GME
GameStop Corp.GameStop Corp., a specialty retailer, provides games and entertainment products through its e-commerce properties and various stores in the United States, Canada, Australia, and Europe. The company sells new and pre-owned gaming platforms; accessories, such as controllers, gaming headsets, virtual reality products, and memory cards; new and pre-owned gaming software; and in-game digital currency, digital downloadable content, and full-game downloads. It also sells collectibles comprising license
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 680.0 | 30.6 | -- | 47.6 | -- | 57.8 | -3.4 | 9,638 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 800.0 | 40.0 | -- | 80.0 | -- | 64.0 | -3.2 | 9,580 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 600.0 | 12.0 | -- | 24.0 | -- | 60.0 | -3.0 | 9,516 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 1,050 | 68.3 | -- | 94.5 | -- | 94.5 | -4.2 | 9,456 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 740.0 | 40.7 | -- | 59.2 | -- | 74.0 | -3.7 | 9,361 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 880.0 | 52.8 | -- | 105.6 | -- | 79.2 | -3.5 | 9,287 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 660.0 | 19.8 | -- | 33.0 | -- | 79.2 | -2.6 | 9,208 | -- | -- | -- | -- | -- |
| Est | 2025-Q4 | 1,150 | 86.3 | -- | 120.8 | -- | 115.0 | -4.6 | 9,129 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 1,104 | 149.5 | 144.9 | 127.9 | 193.6 | 187.4 | -6.2 | 9,014 | 4,362 | 549.1 | 6.9% | -- | 19.8x |
| Act | 2025-Q3 | 821.0 | 56.6 | 41.3 | 77.1 | 111.3 | 107.0 | -4.3 | 8,830 | 4,392 | 591.7 | 1.6% | -- | 32.8x |
| Act | 2025-Q2 | 972.2 | 69.0 | 66.4 | 168.6 | 117.4 | 113.3 | -4.1 | 8,694 | 4,418 | 546.5 | 2.9% | -- | 37.2x |
| Act | 2025-Q1 | 732.4 | 30.3 | -10.8 | 44.8 | 192.5 | 189.6 | -2.9 | 6,386 | 1,762 | 497.9 | -0.8% | -- | 63.4x |
| Act | 2024-Q4 | 1,283 | 86.9 | 79.8 | 131.3 | 162.3 | 158.8 | -3.5 | 4,775 | 410.7 | 447.7 | 7.3% | -- | 416.9x |
| Act | 2024-Q3 | 860.3 | -16.3 | -33.4 | 17.4 | 24.6 | 20.0 | -4.6 | 4,616 | 463.5 | 437.9 | -3.2% | -- | 387.0x |
| Act | 2024-Q2 | 798.3 | -14.4 | -22.0 | 14.8 | 68.6 | 65.5 | -3.1 | 4,204 | 533.5 | 387.2 | -2.3% | -- | 197.9x |
| Act | 2024-Q1 | 881.8 | -33.8 | -50.6 | -32.3 | -109.8 | -114.7 | -4.9 | 1,083 | 588.7 | 305.9 | -21.5% | -- | 84.8x |
| Act | 2023-Q4 | 1,794 | 78.6 | 55.2 | 63.1 | -11.0 | -18.7 | -7.7 | 1,199 | 602.8 | 305.7 | 20.4% | -- | 169.7x |
| Act | 2023-Q3 | 1,078 | -3.4 | -14.7 | -3.1 | 19.1 | 11.1 | -8.0 | 1,210 | 614.2 | 305.3 | -6.2% | -- | 482.7x |
| Act | 2023-Q2 | 1,164 | -4.0 | -16.6 | -2.8 | -109.1 | -119.2 | -10.1 | 1,195 | 635.2 | 304.8 | -7.3% | -- | -- |
| Act | 2023-Q1 | 1,237 | -44.7 | -58.4 | -50.5 | -102.7 | -111.8 | -9.1 | 1,310 | 650.5 | 304.5 | -25.3% | -- | -- |
| Act | 2022-Q4 | 2,226 | 60.6 | 46.2 | 48.2 | 338.2 | 326.6 | -11.6 | 1,391 | 616.6 | 304.5 | 17.8% | -- | -- |
| Act | 2022-Q3 | 1,186 | -81.2 | -96.3 | -94.7 | 177.3 | 164.3 | -13.0 | 1,042 | 574.5 | 304.2 | -46.5% | -- | -- |
| Act | 2022-Q2 | 1,136 | -90.0 | -107.8 | -108.7 | -103.4 | -123.9 | -20.5 | 908.9 | 602.4 | 304.2 | -45.0% | -- | -- |
| Act | 2022-Q1 | 1,378 | -136.6 | -153.7 | -157.9 | -303.9 | -314.7 | -10.8 | 1,035 | 617.0 | 303.6 | -56.5% | -195.1x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 18.46 | — | -4.2% | -247 | n/m | 132.8× | n/m | 1.3× |
| 2023 | 17.53 | -11.0% | 0.5% | 27 | 154.8× | n/m | 701.3× | 0.9× |
| 2024 | 31.34 | -27.5% | 0.6% | 22 | 234.2× | 40.5× | 73.2× | 2.5× |
| 2025 | 20.08 | -5.0% | 8.4% | 305 | 25.4× | 13.0× | 29.6× | 3.4× |
| TTM | 21.18 | -5.0% | 8.4% | 305 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 21.18 | -8.3% | 0.1% | 2 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
GameStop is a secularly declining specialty retailer trading at a massive premium to intrinsic value, sustained by meme-stock sentiment and financial engineering rather than fundamental business strength. The core gaming retail business is losing 5-10% revenue annually as digital distribution cannibalizes physical software sales. Management has pivoted to becoming a quasi-investment fund — holding $8.8B in cash earning interest and $500M+ in Bitcoin — while issuing $3.75B in convertible debt that massively dilutes existing shareholders (35%+ annual dilution). The 'profitability' is largely an artifact of interest income on the cash hoard and aggressive cost-cutting, not business improvement. At ~$11B market cap for a business generating ~$3.8B in declining revenue with sub-7% EBITDA margins from operations, the stock trades at 3x sales — a massive premium for a shrinking retailer. The lack of earnings calls or guidance is a governance red flag. The warrant dividend at $32 strike and Ryan Cohen's share purchases provide near-term sentiment support, but the underlying business does not justify the valuation. This is a 'sell the rallies' story with limited fundamental support above $15.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $18.00 | $4.00/$4.70 | 808 | $0.21/$0.36 | 652 |
| $19.00 | $3.10/$3.75 | 654 | $0.30/$0.55 | 765 |
| $20.00 | $2.67/$2.90 | 4,055 | $0.66/$0.76 | 2,302 |
| $21.00 | $2.07/$2.36 | 539 | $1.03/$1.16 | 4,757 |
| $22.00 | $1.65/$1.76 | 2,692 | $1.56/$1.70 | 1,761 |
| $23.00 | $1.25/$1.40 | 4,019 | $2.10/$2.36 | 1,565 |
| $24.00 | $1.00/$1.10 | 2,929 | $2.73/$3.10 | 1,056 |
| $25.00 | $0.80/$0.85 | 12,226 | $3.65/$3.90 | 3,094 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 4.6% of float, sold 2.1%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $827M | $23.56 | +$13.9M | +$23.9M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $420M | $23.04 | +$420M | +$420M | — | $4.04T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $401M | $23.04 | +$401M | +$401M | — | $1.91T |
| STATE STREET CORPPassive | $291M | $24.15 | +$4.0M | +$3.8M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $175M | $23.70 | +$5.5M | +$13.8M | +2.3% | $1.61T |
| MARSHALL WACE, LLP | $111M | $23.77 | +$32.7M | +$77.1M | +0.6% | $92.71B |
| DIMENSIONAL FUND ADVISORS LPPassive | $90.0M | $22.59 | +$58.9M | +$41.1M | -0.4% | $480.92B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $82.9M | $22.97 | +$7.6M | +$1.9M | +0.7% | $645.81B |
| Invesco Ltd. | $78.7M | $24.37 | −$6.0M | +$63.5M | -0.2% | $652.04B |
| NORTHERN TRUST CORPPassive | $76.6M | $25.67 | +$3.8M | +$3.2M | -0.2% | $755.34B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $71.4M | $23.42 | −$10.1M | −$84.0M | -0.6% | $77.14B |
| RENAISSANCE TECHNOLOGIES LLC | $61.1M | $24.04 | +$48.2M | +$33.3M | +1.2% | $63.91B |
| VANGUARD FIDUCIARY TRUST COPassive | $58.9M | $23.04 | +$58.9M | +$58.9M | — | $395.83B |
| Bank of New York Mellon Corp | $54.4M | $24.66 | −$429K | −$3.6M | -0.2% | $543.21B |
| MORGAN STANLEY | $48.4M | $23.89 | −$30.1M | +$11.8M | -0.3% | $1.65T |
| VAN ECK ASSOCIATES CORP | $46.0M | $22.45 | −$18.7M | +$280K | +0.8% | $133.17B |
| UBS Group AG | $38.0M | $28.20 | −$17.7M | −$25.8M | -0.3% | $562.11B |
| Point72 Asset Management, L.P. | $31.4M | $22.26 | +$18.0M | +$30.3M | +0.9% | $54.88B |
| Alyeska Investment Group, L.P. | $30.7M | $22.59 | −$18.3M | −$30.1M | -0.5% | $35.33B |
| RHUMBLINE ADVISERS | $24.9M | $24.31 | +$284K | +$255K | +0.4% | $116.90B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 59.3%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q4 | 987M | 1M | 110M | $0.20 | $0.20 – $0.20 | 1 |
| 2026 Q1 | 1.5B | 2M | 203M | $0.37 | $0.37 – $0.37 | 1 |
| 2026 Q2 | 767M | 1M | 88M | $0.16 | $0.16 – $0.16 | 1 |
| 2026 Q3 | 1.1B | 1M | 104M | $0.19 | $0.19 – $0.19 | 1 |
| 2026 Q4 | 1.0B | 1M | 126M | $0.23 | $0.23 – $0.23 | 1 |
| 2027 Q1 | 1.4B | 2M | 280M | $0.51 | $0.51 – $0.51 | 1 |
| 2027 Q2 | 550M | 1M | 33M | $0.06 | $0.06 – $0.06 | 1 |
| 2027 Q3 | 550M | 1M | 33M | $0.06 | $0.06 – $0.06 | 1 |
| 2027 Q4 | 550M | 1M | 27M | $0.05 | $0.05 – $0.05 | 1 |
| 2028 Q1 | 850M | 1M | 66M | $0.12 | $0.12 – $0.12 | 1 |
Corporate
Executive Compensation (2018-2020)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-13 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 3,912 | $23.19 | $91K | $2.67M |
| 2026-04-01 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 7,209 | $22.94 | $165K | $2.25M |
| 2026-04-01 | SELL | Moore Daniel William | officer: PFO and PAO | 7,210 | $22.94 | $165K | $2.32M |
| 2026-01-23 | BUY | Cheng Lawrence | director | 5,000 | $22.87 | $114K | $2.01M |
| 2026-01-21 | BUY | Attal Alain | director | 12,000 | $21.63 | $260K | $12.90M |
| 2026-01-21 | BUY | Cohen Ryan | director, officer: President, CEO and Chairman | 500,000 | $21.60 | $10.80M | $828.35M |
| 2026-01-20 | BUY | Attal Alain | director | 12,000 | $20.90 | $251K | $12.22M |
| 2026-01-20 | BUY | Cohen Ryan | director, officer: President, CEO and Chairman | 500,000 | $21.12 | $10.56M | $799.25M |
| 2026-01-12 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 12,200 | $21.00 | $256K | $2.21M |
| 2026-01-02 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 5,475 | $20.44 | $112K | $2.40M |
| 2026-01-02 | SELL | Moore Daniel William | officer: PFO and PAO | 5,477 | $20.44 | $112K | $2.21M |
| 2025-10-02 | SELL | Moore Daniel William | officer: PFO and PAO | 6,509 | $27.58 | $180K | $3.11M |
| 2025-10-02 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 4,449 | $27.58 | $123K | $3.10M |
| 2025-09-02 | SELL | Moore Daniel William | officer: PFO and PAO | 830 | $22.68 | $19K | $2.70M |
| 2025-07-24 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 30 | $23.81 | $714 | $2.78M |
| 2025-07-23 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 11,055 | $24.18 | $267K | $2.82M |
| 2025-07-02 | SELL | Moore Daniel William | officer: PFO and PAO | 721 | $23.95 | $17K | $1.17M |
| 2025-07-02 | SELL | Robinson Mark Haymond | officer: General Counsel and Secretary | 1,269 | $23.95 | $30K | $3.06M |
| 2025-06-30 | BUY | Grube James | director | 5,575 | $23.71 | $132K | $698K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| New Video Game Hardware | $535.6M | -26% |
| Collectibles | $365.0M | +35% |
| Software | $203.7M | -29% |
| Video Game Brands - United States | $788.5M | -8% |
| Video Game Brands - Australia | $161.7M | +9% |
| Video Game Brands - Europe | $154.1M | -21% |
| Video Game Brands - Canada | $0.0M | -100% |
Filing Risk Analysis
Filing Risk Scores
GameStop Corp.: A Synthetic Investment Vehicle Masking Terminal Operational Decay
Counter-Thesis
Counter-Thesis & Recent News
In Q2 2025, GameStop reported a surprising 21.8% YoY revenue jump to $972.2M, driven by a 63% surge in collectibles and 31% in hardware. For Q3 2025 (reported Dec 2025), the company achieved a significant turnaround in profitability with an adjusted operating income of $52.1M. Additionally, management announced a special dividend of warrants to shareholders, allowing them to purchase more shares at $32, which could raise up to $1.9B. CEO Ryan Cohen recently increased his stake by 500,000 shares (April 2025), and the company now holds approximately 5,000 Bitcoins valued at over $528M as of late 2025 (Seeking Alpha, Retail Dive).
The core bear thesis centers on the structural decline of physical software sales as gaming shifts to digital-only platforms like Steam and the PlayStation Store. Despite overall profitability, net sales in the core software segment continue to face headwinds. Bears argue that the current valuation (Forward P/S around 3.0x) is significantly higher than historical averages and peer retail benchmarks, suggesting the stock is still trading on 'meme' sentiment rather than fundamental retail value (Investing.com, Capital.com).
A major concern for institutional investors is the 'black box' nature of management; GameStop famously does not hold earnings calls or provide forward-looking guidance. Furthermore, the company has a history of significant share dilution, having raised over $4B through ATM offerings in 2024 and 2025, which can cap upside potential for existing shareholders. The pivot into Bitcoin acquisitions adds a layer of non-operating volatility to the balance sheet (Barchart, Quiver Quantitative).
GameStop faces existential competition from digital distribution giants and 'big box' retailers like Amazon and Walmart, who are aggressively expanding their own collectibles and trading card departments. The rise of subscription models (Xbox Game Pass) also reduces the need for consumers to visit physical stores for game discovery (Markets.com, Seeking Alpha).
Sentiment among the core retail base remains 'extremely bullish' on platforms like Stocktwits and Reddit. There is a high level of conviction in the 'collectibles pivot,' particularly with GameStop’s success in the graded trading card market (Pokemon and sports cards). This niche has fostered a renewed sense of community and store foot traffic that traditional gaming no longer provides. Institutional activity has also turned net-positive in recent quarters, with firms like Norges Bank and Citadel significantly increasing their positions in 2025 (Intellectia.AI, Quiver Quantitative).