Funko, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Funko, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	427	516	686	795	653	1,029	1,323	1,096	1,050	908
Cost of revenue	280	317	431	513	403	648	889	763	615	557
Gross profit	146	199	255	283	249	381	434	333	435	351
Selling, general and administrative	77.5	121	155	194	181	244	398	377	359	338
Operating income	44.1	42.3	60.9	46.6	23.5	95.5	-11.9	-104	13	-45.5
Other non-operating income		0.73	-4.08	0.03	-1.04	-2.71	-0.79	0.13	-2.92	0.79
Pre-tax income	26.9	7.25	30.5	32.3	11.8	84.9	-23	-31.9	-10.5	-63.9
Income tax		1.27	5.43	4.48	2.03	17.1	-17.8	132	4.56	4.36
Net income to minority interests		1.88	17.6	16.1	5.8	24	2.8	-10.4	-0.35	-0.94
Net income	26.9	3.94	7.46	11.7	3.96	43.9	-8.04	-154	-14.7	-67.4
EBITDA	67.7	74.2	100	88.7	67.9	136	36	-46.4	75.6	13.6
EPS, basic		0.03	0.31	0.38	0.11	1.14	-0.18	-3.19	-0.28	-1.24
EPS, diluted		0.03	0.29	0.36	0.11	1.08	-0.18	-3.19	-0.28	-1.24
Shares, basic (weighted)		29.8	23.8	30.9	35.3	38.4	44.6	48.3	52	54.4
Shares, diluted (weighted)		64.6	25.6	32.9	35.8	40.6	44.6	48.3	52	54.4

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.16	7.73	13.5	25.2	52.3	83.6	19.2	36.5	34.7	42.1
Receivables	83.6	115	149	152	132	188	168	131	120	117
Inventory	43.6	79.6	86.6	62.1	59.8	166	246	119	92.6	83.1
Other current assets	19	21.7	11.9	20.3	15.5	14.9	39.6	50.1	39.9	48.1
Total current assets	152	225	261	259	259	453	473	337	287	290
Property, plant and equipment	25.5	40.4	44.3	65.7	56.1	58.8	102	91.3	78.4	68.7
Lease right-of-use assets			0	62.9	58.1	53.5	71.1	61.5	52.8	46.9
Goodwill	97.5	114	116	125	125	127	131	134	134	134
Intangible assets	244	251	234	221	206	190	181	167	152	136
Other non-current assets	3.09	4.26	4.28	4.78	4.74	11.9	8.11	7.75	3.79	9.51
Total assets	522	634	666	796	764	968	1,091	799	707	685
Accounts payable	23.7	53.4	36.1	42.5	29.2	57.2	67.7	52.9	63.1	64.7
Accrued liabilities	4.77	8.21	11.1	13.1	13.3	23.4	25.1	20.3	17.6	20.5
Deferred revenue	3.75	3.28	0.31				8.67	9.91	13.3	17.6
Short-term debt	7.13	7.93	10.6	13.7	10.8	17.4	22	22.1	82.5	23.1
Total current liabilities	97.5	133	143	158	139	285	361	353	306	244
Long-term debt	204	215	217	203	180	156	154	131	100	202
Lease liabilities			0	61.6	57.5	50.5	82.4	71.3	60.4	48.7
Total liabilities	305	353	373	491	441	571	701	561	471	499
Total debt	211	223	227	217	191	173	176	153	123	100
Paid-in capital	58.1	129	146	204	216	253	311	326	343	357
Retained earnings	-60	1.25	8.72	20.4	24.4	68.1	60	-94.1	-109	-176
Other comprehensive income		0.81	-0.17	0.79	1.72	1.08	-2.6	-0.18	-1.68	4.62
Shareholders' equity		131	155	225	242	322	368	232	233	186
Minority interests		150	139	79.7	80.2	74.9	21.5	6.1	3.33	0.32
Total equity	217	281	293	305	322	397	390	238	236	186
Total liabilities and equity	522	634	666	796	764	968	1,091	799	707	685

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.9	5.99	25.1	27.8	9.76	67.9	-5.24	-164	-15.1	-68.3
Depreciation and amortization	23.5	32	39.1	42.1	44.4	40.1	47.9	57.4	62.6	59.1
Stock-based compensation	2.37	5.57	9.14	13	10.1	13	16.6	10.5	13.6	11.5
Deferred income tax		-1.23	-0.89	-2.29	3.32	-0.36	-17.4	123	-0.3	0
Change in receivables	-33.6	-28.5	-36.1	-3.97	20.1	-56.6	19.1	40.5	9.62	6.19
Change in inventory	6.01	-17.2	-8.89	25.4	2.85	-107	-82.2	122	26.2	11.8
Change in payables	14.7	19	-16.4
Cash from operations	49.5	23.8	50	90.8	109	87.4	-40.1	30.9	124	-5.12
Capital expenditures	-21.2	-33.6	-26.9	-42.3	-18.5	-27.8	-59.1	-35.1	-32.8	-33
Acquisitions	-0.9	-31.7	-0.64	-6.37	0	0.2	-19.5	-5.36	0	0
Cash from investing	-22.1	-65.2	-27.5	-48.6	-18.5	-27.4	-78.1	-39.8	-25.2	-31.9
Debt issued	47.6	66.3	230
Debt repaid	-7.6	-59	-231			-198	-18	-22.6	-31.1	-23.1
Stock issued		0	0.02	2.22	0.22
Cash from financing	-45.6	43	-15	-28.3	-63.3	-28.6	54.6	25.6	-99.2	42
Exchange rate effect		-0.07	-1.69	-2.05	0.11	-0.05	-0.8	0.52	-0.85	2.48
Net change in cash	-18.3	1.57	5.76	11.7	27	31.3	-64.4	17.3	-1.8	7.49
Free cash flow	28.3	-9.73	23.1	48.5	90.3	59.6	-99.3	-4.2	90.7	-38.1
Interest paid	12.5	25.4	19.4	12.3	9.09	5.68	8.86	24.6	21	18.3
Income taxes paid		0	2.31	14.1	4.17	1.46	22.4	1.06	3.9	5.36

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.24 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.3%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	10.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.2%	Pre-tax income / revenue.
Net margin	0.5%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.8%	Cash from operations / revenue.
Effective tax rate	59.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.
Return on invested capital (ROIC)	11.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	36.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-19.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-450.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-82.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-27.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-27.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-104.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-142.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-20.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.19x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.7%	Total debt / total assets.
Liabilities / assets	70.4%	Total liabilities / total assets.
Net debt	$30.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$47.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$60.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.41x	Revenue / average total assets.
Fixed asset turnover	15.3x	Revenue / average property, plant and equipment.
Inventory turnover	5.51x	Cost of revenue / average inventory.
Days inventory	66 days	365 x average inventory / cost of revenue.
Receivables turnover	7.12x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	63 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	55 days	Days inventory + days sales outstanding - days payables.
FCF conversion	1,055.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.18	Revenue / diluted weighted shares.
FCF per share	$0.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.42	Cash from operations / diluted weighted shares.
Book value per share	$3.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.03	Tangible book value / shares outstanding.
Cash per share	$0.72	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$405.4M	Share price x shares outstanding.
Enterprise value	$435.4M	Market cap + total debt - cash - short-term investments.
P/E	88.0x	Market cap / net income. Only when net income is positive.
P/S	0.43x	Market cap / revenue.
P/B	2.05x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	8.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.93x	Market cap / cash from operations, when positive.
EV/Sales	0.46x	Enterprise value / revenue.
EV/EBIT	13.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.64x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.96x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.0%	Free cash flow / market cap.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).

What was Funko, Inc.'s revenue in fiscal 2025?

Funko, Inc. reported revenue of $908.2M for fiscal 2025, 13.5% lower than the year before.

Was Funko, Inc. profitable in fiscal 2025?

No. It reported a net loss of $67.4M.

How much free cash flow did Funko, Inc. generate in fiscal 2025?

Cash from operations of $5.1M minus capital expenditures of $33.0M left free cash flow of -$38.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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