open market, and 1 insider sold $231,109.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 11, 2026	Thomas R. KnottSee remarks, Director, 10% owner	Bought	85,250	$11.67	$994,868	Form 4
May 26, 2026	Kevin M MoriartyDirector	Bought	3,956	$12.64	$50,000	Form 4
May 14, 2026	Krishna MikkilineniDirector	Bought	8,106	$12.34	$100,031	Form 4
May 13, 2026	Kurt SchoenSee remarks	Bought	4,000	$12.58	$50,320	Form 4
May 12, 2026	Rebecca Corbin LoreeDirector	Bought	3,925	$12.87	$50,515	Form 4
Mar 17, 2026	Thomas R. KnottSee remarks, Director, 10% owner	Bought	44,000	$17.08	$751,520	Form 4
Mar 17, 2026	Jane J. ThompsonDirector	Sold	13,667	$16.91	$231,109	Form 4
Mar 17, 2026	John D. CoteDirector	Bought	5,800	$17.10	$99,180	Form 4
Mar 17, 2026	Kurt SchoenSee remarks	Bought	3,000	$17.00	$51,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. 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	5 of 9	3 of 9	—
Rule of 40	27.1%	36.7%	−124.0%
Altman Z''	−8.61	−0.86	−0.81
Accruals ratio	−46.8%	−54.3%	−22.8%

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	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	3 of 9	—

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

Compare

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

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GPGI	FY25	−85.8%	−22.9%	−38.2%	—	—	—
IonQ	FY25	201.8%	−487.4%	−230.4%	−68.3%	—	3	Compare
D-Wave Quantum	FY25	178.5%	−408.2%	−308.5%	—	—	5	Compare
Forward Industries	FY25	−9.0%	−46.1%	−24.9%	−0.9%	—	5	Compare
Turtle Beach	FY25	−14.2%	8.6%	10.6%	15.8%	1.2x	7	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.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	243	261	268	378	391	421	60
Revenue growth	—	7.1%	2.8%	41.2%	3.2%	7.7%	−85.8%
Gross profit	128	133	145	220	209	219	29
Research and development	—	—	3	7	7	7	1
Operating income	87	84	81	115	119	108	−14
Net income	82	78	3	19	19	−54	−136
Diluted EPS (US$)	—	—	0.12	1.13	0.96	−1.22	−1.23
Diluted shares (millions)	—	—	95	33	35	44	110
Cash flow
Cash from operations	81	87	78	93	104	130	−23
Capital expenditure	10	8	5	9	11	7	0
Free cash flow	72	80	73	84	93	122	−23
Dividends paid	0	0	0	0	0	9	0
Share buybacks	0	0	0	0	0	0	12
Acquisitions	0	0	0	0	0	0	0
Stock-based compensation	2	2	6	12	18	21	4
Balance sheet at fiscal year end
Cash and short-term investments	27	13	22	14	41	78	115
Debt incl. finance leases	—	212	360	344	336	196	—
Total assets	—	81	131	163	201	474	517
Total liabilities	—	274	539	455	407	617	274
Shareholders' equity	−56	−193	−1,016	−892	−802	−143	243
Margins and ratios
Gross margin	52.6%	50.9%	54.1%	58.0%	53.5%	52.1%	48.0%
Operating margin	35.7%	32.2%	30.4%	30.4%	30.5%	25.6%	−22.9%
Net margin	33.5%	29.9%	1.2%	4.9%	4.9%	−12.8%	−227.3%
Free cash flow margin	29.4%	30.5%	27.3%	22.1%	23.9%	29.0%	−38.2%
Rule of 40 (growth + FCF margin)	—	37.6%	30.1%	63.4%	27.1%	36.7%	−124.0%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	—	—	—	—	−272.8%
Return on assets	—	—	3.0%	12.7%	10.6%	−15.9%	−27.4%
Net debt to EBITDA	—	2.1x	3.7x	2.7x	2.3x	1.0x	—

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