Funko

FNKO · NASDAQ

$6.87+$0.30 (+4.57%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $6.57

FNKO analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 6 analysts

Average $8.03 (+16.9% upside)

Low: $6.57
Now: $6.87
High: $9.45

Upgrades and downgrades

The latest rating actions, newest first

FNKO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Seaport Global	Aug 24, 2026	Initiates	Buy	$8.00	50%
DA Davidson	Aug 7, 2026	Maintains	Buy	$7.00 → $8.00	40%
Goldman Sachs	May 11, 2026	Maintains	Neutral	$4.00 → $6.00	59%
Goldman Sachs	Mar 16, 2026	Maintains	Neutral	$3.50 → $4.00	59%

The case for and against

Updated Oct 15, 2026

Bull case

Funko is attractive because its repaired balance sheet, stabilized operations, and stronger management team under Josh Simon support a clearer path to durable growth beyond Pop! collectibles, while still leveraging a highly recognizable brand and efficient infrastructure. The company is benefiting from a rapidly expanding collector market, with core collectibles growing 9% in the latest period, toy industry retail up 17% so far in 2026, and collectibles up 32% globally in 2025, reinforcing demand for its limited editions, exclusives, and speed-to-market model. Financially, revenue was $207.7MM in 2Q, gross margin reached 44.4% excluding tariff effects, EBITDA was $40.9MM, and no single customer accounted for more than 10% of sales, highlighting both resilience and diversification.

Bear case

Funko is still heavily dependent on Pop!, which represents about 70% of total revenue and roughly 85% of collectible revenue, leaving results exposed if that form factor loses momentum after its 2010s peak and later slowdown. Despite better balance-sheet repairs, it still carries $201MM of debt, $43MM of lease liabilities, and more than $20MM of annual interest expense at roughly 10%, limiting flexibility and forcing continued debt paydown over growth investments. Its business also remains vulnerable to discretionary-spending weakness, inventory build, and license-risk concentration, with top ten licensors accounting for more than 50% of sales and consumer tastes changing rapidly.

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