Hasbro, Inc. (HAS) Stock Analysis and Metrics

Hasbro

NASDAQ: HAS

$96.07 ▲ +1.18 (+1.24%)

At close: Aug 13, 2026 · 1:58 PM UTC

Financial Ratios

Market Cap13.64 Bn

P/E17.09

P/S2.74

Div. Yield0.03

ROIC (Qtr)0.01

Total Debt (Qtr)3.54 Bn

Revenue Growth (1y) (Qtr)16.19

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About

Hasbro, Inc. creates joy and community through play by developing and selling games toys and consumer products worldwide. The company leverages over a century of experience to deliver physical and digital play experiences across multiple platforms.

Hasbro generates revenue primarily from the sale of toys games and licensed consumer products. The company also earns income from digital gaming licensing location based entertainment and entertainment content distribution. Its customers include mass market retailers wholesalers distributors ecommerce platforms and direct to consumer channels.

The company operates through the following segments: Consumer Products and Wizards of the Coast and Digital Gaming.

• Consumer Products designs manufactures and markets toys and games under owned brands such as MONOPOLY TRANSFORMERS NERF PEPPA PIG HASBRO GAMES and also offers licensed products based on third party properties including MARVEL STAR WARS BEYBLADE and PEPPA PIG.

• Wizards of the Coast and Digital Gaming focuses on tabletop role playing games trading card games and digital games including MAGIC: THE GATHERING DUNGEONS & DRAGONS and MONOPOLY GO! while also developing original titles such as EXODUS and WARLOCK: DUNGEONS & DRAGONS for PC and consoles.

Hasbro holds a leading position in the global games toys and licensing markets. Its competitive advantages stem from a broad and deep brand portfolio one of the largest licensing businesses in the world and a profitable games business anchored by MAGIC: THE GATHERING DUNGEONS & DRAGONS MONOPOLY and Hasbro gaming classics. Key competitors include other game and toy companies digital gaming developers and large retailers that sell private label products.

Hasbro sells to a broad range of customers including mass market retailers wholesalers distributors discount stores specialty hobby stores drug stores mail order houses catalog stores department stores ecommerce platforms and direct to consumer channels. Hasbro's largest customer is Amazon.com Inc. which accounted for approximately eleven percent of consolidated net revenues in 2025.

Investment Thesis

▲ Bull case

Hasbro's Wizards of the Coast segment continues to demonstrate exceptional momentum driven by record-breaking performance in Magic: The Gathering, where the Lorwyn Eclipsed set became the best-selling Magic Premier set of all time and was quickly surpassed by Secrets of Strixhaven in Q2, indicating sustained and accelerating demand that extends beyond temporary hype. This growth is underpinned by a virtuous cycle of new player acquisition through Universes Beyond collaborations, which successfully convert fans of franchises like Teenage Mutant Ninja Turtles and Marvel into long-term Magic enthusiasts, evidenced by record backlist sales and expanding engagement in organized play across over 11,000 Wizards Play Network stores globally. The company's strategy to deepen the Magic ecosystem across platforms—such as integrating full digital rights for Marvel Super Heroes into Magic Arena via its partnership with Disney—creates a flywheel effect where physical, digital, and live experiences reinforce each other, driving higher lifetime value per player and reducing reliance on any single channel. With upcoming releases tied to major franchises like The Hobbit and Star Trek, and AAA video game titles EXODUS and Warlock on track for launch next year, Hasbro is positioned to capture incremental revenue from both core enthusiasts and new audiences entering through IP crossovers, suggesting that current guidance may understate the durability and scalability of Wizards' growth trajectory.
The launch of Sixth Wall, Hasbro's new AI studio focused on Behavioral Licensing through its CharacterOS platform, represents a structural shift in how the company monetizes its IP portfolio in emerging digital experiences, a catalyst that management did not heavily emphasize during the earnings call despite its long-term transformative potential. By partnering with ElevenLabs to bring iconic characters like Optimus Prime and Megatron to the AI-powered Iconic Marketplace with authorized voice performances and personality-preserving safeguards, Hasbro is addressing the widespread problem of unauthorized character usage while creating a new, high-margin revenue stream from enterprise and 13+ use cases such as AI-driven customer service avatars, interactive storytelling, and dynamic content creation tools. This initiative leverages Hasbro's deep IP vault—built over decades—to create defensible, scalable offerings in the fast-growing AI licensing space, where early movers can establish standards and capture value before competitors enter, potentially unlocking significant incremental EBITDA over time that is not reflected in current financial models or guidance.
Despite near-term headwinds from oil-related input costs and supply chain disruptions, Hasbro's Consumer Products segment is showing resilient point-of-sale momentum and share gains in its Gen Square categories—gamified, entertainment-driven, multi-purchase, multigenerational toys and games—which grew 22% in 2025 while the broader toy industry declined 3%, indicating a structural advantage rooted in enduring consumer preferences for interactive, socially connected play experiences. The company's lean retailer inventories and healthy owned inventory levels, combined with an upcoming slate of theatrical releases including The Mandalorian and Grogu, Toy Story 5, Spider-Man: Brand New Day, and Avengers: Doomsday, create a powerful demand tailwind that is likely to drive stronger-than-expected sell-through in the back half of 2026, particularly as delayed Cyber Incident-related revenue ($40M–$60M) shifts from Q2 into Q3 and Q4, aligning with key entertainment windows. Furthermore, Hasbro's cost transformation program, targeting $150M in gross savings for the year, is already delivering $37M in Q1 savings through supply chain optimization, SG&A reductions, and productivity improvements, providing a buffer against margin pressure and enabling incremental operating leverage as volume growth accelerates in Consumer Products later in the year.

Hasbro's Wizards of the Coast segment continues to demonstrate exceptional momentum driven by record-breaking performance in Magic: The Gathering, where the Lorwyn Eclipsed set became the best-selling Magic Premier set of all time and was quickly surpassed by Secrets of Strixhaven in Q2, indicating sustained and accelerating demand that extends beyond temporary hype. This growth is underpinned by a virtuous cycle of new player acquisition through Universes Beyond collaborations, which successfully convert fans of franchises like Teenage Mutant Ninja Turtles and Marvel into long-term Magic enthusiasts, evidenced by record backlist sales and expanding engagement in organized play across over 11,000 Wizards Play Network stores globally. The company's strategy to deepen the Magic ecosystem across platforms—such as integrating full digital rights for Marvel Super Heroes into Magic Arena via its partnership with Disney—creates a flywheel effect where physical, digital, and live experiences reinforce each other, driving higher lifetime value per player and reducing reliance on any single channel. With upcoming releases tied to major franchises like The Hobbit and Star Trek, and AAA video game titles EXODUS and Warlock on track for launch next year, Hasbro is positioned to capture incremental revenue from both core enthusiasts and new audiences entering through IP crossovers, suggesting that current guidance may understate the durability and scalability of Wizards' growth trajectory.
The launch of Sixth Wall, Hasbro's new AI studio focused on Behavioral Licensing through its CharacterOS platform, represents a structural shift in how the company monetizes its IP portfolio in emerging digital experiences, a catalyst that management did not heavily emphasize during the earnings call despite its long-term transformative potential. By partnering with ElevenLabs to bring iconic characters like Optimus Prime and Megatron to the AI-powered Iconic Marketplace with authorized voice performances and personality-preserving safeguards, Hasbro is addressing the widespread problem of unauthorized character usage while creating a new, high-margin revenue stream from enterprise and 13+ use cases such as AI-driven customer service avatars, interactive storytelling, and dynamic content creation tools. This initiative leverages Hasbro's deep IP vault—built over decades—to create defensible, scalable offerings in the fast-growing AI licensing space, where early movers can establish standards and capture value before competitors enter, potentially unlocking significant incremental EBITDA over time that is not reflected in current financial models or guidance.
Despite near-term headwinds from oil-related input costs and supply chain disruptions, Hasbro's Consumer Products segment is showing resilient point-of-sale momentum and share gains in its Gen Square categories—gamified, entertainment-driven, multi-purchase, multigenerational toys and games—which grew 22% in 2025 while the broader toy industry declined 3%, indicating a structural advantage rooted in enduring consumer preferences for interactive, socially connected play experiences. The company's lean retailer inventories and healthy owned inventory levels, combined with an upcoming slate of theatrical releases including The Mandalorian and Grogu, Toy Story 5, Spider-Man: Brand New Day, and Avengers: Doomsday, create a powerful demand tailwind that is likely to drive stronger-than-expected sell-through in the back half of 2026, particularly as delayed Cyber Incident-related revenue ($40M–$60M) shifts from Q2 into Q3 and Q4, aligning with key entertainment windows. Furthermore, Hasbro's cost transformation program, targeting $150M in gross savings for the year, is already delivering $37M in Q1 savings through supply chain optimization, SG&A reductions, and productivity improvements, providing a buffer against margin pressure and enabling incremental operating leverage as volume growth accelerates in Consumer Products later in the year.

▼ Bear case

Hasbro's full-year revenue guidance of 3% to 5% constant currency growth appears increasingly detached from the reality of slowing momentum in its Consumer Products segment, which posted flat year-over-year revenue in Q1 despite strength in toy and game volume, as gains were entirely offset by a decline in licensing revenue due to lapping a exceptionally strong prior-year comparison—suggesting that the segment's underlying demand may be weaker than management acknowledges, particularly as tariff-related headwinds and oil-induced input cost pressures ($30M annual impact) begin to materialize in the back half of the year, threatening to erode margins even if volume holds up. The company's reliance on third-party manufacturers in geopolitically sensitive regions like China and Vietnam leaves it vulnerable to ongoing supply chain disruptions, and while management cites freight optimization and mix mitigation strategies, the admission that oil cost impacts will not be felt until Q3–Q4 implies that current profitability trends may not be sustainable, especially if consumer spending on discretionary toys weakens amid broader macroeconomic uncertainty.
The Cyber Incident continues to pose material and underappreciated risks to Hasbro's operations, with delayed invoicing and order management system restorations expected to create lumpiness in cash flow and potentially push Consumer Products revenue recovery further into Q3 and Q4 than currently modeled, despite management's assertion that most of the $40M–$60M delay will shift into Q3; the lack of transparency around the breach's specifics—such as which factories or order streams were affected—raises concerns about unresolved systemic vulnerabilities, particularly given that the company took down all systems post-breach and is only now restoring non-financial systems, suggesting that full operational normalization could take longer than the June timeline indicated, increasing the risk of missed sell-through windows during critical holiday or entertainment-driven periods. Furthermore, while Hasbro plans to seek insurance reimbursement for incident-related costs, the timing and amount remain uncertain, meaning that any financial recovery could lag behind expense recognition, creating a temporary drag on earnings that is not fully captured in current adjusted metrics.
Although Wizards of the Coast remains a growth engine, the segment's dependence on a relentless cadence of high-impact releases—such as the Marvel Super Heroes integration into Magic Arena and the upcoming Universes Beyond slate featuring The Hobbit and Star Trek—creates execution risk, as any delay or underperformance in these key launches could quickly reverse the positive momentum seen in Q1 and Q2, particularly given that the business is already lapping exceptionally strong comparable quarters from 2025; moreover, the increasing complexity of managing a multi-platform ecosystem (tabletop, digital, live events) raises operational overhead, and while Magic Arena's partnership with Disney addresses format compatibility, the platform remains a small fraction of total Magic sales due to its focus on competitive Standard play, which is less popular than casual and social formats like Commander, suggesting that current investments in digital may not yield proportional returns unless Hasbro successfully shifts Arena's design toward broader, more socially oriented experiences—a transition that could take years and divert resources from more immediately profitable initiatives.

Hasbro's full-year revenue guidance of 3% to 5% constant currency growth appears increasingly detached from the reality of slowing momentum in its Consumer Products segment, which posted flat year-over-year revenue in Q1 despite strength in toy and game volume, as gains were entirely offset by a decline in licensing revenue due to lapping a exceptionally strong prior-year comparison—suggesting that the segment's underlying demand may be weaker than management acknowledges, particularly as tariff-related headwinds and oil-induced input cost pressures ($30M annual impact) begin to materialize in the back half of the year, threatening to erode margins even if volume holds up. The company's reliance on third-party manufacturers in geopolitically sensitive regions like China and Vietnam leaves it vulnerable to ongoing supply chain disruptions, and while management cites freight optimization and mix mitigation strategies, the admission that oil cost impacts will not be felt until Q3–Q4 implies that current profitability trends may not be sustainable, especially if consumer spending on discretionary toys weakens amid broader macroeconomic uncertainty.
The Cyber Incident continues to pose material and underappreciated risks to Hasbro's operations, with delayed invoicing and order management system restorations expected to create lumpiness in cash flow and potentially push Consumer Products revenue recovery further into Q3 and Q4 than currently modeled, despite management's assertion that most of the $40M–$60M delay will shift into Q3; the lack of transparency around the breach's specifics—such as which factories or order streams were affected—raises concerns about unresolved systemic vulnerabilities, particularly given that the company took down all systems post-breach and is only now restoring non-financial systems, suggesting that full operational normalization could take longer than the June timeline indicated, increasing the risk of missed sell-through windows during critical holiday or entertainment-driven periods. Furthermore, while Hasbro plans to seek insurance reimbursement for incident-related costs, the timing and amount remain uncertain, meaning that any financial recovery could lag behind expense recognition, creating a temporary drag on earnings that is not fully captured in current adjusted metrics.
Although Wizards of the Coast remains a growth engine, the segment's dependence on a relentless cadence of high-impact releases—such as the Marvel Super Heroes integration into Magic Arena and the upcoming Universes Beyond slate featuring The Hobbit and Star Trek—creates execution risk, as any delay or underperformance in these key launches could quickly reverse the positive momentum seen in Q1 and Q2, particularly given that the business is already lapping exceptionally strong comparable quarters from 2025; moreover, the increasing complexity of managing a multi-platform ecosystem (tabletop, digital, live events) raises operational overhead, and while Magic Arena's partnership with Disney addresses format compatibility, the platform remains a small fraction of total Magic sales due to its focus on competitive Standard play, which is less popular than casual and social formats like Commander, suggesting that current investments in digital may not yield proportional returns unless Hasbro successfully shifts Arena's design toward broader, more socially oriented experiences—a transition that could take years and divert resources from more immediately profitable initiatives.

Segments Breakdown of Revenue (2025)

Peer Comparison

Companies in the Leisure

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	AS	Amer Sports, Inc.	18.61 Bn	1.03	2.56	-
2	HAS	Hasbro, Inc.	13.64 Bn	17.09	2.74	3.54 Bn
3	LTH	Life Time Group Holdings, Inc.	9.88 Bn	23.80	3.10	1.53 Bn
4	GOLF	Acushnet Holdings Corp.	5.40 Bn	24.60	1.99	0.96 Bn
5	MAT	Mattel Inc /De/	4.25 Bn	10.35	0.77	2.33 Bn
6	PLNT	Planet Fitness, Inc.	3.74 Bn	15.47	2.65	2.55 Bn
7	YETI	YETI Holdings, Inc.	3.58 Bn	16.28	1.79	0.10 Bn
8	CALY	Callaway Golf Co	3.01 Bn	-8.74	1.41	0.05 Bn

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About

Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Datasets

Plans

Developers

About

Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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