# GoPro (GPRO.US)

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

Analysis as of: 2026-10-16T07:28:52.800Z. Financial observations: FY2011–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: $1.15 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 8

- Operating margin variation: 1.40×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.31×

- FY2017: -0.14×

- FY2018: -0.08×

- FY2019: -0.00×

- FY2020: -0.04×

- FY2021: 0.10×

- FY2022: 0.04×

- FY2023: -0.08×

- FY2024: -0.17×

- FY2025: -0.09×

### moat: fail

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

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -77.0%

- ROIC, second-lowest year: -569.3%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 34.2%

- Recent gross margin (lower of latest and 3-year median): 33.6%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: -36.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -345.5%

- FY2017: -287.9%

- FY2018: -817.4%

- FY2019: -1.3%

- FY2020: -124.1%

- FY2021: 52.2%

- FY2022: 11.6%

- FY2023: -20.5%

- FY2024: -569.3%

- FY2025: -29.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$148M

- Net income, five-year total: -$179M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 2.1 pp

- Working capital / revenue, final three-year average: 12.0%

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

- FY2021: $381M

- FY2022: $39M

- FY2023: -$49M

- FY2024: -$430M

- FY2025: -$90M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -345.5% vs -29.8%

- Per-share earnings: -1.32 to -0.59 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: -$991M

- Cumulative retained earnings: -$500M

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.74

- Per-share value, starting three-year median: -$1.32

- Per-share value, ending three-year median: -$0.59

- Buybacks concentrated in cheaper years (correlation): -0.05

- Average buyback yield: 3.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $104M

- Cumulative net income, 10 years: -$971M

- ROIC, first three-year median: -345.5%

- ROIC, last three-year median: -29.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$3.01

- FY2017: -$1.32

- FY2018: -$0.78

- FY2019: -$0.10

- FY2020: -$0.45

- FY2021: $2.27

- FY2022: $0.16

- FY2023: -$0.35

- FY2024: -$2.82

- FY2025: -$0.59

### accounting: pass

- Sloan accruals: -17.0%

- Receivables to sales index (DSRI): 1.34×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -33.7%

- FY2017: -17.2%

- FY2018: -9.9%

- FY2019: 1.2%

- FY2020: -20.8%

- FY2021: 11.3%

- FY2022: 2.1%

- FY2023: -2.1%

- FY2024: -56.5%

- FY2025: -17.0%

## Holders

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

## Price story

Down 89% since Dec 2021 · sales -18.7%

Story as of 2026-10-16T09:58:50.718Z; price observation 2026-10-15.

- 2025-08-11: Earnings call transcript: GoPro Q2 2025 sees revenue growth amid cost cuts ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-gopro-q2-2025-sees-revenue-growth-amid-cost-cuts-93CH-4183976))

### Sales · FY2024–2025

sales -18.7%; source https://www.sec.gov/Archives/edgar/data/1500435/000150043526000006/gpro-20251231.htm; observed 2026-03-12.

- FY2016: $1.2B 

- FY2017: $1.2B 

- FY2018: $1.1B 

- FY2019: $1.2B 

- FY2020: $892M 

- FY2021: $1.2B 

- FY2022: $1.1B 

- FY2023: $1.0B 

- FY2024: $801M 

- FY2025: $652M 

### Gross margin · FY2025

gross margin 33.6%; source https://www.sec.gov/Archives/edgar/data/1500435/000150043526000006/gpro-20251231.htm; observed 2026-03-12.

- FY2016: 39.0% 

- FY2017: 32.6% 

- FY2018: 31.5% 

- FY2019: 34.6% 

- FY2020: 35.3% 

- FY2021: 41.1% 

- FY2022: 37.2% 

- FY2023: 32.2% 

- FY2024: 33.8% 

- FY2025: 33.6% 

## Owner memo

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

### How it makes money

Operates in consumer electronics; annual sales are USD 651.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1500435/000150043526000006/gpro-20251231.htm (filed 2026-03-12); FY2025: revenue 651542000; grossProfit 219166000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); GPRO.US: GoPro, Inc. provides cameras, mountable and wearable accessories, and subscription and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers cameras under the HERO13 Black, HERO12 Black, LIT HERO, HERO, MAX2, and MAX names; and camera attachments, including the Ultra Wide Lens Mod, Macro Lens Mod, ND Filter 4-Pack, Anamorphic Lens Mod, Media Mod, and Max Lens Mod 2.0. The company also provides equipment-based mounts comprising helmet, handlebar, roll bar, and tripod mounts; floating mounts, such as the Handler and Floaty; magnetic swivel clip, chest harness, and head strap mounts; and spare batteries, dive filters and charging accessories, and cables to connect GoPro cameras to computers, laptops, and television monitors. In addition, it offers Premium, Premium+, and Quik subscription, which are subscription services that include cloud storage for its content through its Quik mobile app. Further, the company provides mobile and web applications, and desktop plugins that offer a media workflow for archiving, editing, multi-clip story creation, and sharing content on the fly; and a lifestyle gear lineup, including bags, backpacks, and cases, as well as of t-shirts, hats, and other soft goods. It sells its products through retailers, distributors, and on GoPro.com. The company was formerly known as Woodman Labs, Inc. and changed its name to GoPro, Inc. in February 2014. GoPro, Inc. was founded in 2002 and is headquartered in San Mateo, California.

### Why customers stay

Margins ranged from 32.2% to 33.8% during 2023–25; it lost 77% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: grossProfit / revenue = 32.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 33.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1500435/000150043526000006/gpro-20251231.htm (filed 2026-03-12); FY2025: grossProfit / revenue = 33.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on capital observations [[2016,-3.454671880312819],[2017,-2.8791643441617802],[2018,-8.174207686378152],[2019,-0.012907375763348087],[2020,-1.241337060430181],[2021,0.5215836949811574],[2022,0.11575191788492026],[2023,-0.2045320337319967],[2024,-5.693033941722702],[2025,-0.2977003527910526]]; median -0.7695187066106168. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2019: growth capex 0; upkeep 8348000; owner earnings 3278000. 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 5545000; owner earnings 380828000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 0; upkeep 3447000; owner earnings 39471000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,6618000],[2020,6207000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); GPRO.US SharesStats.PercentInsiders = 13.568 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Closing price 1.15 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.108627245726105; price multiple 0.2798988399826872. FY2025 cash earnings/share -0.566178371663335. Closing-price date 2026-10-15.

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

- 2016-10: $12.78 per share

- 2016-11: $9.98 per share

- 2016-12: $8.71 per share

- 2017-01: $10.75 per share

- 2017-02: $9.40 per share

- 2017-03: $8.70 per share

- 2017-04: $8.25 per share

- 2017-05: $8.22 per share

- 2017-06: $8.13 per share

- 2017-07: $8.24 per share

- 2017-08: $9.21 per share

- 2017-09: $11.01 per share

- 2017-10: $10.43 per share

- 2017-11: $8.54 per share

- 2017-12: $7.57 per share

- 2018-01: $5.47 per share

- 2018-02: $5.38 per share

- 2018-03: $4.79 per share

- 2018-04: $5.06 per share

- 2018-05: $5.54 per share

- 2018-06: $6.44 per share

- 2018-07: $5.84 per share

- 2018-08: $6.41 per share

- 2018-09: $7.20 per share

- 2018-10: $6.57 per share

- 2018-11: $5.08 per share

- 2018-12: $4.24 per share

- 2019-01: $4.93 per share

- 2019-02: $5.83 per share

- 2019-03: $6.50 per share

- 2019-04: $5.91 per share

- 2019-05: $6.30 per share

- 2019-06: $5.46 per share

- 2019-07: $5.29 per share

- 2019-08: $3.87 per share

- 2019-09: $5.19 per share

- 2019-10: $4.16 per share

- 2019-11: $4.04 per share

- 2019-12: $4.34 per share

- 2020-01: $3.94 per share

- 2020-02: $3.80 per share

- 2020-03: $2.62 per share

- 2020-04: $3.52 per share

- 2020-05: $4.71 per share

- 2020-06: $4.76 per share

- 2020-07: $5.29 per share

- 2020-08: $4.59 per share

- 2020-09: $4.53 per share

- 2020-10: $5.94 per share

- 2020-11: $6.99 per share

- 2020-12: $8.28 per share

- 2021-01: $8.95 per share

- 2021-02: $7.52 per share

- 2021-03: $11.64 per share

- 2021-04: $11.23 per share

- 2021-05: $11.22 per share

- 2021-06: $11.65 per share

- 2021-07: $10.24 per share

- 2021-08: $9.97 per share

- 2021-09: $9.36 per share

- 2021-10: $8.61 per share

- 2021-11: $10.00 per share

- 2021-12: $10.31 per share

- 2022-01: $8.86 per share

- 2022-02: $8.60 per share

- 2022-03: $8.53 per share

- 2022-04: $8.92 per share

- 2022-05: $6.91 per share

- 2022-06: $5.53 per share

- 2022-07: $6.36 per share

- 2022-08: $6.09 per share

- 2022-09: $4.93 per share

- 2022-10: $5.45 per share

- 2022-11: $5.48 per share

- 2022-12: $4.98 per share

- 2023-01: $6.15 per share

- 2023-02: $5.19 per share

- 2023-03: $5.03 per share

- 2023-04: $4.28 per share

- 2023-05: $4.20 per share

- 2023-06: $4.14 per share

- 2023-07: $4.09 per share

- 2023-08: $3.64 per share

- 2023-09: $3.14 per share

- 2023-10: $2.51 per share

- 2023-11: $3.61 per share

- 2023-12: $3.47 per share

- 2024-01: $2.98 per share

- 2024-02: $2.34 per share

- 2024-03: $2.23 per share

- 2024-04: $1.73 per share

- 2024-05: $1.52 per share

- 2024-06: $1.42 per share

- 2024-07: $1.52 per share

- 2024-08: $1.28 per share

- 2024-09: $1.36 per share

- 2024-10: $1.35 per share

- 2024-11: $1.23 per share

- 2024-12: $1.09 per share

- 2025-01: $0.97 per share

- 2025-02: $0.75 per share

- 2025-03: $0.66 per share

- 2025-04: $0.58 per share

- 2025-05: $0.66 per share

- 2025-06: $0.76 per share

- 2025-07: $1.29 per share

- 2025-08: $1.56 per share

- 2025-09: $2.12 per share

- 2025-10: $1.97 per share

- 2025-11: $1.63 per share

- 2025-12: $1.41 per share

- 2026-01: $1.16 per share

- 2026-02: $0.97 per share

- 2026-03: $0.77 per share

- 2026-04: $1.65 per share

- 2026-05: $1.25 per share

- 2026-06: $0.78 per share

- 2026-07: $0.75 per share

- 2026-08: $0.88 per share

- 2026-09: $1.29 per share

- 2026-10: $1.15 per share

## Annual estimated value (USD per share)

- FY2016: low $6.85 per share, central $7.60 per share, high $8.60 per share

- FY2017: low $2.90 per share, central $3.08 per share, high $3.32 per share

- FY2022: low $2.12 per share, central $2.15 per share, high $2.18 per share

- FY2023: low $1.67 per share, central $1.70 per share, high $1.74 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/1500435/000150043526000006/gpro-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.