MeritValue

Funko, Inc.

FNKOdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Funko, Inc. earns about -2% on invested capital, but has diluted owners by 34% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.03B1$1.32B2$1.1B3$1.05B3$908.2M3
Net income$43.9M4−$8.04M5−$154.1M6−$14.7M6−$67.4M6
Operating cash flow$87.4M7−$40.1M8$30.9M9$123.5M9−$5.12M9
Capital expenditure$27.8M10$59.1M11$35.1M12$32.8M12$33M12
Free cash flow (derived)$59.6M7−$99.3M8−$4.2M9$90.7M9−$38.1M9
Total debt$346.4M13$351.6M14$306.1M15$305.6M16$325.6M16
Cash & equivalents$83.6M17$19.2M18$36.5M19$34.7M20$42.1M20
Diluted shares40.6M44.6M48.3M52.0M54.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$34.17
your share of equity
Profit it earned you last year
−$12.39
Free cash flow it threw off
−$7
Debt you’d be carrying
$59.87

10 shares is a claim on $34.17 of net worth that earned you −$12.39 and generated −$7 of cash last year, against $59.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 12%FY22 -3%FY23 -5%FY24 -2%FY25 -11%

It earned an average -2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+34% shares · 5y

Share count is up 34% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001704711-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001704711-25-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001704711-26-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001704711-24-000013 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001704711-25-000031 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001704711-26-000020 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001704711-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001704711-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001704711-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001704711-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001704711-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001704711-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001704711-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001704711-24-000013 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001704711-25-000031 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001704711-26-000020 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001704711-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001704711-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001704711-25-000031 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001704711-26-000020 (CashAndCashEquivalentsAtCarryingValue)