olivlawolivlaw

olivLaw · US equity research

GameStop Corp. GME

Retail-Computer & Computer Software Stores · SIC 5734 · Vertical: Home furniture and electronics stores (SIC 57xx)

25.14USD+3.58% · 1 dayClose 04 Nov 2026

GameStop is a specialty retailer of games, collectibles and entertainment products that is expanding into capital allocation and investments. The shift toward collectibles and the shrinking store network brought operating income to a record second quarter, while total sales fall and the capital plan now includes an eBay stake worth about 4.9 billion USD.

At the close of 04 Nov 2026, GameStop Corp. (GME) stock was 25.14 USD (+3.58% on the day), with market capitalisation 12.7 bn USD, P/E 16.6 on diluted EPS of 1.52 USD over the last 12 months, dividend yield 0.00%, beta 0.74, 52-week range 17.87–28.02 USD. Latest reported quarter (Q2 2027): revenue of 790.2 m USD (−18.7% YoY), net income of 298.7 m USD (+77.2% YoY), diluted EPS 0.51 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
12.7 bn USD
shares as of 03 Sept 2026
P/E (TTM)
16.6
Diluted EPS TTM 1.52 · TTM to 01 Aug 2026
E/P (TTM)
6.03%
TTM to 01 Aug 2026
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.74
Volatility (1y) 39%
52-week range
17.8728.02

Price history

Loading chart…

Technical reading

RSI (14)
54.8
neutral
Bollinger (20, 2)
22.68 – 28.33
in the lower half of the band · %B 0.44 · band width 22.2%
SMA 50 / 200
23.29 / 22.74
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.09 / 0.35
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.4%−2.0%+1.6 pp—
3 months+32.2%−2.2%+34.4 pp—
6 months−0.1%+4.3%−4.4 pp—
Year to date+25.2%+10.6%+14.6 pp—
1 year+14.4%+10.5%+3.9 pp+18.4%
3 years+81.3%+73.7%+7.6 pp−11.7%
5 years−52.8%+61.7%−114.6 pp—
Max drawdown (1y)
−32.6%
01 May 2026 → 28 Aug 2026
Max drawdown (5y)
−83.8%
22 Nov 2021 → 22 Apr 2024
Compound annual growth (5y)
−14.0%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2027 · 01 Aug 2026

Revenue
790.2 m USD
−18.7% YoY
Net income
298.7 m USD
+77.2% YoY
Diluted EPS
0.51
+64.5% YoY
net / operating
37.8% / 20.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27Q2 '27
Revenue860.3 m1.3 bn732.4 m972.2 m821.0 m1.1 bn835.3 m790.2 m
Cost of revenue603.1 m919.2 m479.6 m689.1 m547.6 m717.5 m495.0 m445.2 m
Gross profit257.2 m363.4 m252.8 m283.1 m273.4 m386.8 m340.3 m345.0 m
SG&A282.0 m282.5 m228.1 m218.8 m221.4 m241.9 m201.6 m187.1 m
Operating income-33.4 m79.8 m-10.8 m66.4 m41.3 m135.2 m143.3 m160.2 m
Pre-tax income20.8 m134.6 m48.3 m174.6 m84.1 m77.0 m506.4 m420.2 m
Income tax3.4 m3.3 m3.5 m6.0 m7.0 m-50.9 m116.8 m121.5 m
Net income17.4 m131.3 m44.8 m168.6 m77.1 m127.9 m389.6 m298.7 m
Diluted EPS0.040.29 ≈0.090.310.130.22 ≈0.660.51
Operating cash flow24.6 m ≈162.3 m192.5 m117.4 m ≈111.3 m ≈193.6 m337.4 m62.4 m ≈
Capex4.6 m3.5 m2.9 m4.1 m4.3 m6.2 m4.5 m1.7 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 39 percentile of its own 18-quarter history (min 1.4, median 28.6, max 910.1; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue8.3 bn6.5 bn5.1 bn6.0 bn5.9 bn5.3 bn3.8 bn3.6 bn
Revenue YoY−3.1%−22.0%−21.3%+18.1%−1.4%−11.0%−27.5%−5.1%
Net income-673.0 m-470.9 m-215.3 m-381.3 m-313.1 m6.7 m131.3 m418.4 m
Net income YoY−2,039.5%unavailableunavailableunavailableunavailableunavailable+1,859.7%+218.7%
Diluted EPS-6.59-5.38-0.83-1.31-1.030.020.330.77
Diluted EPS YoY−2,038.2%unavailableunavailableunavailableunavailableunavailable+1,550.0%+133.3%
net %-8.1%-7.3%-4.2%-6.3%-5.3%0.1%3.4%11.5%
Free cash flow231.4 m-493.0 m63.7 m-496.3 m52.3 m-238.6 m129.6 m597.3 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2026 · 31 Jan 2026

Cash
6.3 bn USD
Financial debt
4.2 bn USD
Net debt
-2.1 bn USD
Equity
5.4 bn USD
Total assets
10.4 bn USD
Debt / equity
0.76x
Current ratio
15.30x
ROE
8.1%
ROA
5.1%
FCF margin
16.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
5.3 bn
2025
3.8 bn
2026
3.6 bn

SEC (XBRL)· 24 Mar 2026verified

Cost of revenue
2024
4.0 bn
2025
2.7 bn
2026
2.4 bn

SEC (XBRL)· 24 Mar 2026verified

Gross profit
2024
1.3 bn
2025
1.1 bn
2026
1.2 bn

SEC (XBRL)· 24 Mar 2026verified

SG&A
2024
1.3 bn
2025
1.1 bn
2026
910.2 m

SEC (XBRL)· 24 Mar 2026verified

Operating income
2024
-34.5 m
2025
-26.2 m
2026
232.1 m

SEC (XBRL)· 24 Mar 2026verified

Depreciation & amortisation
2024
56.2 m
2025
—
2026
—

SEC (XBRL)· 26 Mar 2024verified

EBITDA
2024
21.7 m ≈
2025
—
2026
—

SEC (XBRL)· 26 Mar 2024derived

Interest expense
2024
—
2025
—
2026
—

SEC (XBRL)· 17 Mar 2022verified

Pre-tax income
2024
13.1 m
2025
137.2 m
2026
384.0 m

SEC (XBRL)· 24 Mar 2026verified

Income tax
2024
6.4 m
2025
5.9 m
2026
-34.4 m

SEC (XBRL)· 24 Mar 2026verified

Net income
2024
6.7 m
2025
131.3 m
2026
418.4 m

SEC (XBRL)· 24 Mar 2026verified

Diluted EPS
2024
0.02
2025
0.33
2026
0.77

SEC (XBRL)· 24 Mar 2026verified

Weighted average diluted shares
2024
305.2 m
2025
394.7 m
2026
549.1 m

SEC (XBRL)· 24 Mar 2026verified

Balance sheet · USD

Cash
2024
921.7 m
2025
4.8 bn
2026
6.3 bn

SEC (XBRL)· 24 Mar 2026verified

Inventories
2024
632.5 m
2025
480.2 m
2026
403.3 m

SEC (XBRL)· 24 Mar 2026verified

Current assets
2024
2.0 bn
2025
5.4 bn
2026
10.0 bn

SEC (XBRL)· 24 Mar 2026verified

Property, plant & equipment, net
2024
94.9 m
2025
68.2 m
2026
48.3 m

SEC (XBRL)· 24 Mar 2026verified

Goodwill
2024
—
2025
—
2026
—

SEC (XBRL)· 23 Mar 2021verified

Total assets
2024
2.7 bn
2025
5.9 bn
2026
10.4 bn

SEC (XBRL)· 24 Mar 2026verified

Accounts payable
2024
324.0 m
2025
148.6 m
2026
147.1 m

SEC (XBRL)· 24 Mar 2026verified

Short-term debt
2024
10.8 m
2025
10.3 m
2026
0

SEC (XBRL)· 24 Mar 2026verified

Long-term debt
2024
17.7 m
2025
16.9 m
2026
4.2 bn

SEC (XBRL)· 24 Mar 2026verified

Current liabilities
2024
934.5 m
2025
665.4 m
2026
654.5 m

SEC (XBRL)· 24 Mar 2026verified

Total liabilities
2024
1.4 bn
2025
945.6 m
2026
4.9 bn

SEC (XBRL)· 24 Mar 2026verified

Equity
2024
1.3 bn
2025
4.9 bn
2026
5.4 bn

SEC (XBRL)· 24 Mar 2026verified

Cash flow · USD

Operating cash flow
2024
-203.7 m
2025
145.7 m
2026
614.8 m

SEC (XBRL)· 24 Mar 2026verified

Capex
2024
34.9 m
2025
16.1 m
2026
17.5 m

SEC (XBRL)· 24 Mar 2026verified

Free cash flow
2024
-238.6 m ≈
2025
129.6 m ≈
2026
597.3 m ≈

SEC (XBRL)· 24 Mar 2026derived

Investing cash flow
2024
-33.2 m
2025
265.1 m
2026
-3.2 bn

SEC (XBRL)· 24 Mar 2026verified

Financing cash flow
2024
-11.6 m
2025
3.4 bn
2026
4.1 bn

SEC (XBRL)· 24 Mar 2026verified

Dividends paid
2024
—
2025
—
2026
—

SEC (XBRL)· 28 Mar 2023verified

Share repurchases
2024
—
2025
—
2026
—

SEC (XBRL)· 17 Mar 2022verified

Computed indicators

Growth

Revenue growth (YoY)
-5.1%
computed by olivLawFY 2026
Revenue CAGR 3Y
-15.1%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
-6.5%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
218.7%
computed by olivLawFY 2026
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
133.3%
computed by olivLawFY 2026
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
360.9%
computed by olivLawFY 2026

Profitability

Gross margin
37.9%
computed by olivLawTTM to 01 Aug 2026
EBITDA margin
unavailable
input data missing
EBIT margin
13.5%
computed by olivLawTTM to 01 Aug 2026
Net margin
25.2%
computed by olivLawTTM to 01 Aug 2026
FCF margin
19.4%
computed by olivLawTTM to 01 Aug 2026

Returns

ROE
15.8%
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
ROA
8.3%
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
ROIC
unavailable
input data missing
ROCE
4.6%
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
8.7x
computed by olivLawbalance sheet at 01 Aug 2026
Quick ratio
8.1x
computed by olivLawbalance sheet at 01 Aug 2026
Cash ratio
7.1x
computed by olivLawbalance sheet at 01 Aug 2026

Cash

Operating cash flow
704.7 m USD
computed by olivLawTTM to 01 Aug 2026
Capital expenditure
16.7 m USD
computed by olivLawTTM to 01 Aug 2026
Free cash flow
688.0 m USD
computed by olivLawTTM to 01 Aug 2026
FCF conversion
77.0%
computed by olivLawTTM to 01 Aug 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
76 days
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
Days payables outstanding
42 days
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
12.7 bn USD
computed by olivLawbalance sheet at 01 Aug 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
14.2x
computed by olivLawTTM to 01 Aug 2026
P/E (TTM)
16.6x
computed by olivLawTTM to 01 Aug 2026
Earnings yield
6.0%
computed by olivLawTTM to 01 Aug 2026
P/B
2.1x
computed by olivLawbalance sheet at 01 Aug 2026
P/S
3.6x
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
18.4x
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
FCF yield
5.4%
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
Dividend yield
0.0%
computed by olivLawTTM to 01 Aug 2026
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

25.14 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 12.7 bn USD

Key indicators

Market capitalisation
12.7 bn USD
computed by olivLawbalance sheet at 01 Aug 2026
P/E (TTM)
16.6x
computed by olivLawTTM to 01 Aug 2026
P/B
2.1x
computed by olivLawbalance sheet at 01 Aug 2026
EV/EBITDA
unavailable
input data missing
ROE
15.8%
computed by olivLawTTM to 01 Aug 2026 · balance sheet at 01 Aug 2026
Net margin
25.2%
computed by olivLawTTM to 01 Aug 2026
Revenue growth (YoY)
-5.1%
computed by olivLawFY 2026
Dividend yield
0.0%
computed by olivLawTTM to 01 Aug 2026

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 01 Aug 2026
Latest balance sheet date: 01 Aug 2026
Share count (cover of the latest filing), as of: 03 Sept 2026
Source: SEC (XBRL)published 09 Sept 2026
verified 2999derived 225

Score by group

44% · Insufficient data

Estimated value range

Low
10.64
USD per share
Mid
14.68
USD per share
High
22.97
USD per share
Price: 25.14 USD
The price is above the range
Potential to the central value: -41.6% (value / price − 1)
Margin of safety: -71.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.99 – 39.22 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E16.29 – 39.22 (Mid 23.63)
    7 companies used · median multiple 15.6x · quartiles 10.7x – 25.9x
    ARHS, BBY, HTLM, IZM, LOVE, RH, WSM
  • Dividend discount (DDM)4.99 – 6.72 (Mid 5.73)
Multiple comparisons use the SIC vertical: Home furniture and electronics stores (SIC 57xx)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality25.2%100 (vs peers)14%
FCF conversion · Quality77.0%67 (on a fixed band)14%
Revenue CAGR 3Y · Growth-15.1%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet8.7x100 (on a fixed band)10%
P/E (TTM) · Valuation16.6x43 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation5.4%68 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality84/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation54/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GameStop Corp. (GME). Latest full fiscal year: 2026; data up to 2026-08-01.

Figures computed from the financial statements: revenue 3.6 bn USD in 2026; YoY growth -5.1%; net margin 25.2%; ROE 15.8%.

The estimated value range is 10.64–22.97 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 14.68 USD, the price of 25.14 USD leaves a potential of -41.6% (value / price − 1) and a margin of safety of -71.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 25.2%
  • Current ratio: 8.7x

What contradicts it

  • Revenue CAGR 3Y: -15.1%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Home furniture and electronics stores (SIC 57xx) · same major group (2-digit SIC) · compared with 9 companies

Multiples and returns vs the median

P/E
16.6x
vertical median 15.6x
above median (+6.4%)
EV/EBITDA
—
vertical median —
P/S
3.6x
vertical median 0.6x
above median (+466.1%)
P/B
2.1x
vertical median 3.9x
below median (−47.6%)
ROE
15.8%
vertical median 17.3%
below median (−8.7%)
Net margin
25.2%
vertical median 3.0%
above median (+734.7%)
EBIT margin
13.5%
vertical median 4.6%
above median (+194.6%)
Revenue YoY
-5.1%
vertical median 5.0%
below median (−201.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
0.0%
vertical median 3.4%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WSMWilliams-Sonoma, Inc.29.9 bn26.055.0%14.7%+1.2%+41% / +171%
BBYBest Buy Co., Inc.19.7 bn15.643.1%3.0%+0.4%+18% / +32%
GMEGameStop Corp.12.7 bn16.615.8%25.2%−5.1%+14% / +81%
RHRh2.7 bn25.8280.7%3.2%+8.1%−8% / −46%
ARHSArhaus, Inc.1.8 bn26.517.3%4.9%+8.5%+27% / +41%
LOVEThe Lovesac Company248.2 m14.28.8%2.6%+2.4%+20% / −17%
HTLMHomesToLife Ltd98.7 m6.185.9%4.4%+12.8%−62% / unavailable
AMCIAmc Robotics Corporation35.8 m—-392.8%-506.4%−41.4%−82% / −85%
IZMIczoom Group Inc.8.0 m7.37.8%0.6%+5.1%−26% / −94%
HVTHaverty Furniture Companies, Inc——7.6%2.9%+5.0%+23% / −6%

1- and 3-year price returns: for GME from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
15.70
Total return -38% · Per year -38%
27.90
Total return 11% · Per year 11%
42.21
Total return 68% · Per year 68%
3 years
12.47
Total return -50% · Per year -21%
25.18
Total return 0% · Per year 0%
42.21
Total return 68% · Per year 19%
5 years
9.90
Total return -61% · Per year -17%
22.72
Total return -10% · Per year -2%
42.21
Total return 68% · Per year 11%
What moves the 3-year price the most
  • Exit P/E± 6.29
  • Net margin± 4.41
  • Annual revenue growth± 3.98
  • Annual dilution± 0.37

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

GameStop is a specialty retailer of games, collectibles and entertainment products that is expanding into capital allocation and investments. The shift toward collectibles and the shrinking store network brought operating income to a record second quarter, while total sales fall and the capital plan now includes an eBay stake worth about 4.9 billion USD 13.

SWOT

Strengths

  • The company holds substantial liquidity in cash and marketable securities, giving it strategic flexibility 12.
  • Growth in collectibles has improved gross margin and diversifies revenue away from games 13.
  • The dense store network also serves as trade-in and logistics hubs, supporting transaction volume 1.

Weaknesses

  • Total sales declined in fiscal 2025 and in the second quarter of fiscal 2026, with software falling sharply 13.
  • Profitability depends partly on investment gains and digital asset values, which can be volatile 12.
  • Remaining convertible debt and digital asset losses make operating results harder to read 13.

Opportunities

  • If the acquisition strategy materializes, the company could diversify beyond retail 1.
  • Growth in collectibles and grading services could widen the addressable market 1.
  • The Power Packs digital trading program could open new online revenue sources 1.

Threats

  • The game market is dominated by digital platforms, and launch cycles can shift demand 1.
  • Volatility in Bitcoin and eBay share values could affect the value of the company's assets 12.
  • Strong competition from large retailers and online platforms could pressure margins 1.

Risks

  • Acquisition riskhigh

    Acquisition and control transactions may fail or prove hard to integrate, without the expected synergies 1.

  • Investment volatilityhigh

    Holdings in Bitcoin, stablecoins and derivatives are exposed to large swings in value 1.

  • Concentration riskmedium

    A significant share of assets may sit in a few positions, so a decline in one could weigh heavily on results 1.

  • Counterparty riskmedium

    Derivative operations and digital asset custody expose the company to counterparties failing to perform 1.

  • Decline in game salesmedium

    Hardware and software sales could keep falling if demand for consoles changes 13.

Investment thesis

What would need to be true (bull case)

  • Growth in collectibles and record second-quarter operating income in fiscal 2026 suggest better quality of sales 3.
  • High liquidity and the eBay stake give a financial base for acquisitions or investments if they are well executed 23.
  • The raised fiscal 2026 Adjusted EBITDA outlook signals management confidence in operating performance 3.

What would break the thesis

  • Total sales keep falling, and reliance on collectibles may be more fragile than it currently appears 13.
  • Reported results include investment and digital asset gains and losses that do not reflect retail operations 12.
  • The acquisition strategy has not yet produced a specific transaction, so its success remains uncertain for shareholders 1.

What to watch

  • Quarterly results and collectibles trendQ3 2026
  • Any acquisition or control transaction announced2027
  • Fiscal 2026 Adjusted EBITDA outlooknext 10-K
  • Use of the 2.0 billion USD share repurchase authorization2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

GameStop Corp. (NYSE: GME) offers games, collectibles and entertainment products through stores and ecommerce platforms under the GameStop, EB Games and Micromania brands 1. From fiscal 2025 the model also includes an explicit capital allocation strategy in which cash is treated as a strategic asset for acquisitions and control transactions 1. As of January 31, 2026 the company had 2206 stores, of which 1598 were in the United States 1.

Segments

United States

The United States segment generated 2667.6 million USD of net sales in fiscal 2025, or 73.5% of the total, with sales up 3.6% from the prior year 1. This is where the network of 1598 stores and the trade-in programs are concentrated 1.

Collectibles

Collectibles became the main growth category, rising from 19% of total sales in 2024 to 29% in 2025, and reached 45.1% of net sales in the second quarter of fiscal 2026 13. The company extended the role of its stores through graded card submission services and the Power Packs program 1.

Market context

The company describes the games and collectibles market as intensely competitive and subject to rapid changes in consumer preferences and frequent new product launches 1. Hardware and software sales fell in fiscal 2025 while collectibles grew, suggesting demand is shifting toward higher-margin categories 1.

New product purchases are concentrated among a few large vendors, and the fourth quarter remains the main selling season, although its share has declined versus prior years 1. The collectibles market is fragmented, with strong price and allocation pressure 1.

Trends

  • Growth in collectiblestailwind

    Added store space for collectibles and grading services supported sales and gross margin, which rose to 33.0% in fiscal 2025 1. If this trend holds, it could support future profitability.

  • Decline in game salesheadwind

    Software sales fell 27.5% in fiscal 2025, and total sales fell in the second quarter of fiscal 2026 after the prior-year Nintendo Switch 2 launch 13. This pressure could continue if the console cycle slows.

  • Network and cost optimizationmixed

    Store closures and cuts to SG&A, which fell 19.5% in fiscal 2025, supported operating profit 13. The company does not expect significant store closures in fiscal 2026, viewing the stores as part of its logistics infrastructure 1.

  • Capital allocation strategymixed

    The company issued interest-free convertible notes and holds an eBay stake and Bitcoin reserves, but the value of these assets depends on financial markets 123. Digital asset losses and equity swings can affect reported results.

Competitive position

In the United States GameStop competes with Walmart, Target, Best Buy and Amazon as well as national and specialty retailers 1. In Europe competition comes from consumer electronics chains and hypermarkets, and in Australia from JB Hi-Fi, Big W and Amazon 1.

The company also competes with the online environments of console makers, online marketplaces, sellers of pre-owned products and other entertainment 1. Sony, Nintendo and Microsoft compete directly for digital and physical direct-to-consumer sales 1.

  • WalmartWMT

    Large general merchant competing with GameStop in the United States on games and electronics 1.

  • Best BuyBBY

    Electronics retailer competing in the United States and also named as a competitor in Canada before the divestiture 1.

  • AmazonAMZN

    Online platform present in all of the company's markets, competing with physical stores and digital sales 1.

  • TargetTGT

    General merchandise chain present in the United States and Australia and a direct competitor in some categories 1.

News & filings

In the press

The latest news item in our archive is from 13 Oct 2026; the newest SEC filing is from 19 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

  • Current report19 Oct 2026
    Other events · Financial statements and exhibits
  • Quarterly report09 Sept 2026
  • Current report08 Sept 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report31 Aug 2026
    Material agreement · Results of operations · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
  • Current report03 Aug 2026
    Material agreement · Item 3.02 · Other events · Financial statements and exhibits
  • Current report08 Jul 2026
    Amendments to articles or bylaws · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
  • Current report26 Jun 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Current report23 Jun 2026
    Other events
  • Quarterly report11 Jun 2026
  • Current report02 Jun 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / GameStop Corp. · 24 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-08-01 · SEC / GameStop Corp. · 09 Sept 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / GameStop Corp. · 08 Sept 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.