GPGI, Inc. GPGI
GPGI, Inc. (formerly CompoSecure, Inc.) ("GPGI" and, together with its subsidiaries as the context requires, the "Company," "we", "us" or "our"), is a permanent capital platform designed to acquire, own, and scale high-quality businesses that hold "great positions in good industries." The operations, capital allocation, and strategy of our operating businesses are managed by Resolute Holdings Management, Inc. (NYSE: RHLD) ("Resolute Holdings"), an entity that was initially formed as a wholly owned subsidiary of the Company and was subsequently spun off to the Company's shareholders on a pro rata basis. This management structure is designed to eliminate the constraints found in traditional structures to attract great operators to lead and manage each business within GPGI. The leaders of each operating business benefit from the support and experience of Resolute Holdings, allowing them to focus on operating their respective businesses. We are focused on systematically deploying the Resolute Operating System ("ROS") across the Company, which we believe will instill a high-performance culture and drive continuous improvement at each business, resulting in more consistent growth, earnings, and returns for shareholders of GPGI.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $59.8M | $420.6M | $390.6M | $378.5M | $267.9M | $260.6M | $243.3M | — |
| Cost of revenue | $31.1M | $201.3M | $181.5M | $158.8M | $123.1M | $128.0M | $115.4M | — |
| Gross profit | $28.7M | $219.2M | $209.1M | $219.6M | $144.8M | $132.6M | $127.9M | — |
| R&D | $1.3M | $7.4M | $6.8M | $6.7M | $2.7M | — | — | — |
| SG&A | $42.5M | $111.6M | $90.0M | $104.7M | $63.4M | $48.7M | $40.6M | — |
| Operating income | -$13.7M | $107.6M | $119.1M | $114.9M | $81.4M | $84.0M | $86.9M | — |
| Interest expense | $1.7M | $20.2M | $27.5M | $21.4M | — | — | — | — |
| Pre-tax income | -$225.8M | -$81.0M | $117.1M | $136.2M | $82.6M | $77.8M | $81.5M | — |
| Income tax | $39.0M | $2.2M | $4.6M | $4.4M | $857.0K | $0 | $0 | — |
| Net income | -$136.0M | -$83.2M | $112.5M | $18.7M | $3.2M | $77.8M | $81.5M | — |
| EPS, basic | -1.23 | -1.22 | 1.03 | 1.21 | 0.21 | — | — | — |
| EPS, diluted | -1.23 | -1.22 | 0.96 | 1.13 | 0.12 | — | — | — |
| Shares, diluted (wtd. avg.) | $110.5M | $44.0M | $35.3M | $32.6M | $94.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $114.6M | $77.5M | $41.2M | $13.6M | $21.9M | $13.4M | $26.7M | $13.0M |
| Receivables | $0 | $47.4M | $40.5M | $37.3M | $27.9M | $8.8M | — | — |
| Inventory | $0 | $44.8M | $52.5M | $42.4M | $25.8M | $30.2M | — | — |
| Total current assets | $120.1M | $173.9M | $139.4M | $97.1M | $78.3M | $53.5M | — | — |
| Property, plant and equipment | $0 | $23.4M | $25.2M | $22.7M | $22.2M | $27.9M | — | — |
| Total assets | $517.3M | $473.9M | $201.0M | $162.9M | $131.4M | $81.4M | — | — |
| Accounts payable | $922.0K | $11.5M | $5.2M | $7.1M | $7.1M | $2.4M | — | — |
| Short-term debt | $0 | $11.2M | $10.3M | $14.4M | $12.5M | $24.0M | — | — |
| Total current liabilities | $19.0M | $76.3M | $41.0M | $47.4M | $60.5M | $41.6M | — | — |
| Long-term debt | — | $184.4M | $326.2M | $343.6M | $360.0M | $211.9M | — | — |
| Total liabilities | $274.1M | $617.4M | $406.8M | $454.9M | $539.0M | $273.9M | — | — |
| Retained earnings | -$451.1M | -$507.4M | -$846.8M | -$924.6M | -$1.03B | -$198.7M | — | — |
| Total equity | $243.1M | -$143.4M | -$802.4M | -$892.2M | -$1.02B | -$192.6M | -$55.5M | -$34.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22.9M | $129.6M | $104.3M | $92.8M | $77.8M | $87.1M | $81.2M | — |
| Depreciation and amortisation | $1.6M | $9.2M | $8.4M | $8.6M | $10.4M | $9.9M | $8.6M | — |
| Stock-based compensation | $4.5M | $21.2M | $17.6M | $11.5M | $6.1M | $1.8M | $1.7M | — |
| Capital expenditure | $0 | $7.4M | $10.9M | $9.1M | $4.7M | $7.5M | $9.6M | — |
| Investing cash flow | -$60.7M | -$9.9M | -$10.9M | -$9.1M | -$4.7M | -$7.5M | -$9.6M | — |
| Financing cash flow | $120.8M | -$83.4M | -$65.8M | -$92.0M | -$64.5M | -$92.9M | -$57.8M | — |
| Dividends paid | $0 | $8.9M | $0 | $0 | — | — | — | — |
| Buybacks | $12.2M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048561.
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