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what it is
Funko sells pop-culture collectibles, bags, apparel, and other licensed merch tied to movies, games, sports, and music.
how it gets paid
Last year Funko made $908M in revenue. Vinyl figures was the main engine at $499.4M, or 55% of sales.
why growth slowed
Revenue fell 13.5% last year. $908M matters more than the quarter spike because it shows the full business still shrank 13.5% over the year.
what just happened
The quarter printed $635M in revenue, but Funko still lost money at EPS of -$1.24.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
9.9% return on capital — nothing to write home about
-$0.30 fy2024 eps est
$1B fy2024 rev est
xvary composite: 28/100 — weak
What they do
Funko sells pop-culture collectibles, bags, apparel, and other licensed merch tied to movies, games, sports, and music.
Funko wins because fandom is a repeat-purchase habit, not a one-time sale. You do not buy one character and call it a day. The company sells across figures, bags, apparel, and accessories, and still reached about $908M in annual revenue in a bad year, which shows the brand has real shelf presence.
How they make money
$908M
annual revenue · their business grew -13.5% last year
Vinyl figures
$499.4M
Bags & accessories
$172.5M
Plush & action toys
$90.8M
Apparel & homewares
$81.7M
Digital collectibles & media
$63.6M
The products that matter
licensed vinyl collectible figures
Pop! Vinyl Figures
~80% of revenue
it's the core of the company, generating roughly 80% of Funko's $908M in annual revenue. when this line weakens, the whole story weakens with it.
core
bags, apparel, and accessories
Loungefly & Other
$182M · 20% of sales
this segment brought in $182M, or 20% of total sales, and still declined 11%. it matters because diversification only helps if the second business is actually growing.
secondary engine
Key numbers
$908M
annual revenue
Funko is still a real business at scale, but revenue fell 13.5%, so size is not saving profitability.
5.0%
operating margin
Operating margin → profit after everyday business costs → so what: Funko still loses money on the core operation.
9.9%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: the asset base is not broken, but the earnings line is.
$54M
long-term debt
Long-term debt → money owed over years → so what: debt equals 19% of capital, which matters more when the stock is only worth about $229M.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $54M (19% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for FNKO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter printed $635M in revenue, but Funko still lost money at EPS of -$1.24.
Revenue jumped 153% vs. prior year in the latest reported quarter from EDGAR. The quiet part out loud: annual revenue still fell 13.5% to $908M, and full-year EPS was estimated at -$0.30.
$635M
revenue
$1.24
eps
13.5%
annual sales
the number that mattered
$908M matters more than the quarter spike because it shows the full business still shrank 13.5% over the year.
source: EDGAR, latest reported quarter and annual filing
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What could go wrong
the #1 risk is the securities fraud investigation landing on a company that already has weak demand and a C+ balance sheet.
high
securities fraud investigation
Pomerantz Law Firm announced an investigation in july 2025 into potential securities fraud by Funko and its officers.
legal expense is bad enough on its own. on a $229M company already expected to lose $0.30 per share, it matters more.
high
turnaround may stall at flat sales
management guided 2026 revenue to flat to up 3% after full-year sales dropped 13.5% to $908M.
if revenue only stabilizes without recovering, the rerating case stays thin and you are left owning a low-visibility toy licensor with volatile margins.
med
licensing dependence
the business depends on access to pop-culture IP, and the core collectibles line still represents roughly 80% of revenue.
lose a key license, pay higher royalties, or back the wrong trend, and the main engine gets hit immediately.
med
balance-sheet flexibility is limited
Funko carries $54M of long-term debt, a C+ balance sheet grade, and just amended its credit agreement for covenant relief in february 2026.
that does not mean a crisis today. it does mean another operational miss has less room to hide.
if the legal issue drags on and revenue misses even the flat to +3% guide, the company is absorbing that pressure with a C+ balance sheet, $54M of long-term debt, and a stock already priced for distress.
source: institutional data · regulatory filings · risk analysis
Pay attention to
turnaround
flat to +3% revenue guide
this is the whole operating debate. after a 13.5% sales drop, even low-single-digit growth would count as stabilization. another decline would say the reset is not working.
profitability
$70M–$80M adjusted EBITDA target
management is targeting $70M–$80M in 2026 adjusted EBITDA, up from $62M in 2025. if revenue stays soft, margin has to do the heavy lifting.
calendar
next earnings report
Funko's estimated next earnings date is thursday, may 7, 2026. for a 15/100 predictability stock, every quarter matters more than usual.
balance sheet
credit agreement and activist pressure
the february 2026 amendment bought covenant relief, while Pleasant Lake's 10% stake is pushing for strategic alternatives. you are watching both the lender conversation and the boardroom conversation at the same time.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not trust this business to produce smooth quarterly numbers.
risk rank
5
that means it looks riskier than 95% of stocks in the dataset. this is a speculation, not a sleep-well holding.
price stability
5 / 100
the stock swings around. if you own it, volatility is not a side effect. it's part of the product.
source: institutional data
Institutional activity
institutional ownership data for FNKO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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