GMEGameStop Corp.

Retail-Computer & Computer Software Stores

Revenue: $3.6B; 5.1% YoY
Operating margin: 6.4%; 1033% YoY
EBITDA: $252M; 1961% YoY
Market cap: $10.9B
Employees: —
Net debt / EBITDA: -2.7×; −$690M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
147% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$119M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$6.0B	$5.9B	$5.3B	$3.8B	$3.6B	5.1%
Operating income	−$369M	−$312M	−$35M	−$26M	$232M	986%
Net income	−$381M	−$313M	$7M	$131M	$418M	219%
Operating cash flow	−$434M	$108M	−$204M	$146M	$615M	322%
Capex	$62M	$56M	$35M	$16M	$18M	8.7%
Stock-based comp	$31M	$40M	$22M	$16M	$27M	63%
Buybacks	$0	—	—	—	—
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 13, 2026	Cohen Ryan	SCHEDULE 13D/A	9.1%	Passive
Oct 2, 2026	Cohen Ryan	SCHEDULE 13D/A	8.9%	Passive
Sep 29, 2026	Cohen Ryan	SCHEDULE 13D/A	8.8%	Passive
Sep 29, 2026	Cohen Ryan	SCHEDULE 13D/A	8.8%	Passive
Sep 21, 2026	Cohen Ryan	SCHEDULE 13D/A	8.7%	Passive
Sep 10, 2026	Cohen Ryan	SCHEDULE 13D/A	8.5%	Passive
Sep 3, 2026	Cohen Ryan	SCHEDULE 13D/A	8.3%	Passive
Jan 21, 2026	Cohen Ryan	SCHEDULE 13D/A	9.3%	Passive
Jan 20, 2026	Cohen Ryan	SCHEDULE 13D/A	9.2%	Passive
Jan 8, 2026	Cohen Ryan	SCHEDULE 13D/A	9.1%	Passive

Insider trading

Open-market buys, 12 mo: $121M · 17
Open-market sells, 12 mo: $2M · 13
Net: $119M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$2M	—	29	160
FY2025	—	—	33	167
FY2024	—	—	18	114
FY2023	—	—	28	96
FY2022	—	—	30	96