olivLaw · US equity research
GPGI, Inc. GPGI
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
GPGI, Inc. is a permanent capital platform that acquires and scales companies it describes as having great positions in good industries. After the January 2026 Husky acquisition, the group includes CompoSecure, a leader in metal payment cards, and Husky, a maker of injection molding equipment for packaging. The company is now in an integration phase, and its 2026 outlook calls for pro forma adjusted net sales of 1,950 to 2,100 million USD.
At the close of 04 Nov 2026, GPGI, Inc. (GPGI) stock was 12.78 USD (+9.42% on the day), with market capitalisation 3.7 bn USD, dividend yield 0.04%, beta 1.50, 52-week range 10.66–26.00 USD. Latest reported quarter (Q2 2026): revenue of 0 USD, net income of 50.3 m USD, diluted EPS 0.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.6
- strong (55–70)
- Bollinger (20, 2)
- 10.62 – 13.52
- in the upper half of the band · %B 0.74 · band width 24.0%
- SMA 50 / 200
- 12.49 / 15.65
- mixed trend
- MACD (12, 26, 9)
- -0.22 / -0.28
- MACD above 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −1.1% | −0.4 pp | — |
| 3 months | −16.0% | −0.5% | −15.6 pp | — |
| 6 months | −26.8% | +4.4% | −31.2 pp | — |
| Year to date | −33.7% | +12.3% | −46.0 pp | — |
| 1 year | −39.5% | +13.5% | −53.1 pp | −53.7% |
| 3 years | +155.2% | +76.4% | +78.8 pp | −69.3% |
| 5 years | +51.0% | +63.7% | −12.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 107.1 m | 100.9 m | 59.8 m | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | 51.7 m | 48.3 m | 31.1 m | 0 | 0 | 2.0 k | 0 | 0 |
| Gross profit | 55.4 m | 52.5 m | 28.7 m | 0 | 0 | -2.0 k | 0 | 0 |
| SG&A | — | — | 22.7 m | 2.6 m | — | — | 55.6 m | 9.4 m |
| Operating income | 29.1 m | 15.6 m | 6.0 m | -2.6 m | -9.9 m | -7.2 m | -55.6 m | -9.4 m |
| Depreciation & amortisation | 2.3 m | 2.2 m | 1.6 m | 0 ≈ | 23.0 k ≈ | 0 | 0 | 0 ≈ |
| Interest expense | 6.3 m | 919.0 k | 1.6 m | 0 | 0 | 0 | 0 | 0 |
| Pre-tax income | -84.8 m | -46.2 m | 33.7 m | -66.8 m | -184.5 m | -8.1 m | — | — |
| Income tax | 629.0 k | 2.1 m | 27.0 m | -1.8 m | 29.8 m | -16.0 m | 3.6 m | 1.2 m |
| Net income | -42.1 m | -37.3 m | 21.5 m | -26.1 m | -174.7 m | 43.3 m | -235.0 m | 50.3 m |
| Diluted EPS | -1.10 | -0.41 ≈ | 0.07 | -0.26 | -1.58 | 0.34 ≈ | -0.87 | 0.17 |
| Operating cash flow | 29.4 m ≈ | 34.1 m | 3.0 m | 0 ≈ | -11.9 m ≈ | -14.0 m | -52.6 m | 8.6 m ≈ |
| Capex | 1.7 m ≈ | 2.6 m | 0 | 0 ≈ | 0 ≈ | 0 | — | — |
| Dividends paid | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 700.0 k | 800.0 k ≈ |
| Share repurchases | — | 0 | — | — | — | 0 | — | — |
≈ 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.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 243.3 m | 260.6 m | 267.9 m | 378.5 m | 390.6 m | 420.6 m | 59.8 m |
| Revenue YoY | unavailable | +7.1% | +2.8% | +41.2% | +3.2% | +7.7% | −85.8% |
| Net income | 81.5 m | 77.8 m | 3.2 m | 18.7 m | 19.2 m | -53.7 m | -136.0 m |
| Net income YoY | unavailable | −4.5% | −95.9% | +491.5% | +3.1% | −379.2% | unavailable |
| Diluted EPS | unavailable | unavailable | 0.12 | 1.13 | 0.96 | -1.22 | -1.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +841.7% | −15.0% | −227.1% | unavailable |
| net % | 33.5% | 29.9% | 1.2% | 4.9% | 4.9% | -12.8% | -227.3% |
| Free cash flow | 71.5 m | 79.6 m | 73.0 m | 83.7 m | 93.4 m | 122.1 m | -22.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 114.6 m USD
- Financial debt
- 0 USD
- Net debt
- -114.6 m USD
- Equity
- 243.2 m USD
- Total assets
- 517.3 m USD
- Debt / equity
- 0.00x
- Current ratio
- 6.35x
- ROE
- unavailable
- ROA
- -27.4%
- FCF margin
- -38.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 260.6 m | 267.9 m | 378.5 m | 390.6 m | 420.6 m | 59.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 128.0 m | 123.1 m | 158.8 m | 181.5 m | 201.3 m | 31.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 132.6 m | 144.8 m | 219.6 m | 209.1 m | 219.2 m | 28.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | — | 2.7 m | 6.7 m | 6.8 m | 7.4 m | 1.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | 84.0 m | 81.4 m | 114.9 m | 119.1 m | 107.6 m | -13.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 9.9 m | 10.4 m | 8.6 m | 8.4 m | 9.2 m | 1.6 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | 93.9 m ≈ | 91.9 m ≈ | 123.5 m ≈ | 127.5 m ≈ | 116.8 m ≈ | -12.1 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | 6.1 m | 11.9 m | 21.4 m | 27.5 m | 20.2 m | 1.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | 77.8 m | 82.6 m | 136.2 m | 117.1 m | -81.0 m | -225.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 0 | -857.0 k | 4.4 m | 4.6 m | 2.2 m | 39.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Net income | 77.8 m | 3.2 m | 18.7 m | 19.2 m | -53.7 m | -136.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | — | 0.12 | 1.13 | 0.96 | -1.22 | -1.23 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | — | 94.6 m | 32.6 m | 35.3 m | 44.0 m | 110.5 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.4 m | 21.9 m | 13.6 m | 41.2 m | 77.5 m | 114.6 m | SEC (XBRL)· 07 May 2026verified |
| Receivables | 8.8 m | 27.9 m | 37.3 m | 40.5 m | 47.4 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 30.2 m | 25.8 m | 42.4 m | 52.5 m | 44.8 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 53.5 m | 78.3 m | 97.1 m | 139.4 m | 173.9 m | 120.1 m | SEC (XBRL)· 07 May 2026verified |
| Property, plant & equipment, net | 27.9 m | 22.2 m | 22.7 m | 25.2 m | 23.4 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 81.4 m | 131.4 m | 162.9 m | 201.0 m | 473.9 m | 517.3 m | SEC (XBRL)· 07 May 2026verified |
| Accounts payable | 2.4 m | 7.1 m | 7.1 m | 5.2 m | 11.5 m | 900.0 k | SEC (XBRL)· 06 Aug 2026verified |
| Short-term debt | 24.0 m | 12.5 m | 14.4 m | 10.3 m | 11.3 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | 211.9 m | 360.0 m | 343.6 m | 326.2 m | 184.4 m | — | SEC (XBRL)· 05 Mar 2025verified |
| Current liabilities | 41.6 m | 60.5 m | 47.4 m | 41.0 m | 76.3 m | 18.9 m | SEC (XBRL)· 07 May 2026verified |
| Total liabilities | 273.9 m | 539.0 m | 454.9 m | 406.8 m | 617.4 m | 274.1 m | SEC (XBRL)· 07 May 2026verified |
| Equity | -192.6 m † | -1.0 bn † | -892.2 m † | -802.4 m † | -143.5 m † | 243.2 m † | SEC (XBRL)· 07 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 87.1 m | 77.8 m | 92.8 m | 104.3 m | 129.6 m | -22.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 7.5 m | 4.7 m | 9.1 m | 10.9 m | 7.4 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | 79.6 m ≈ | 73.0 m ≈ | 83.7 m ≈ | 93.4 m ≈ | 122.1 m ≈ | -22.9 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -7.5 m | -4.7 m | -9.1 m | -10.9 m | -9.9 m | -60.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | -92.9 m | -64.5 m | -92.0 m | -65.8 m | -83.4 m | 120.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Dividends paid | — | — | 0 | 0 | 8.9 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 12.2 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -45.9% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 28 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | 0.4% | 5 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial28/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial5/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
GPGI, Inc. (GPGI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 59.8 m USD in 2025; YoY growth -85.8%; ROE -20.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: -45.9%
- Current ratio: 1.1x
- FCF yield: -1.9%
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −40% / +155% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for GPGI 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
Scenarios are not available. input data missing
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
GPGI, Inc. is a permanent capital platform that acquires and scales companies it describes as having great positions in good industries. After the January 2026 Husky acquisition, the group includes CompoSecure, a leader in metal payment cards, and Husky, a maker of injection molding equipment for packaging. The company is now in an integration phase, and its 2026 outlook calls for pro forma adjusted net sales of 1,950 to 2,100 million USD.
SWOT
Strengths
- Leading position in metal payment cards, with long-standing relationships with major bank issuers and a solid installed base at Husky.
- Significant recurring revenue at Husky from molds, service and parts, which can stabilize results in weaker periods.
- Permanent capital structure and a common operating system that can support long-term acquisitions and investment.
Weaknesses
- Dependence on a single external manager, Resolute Holdings, which has substantial influence over strategy and operations.
- High indebtedness after the Husky acquisition, which may limit financial flexibility and the cost of capital.
- Volatile reported results because of equity-method accounting, which makes comparisons difficult.
Opportunities
- Wider adoption of premium cards and authentication solutions could expand the CompoSecure market.
- If industrial investment recovers, Husky could benefit from new orders and growth in recurring services.
- Bolt-on and new-industry acquisitions, assessed against the company's criteria, could add value to the platform.
Threats
- Tariffs and trade tensions could raise raw material costs and affect customer orders.
- Cyberattacks and security incidents could affect reputation, systems and relationships with major customers.
- An economic slowdown could cause customers to delay orders, affecting both cards and equipment.
Risks
- Dependence on Resolute Holdingshigh
Operations and strategy are managed by a third party for a fee, so the company depends on the quality of that management.
- Debt after the Husky acquisitionhigh
Pro forma total debt is high, and debt service could limit investment and distributions to shareholders.
- Cyber riskmedium
The company disclosed a 2023 security incident at Husky, showing that attacks can have financial and reputational consequences.
- Tariffs and supply chainsmedium
Raw materials and components sourced outside the US could become more expensive or harder to deliver, affecting margins.
- Volatility of Husky ordersmedium
Equipment revenue depends on customer investment decisions that can be hard to predict.
Investment thesis
What would need to be true (bull case)
- If the Resolute operating system delivers consistent improvements at both businesses, the company could post steadier profit growth than in the past.
- CompoSecure's leadership and Husky's recurring base could offer relative protection in weaker economic periods.
- The reiterated 2026 guidance suggests management expects a recovery in the second half of the year and an acceleration in 2027.
What would break the thesis
- If tariffs and trade uncertainty persist, margins could come under pressure, particularly at Husky with its extensive international operations.
- High debt could limit the company's ability to fund acquisitions and pay distributions if results weaken.
- Dependence on an external manager and a complex accounting structure may make performance hard for investors to assess.
What to watch
- Quarterly results and delivery against the 2026 guidanceQ3 2026
- Husky order trends and margins after the current market headwindsQ4 2026
- Debt levels and progress toward the targeted year-end leverage of about 3.0x2027
- Effects of tariffs on raw material costs and the supply chainnext 10-K
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
GPGI, Inc. (formerly CompoSecure, Inc.) describes its model as a permanent capital platform that acquires, owns and scales high-quality businesses. Operations and strategy are managed by Resolute Holdings Management, Inc. (NYSE: RHLD), which was spun off to shareholders in February 2025 under a management agreement for a fee 1. The company applies its Resolute Operating System across the group, which it considers the basis for more consistent growth. The Husky transaction closed on January 12, 2026, and Husky is not part of the fiscal 2025 results 1.
Fiscal 2025 was a transition year. After the February 28, 2025 spin-off, the company stopped consolidating Holdings and accounts for its investment under the equity method, which sharply reduced reported net sales to 59.8 million USD from 420.6 million USD in 2024 1. To aid comparison, the company also publishes adjusted and pro forma figures that include Husky as if the acquisition had occurred on January 1, 2025 3.
The structure is simple: one operating holding, GPGI Holdings, sits above CompoSecure and Husky. The company says it aims both to improve the two businesses and to make further acquisitions, either bolt-ons or in new industries, assessed against six criteria including competitive position, technological differentiation and margin potential 1.
Segments
CompoSecure
CompoSecure makes metal payment cards and secure authentication solutions, including the Arculus platform. The company states it holds a share of over 75% of the global metal payment card market, delivered more than 32 million cards in 2025 and serves over 150 customers 1. Second quarter 2026 results were described as record, supported by the rollout of the Resolute system 3.
Husky
Husky, acquired in January 2026, makes injection molding systems for plastic packaging, along with molds and aftermarket service. The company cites about 4,000 customers and 13,500 installed systems, and roughly 65% of revenue comes from recurring components and services 1. In the second quarter of 2026, management described Husky's performance as in line with expectations despite transient market headwinds 3.
Market context
CompoSecure operates in a global market estimated at about 5.5 billion payment cards in issuance, and its current penetration is below 1% of cards issued each year 1. Husky serves packaging for food, beverages and medical devices, a segment with recurring demand but sensitivity to customer spending and raw material prices 1.
Both markets depend on the economic cycle and trade policy. Management flags that tariffs and trade uncertainty can affect raw material costs and customer orders, and if demand in the economy weakens, customers may delay new orders 12.
Trends
- Digitization of payments and premium cardstailwind
Card issuers look for premium products that attract higher-value customers and reduce churn, which could support demand for metal cards. The company points to growth from new accounts and reissuance 1.
- Cybersecurity and authenticationmixed
More sophisticated cyber threats could raise interest in physical authentication tools such as Arculus, but broad adoption is not assured and depends on regulation and customer behavior 1.
- Tariffs and international tradeheadwind
New tariffs and trade policy changes could raise the cost of raw materials sourced outside the US and pressure margins, particularly at Husky, which has extensive international operations 12.
- Industrial investment in packagingmixed
Demand for injection molding equipment depends on investment by beverage and packaging producers. If that investment slows, new equipment revenue could decline, while recurring parts would likely be steadier 13.
Competitive position
In metal payment cards the company presents itself as the global leader, but rival manufacturers and suppliers in the payments space matter for pricing and contracts. The documents do not explicitly name US-listed competitors for this activity, so the competitor list stays limited to what the official sources mention 1.
Husky bases its position on its installed base, intellectual property and service network. Management warns that competition could affect market share and profitability, without naming specific rivals in the sources reviewed 1.
- Resolute Holdings ManagementRHLD
Entity that manages GPGI's operations for a fee and is a close partner rather than a direct competitor.
- Payment card manufacturers
Alternative card makers, not named in the reviewed sources, that compete on price and service for bank issuers.
- Injection molding equipment makers
Suppliers of machines and molds for packaging, not named in the documents, that compete on performance and total cost of ownership.
- Aftermarket service providers
Service and parts companies that may compete with Husky in the recurring aftermarket segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report05 Jun 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Other events · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Proxy statement20 Apr 2026
- Current report16 Mar 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / GPGI, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / GPGI, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / GPGI, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.