NASDAQ: HAS · Leisure Products
Hasbro
Hasbro is a game, intellectual property and toy company with brands such as MAGIC: THE GATHERING, MONOPOLY, PLAY-DOH, TRANSFORMERS and NERF. It reports three segments: Wizards of the Coast and Digital Gaming (tabletop and digital games plus licensed gaming; $2,187 million of 2025 net revenues, up 45%), Consumer Products (toys and games sold to retailers and out-licensing; $2,438 million) and Entertainment ($77 million, after the 2023 sale of eOne Film and TV). 2025 net revenues rose 14% to $4,701 million, but Hasbro posted a net loss of $322 million after a $1,022 million goodwill impairment in Consumer Products tied to tariffs and macro headwinds. In March 2026 it suffered unauthorized network access that slowed order processing; Q2 2026 net revenues still rose 16% to $1,140 million.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 03:37 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-27) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -3.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 0.2%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -8.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 17.0x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- —
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.81
Higher than 3% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 5% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 7% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 99% of 304 non-financial companies
Below 0 means more cash than debt
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-27
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$121.05close on 2026-11-04
Market cap$16.99B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 30.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 132.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.3%
At FY2025 year-end: —
Earnings: trailing 12 months to 2026-09-27
At FY2025 year-end: 20.5x
Book value at FY2025 year-end
At FY2025 year-end: 96.0x
EBITDA for FY2025
At FY2025 year-end: 7.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 27, 2026.
- Revenue$1.39B → $1.6B (vs. a year earlier)↑ +15.0%$1.39B → $1.6B (vs. a year earlier)
- Operating margin24.6% → 32.4% (vs. a year earlier)↑ +7.8 pts24.6% → 32.4% (vs. a year earlier)
- Net income$233M → $395M (vs. a year earlier)↑ +69.2%$233M → $395M (vs. a year earlier)
- Diluted EPS$1.64 → $2.77 (vs. a year earlier)↑ +68.9%$1.64 → $2.77 (vs. a year earlier)
- Cash$881M → $851M (vs. previous quarter-end)↓ −3.4%$881M → $851M (vs. previous quarter-end)
- Long-term debt$3.54B → $3.51B (vs. previous quarter-end)↓ −0.8%$3.54B → $3.51B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 20, 2026.
Management outlook ↑ Raised
Raised 2026 outlook and doubled its share repurchase target. Source sentence
“Given this momentum, we are raising our 2026 outlook and doubling our share repurchase target for the year, balancing investment in the business with returning cash to shareholders.”
Key changes
Wizards revenue up 31%, led by Magic: The Gathering up 34%. Source sentence
▪ Revenue increased 31%, led by Magic: The Gathering (+34%).
Returned $206M to shareholders. Source sentence
Returned $206 million to shareholders through the quarterly dividend and share repurchases.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- HASBRO, INC.
- Headquarters
- PAWTUCKET, RI
- Incorporated in
- Rhode Island
- Fiscal year end
- 12/27
- Exchange & ticker
- NASDAQ: HAS
- Industry
- Leisure Products
- CIK
- 46080
Workforce (as of FY2025 year-end)
Employees
4,520
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 44–53 days after quarter end (Feb 10, 2026; Feb 20, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 27.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 23–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 27, 2026 | Oct 20, 2026 (+23 days) | Oct 29, 2026 10-Q (+32 days) |
| Q2 FY2026 | Jun 28, 2026 | Jul 21, 2026 (+23 days) | Jul 30, 2026 10-Q (+32 days) |
| Q1 FY2026 | Mar 29, 2026 | May 20, 2026 (+52 days) | May 13, 2026 10-Q (+45 days) |
| Q4 FY2025 | Dec 28, 2025 | Feb 10, 2026 (+44 days) | Feb 25, 2026 10-K (+59 days) |
| Q3 FY2025 | Sep 28, 2025 | Oct 23, 2025 (+25 days) | Nov 5, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 29, 2025 | Jul 23, 2025 (+24 days) | Jul 31, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 30, 2025 | Apr 24, 2025 (+25 days) | May 6, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 29, 2024 | Feb 20, 2025 (+53 days) | Feb 27, 2025 10-K (+60 days) |
| Q3 FY2024 | Sep 29, 2024 | Oct 24, 2024 (+25 days) | Oct 31, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 25, 2024 (+25 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Wizards of the Coast and Digital Gaming
MAGIC: THE GATHERING and tabletop gaming
Trading card and tabletop games; Tabletop Gaming revenue $613M in Q3 2026, and Magic: The Gathering topped $600M in a quarter for the first time.
Wizards of the Coast and Digital Gaming
Digital and licensed gaming
Digital games and licensed gaming revenue ($500M in 2025).
Consumer Products
Toys and games
MONOPOLY, PLAY-DOH, TRANSFORMERS, NERF and other brands sold worldwide.
Entertainment
Family Brands
Remaining entertainment activities after the sale of eOne Film and TV.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Licensing
IP licensing
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosed“Hasbro is one of the world’s largest and most diverse licensors.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Net revenues $4,701M (+13.7%); operating profit $11M after a $1,022M goodwill impairment; net loss $322M.
Source: Form 10-K (FY2025)
Cyber incident
Identified unauthorized network access on March 28, 2026; took systems offline and used manual ordering at reduced rates.
Source: Form 8-K (2026-04-01) — Item 8.01 unauthorized network access
Q3 2026
Revenue rose 15% (Wizards and Digital Gaming +31%, with Magic: The Gathering +34%); operating profit $517M; EPS $2.77, including about $55M of tariff refunds. Hasbro raised its 2026 outlook, doubled its buyback target, and returned $206M to shareholders. Dan Ayoub becomes President of Wizards of the Coast and Hasbro Digital Games on November 2, 2026.
Source: Q3 2026 earnings release; 8-K filed 2026-10-27
Financing
Issued $400M of 4.650% notes due 2031 in March 2026 and entered a fourth amended and restated revolving credit agreement in February 2026.
Source: Form 8-K (2026-03-12) — Items 1.01/2.03 $400 million 4.650% notes due 2031
Capex ÷ D&A (FY2025)
0.47x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$63M ÷ $136M = 0.47x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
8.2%
formularesearch & development expense ÷ revenue × 100
e.g.$386M ÷ $4,701M × 100 = 8.2%
M&A spend (6-year total)
$4.56B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $126M in FY2020 to $63M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$4.7B
As reported in the 10-K
Revenue CAGR (5 years)
-3.0%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,701M ÷ $5,465M) ^ (1÷5) − 1 = -3.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
0.2%▼caution
-8.9pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$11M ÷ $4,701M × 100 = 0.2%
ROE (FY2025)
-36.8%▼caution
6-year average: -8.3%
As reported in the 10-K
P/B (FY2025 end)
20.50x
formulafiscal year-end closing price ÷ book value per share
e.g.$82.56 ÷ $4.03 = 20.50x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
96.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($11,590M + $3,265M − $777M) ÷ ($11M + $136M) = 96.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -3.0% a year over 5 years (a shrinking trend)
From $5.47B in FY2020 to $4.7B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 9.2% → 0.2%
How much operating profit is left per $100 of revenue. It moved -8.9 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 10.2% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -8.3% over 6 years (latest: -36.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Tabletop and digital gaming (Wizards of the Coast)
- Toy and game design, marketing and sale
- IP out-licensing
06 · what it draws on
Key resources
- About 4,520 employees (2025)
- Franchise IP including MAGIC: THE GATHERING and MONOPOLY
- Third-party manufacturers and its own facilities
02 · why customers buy
Value propositions
- Games and toys built around owned franchises (MAGIC: THE GATHERING, Monopoly, Transformers), plus digital games and licensing.
04 · how it keeps them
Customer relationships
- Multi-year licensing partnerships and an engaged player community for tabletop and digital games.
03 · how it reaches them
Channels
- Mass-market retailers, e-retailers, distributors and wholesalers; its own direct channels.
01 · who it serves
Customer segments
- Retailers including Amazon (11% of 2025 revenue) and Walmart (9%)
- Players and fans directly
09 · where money goes
Cost structure
FY2025, share of revenue ($4.7B)
- Cost of revenue27.6%
- Research & development8.2%
- Selling, general & administrative25.0%
- Other operating costs39.0%
Operating profit left: 0.2% of revenue. Depreciation & amortization (inside the costs above): $136M. Capital spending: $63M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Wizards of the Coast and Digital Gaming $2,187M
- Consumer Products $2,438M
- Entertainment $77M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Develops games and toys around owned franchises, sells them mainly through large retailers and online, monetizes tabletop and digital gaming directly, and out-licenses its IP for consumer products, digital games and entertainment.
01 what it draws on
Inputs & resources
- About 4,520 employees (2025)
- Franchise IP including MAGIC: THE GATHERING and MONOPOLY
- Third-party manufacturers and its own facilities
02 what it does
Activities
- Tabletop and digital gaming (Wizards of the Coast)
- Toy and game design, marketing and sale
- IP out-licensing
03 who it serves
Customers
- Retailers including Amazon (11% of 2025 revenue) and Walmart (9%)
- Players and fans directly
04 how money comes in
How it earns
- Wizards of the Coast and Digital Gaming $2,187M
- Consumer Products $2,438M
- Entertainment $77M (2025)
How the business makes money
- Top five customers were about 35% of 2025 net revenues.
- Wizards operating profit was $1,007M in 2025, versus a $943M loss in Consumer Products including the impairment.
- About $44.9M of tariff costs were recognized in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Hasbro’s digital games earn production incentives, and tariffs hurt its outlook.
Government funding & tax credits
Game production incentives
Some software titles qualify for government grants and tax incentives.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade rules
Tariffs and other headwinds lowered its forecasts in 2025.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Consumer Products
2,437.6 (52%)Wizards of the Coast and Digital Gaming
2,186.9 (47%)Entertainment
76.8 (2%)
Source: Form 10-K (FY2025) Total net revenues $4,701.3M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Mass merchants, online retailers and specialty stores worldwide.
Named by the company
- Amazon.com, Inc. — 11% of 2025 consolidated net revenues.Form 10-K (FY2025)
- Wal-Mart, Inc. — 9% of 2025 consolidated net revenues.Form 10-K (FY2025)
Suppliers
Third-party manufacturers and component suppliers.
Named by the company
No single supplier is named as material.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Hasbro competes with several large toy and game companies, many smaller designers and marketers, and retailers’ private labels; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Peer group the company chose
2025 compensation peer group (12 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peer companies used for 2025 executive pay.
- Crocssite ↗
- Mattelsite ↗
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,465 | 6,420 | 5,857 | 5,003 | 4,136 | 4,701 |
| Operating income | 502 | 763 | 408 | -1,539 | 690 | 11 |
| Pretax income | 322 | 582 | 262 | -1,709 | 497 | -102 |
| Net income (attributable) | 223 | 429 | 204 | -1,489 | 386 | -322 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 17.5% | -8.8% | -14.6% | -17.3% | 13.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 9.2% | 11.9% | 7.0% | -30.8% | 16.7% | 0.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 4.1% | 6.7% | 3.5% | -29.8% | 9.3% | -6.9% |
| Balance sheet ($M) | ||||||
| Total assets | 10,818 | 10,038 | 9,296 | 6,541 | 6,340 | 5,552 |
| Total equity | 2,937 | 3,063 | 2,862 | 1,087 | 1,185 | 566 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,667 | 4,025 | 3,967 | 3,466 | 3,381 | 3,265 |
| Equity ratio | 27.1% | 30.5% | 30.8% | 16.6% | 18.7% | 10.2% |
| ROE | 7.6% | 14.3% | 6.9% | -75.4% | 33.9% | -36.8% |
| Cash flow ($M) | ||||||
| Operating CF | 976 | 818 | 373 | 726 | 847 | 893 |
| Investing CF | -4,500 | 242 | -313 | 118 | -204 | -284 |
| Financing CF | 406 | -1,460 | -553 | -818 | -497 | -531 |
| Free cash flowcalccash flow from operations − capital expenditures | 851 | 685 | 245 | 590 | 760 | 830 |
| Cash and equivalents | 1,450 | 1,019 | 513 | 545 | 695 | 777 |
| Per share & other | ||||||
| EPS ($) | 1.62 | 3.10 | 1.46 | -10.73 | 2.75 | -2.30 |
| BVPS ($) | 21.39 | 22.16 | 20.71 | 7.83 | 8.49 | 4.03 |
| Dividend per share ($) | 2.72 | 2.72 | 2.80 | 2.80 | 2.80 | 2.80 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 167.9% | 87.7% | 191.8% | — | 101.8% | — |
| P/E (x) | 57.5 | 31.6 | 39.9 | — | 20.6 | — |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 20.9 | 15.9 | 18.0 | — | 12.4 | 96.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.36 | 4.42 | 2.81 | 6.52 | 6.68 | 20.50 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-27 | $1.6B+15.0% | $517M+51.7% | $395M+69.2% | $2.77 |
| 2026-06-28 | $1.14B+16.2% | $253M | $161M | $1.12 |
| 2026-03-29 | $1B+12.7% | $270M+58.3% | $198M+101.2% | $1.39 |
| 2025-12-28 † | $1.45B+31.3% | $298M+397.5% | $202M | — |
| 2025-09-28 | $1.39B | $341M | $233M | $1.64 |
| 2025-06-29 | $981M | −$798M | −$856M | $-6.10 |
| 2025-03-30 | $887M | $171M | $99M | $0.70 |
| 2024-12-29 † | $1.1B | $60M | −$34M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
0.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$11M × (1 − 23%) ÷ $4,198M × 100 = 0.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.18%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $11.59B ÷ ($11.59B + $3.26B) = 78.0%
e.g.Debt weight: $3.26B ÷ ($11.59B + $3.26B) = 22.0%
e.g.WACC: 9.4% × 78.0% + 5.0% × (1 − 23%) × 22.0% = 8.18%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.9%–9.8% and ROIC − WACC runs −9.6 to −6.6 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.18% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.81 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.41%
- Cost of debt
- 5.00%
- Tax rate
- 23% (effective rate, FY2021–FY2024)
- Capital structure (equity : debt)
- 78% : 22%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.18%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.81 (price-derived adjusted beta. Raw β 0.71, R² 0.11, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.712 + 0.33 = 0.807
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.81 × 5.5% = 9.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.2% − 4.3%
Past FCF growth (FY2020–FY2025)
-0.5%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
-3.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $830M (operating CF − capex); enterprise value $19.48B = market cap $16.99B (latest close, 2026-11-04) + debt $3.26B − cash and short-term investments $777M; r = WACC of 8.2% using this page’s default assumptions (β 0.81, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$19.3B
FCF $830M ÷ (8.2% − 3.9%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.2% | 7.2% | 8.2% | 9.2% | 10.2% |
|---|---|---|---|---|---|
| 0% | 0.69x | 0.59x | 0.52x | 0.46x | 0.42x |
| 2% | 1.01x | 0.82x | 0.69x | 0.59x | 0.52x |
| 4% | 1.94x | 1.33x | 1.01x | 0.82x | 0.69x |
| 6% | 21.30x | 3.55x | 1.94x | 1.33x | 1.01x |
| 8% | — | — | 21.30x | 3.55x | 1.94x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.58x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -20.4%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 93 → 77 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($920M + $1,060M) ÷ 2 ÷ $4,701M × 365 = 77 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($274M + $260M) ÷ 2 ÷ $1,296M × 365 = 75 days
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 98.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 1.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 80 of 416
- Beta (adjusted)
- 0.81
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 19% of covered companies have more
above 1 = swings more than the market
- 138.6M shares reported by 771 13F filers ÷ 141.0M shares outstanding on 2026-07-20. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-17 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-20)
18
Strengths & weaknessesSite analysis
Strengths
1. Wizards growth
Wizards of the Coast and Digital Gaming net revenues rose 45% to $2,187M in 2025 with $1,007M of operating profit.
Evidence: Form 10-K (FY2025)
2. Strong 2026 start
Six-month 2026 net revenues $2,140M versus $1,868M; net earnings $359M versus a $757M loss.
Evidence: Form 10-Q (quarter ended 2026-06-28)
3. Dividend held
Paid $0.70 per quarter ($392.5M in 2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Consumer Products decline
Segment revenue fell to $2,438M in 2025 from $2,886M in 2023 and recorded a $1,022M goodwill impairment.
Evidence: Form 10-K (FY2025)
2. Thin equity
Shareholders’ equity fell to $566M at end-2025 after losses in 2023 and 2025.
Evidence: Form 10-K (FY2025)
3. Customer concentration
Amazon and Walmart together were 20% of 2025 revenue.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
—
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.39%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
7.2%
(Operating CF − capex) ÷ market cap
1. Gaming-led recovery
Wizards drives profit growth.
- What has to hold
- Magic demand stays strong.
- The other side
- Concentration in one franchise.
Evidence: Form 10-K (FY2025)
2. Dividend
$2.80 per share annually.
- What has to hold
- Earnings cover the payout.
- The other side
- 2025 loss and thin equity.
Evidence: Form 10-K (FY2025)
Revenue for FY2022–FY2025 is overridden to reported net revenues. 2023 includes impairment charges, including $65.0M for the eOne trademark; 2025 includes a $1,022M goodwill impairment.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.6x
$777M vs. $497M
Interest coverage (operating income ÷ interest expense)
0.1x
$11M vs. $163M
Free cash flow ÷ dividends paid
2.1x
$830M vs. $393M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -17.3% in FY2024 ($5B → $4.14B) | Not yet, as of FY2025 |
| Operating income | -477.4% in FY2023 ($408M → −$1.54B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Dividend through losses
Kept paying dividends in 2023 and 2025 despite net losses.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Hasbro faces a securities class action and related derivative suit over Magic: The Gathering disclosures, and a class action over its 2026 cyber breach.
3 open matters
West Palm Beach Firefighters’ Pension Fund v. Hasbro
PendingClass actionWest Palm Beach Firefighters’ Pension Fund v. Hasbro Inc. et al. (S.D.N.Y.)
Alleges false or misleading statements about the growth of Magic card sets during September 16, 2021–October 26, 2023; defendants moved to dismiss on February 6, 2026.
Source: Form 10-Q (quarter ended 2026-09-27) — Note 15, Commitments and Contingencies
Sbriglio v. Stoddart (derivative action)
PendingLawsuitKaren Sbriglio v. Hasbro directors and officers (R.I. Superior Court)
Derivative suit alleging the Board wrongfully refused a litigation demand on the same allegations; stayed pending the motion to dismiss.
Source: Form 10-Q (quarter ended 2026-09-27) — Note 15, Commitments and Contingencies
Standing v. Hasbro (cyber breach)
PendingClass actionSheila Standing v. Hasbro, Inc. (D.R.I.)
Putative class action alleging injuries and damages from Hasbro’s cyber breach.
Source: Form 10-Q (quarter ended 2026-09-27) — Note 15, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-27) — Note 15, Commitments and Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Retail concentration
- Company disclosure (summarized from the 10-K)
- Top five customers about 35% of revenue; losing one could hurt sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Geopolitics & supply chain
Tariffs
- Company disclosure (summarized from the 10-K)
- Tariffs could raise product costs, lower revenue and cause further goodwill impairments.
- Company’s stated mitigation
- As part of the transformation, we continue to pursue a resilient sourcing strategy by diversifying our manufacturing footprint.
- This site’s assessment
- Impact High / Likelihood High
- 3Information security
Network breach
- Company disclosure (summarized from the 10-K)
- The March 2026 unauthorized network access disrupted ordering, shipping and invoicing and led to a class action.
- Company’s stated mitigation
- The Company’s Chief Information Security Officer (“CISO”) and the Cybersecurity and Data Privacy leadership members are responsible for developing, implementing, advising, and evaluating our information security program.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Brand concentration
- Company disclosure (summarized from the 10-K)
- Sales and profits are increasingly concentrated in MAGIC: THE GATHERING.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Securities litigation
- Company disclosure (summarized from the 10-K)
- A securities class action over statements about Magic card sets is pending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• returning our toy business to growth and increased profitability by optimizing the business, including through right-sizing our cost structure, creating efficiencies in our operations, and designing cost-effective products.
Because our strategy emphasizes growing a focused set of franchises and expanding our higher-margin games and digital businesses, including MAGIC: Read more
THE GATHERING and DUNGEONS & DRAGONS, adverse trends affecting consumer demand for, or engagement with, any of these key brands could disproportionately impact our results of operations.
In addition, the simultaneous pursuit of multiple strategic initiatives, including digital gaming development, licensing expansion, AI adoption, systems modernization and cost-saving initiatives, may strain management attention, organizational capacity and capital resources, and any failure to appropriately prioritize or allocate resources among these initiatives could adversely affect our business and result of operations.
As our strategy increasingly relies on third-party partners to invest in and scale experiences based on our intellectual property, reductions in partner investment, shifts in partner priorities or changes in economic conditions could limit the growth, reach or profitability of these initiatives.
If we are unable to expand our direct-to-consumer relationships, our business may be harmed.
The relocation of our primary headquarters for our toys, board games, licensing and entertainment operations from Rhode Island to Boston, Massachusetts requires substantial investment and could disrupt operations. Read more
We may lose experienced personnel unwilling to relocate, and we may face challenges recruiting in Boston's competitive labor market. If we are unable to successfully manage this transition, including facility build-out, systems migration, and cultural integration, our operations and financial performance could suffer.
Certain aspects of our business, including digital game development and franchise-driven brands such as MAGIC: Read more
THE GATHERING and DUNGEONS & DRAGONS, depend on a limited number of highly skilled creative and technical personnel, and the loss of such individuals could disrupt development pipelines or adversely affect product quality and performance.
We have approximately $3,281.9 million in total long-term indebtedness. Read more
The amount of our total long-term indebtedness could:
No longer in the text (4)
Technological as well as other trends in the entertainment industry, such as the continuing shift to streaming platforms, have caused significant disruption to the retail distribution of entertainment offerings and have caused, and could in the future cause, a negative impact on sales of our products and other forms of monetization of content, especially those which are reliant on box office success.
We are continuing to optimize our supply chain by improving our systems and sourcing to enable efficient product deployment, enhance product quality and safety, drive efficiency in transportation and our fulfillment centers, and strengthen our direct-to-consumer operations. This is a long-term project, with no assurance that we will achieve the anticipated efficiencies and benefits from such efforts. If the transformation of our supply chain operations is not
successful, our business may be harmed. Further we may not achieve our anticipated cost savings, and we may face costly inefficiencies or other supply chain disruptions.
If we are unable to adapt our business to the continued shift to direct-to-consumer, our business may be harmed.
3 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
24
What to watch going forwardSite analysis
- MAGIC: THE GATHERING growth sustainability.
- Consumer Products recovery and tariff impacts.
- Aftermath of the 2026 network breach.
- Debt reduction and dividend coverage.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 03:37 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Hasbro’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.