Funko, Inc. (FNKO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-257.8%

-$10.11

vs $6.41 price

Levered DCF

-$1.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.71

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.74×	-47.82×	-2.42×	-60.61×	16.49×	94.36×	19.07×	45.34×
P/B	1×	2.99×	1.61×	1.32×	2.24×	1.51×	2.35×	2.17×
P/S	0.2×	0.66×	0.34×	0.37×	0.7×	0.56×	0.67×	0.49×
EV / EBITDA	30.37×	12.7×	-72.47×	23.12×	6.64×	8.19×	9×	5.7×
Gross margin	38.7%	41.4%	33.1%	32.8%	37.0%	38.2%	35.5%	37.2%
Operating margin	-5.0%	1.2%	-9.5%	-0.9%	9.3%	3.6%	5.9%	8.9%
Net margin	-7.4%	-1.4%	-14.1%	-0.6%	4.3%	0.6%	1.5%	1.1%
Current ratio	1.19×	0.94×	0.96×	1.31×	1.59×	1.87×	1.64×	1.82×
Debt / equity	1.58×	1.12×	1.56×	0.94×	0.74×	1.08×	1.4×	1.6×
Interest coverage	-2.37×	0.63×	-3.71×	-1.15×	13.32×	2.2×	3.25×	2.8×
Dividend yield	0.0%	0.0%	0.3%	2.2%	1.3%	1.0%	4.5%	6.1%
Payout ratio	0.0%	0.0%	-0.7%	-133.3%	21.1%	90.3%	204.0%	273.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-36.3%	-6.3%	-66.4%	-2.2%	13.6%	1.6%	5.2%	4.8%
Return on invested capital	-9.4%	2.6%	-17.1%	-0.3%	10.7%	3.0%	5.8%	9.0%
Return on assets	-9.8%	-2.1%	-19.1%	-0.7%	4.5%	0.5%	1.5%	1.1%
Free cash flow yield	-20.6%	13.0%	-1.1%	-20.4%	8.3%	24.7%	9.1%	6.9%
Earnings yield	-36.4%	-2.1%	-41.2%	-1.7%	6.1%	1.1%	2.2%	2.2%
Enterprise value	$435.5M	$922.5M	$699.5M	$814M	$876.9M	$576M	$820.2M	$569.9M
Net debt / EBITDA	17.48×	3.11×	-33.77×	9.31×	1.17×	2.99×	3.18×	2.34×
Cash conversion cycle (days)	59	59	77	120	128	101	84	122