Funko Inc. (Class A) (FNKO) Insider, 13F Hedge Fund & Politician Buy/Sell Thermometer

Per the Roarable RQD rating, FNKO scores 38 out of 100, a D- grade labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine: 7 / 20. Per the RQD rating, this pillar reflects ROIC of -10.4% and an FCF yield of -10.17%. For a prospective investor, the core issue is that the business is not currently converting capital into positive cash returns, which removes the most durable source of valuation support.
• Whale 13F Flow: 15 / 20. Per the RQD rating, this pillar captures institutional accumulation and options positioning. This is the strongest pillar, indicating that some sophisticated holders are building exposure, which can be an upside driver if it persists.
• Insider Conviction: 3 / 20. Per the RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. The low score signals weak insider-side conviction, a meaningful counterweight to the institutional pillar.
• Macro Regime Fit: 6 / 20. Per the RQD rating, beta is 1.0 with sector sensitivity. The stock moves in line with the broad market, so it offers no defensive cushion in a risk-off regime.
• Forensic Balance Sheet: 7 / 20. Per the RQD rating, Altman Z is 2.5, Piotroski F is 3/9, and Debt/Equity is 1.09. These readings point to elevated financial strain and limited balance-sheet flexibility.

Taken together, the valuation tradeoff is that the share price of $6.69 sits within a 52-week range of $2.72 to $7.35, but the negative cash returns and weak forensic scores mean the market price is not supported by demonstrated cash generation. Upside depends mainly on institutional flow and any operational turnaround; the downside risk is that weak fundamentals persist. This is an educational reading of the rating, not personalized financial advice.

Per the SEC financials, revenue declined from $1096.1M in FY 2023 to $908.2M in FY 2025, and the company reported net losses in all three periods. Per the market data, operating margin is -5%, net margin is -7.4%, and gross margin is 0%. ROIC is -10.4%. The source data does not provide an Altman Z-Score or Piotroski F-Score in the financials section, though the RQD rating reports Altman Z of 2.5 and Piotroski F of 3/9. Per the RQD rating, Debt/Equity is 1.09. Debt rose from $100.3M in FY 2024 to $202.2M in FY 2025, while cash was $42.1M in FY 2025.

Per the recent news and catalysts section, the feed contains six items, all relating to FNKO:

• Risk Watch (RED): One item, a headline referencing a Q2 deep dive that cites "diverse product pipeline" and "margin expansion," is flagged RED under RISK WATCH. The flag is the only elevated-risk signal in the feed.
• Market Wire (YELLOW): Five items are flagged YELLOW under MARKET WIRE. These include a stock options chain report, a GuruFocus item reporting that Fund 1 Investments, LLC added to its stake and that shares look 43% overvalued on GF Value, a MarketBeat average target price item of $7.08, a MarketBeat item noting shares up 0.9%, and a MarketBeat item noting that quarterly earnings are scheduled for Thursday.

Per the butterfly supply-chain graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. The catalyst set is therefore limited to news and market-wire items without independent supply-chain confirmation.

• What are FNKO's specific products, customer segments, and revenue drivers, given that the source data provides only sector classification?
• What is the FY 2025 EPS, and what are the trailing and forward P/E and EV/EBITDA multiples, given that these fields are unavailable?
• What drove the swing from positive operating income in FY 2024 to a $-45.5M operating loss in FY 2025, and is the debt increase from $100.3M to $202.2M tied to that deterioration?
• What do the specific Form 4 insider and 13F institutional transactions show, given that the holders section is empty?
• What is the basis for the RED RISK WATCH flag on the Q2 deep-dive item, and what concrete margin or pipeline data supports the headline's characterization?