pudgy penguins (PENGU) at $638m market cap on $40m annual revenue from 3 million toys sold across 5,000+ walmart, target, and amazon locations. 16x sales multiple. disney trades at 2-3x. the paxos deal just opened PENGU to venmo, paypal, and charles schwab. 13.69% of token supply already burned, with committed buybacks funded by non-crypto cash flow from physical toy sales. licensing expo may 19-21 sharing floor space with pokemon, lego, and warner bros. if they announce a tier-1 licensing deal there, the path to compressing that multiple through revenue scale opens fast. if it's just more stores, that 16x gets heavier. watch the revenue, not the floor price.