Funko, Inc.

FNKO

Consumer CyclicalLeisureNASDAQ

$5.26

Market Cap: $293.69M

Funko, Inc. (FNKO) Valuation Summary

Updated May 11, 2026 06:02

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.31 – $44.45	$3.50	-33.5%
Revenue DCF 10Y	$0.07 – $43.08	$5.70	+8.3%
▸ Trading Multiples
EV/Revenue	$7.50 – $38.84	$11.69	+122.2%

Valuation History

DCF Analysis

Funko, Inc. (FNKO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.70

Market Price

$5.26

Upside / Downside

+8.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -5.0% to a target of 7.7% over 5 years, discounted at a WACC of 7.6%, Funko, Inc. (FNKO) has an intrinsic value of $5.70 per share (range: $0.07 – $43.08).

Key Assumptions

Current Operating Margin

-5.0%

Target Operating Margin

7.7%

WACC

7.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

7.6%

D&A/Revenue

5.0%

Tax Rate

20.1%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	931	2.5%	-2.5%	-23	-23	47	(36)	55	-67	-64
2027	991	6.5%	0.1%	1	1	50	(42)	12	-4	-4
2028	1,048	5.7%	2.6%	28	22	53	(49)	12	14	12
2029	1,053	0.5%	5.2%	54	44	53	(53)	1	42	33
2030	1,106	5.0%	7.7%	85	68	56	(61)	11	52	38
2031	1,083	-2.1%	7.7%	84	67	55	(64)	-5	62	42
2032	1,071	-1.1%	7.7%	83	66	54	(68)	-2	55	34
2033	1,071	-0.0%	7.7%	83	66	54	(72)	-0	48	28
2034	1,081	1.0%	7.7%	83	67	55	(77)	2	42	22
2035	1,103	2.0%	7.7%	85	68	56	(83)	4	36	18

Enterprise Value Bridge

Sum of PV(FCFF)158

Terminal Value (Gordon Growth at 3.0%)804

PV of Terminal Value401

Enterprise Value559

(–) Net Debt250

Equity Value310

(÷) Shares Outstanding54

Fair Value per Share$5.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.6%	$-7	$0	$14	$29	$43
6.6%	$-7	$-1	$9	$19	$29
7.6%	$-7	$-2	$6	$14	$22
8.6%	$-7	$-3	$4	$10	$17
9.6%	$-7	$-3	$2	$8	$13

Current price: $5.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Funko, Inc. (FNKO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.50

Market Price

$5.26

Upside / Downside

-33.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -5.0% to a target of 7.7% over 5 years, discounted at a WACC of 7.6%, Funko, Inc. (FNKO) has an intrinsic value of $3.50 per share (range: $0.31 – $44.45).

Key Assumptions

Current Operating Margin

-5.0%

Target Operating Margin

7.7%

WACC

7.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

7.6%

D&A/Revenue

5.0%

Tax Rate

20.1%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	931	2.5%	-2.5%	-23	-23	47	(40)	55	-70	-68
2027	991	6.5%	0.1%	1	1	50	(50)	12	-12	-11
2028	1,048	5.7%	2.6%	28	22	53	(62)	12	1	1
2029	1,053	0.5%	5.2%	54	44	53	(71)	1	25	19
2030	1,106	5.0%	7.7%	85	68	56	(84)	11	30	21

Enterprise Value Bridge

Sum of PV(FCFF)-37

Terminal Value (Gordon Growth at 3.0%)663

PV of Terminal Value477

Enterprise Value440

(–) Net Debt250

Equity Value190

(÷) Shares Outstanding54

Fair Value per Share$3.50

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.6%	$-8	$-5	$12	$28	$44
6.6%	$-8	$-5	$6	$18	$30
7.6%	$-8	$-6	$4	$13	$21
8.6%	$-8	$-6	$2	$9	$16
9.6%	$-8	$-6	$0	$6	$13

Current price: $5.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$11.69

Market Price

$5.26

Upside / Downside

+122.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Funko, Inc. (FNKO) has a fair value of $11.69 based on 8 comparable companies in the Leisure industry.

EV/Revenue Valuation — Leisure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Funko, Inc.FNKO	286	0.6x	0.6x
Escalade, IncorporatedESCA	271	1.2x	0.9x
JAKKS Pacific, Inc.JAKK	266	0.5x	0.4x
Xponential Fitness, Inc.XPOF	244	2.3x	2.3x
Playboy, Inc.PLBY	156	2.6x	4.0x
Clarus CorporationCLAR	116	0.4x	0.3x
Lakeland Industries, Inc.LAKE	105	0.7x	1.0x
Dogness (International) CorporationDOGZ	16	0.9x	0.7x
Robo.ai Inc.AIIO	13	2.8x	—
Industry Median		1.0x	0.9x
(*) Revenue		908	931
= Enterprise Value		940	831
(-) Net Debt		250	250
Equity Value		690	581
(/) Outstanding shares		54	54
Fair Price		$13	$11

Selected Fair Value (avg of trailing + forward)

$11.69

+122.2%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.31 – $44.45

$3.50

-33.5%

Revenue DCF 10Y

$0.07 – $43.08

$5.70

+8.3%

▸ Trading Multiples

EV/Revenue

$7.50 – $38.84

$11.69

+122.2%

DCF Analysis

Funko, Inc. (FNKO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.70

Market Price

$5.26

Upside / Downside

+8.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-5.0%

Target Operating Margin

7.7%

WACC

7.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.4%

Target CapEx/Rev

7.6%

D&A/Revenue

5.0%

Tax Rate

20.1%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	931	2.5%	-2.5%	-23	-23	47	(36)	55	-67	-64
2027	991	6.5%	0.1%	1	1	50	(42)	12	-4	-4
2028	1,048	5.7%	2.6%	28	22	53	(49)	12	14	12
2029	1,053	0.5%	5.2%	54	44	53	(53)	1	42	33
2030	1,106	5.0%	7.7%	85	68	56	(61)	11	52	38
2031	1,083	-2.1%	7.7%	84	67	55	(64)	-5	62	42
2032	1,071	-1.1%	7.7%	83	66	54	(68)	-2	55	34
2033	1,071	-0.0%	7.7%	83	66	54	(72)	-0	48	28
2034	1,081	1.0%	7.7%	83	67	55	(77)	2	42	22
2035	1,103	2.0%	7.7%	85	68	56	(83)	4	36	18

Enterprise Value Bridge

Sum of PV(FCFF)158

Terminal Value (Gordon Growth at 3.0%)804

PV of Terminal Value401

Enterprise Value559

(–) Net Debt250

Equity Value310

(÷) Shares Outstanding54

Fair Value per Share$5.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.6%	$-7	$0	$14	$29	$43
6.6%	$-7	$-1	$9	$19	$29
7.6%	$-7	$-2	$6	$14	$22
8.6%	$-7	$-3	$4	$10	$17
9.6%	$-7	$-3	$2	$8	$13

Current price: $5.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$11.69

Market Price

$5.26

Upside / Downside

+122.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Funko, Inc. (FNKO) has a fair value of $11.69 based on 8 comparable companies in the Leisure industry.

EV/Revenue Valuation — Leisure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Funko, Inc.FNKO	286	0.6x	0.6x
Escalade, IncorporatedESCA	271	1.2x	0.9x
JAKKS Pacific, Inc.JAKK	266	0.5x	0.4x
Xponential Fitness, Inc.XPOF	244	2.3x	2.3x
Playboy, Inc.PLBY	156	2.6x	4.0x
Clarus CorporationCLAR	116	0.4x	0.3x
Lakeland Industries, Inc.LAKE	105	0.7x	1.0x
Dogness (International) CorporationDOGZ	16	0.9x	0.7x
Robo.ai Inc.AIIO	13	2.8x	—
Industry Median		1.0x	0.9x
(*) Revenue		908	931
= Enterprise Value		940	831
(-) Net Debt		250	250
Equity Value		690	581
(/) Outstanding shares		54	54
Fair Price		$13	$11

Selected Fair Value (avg of trailing + forward)

$11.69

+122.2%