GPGI Inc
NYSE:GPGI
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GPGI Inc
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GPGI Inc
GPGI, Inc. engages in the designing and manufacturing of custom plastic identification and metal cards and pre-laminated materials. The company is headquartered in Somerset, New Jersey and currently employs 1,000 full-time employees. The company went IPO on 2020-11-06. The firm's segments include CompoSecure and Husky. CompoSecure segment is a technology partner to fintechs, and consumers around the globe. The company specializes in metal payment cards, security, and authentication solutions. Its payment card technology and metal cards with Arculus security and authentication capabilities deliver branded experiences, enable people to access and use their financial and digital assets. Husky segment is a technology pioneer that enables the delivery of essential needs to the global community. The company specializes in highly engineered equipment and aftermarket services. Its products are used to manufacture a range of plastic products, including beverage and food containers, medical devices, and consumer electronic parts. The company provides comprehensive and integrated systems solutions that are comprised of injection molding machines, molds, hot runners, controllers, and auxiliaries.
GPGI, Inc. engages in the designing and manufacturing of custom plastic identification and metal cards and pre-laminated materials. The company is headquartered in Somerset, New Jersey and currently employs 1,000 full-time employees. The company went IPO on 2020-11-06. The firm's segments include CompoSecure and Husky. CompoSecure segment is a technology partner to fintechs, and consumers around the globe. The company specializes in metal payment cards, security, and authentication solutions. Its payment card technology and metal cards with Arculus security and authentication capabilities deliver branded experiences, enable people to access and use their financial and digital assets. Husky segment is a technology pioneer that enables the delivery of essential needs to the global community. The company specializes in highly engineered equipment and aftermarket services. Its products are used to manufacture a range of plastic products, including beverage and food containers, medical devices, and consumer electronic parts. The company provides comprehensive and integrated systems solutions that are comprised of injection molding machines, molds, hot runners, controllers, and auxiliaries.
Platform strategy: GPGI is positioning itself as a permanent-capital operator that uses the Resolute operating system (ROS) to drive organic growth, margin expansion and high free cash flow conversion across CompoSecure and Husky.
CompoSecure results: FY-2025 net sales were $462.1 million (up 9.9%), Q4 net sales $117.7 million (up ~17%), gross margin ~56% and pro forma adjusted EBITDA of $171 million for the year (up ~23.5%).
Husky results: Q4 net sales $521 million (up >6%), FY-2025 net sales approximately $1.57 billion (up 5%); installed base ~13,500 systems and aftermarket expected to be 2–3x the value of an initial system over its lifecycle.
2026 guidance: GPGI pro forma outlook: net sales $2.18B–$2.23B, adjusted EBITDA $620M–$650M, adjusted free cash flow $325M–$375M (midpoint implies ~8.5% sales growth, ~17% EBITDA growth and ~29% EBITDA margin).
Margins & ROS: Management attributes CompoSecure's margin expansion to ROS-driven yield improvements, price/mix tailwinds and operational efficiencies; they expect ROS to drive similar improvements at Husky over time.
Capital allocation & leverage: Priority is debt reduction; management expects leverage to move below 3x and targets long-term 90%–100% free cash flow conversion.
Key risks/near-term cadence: Management expects H2 acceleration — mid-single-digit growth in H1 '26 rising to double-digit growth in H2; Husky margins may decline in Q1 as investments and operational ramps occur.
