olivLaw · US equity research
GrabAGun Digital Holdings Inc. PEW
Retail-Miscellaneous Shopping Goods Stores · SIC 5940 · Vertical: Miscellaneous retail (SIC 594x)
GrabAGun Digital Holdings sells firearms, ammunition and accessories online through a digital platform offering more than 73,000 products from more than 2,000 brands. In 2026 it is extending into PEW Logistics, a logistics service for manufacturers that want to sell directly to consumers, in a fragmented sector under changing regulatory attention.
At the close of 04 Nov 2026, GrabAGun Digital Holdings Inc. (PEW) stock was 2.03 USD (−5.14% on the day), with market capitalisation 59.9 m USD, beta 0.50, 52-week range 1.83–4.54 USD. Latest reported quarter (Q2 2026): revenue of 23.2 m USD (+9.4% YoY), net income of -1.8 m USD (−319.9% YoY), diluted EPS -0.06 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)
- 51.5
- neutral
- Bollinger (20, 2)
- 1.77 – 2.10
- in the upper half of the band · %B 0.79 · band width 16.9%
- SMA 50 / 200
- 2.10 / 2.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.04
- 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 | +2.5% | −1.1% | +3.6 pp | — |
| 3 months | −22.8% | −0.5% | −22.4 pp | — |
| 6 months | −29.3% | +4.4% | −33.7 pp | — |
| Year to date | −32.6% | +12.3% | −44.9 pp | — |
| 1 year | −53.4% | +13.5% | −67.0 pp | −13.5% |
| 3 years | unavailable | +76.4% | unavailable | +21.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
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 | 20.2 m | 26.0 m | 23.3 m | 21.2 m | 22.3 m | 29.6 m | 25.9 m | 23.2 m |
| Cost of revenue | 18.4 m | 22.6 m | 21.1 m | 19.0 m | 20.1 m | 24.9 m | 23.2 m | 20.1 m |
| Gross profit | 1.7 m | 3.4 m | 2.2 m | 2.2 m | 2.1 m | 4.7 m | 2.8 m | 3.1 m |
| Operating income | 415.0 k | 1.9 m | 42.0 k | 782.0 k | -4.8 m | -424.0 k | -2.6 m | -2.6 m |
| Depreciation & amortisation | 86.0 k | 51.0 k | 51.0 k | 51.0 k | 51.0 k | 65.0 k | 92.0 k | 126.0 k |
| Pre-tax income | — | — | 95.0 k | 823.0 k | — | — | -1.8 m | -1.8 m |
| Income tax | — | — | 0 | 0 | — | — | 0 | 3.0 k |
| Net income | 463.0 k | 2.0 m | 95.0 k | 823.0 k | -3.8 m | 414.0 k | -1.8 m | -1.8 m |
| Diluted EPS | 0.05 | 0.20 ≈ | 0.01 | 0.08 | -0.14 | 0.01 ≈ | -0.06 | -0.06 |
| Operating cash flow | — | 2.8 m | 1.3 m | -1.1 m ≈ | -3.3 m ≈ | 2.6 m | -1.7 m | -6.7 m ≈ |
| Capex | — | 0 | 7.0 k | 2.0 k ≈ | 25.0 k ≈ | 8.4 m | 1.1 m | 1.7 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | 93.1 m | 96.4 m |
| Revenue YoY | unavailable | unavailable | +3.6% |
| Net income | 4.5 m | 4.5 m | -2.5 m |
| Net income YoY | unavailable | −0.2% | −155.6% |
| Diluted EPS | 0.45 | 0.45 | -0.13 |
| Diluted EPS YoY | unavailable | 0.0% | −128.9% |
| net % | unavailable | 4.8% | -2.6% |
| Free cash flow | unavailable | 1.8 m | -8.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 110.4 m USD
- Financial debt
- 6.9 m USD
- Net debt
- -103.5 m USD
- Equity
- 107.6 m USD
- Total assets
- 131.3 m USD
- Debt / equity
- 0.06x
- Current ratio
- 7.19x
- ROE
- -4.6%
- ROA
- -3.5%
- FCF margin
- -9.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 93.1 m | 96.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 86.0 m | 83.4 m | 85.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 10.3 m | 9.7 m | 11.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | 4.4 m | 4.1 m | -4.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | — | 310.0 k | 217.0 k | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | — | 4.4 m ≈ | -4.1 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Pre-tax income | — | 4.5 m | -2.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 0 | 11.0 k | 12.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Net income | 4.5 m | 4.5 m | -2.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | 0.45 | 0.45 | -0.13 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | — | 10.0 m | 19.5 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 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.7 m | 7.9 m | 110.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 3.5 m | 4.2 m | 8.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 15.0 m | 13.0 m | 120.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | — | 28.0 k | 8.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | 506.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 16.1 m | 13.7 m | 131.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | — | 8.7 m | 11.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | — | 0 | 6.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | — | 12.3 m | 16.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | — | 12.3 m | 23.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 1.3 m † | 1.4 m † | 107.6 m † | SEC (XBRL)· 12 Mar 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 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.8 m | 1.8 m | -417.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Capex | — | 0 | 8.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | — | 1.8 m ≈ | -8.9 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | — | -150.0 k | -9.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | -2.6 m | -4.5 m | 111.9 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: 29.2% 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: 59.9 m USD
Key indicators
Coverage and freshness
Score by group
29% · 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 · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -68.7% | 0 (on a fixed band) | 36% |
| Net margin · Quality | -7.0% | 0 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.4x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -33.7% | 0 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
GrabAGun Digital Holdings Inc. (PEW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 96.4 m USD in 2025; YoY growth 3.6%; net margin -7.0%; ROE -13.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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
- Current ratio: 9.4x
What contradicts it
- ROIC: -68.7%
- Net margin: -7.0%
- FCF yield: -33.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Miscellaneous retail (SIC 594x) · same industry group (3-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| SIGSignet Jewelers Limited | 4.9 bn | 14.8 | 19.9% | 5.2% | +1.6% | +28% / +56% |
| ASOAcademy Sports and Outdoors, Inc. | 4.2 bn | 11.3 | 18.6% | 6.4% | +2.0% | +40% / +33% |
| BNEDBarnes & Noble Education, Inc. | 457.9 m | 20.6 | 8.3% | 1.3% | +6.5% | +41% / −88% |
| BBWBuild-A-Bear Workshop Inc | 388.6 m | 7.8 | 32.8% | 10.0% | +6.7% | −41% / +29% |
| ELAEnvela Corporation | 303.8 m | 13.6 | 32.4% | 7.6% | +33.6% | +1% / +167% |
| HEREHere Group Limited | 72.2 m | 7.7 | 9.1% | 10.6% | −76.9% | −70% / −22% |
| PEWGrabAGun Digital Holdings Inc. | 59.9 m | — | -13.7% | -7.0% | +3.6% | −53% / unavailable |
| SPWHSportsman’s Warehouse Holdings, Inc. | 45.4 m | — | -25.8% | -3.9% | +1.0% | −48% / −76% |
| DKSDICK'S Sporting Goods, Inc. | — | 15.9 | 18.5% | 4.0% | +28.1% | −29% / +13% |
1- and 3-year price returns: for PEW 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
GrabAGun Digital Holdings sells firearms, ammunition and accessories online through a digital platform offering more than 73,000 products from more than 2,000 brands. In 2026 it is extending into PEW Logistics, a logistics service for manufacturers that want to sell directly to consumers, in a fragmented sector under changing regulatory attention.
SWOT
Strengths
- A digital platform with a very broad assortment and automated pricing and inventory systems, supported by more than fifteen years of software development.
- An ATF-approved compliance system and an extensive FFL dealer network that supports sales across the United States.
- High liquidity and a balance sheet with minimal debt, giving flexibility for investment and share repurchases.
Weaknesses
- Heavy dependence on a few wholesale distributors that supply most of the products sold.
- Operating losses in the first half of 2026, driven by personnel costs, public company expenses and stock-based compensation.
- Gross margins that remain modest, with revenue growth depending on product mix and average order value.
Opportunities
- PEW Logistics could attract more manufacturers and generate recurring revenue at higher margins if adoption continues.
- Consolidating a fragmented sector through acquisitions of complementary businesses, if attractive opportunities arise.
- If the modernization of the lawful purchase process materializes, the digital platform could become an advantage for new customers.
Threats
- Federal or state policy changes on firearms and ammunition sales could reduce demand or complicate processes.
- Suppliers that sell directly to customers could limit product availability for online retailers.
- Pressure from gun violence prevention groups and withdrawal by banks or payment processors could affect operations.
Risks
- Dependence on suppliershigh
The company has no long-term contracts with most suppliers, and losing a major distributor could reduce supply and competitive position 1.
- Product liabilityhigh
Products sold may give rise to product liability or injury claims, and existing insurance may not cover every case 1.
- Access to banking servicesmedium
If banks or payment processors withdraw services because of public perception of the industry, operations and financing could be affected 1.
- Online and direct competitionmedium
Competitors or direct-selling manufacturers could reduce prices or margins, which could require more spending on advertising 1.
- Operating lossesmedium
Public company and personnel costs led to operating losses in 2026, and if revenue does not grow enough, the losses could continue 3.
Investment thesis
What would need to be true (bull case)
- Revenue growth and a higher gross margin in the second quarter of 2026 point to a more favorable product mix, if the trend holds.
- PEW Logistics could turn the company into an infrastructure provider for manufacturers with more recurring revenue, if more manufacturers join.
- High liquidity and little significant debt could support investment and sector consolidation.
What would break the thesis
- The company still reports operating losses, and public company and personnel costs could prevent a return to profit.
- Dependence on a few distributors and the lack of long-term contracts could expose the company to supply interruptions.
- Regulatory changes and public pressure on the industry could reduce demand or complicate access to financial services.
What to watch
- Pace of PEW Logistics adoption and the number of new manufacturersQ3 2026
- Trend in gross margin and operating lossQ3 2026
- Timing and content of ATF proposals on the purchasing process2027
- Progress of the share repurchase program and use of cashnext 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
The business model rests on a wide assortment and an automated supply chain. Its NIP system synchronizes prices and inventory with suppliers roughly every two minutes and uses AI-based demand forecasting. A proprietary regulatory system checks FFL status and ATF documentation before shipment, and the company says an FFL in its network lies within 15 miles of 97% of the US population 1. It has also said it intends to consolidate the sector, potentially through acquisitions, if attractive opportunities arise 1.
PEW Logistics was formed in October 2025 to provide warehousing, inventory, order processing and returns services for manufacturers that want to sell direct to consumers through their own storefronts. The platform launched in January 2026, and by the second quarter of 2026 the company had three manufacturing customers, starting with KelTec Weapons 3. Net revenue in the second quarter of 2026 was $23.2 million, including $0.2 million of service sales, while PEW Logistics had no revenue in the prior-year quarter 3.
Segments
PEW Logistics
The manufacturer-services arm is early-stage. The company describes a service model rather than resale, with possible recurring revenue from logistics, compliance, data and marketing. Its current contribution to revenue is small, and its development depends on how many manufacturers join the platform 3.
Market context
The company operates in a firearms and ammunition market it describes as highly fragmented, where traditional brick-and-mortar gun shops, specialty stores, gun shows and other online retailers compete for the same customers 1. The official sources contain no market-size estimates, so claims about market share remain undetermined.
Trends
- Modernizing the lawful purchase processmixed
If ATF proposals to modernize the lawful purchasing process are implemented, online purchasing could become simpler while verification requirements remain. The timing and scope are uncertain, according to the company 3.
- Manufacturers selling directmixed
Manufacturers are expanding direct sales to customers, which could reduce the role of online retailers if they build their own storefronts. The company sees PEW Logistics as a response to this trend 13.
- Preference for mobile shoppingtailwind
The share of purchases made from phones continues to grow in online firearms sales, and the company reports that mobile sessions drove most of its traffic and revenue in 2026 13.
- Pressure from gun violence prevention groupsheadwind
Organizations opposing firearm sales could influence legislation or public opinion, and banks and payment processors could become more cautious, according to the risk factors the company describes 1.
Competitive position
The company competes with specialty brick-and-mortar stores, pawn shops, gun shows and other online retailers, and some manufacturers already sell directly to customers 1. It notes that new business models can emerge quickly and that competitors' aggressive pricing could compress margins 1.
Its stated advantages are the broad assortment, automated pricing and an ATF-approved compliance system, rather than physical store scale. The company says its goal is to be a trusted source for first-time and experienced buyers alike 1.
- Traditional brick-and-mortar firearms and sporting goods retailers
Physical specialty gun stores and sporting goods chains, cited as direct competition for the same customers.
- Other online firearms retailers
Online merchants selling directly to customers, named in the company's risk factors.
- Pawn shops and gun shows
Traditional sales channels cited as alternatives for firearms buyers.
- Manufacturers selling direct
Manufacturers such as Smith & Wesson or Sturm, Ruger, cited as able to expand their own direct online sales.
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
- Current report27 Oct 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report13 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Shareholder vote
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Departure or appointment of officers
- Proxy statement30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / GrabAGun Digital Holdings Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / GrabAGun Digital Holdings Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / GrabAGun Digital Holdings Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.