Forensic Analysis · General / Diversified · as of Nov 11, 2026
Funko, Inc. (FNKO)
A forensic read on Funko, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.5
Distress distance
Clean
Earnings quality
5
Forensic signals
-32.2%
ROE
-13.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Funko, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.5, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8.3%
FY2025
Return on invested capital.Return on invested capital is -8.3% in the latest fiscal year, against -19.0% in FY2023, having run between -19.0% and 2.3% across FY2023–FY2025 with no direction held. After-tax operating profit was ($82M) in FY2023 and ($36M) in FY2025, with operating income at -9.5% of revenue in FY2023, 1.2% in FY2024 and -5.0% in FY2025. The capital base behind it went from $431M in FY2023 to $436M in FY2025 (+1%), while the revenue it carried went from $1.1B to $908M.
+6.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +13% over the last 2 years to FY2025 (+6.1%/yr). The count is growing — 48.3M shares in FY2023, 54.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
stopped
FY2023→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $1M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.
47d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 42 to 47 days FY2024→FY2025 (receivables -2% vs revenue -13%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 44 → 42 → 47 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
1.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.3% of revenue in FY2025 — about $0.21 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.1% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$908.2M
Revenue Growth YoY-13.5%
Revenue CAGR (2yr)-9.0%
Net Margin-7.4%
Free Cash Flow-$38.1M
Return on Equity-32.2%
Debt / Equity1.21x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Funko, Inc.'s actual 10-K/10-Q/8-K filings?