Forensic Analysis · General / Diversified · as of Jun 28, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.5
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-32.2%
ROE
$324M
Market cap
Funko, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-9%Return on invested capital.Return on invested capital is -9% and slipping from -1% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+7.4%/yrShare-count dilution.Diluted share count changed +22% over the last 3 years to FY2025 (+7.4%/yr). The count is GROWING — existing holders are being diluted. That's ~7.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~22%.
47d DSOReceivables vs revenue.Days sales outstanding moved from 42 to 47 days FY2024→FY2025 (receivables -2% vs revenue -13%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin-7.4%
Debt / Equity1.21x
Free Cash Flow$-38.1M
Latest Revenue$908.2M
Return on Equity-36.3%
Revenue Growth YoY-13.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Funko, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FNKO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown