Funko, Inc.
FNKO Consumer Cyclical Leisure
Funko, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $908.2 million, down 13.5% from fiscal 2024. In the quarter to June 2026, revenue grew 7.37%, EPS grew 137.8%, free cash flow grew 108.6% and total debt rose 78.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Funko, Inc. (FNKO) Beneish M-score
Funko, Inc.'s Beneish M-score for fiscal 2025 is −2.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.95 | 0.65 |
| FY2024 | −3.59 | 0.34 |
| FY2023 | −3.93 | (1.62) |
| FY2022 | −2.31 | (0.11) |
| FY2021 | −2.20 | 1.04 |
| FY2020 | −3.24 | (0.55) |
| FY2019 | −2.70 | (0.31) |
| FY2018 | −2.39 | 0.04 |
| FY2017 | −2.43 | (0.27) |
| FY2016 | −2.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.07 | — | 0.57 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.87 | — | 0.77 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.09) | — | −0.43 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.95 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XPOF Xponential Fitness, Inc. compare | −4.1× |
| FUN Six Flags Entertainment Corporation compare | −3.4× |
| JOUT Johnson Outdoors Inc. compare | −3.1× |
| AOUT American Outdoor Brands, Inc. compare | −3.1× |
| FNKO Funko, Inc. | −2.9× |
| ESCA Escalade, Incorporated compare | −2.9× |
| LUCK Lucky Strike Entertainment compare | −2.4× |
| JAKK JAKKS Pacific, Inc. compare | −2.4× |
| TRON Tron Inc. compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI