GMEGameStop Corp.

Industry US consumer Price 23 Oct 2026

If management hits its targets, one share in 12 months

Held at $24.82

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$25 → $25

Show the math

today's multiple of 16× adjusted EBITDA, held, on the fiscal 2026 outlook of more than $650 million. No growth after fiscal 2026: management has given no number for later years. Company value plus cash, less debt, divided by a share count that grows with stock pay. Each figure management gave as a range is taken at its middle. From Oct 2027 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it; the arithmetic alone gives $25 at 36 months.

Shares	Today	In 12 monthsOct 2027	In 24 monthsOct 2028	In 36 monthsOct 2029
Past pace: all sharesthe count grows about 0.3% a year as in the half to Jun '26: stock pay only, no sales or buybacks	$25	$25506M sh · held	$25508M sh · held	$25509M sh · held

Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

The multiple. Enterprise value today ($25 times 504.5M shares, plus about $2.8 billion of convertible notes left after the Sep '26 exchange, less cash and marketable securities) over the $650 million EBITDA floor: 16×. Held, so none of any rise would be a re-rating.
The earnings. Adjusted EBITDA is the store business alone: it adds back the interest earned on the cash and leaves out the gains and losses on bitcoin and eBay. The first half of fiscal 2026 earned $339.7 million of it, so the second half needs more than $310.3 million.
The later years. Held at the fiscal 2026 floor. GameStop holds no calls and publishes no deck, and no release puts a number on sales, margins or EBITDA past January 2027.
The shares. The count grows as it did in the half to Jun '26, about 0.3% a year from stock pay. Not counted: about 95.6 million shares the remaining notes convert into, at about $29-30 a share, just above today's price, and the 59.1 million warrants at $32 that expire on 30 Oct '26. The Sep '26 exchange already added about 55.5 million shares to 3 Sep 2026.

Promises vs. what happened

3 claims · 8 releases

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

Promise	Made in	What happened
No more stock sales in FY24	Q3 '24	none in Q4; converts instead	Held
$2.0B buyback to Jun '29	Q1 '26	none used by Aug '26	Open
FY26 adjusted EBITDA above $650M	Q2 '26	$339.7M in H1	Open

What they’re pitching

the headline page, release by release

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q3
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26

SG&AOff page one Q1 '26

CashPage one since Q3 '24

ProfitPage one since Q3 '24

BitcoinOff page one Q1 '26

AbroadOff page one Q2 '25

CollectiblesPage one since Q1 '26

eBayNew Q1 '26 · Page one since Q2 '26

FinancingPage one since Q2 '26

on the headline page further in the release not in the release▲ onto page one▼ off page one● first mentionTap a mark for the quote.