# Gpgi (GPGI.US)

Canonical: https://gigainvestors.com/s/GPGI

Analysis as of: 2026-10-16T07:28:51.270Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $12.69 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.82×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.36×

- FY2020: 0.32×

- FY2021: 0.30×

- FY2022: 0.30×

- FY2023: 0.30×

- FY2024: 0.26×

- FY2025: -0.23×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 4.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: 4.5 pp

- Typical gross margin (annual median): 52.6%

- Recent gross margin (lower of latest and 3-year median): 48.1%

- Years with nonpositive capital: 4

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 20.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: -8.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$141M

- Net income, five-year total: -$149M

- Working capital / revenue, annual change: -2.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $8.8M

- FY2022: $19M

- FY2023: $18M

- FY2024: -$52M

- FY2025: -$135M

### management: na

### accounting: pass

- Sloan accruals: -21.9%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -11.4%

- FY2021: -56.8%

- FY2022: -45.5%

- FY2023: -42.3%

- FY2024: -37.9%

- FY2025: -21.9%

## Holders

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 46% since Jan 2026 · sales -85.8%

Story as of 2026-10-16T09:58:50.334Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -85.8%; source https://www.sec.gov/Archives/edgar/data/1823144/000162828026017266/cmpo-20251231.htm; observed 2026-03-12.

- FY2019: $243M 

- FY2020: $261M 

- FY2021: $268M 

- FY2022: $378M 

- FY2023: $391M 

- FY2024: $421M 

- FY2025: $60M 

### Gross margin · FY2025

gross margin 48.1%; source https://www.sec.gov/Archives/edgar/data/1823144/000162828026017266/cmpo-20251231.htm; observed 2026-03-12.

- FY2019: 52.6% 

- FY2020: 50.9% 

- FY2021: 54.1% 

- FY2022: 58.0% 

- FY2023: 53.5% 

- FY2024: 52.1% 

- FY2025: 48.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in metal fabrication; annual sales are USD 59.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1823144/000162828026017266/cmpo-20251231.htm (filed 2026-03-12); FY2025: revenue 59824000; grossProfit 28747000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GPGI.US: GPGI, Inc., together with its subsidiaries, provides sustainable injection molding solutions worldwide. The company's CompoSecure business provides metal payment cards, security, and authentication solutions. It offers engineered injection molding equipment and aftermarket tooling and services focuses on developing highly technical precision technologies instrumental in the delivery of food, beverages, medical devices, and other applications including general packaging and closures, thinwall packaging, and consumer products. The company was formerly known as CompoSecure, Inc. and changed its name to GPGI, Inc. in January 2026. GPGI, Inc. was founded in 2000 and is based in Somerset, New Jersey.

### Why customers stay

Margins ranged from 48.1% to 53.5% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: grossProfit / revenue = 53.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 52.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1823144/000162828026017266/cmpo-20251231.htm (filed 2026-03-12); FY2025: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 7-year return on capital observations [[2020,1.6874436496964598],[2021,1.000001],[2022,1.000001],[2023,1.000001],[2024,1.3695013047260076],[2025,-0.08441692153246329]]; median 1.000001. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back USD 12.2 million of shares.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001823144.json#0001823144-22-000005 (filed 2026-03-12); FY2019: growth capex 0; upkeep 9642000; owner earnings 80437000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2020: growth capex 0; upkeep 7501000; owner earnings 80230000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2021: growth capex 0; upkeep 4746000; owner earnings 8836000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 478000; upkeep 8575000; owner earnings 18657000. Growth capex / owner earnings = 0.02562041056975934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: growth capex 1143550.717832338; upkeep 9800449.282167662; cash acquisitions 0; owner earnings 17825550.717832338. Growth capex plus acquisitions / owner earnings = 0.06415233593250794.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2019,0],[2020,0],[2021,240634000],[2022,0],[2023,0],[2024,8922000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1823144/000162828026017266/cmpo-20251231.htm (filed 2026-03-12); FY2025: cash repurchases 12247000 USD.

### Are managers owners

Insiders own 19.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GPGI.US SharesStats.PercentInsiders = 19.747 percentage points; cache date 2026-10-16.

### What the price says

The price is 23.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Closing price 12.69 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.5413093678588043; price multiple 23.44315608317732. FY2025 cash earnings/share -1.2194390578524206. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-11: $9.90 per share

- 2020-12: $10.11 per share

- 2021-01: $10.31 per share

- 2021-02: $10.33 per share

- 2021-03: $9.95 per share

- 2021-04: $10.14 per share

- 2021-05: $10.06 per share

- 2021-06: $10.11 per share

- 2021-07: $10.08 per share

- 2021-08: $10.10 per share

- 2021-09: $10.11 per share

- 2021-10: $10.20 per share

- 2021-11: $10.17 per share

- 2021-12: $8.21 per share

- 2022-01: $7.70 per share

- 2022-02: $7.07 per share

- 2022-03: $7.59 per share

- 2022-04: $7.71 per share

- 2022-05: $7.61 per share

- 2022-06: $5.20 per share

- 2022-07: $5.46 per share

- 2022-08: $5.78 per share

- 2022-09: $5.01 per share

- 2022-10: $5.34 per share

- 2022-11: $5.01 per share

- 2022-12: $4.91 per share

- 2023-01: $6.36 per share

- 2023-02: $6.91 per share

- 2023-03: $7.36 per share

- 2023-04: $7.50 per share

- 2023-05: $6.89 per share

- 2023-06: $6.86 per share

- 2023-07: $7.42 per share

- 2023-08: $6.28 per share

- 2023-09: $6.45 per share

- 2023-10: $6.03 per share

- 2023-11: $4.99 per share

- 2023-12: $5.40 per share

- 2024-01: $5.04 per share

- 2024-02: $4.84 per share

- 2024-03: $7.23 per share

- 2024-04: $6.95 per share

- 2024-05: $6.35 per share

- 2024-06: $6.80 per share

- 2024-07: $8.15 per share

- 2024-08: $11.73 per share

- 2024-09: $14.02 per share

- 2024-10: $15.11 per share

- 2024-11: $15.95 per share

- 2024-12: $15.33 per share

- 2025-01: $15.94 per share

- 2025-02: $13.34 per share

- 2025-03: $10.87 per share

- 2025-04: $10.99 per share

- 2025-05: $13.71 per share

- 2025-06: $14.09 per share

- 2025-07: $14.21 per share

- 2025-08: $19.12 per share

- 2025-09: $20.82 per share

- 2025-10: $19.86 per share

- 2025-11: $19.87 per share

- 2025-12: $19.28 per share

- 2026-01: $23.57 per share

- 2026-02: $22.45 per share

- 2026-03: $17.10 per share

- 2026-04: $15.43 per share

- 2026-05: $12.16 per share

- 2026-06: $15.85 per share

- 2026-07: $13.20 per share

- 2026-08: $13.22 per share

- 2026-09: $11.87 per share

- 2026-10: $12.69 per share

## Annual estimated value (USD per share)

- FY2023: low $6.91 per share, central $7.73 per share, high $8.82 per share

- FY2024: low $6.34 per share, central $6.99 per share, high $7.87 per share

- FY2025: low $1.22 per share, central $1.25 per share, high $1.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1823144/000162828026017266/cmpo-20251231.htm); period 2025-12-31, filed 2026-03-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Leon Cooperman](https://gigainvestors.com/oa): 11,384,508 GPGI shares; USD 180,444,000 reported position value; 5.09% of portfolio; new; quarter 2026 Q2.

# GPGI — GPGI Inc.

Held by 1 investor · USD 180,444,000 total · 2026 Q2 · reported price USD 15.85 (split-adjusted).
Page: https://gigainvestors.com/s/GPGI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Leon Cooperman (https://gigainvestors.com/oa) | USD 180,444,000 | 5.1% | new |

## Total held by quarter

- 2026 Q2: USD 180,444,000 · 1 holder · USD 15.85