GPGI, Inc. (GPGI)

Price$13.63Cached quoteAs of 2026-09-05 10:05 UTC

AI: Fair-priced

Price checkThe shares look roughly fair, with a decent cash yield offset by heavy leverage.

At the observed price, GPGI’s equity value is roughly $4.0 billion. Adding about $2.0 billion of net debt, meaning debt minus cash, gives an enterprise value near $6.0 billion; enterprise value is equity value plus net debt. Against management’s 2026 guidance, that is about 9.8–10.9 times adjusted operating profit before interest, taxes, depreciation and amortization, and roughly 12.3–14.5 times adjusted free cash flow, meaning cash left after running and investing in the business. Those multiples look reasonable, but not clearly cheap given leverage and Husky uncertainty.

Big pictureHistorical cash generation was solid, but accounting changes make recent reported results look far worse.

The supplied SEC-derived history shows revenue rising from about $268 million in 2021 to $421 million in 2024, while operating cash flow rose from about $78 million to $130 million. Reported 2025 revenue then collapsed to roughly $60 million and operating cash flow turned negative, largely because GPGI stopped consolidating its operating subsidiary after February 2025. That accounting change continued in 2026, so the parent’s near-zero reported revenue is not comparable with earlier years; pro forma results, which show the businesses as if today’s structure existed throughout, are more informative. Pasted text

Business strengthCompoSecure is performing strongly, while Husky remains the main source of earnings volatility.

Second-quarter 2026 results show a sharply split business. CompoSecure’s adjusted sales rose 11.7% to $133.6 million and adjusted operating profit before interest, taxes, depreciation and amortization rose 13.6% to $55.2 million. That profit equaled 41.3% of sales. Husky’s sales fell 9.2% to $339.6 million and the same profit measure fell 22.6% to $64.9 million, equal to 19.1% of sales. CompoSecure is the growth engine, but Husky’s more cyclical equipment demand currently dominates the downside risk.

What could change the storyDebt paydown and Husky recovery could unlock value; another earnings reset would erase the cushion.

GPGI had about $2.0 billion of net debt at June 30, equal to 3.9 times recent adjusted operating profit, and management targets roughly 3.0 times by year-end. The Husky deal also transformed ownership: about 55.0 million shares went to the seller and 106.1 million were sold to private investors, helping push shares outstanding from roughly 102 million in mid-2025 to about 290 million. Sustained free cash flow could rapidly reduce leverage; weaker Husky demand or another guidance cut would make the enlarged share count and debt much harder to absorb.

AI: News

Q2 guidance heldSecond-quarter results beat the limited analyst estimates and management kept its reduced full-year outlook unchanged.

On August 6, GPGI reported adjusted net sales of $473.2 million and adjusted operating profit before interest, taxes, depreciation and amortization of $113.9 million. It kept 2026 guidance at $1.95–$2.10 billion of sales, $550–$610 million of that profit measure, and $275–$325 million of adjusted free cash flow. Shares rose about 1.7% in early trading but closed 1.6% lower, so the day’s price move does not support a simple causal reading.

Q1 guidance resetHusky weakness forced a sharp guidance cut, resetting expectations for the newly combined company.

On May 7, Husky’s first-quarter adjusted sales were down 5.2% and its adjusted operating profit before interest, taxes, depreciation and amortization fell about 40%. GPGI cut full-year sales guidance from roughly $2.18–$2.23 billion to $1.95–$2.10 billion and cut the profit range from $620–$650 million to $550–$610 million. The stock fell about 26% around the release, a large move that is consistent with investors repricing Husky’s earnings and the leverage supporting the acquisition.

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Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

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2023

2024

2025

Total cash / debt

CashTotal debt

2019

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$59.8M	$420.6M	$390.6M	$378.5M	$267.9M	$260.6M	$243.3M
Gross profit	$28.7M	$219.2M	$209.1M	$219.6M	$144.8M	$132.6M	$127.9M
Gross margin	48.05%	52.13%	53.52%	58.03%	54.06%	50.90%	52.56%
Research & development	$1.3M	$7.4M	$6.8M	$6.7M	$2.7M	—	—
Operating expenses	$42.5M	$111.6M	$90.0M	$104.7M	$63.4M	$48.7M	$40.9M
Operating income	−$13.7M	$107.6M	$119.1M	$114.9M	$81.4M	$84.0M	$86.9M
Operating margin	−22.95%	25.59%	30.49%	30.36%	30.39%	32.22%	35.73%
EBITDA	−$12.1M	$116.8M	$127.5M	$123.5M	$91.9M	$93.9M	$95.5M
EBITDA margin	−20.24%	27.77%	32.63%	32.62%	34.28%	36.02%	39.27%
Net income	−$136.0M	−$53.7M	$19.2M	$18.7M	$3.2M	$77.8M	$81.5M
Net profit margin	−227.34%	−12.77%	4.93%	4.93%	1.18%	29.86%	33.49%
Basic EPSper basic share	-$1.23	-$1.22	$1.03	$1.21	$0.21	—	—
Diluted EPSper diluted share	-$1.23	-$1.22	$0.96	$1.13	$0.12	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈18.22%of listed shares

PE Titan CS Holdings, L.P. / Platinum Equity InvestCo, L.P. / Platinum Equity Investment Holdings IV, LLC / Gores Tom / Platinum Equity Investment Holdings IV (Cayman), LLC / PLATINUM EQUITY, LLC / Platinum Equity Investment Holdings IC (Cayman), LLC / Platinum Equity Investment Holdings, LLC / Platinum Equity Partners International IV (Cayman), L.P.52.83M shares · Jan 12, 2026

View holders

Top 20 reported holders of GPGI
Holder	% owned
PE Titan CS Holdings, L.P. / Platinum Equity InvestCo, L.P. / Platinum Equity Investment Holdings IV, LLC / Gores Tom / Platinum Equity Investment Holdings IV (Cayman), LLC / PLATINUM EQUITY, LLC / Platinum Equity Investment Holdings IC (Cayman), LLC / Platinum Equity Investment Holdings, LLC / Platinum Equity Partners International IV (Cayman), L.P.	≈18.22%52.83M shares
Platinum Equity Advisors, LLC/DE	18.22%52.83M shares
FMR LLC	14.75%42.75M shares
Alyeska Investment Group, L.P.	8.07%23.4M shares
Logan Michele	≈7.13%20.68M shares
LOCUST WOOD CAPITAL ADVISERS, LLC	5.14%14.91M shares
BlackRock, Inc.	4.93%14.29M shares
Capital Research Global Investors	3.98%11.55M shares
COOPERMAN LEON G	3.93%11.38M shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC	3.60%10.44M shares
CORSAIR CAPITAL MANAGEMENT, L.P.	2.94%8.52M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.89%8.37M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.68%7.78M shares
Alberta Investment Management Corp	1.93%5.61M shares
Starboard Value LP	1.73%5.03M shares
GEODE CAPITAL MANAGEMENT, LLC	1.57%4.54M shares
STATE STREET CORP	1.56%4.51M shares
Capital World Investors	1.42%4.1M shares
Bleichroeder LP	1.37%3.97M shares
Jupiter Topco LLC	1.09%3.15M shares

Percentages use 289.89M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys23$44.54M disclosed value

Sells (SEC code S)36$370.15M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 11, 2026Form 4	Knott Thomas R.See remarks	BuyClass A Common Stock	85.3K	$11.67	$994.9K	129.3K
May 26, 2026Form 4	Moriarty Kevin MDirector	BuyClass A Common Stock	4.0K	$12.64	$50.0K	71.0K
May 14, 2026Form 4	Mikkilineni KrishnaDirector	BuyClass A Common Stock	8.1K	$12.34	$100.0K	10.8K
May 13, 2026Form 4	Schoen KurtSee remarks	BuyClass A Common Stock	4.0K	$12.58	$50.3K	586.3K
May 12, 2026Form 4	Loree Rebecca CorbinDirector	BuyClass A Common Stock	3.9K	$12.87	$50.5K	63.2K