Funko, Inc. — Earnings Quality Grade F
FNKO · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change +5 days YoY
AR growth -2.4% vs revenue growth -13.5%
Revenue -13.5%, CFFO -104.1%. Cash follows revenue
Expense Quality
Inventory -10.2% vs COGS -9.5%. Normal
CapEx growth 0.5% vs revenue -13.5%. Normal
SG&A/Gross Profit = 96.1%, exceeds 70%
Gross margin 38.7%, change -2.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -9.1%. Low accruals
Cash $0.0B covers only 14% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 145% of equity. Over 50%
Debt/EBITDA = 20.4x (>4x). Interest coverage = -2.4x (<2x). Financial stress
Other assets grew 150.6% vs revenue -13.5%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -2.94 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25