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1. Company Snapshot

1.a. Company Description

GoPro, Inc.develops and sells cameras, mountable and wearable accessories, and subscription services and software in the United States and internationally.The company offers cloud connected HERO10 Black, HERO9 Black, and HERO8 Black waterproof cameras; MAX, a 360-degree waterproof camera; GoPro, a subscription service that includes full access to the Quik app, cloud storage supporting source video and photo quality, camera replacement, and damage protection; Quik subscription provides access to editing tools, which allows users to edit photos, videos, and create cinematic stories; and Quik app, a mobile app that enable users to get their favorite photos and videos with footage from any phone or camera.


It also offers mounts and accessories comprising equipment-based mounts consisting of helmet, handlebar, roll bar, and tripod mounts that enable consumers to wear the mount on their bodies, such as wrist housings, magnetic swivel clips, chest harnesses, and head straps; media, display, and light mods; spare batteries, dive filters, and charging accessories and cables; and lifestyle gears.In addition, the company provides mobile and web applications that provides media workflow for archiving, editing, multi-clip story creation, and sharing content on the fly.GoPro, Inc.


markets and sells its products through retailers and distributors, as well as through its GoPro.com website.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.

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1.b. Last Insights on GPRO

GoPro's recent performance was driven by a revenue beat in Q1 2025, with $134 million in revenue at the high-end of guidance. The company's subscription and service revenue increased 4% year-over-year to $27 million. Additionally, GoPro's international revenue patterns showed promising trends, with implications for Wall Street's forecasts and the stock's prospective trajectory. The company also expanded its product offerings with the launch of the HERO13 Black Ultra Wide Edition camera, featuring a 177-degree field of view and HyperSmooth stabilization.

1.c. Company Highlights

2. GoPro's Q3 2025 Earnings: A Mixed Bag with Promising Prospects

GoPro reported revenue of $198.1 million, exceeding their guidance, but still a 4% decline year-over-year. The non-GAAP gross margin was 29.4%, slightly below expectations. The company's EPS loss was $0.09, wider than the estimated loss of $0.03. Despite the disappointing EPS, the company's new product launches and software offerings are gaining traction, contributing to the revenue beat.

Publication Date: Nov -24

📋 Highlights
  • Q3 Revenue Growth:: Exceeded guidance with 3 new hardware and several software product launches, setting a strong foundation for Q4.
  • Q4 2025 Guidance:: Midpoint revenue growth of 10% to $220 million, with non-GAAP net income per share of $0.03 ± $0.02.
  • New Product Expansion:: Launched MaX2 360-camera, LIT HERO camera, and Fluid Pro AI gimbal, expanding TAM beyond action cameras.
  • Subscription Model Success:: Subscription revenue continues to drive subscriber value and outperform expectations, boosting profitability.
  • 2026 Financial Outlook:: Anticipates $80 million cash balance ± $5 million and $50 million ABL facility availability by year-end 2026.

New Product Launches and Diversification

Nicholas Woodman emphasized the importance of diversification, stating, "Diversification, diversification, diversification. You're seeing that already in our product line, and you'll see that scale in 2026." The company launched several new products, including the MaX2 360-camera, LIT HERO camera, and Fluid Pro AI gimbal, which are expected to drive growth in new segments. The GP3 processor, debuting in 2026, is expected to take GoPro and the industry to the next level of performance.

Guidance and Outlook

GoPro expects revenue growth in Q4 2025 to be around 10% to $220 million, with non-GAAP net income per share of $0.03, plus or minus $0.02. The company anticipates unit sell-through to be down 18% year-over-year in Q4 2025 but expects to grow units and revenue in 2026 based on new products and services. Analysts estimate next year's revenue growth at 18.4%, indicating a potential rebound.

Valuation and Metrics

GoPro's current valuation metrics show a mixed picture. The P/S Ratio is 0.36, indicating relatively low revenue multiples. However, the P/E Ratio is -1.97, and the EV/EBITDA is -3.58, reflecting the company's current loss-making status. The ROE is -110.5%, and the ROIC is -37.26%, highlighting the need for improvement in profitability. With a cash balance of approximately $80 million expected by the end of 2026, plus an additional $50 million available under their ABL facility, the company's financial position seems stable.

3. NewsRoom

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GoPro MAX2 360 Camera Wins Top Industry Awards for Groundbreaking 360 Innovations

Dec -03

Source: prnewswire.com

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Has GoPro (GPRO) Stock Been Good For Investors?

Dec -03

Source: fool.com

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Is This the Last Christmas for These 3 Stocks?

Nov -29

Source: 247wallst.com

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GoPro Supercharges MAX2 360 Camera and Software Editing Suite with Powerful New Features

Nov -19

Source: prnewswire.com

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Don't Overlook GoPro (GPRO) International Revenue Trends While Assessing the Stock

Nov -17

Source: zacks.com

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Watch as GoPro Captures Every Thrilling Moment of Red Bull Rampage in Third Year as Exclusive Action Camera Partner

Nov -17

Source: prnewswire.com

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GoPro Announces Investment from Founder and CEO Nicholas Woodman

Nov -13

Source: prnewswire.com

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GoPro's Q3 Loss Wider Than Expected, Revenues Fall Y/Y, Stock Down

Nov -07

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.36%)

6. Segments

Retail

Expected Growth: 11.53%

GoPro's 11.53% retail growth is driven by increasing demand for action cameras, particularly among outdoor enthusiasts and social media influencers. Strong online presence, strategic partnerships, and innovative products like the HERO8 Black and MAX cameras have contributed to this growth. Additionally, the company's focus on direct-to-consumer sales and expanding retail partnerships have also boosted sales.

GoPro.Com

Expected Growth: 10.95%

GoPro's 10.95% growth driven by increasing adoption of action cameras, expansion into new markets, and growing demand for 360-degree cameras. Strong brand recognition, innovative products, and strategic partnerships also contribute to growth. Additionally, the company's focus on software and subscription services, such as GoPro Plus, provides a new revenue stream.

7. Detailed Products

Hero10 Black

A rugged and waterproof action camera that captures stunning 5.3K video and 23.6MP photos, with improved audio and enhanced slow-motion capabilities.

Hero9 Black

A high-performance action camera that shoots 5K video and 20MP photos, with enhanced stabilization and live streaming capabilities.

Max

A 360-degree camera that captures stunning 5.6K video and 16.6MP photos, with enhanced stabilization and live streaming capabilities.

Dome Port

A waterproof dome-shaped lens that allows for underwater photography and videography with a GoPro camera.

Bite Mount + Floaty

A floating hand grip and mouth mount that allows for easy camera control and flotation in water.

GoPro Subscription

A subscription service that offers unlimited cloud storage, premium support, and exclusive discounts on GoPro products.

GoPro Editing Software

A suite of video editing software that allows for easy editing and sharing of GoPro footage.

8. GoPro, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

GoPro faces moderate threat from substitutes, as customers can opt for smartphones with high-quality cameras or other action cameras from competitors like DJI or Yi Technology.

Bargaining Power Of Customers

GoPro's customers have low bargaining power due to the company's strong brand reputation and limited availability of similar products.

Bargaining Power Of Suppliers

GoPro has a diversified supplier base, which reduces the bargaining power of individual suppliers, and the company's strong brand reputation gives it an upper hand in negotiations.

Threat Of New Entrants

The action camera market is highly competitive, and new entrants can easily enter the market with innovative products, posing a significant threat to GoPro's market share.

Intensity Of Rivalry

The action camera market is highly competitive, with several established players like DJI, Yi Technology, and Garmin, leading to intense rivalry and pricing pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.80%
Debt Cost 4.65%
Equity Weight 81.20%
Equity Cost 11.45%
WACC 10.17%
Leverage 23.15%

11. Quality Control: GoPro, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Turtle Beach

A-Score: 4.0/10

Value: 5.2

Growth: 4.2

Quality: 6.4

Yield: 0.0

Momentum: 4.0

Volatility: 4.0

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Sonos

A-Score: 3.9/10

Value: 5.9

Growth: 3.1

Quality: 3.2

Yield: 0.0

Momentum: 7.5

Volatility: 4.0

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VIZIO

A-Score: 3.9/10

Value: 7.4

Growth: 1.9

Quality: 3.5

Yield: 0.0

Momentum: 5.0

Volatility: 5.3

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GoPro

A-Score: 3.8/10

Value: 8.2

Growth: 0.3

Quality: 3.7

Yield: 0.0

Momentum: 9.5

Volatility: 1.0

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VOXX

A-Score: 3.8/10

Value: 8.9

Growth: 1.6

Quality: 4.1

Yield: 0.0

Momentum: 4.0

Volatility: 4.0

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Koss

A-Score: 3.3/10

Value: 7.6

Growth: 2.0

Quality: 4.6

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.83$

Current Price

1.83$

Potential

-0.00%

Expected Cash-Flows