The Filing Desk

Hasbro

HAS · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

HAS · Last close · October 26, 2026
$117.96
Value Hasbro yourself

Hasbro's revenue rose 13.1% to $5.4 billion in fiscal 2025. Its operating margin was 0.2%, down from 14.5% a year earlier. Free cash flow was $830 million, up 9.2%. It paid out $392 million in dividends and buybacks, 47% of free cash flow.

HASBRO, INC. Latest fiscal year ended December 28, 2025 10-K filed February 25, 2026 · 0000046080-26-000011 Updated
Revenue
$5.4B
13.1%
Operating margin
0.2%
14.3 pts
Net income
−$322M
$386M a year earlier
Free cash flow
$830M
9.2%
Return on capital
0.2%
13.7 pts
Market cap
$16.9B
Oct 26 close
P/E
21.1x
On $5.59 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Hasbro does

Hasbro makes toys and games and licenses its brands to other companies. Its own brands include Magic: The Gathering, Monopoly, Play-Doh, Transformers, Dungeons & Dragons, Nerf and Peppa Pig. It also sells products based on brands it licenses from others, such as Marvel and Star Wars, which are owned by Disney. Its products range from board and trading card games to action figures, dolls, preschool toys and plush. Other companies pay Hasbro to use its brands in mobile and video games, clothing, theme parks and other products and experiences.

Hasbro reports three segments. Wizards of the Coast and Digital Gaming develops trading card, role-playing and digital games. Consumer Products sells toys and games and licenses Hasbro brands for consumer products. Entertainment produces film, television and other content based on Hasbro brands. Hasbro sells to retailers, distributors and wholesalers, and directly to fans through sites such as Hasbro PULSE and Secret Lair. In 2025 its top five customers made up approximately 35% of net revenues; Amazon accounted for 11% and Walmart for 9%. It says its main competitors are game and toy companies and digital gaming companies, and sometimes large retailers' own private-label products.

Most of Hasbro's products are made by outside manufacturers in China, Vietnam, India, Japan, Belgium, the United States, Mexico and Indonesia. It employed approximately 4,520 people worldwide in 2025, about 58% of them in North America. Hasbro says its cost-cutting program had delivered almost $800 million of gross savings through 2025.

Its biggest risks, as it describes them

  • Failing to develop, publish and sell successful digital games.
  • Children's and fans' tastes changing quickly, making it hard to keep its products popular.
  • Licensed brands selling too little to cover the minimum royalties it has guaranteed, or licenses not being renewed.
  • Tariffs that could raise its costs, and its reliance on outside manufacturers.
  • Its concentrated customer base, where trouble at major customers or changes in how they buy and promote could hit it hard.
From Hasbro's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 5.5% a year and net income 4.4% a year, as new shares raised the share count by 10% and diluted each share's earnings. Hasbro then lost money in fiscal 2025.

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Hasbro yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Hasbro's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Hasbro's fiscal 2025 free cash flow of $830M, net cash of −$2.5B at December 28, 2025 and 140 million diluted shares, from its filings. The scenarios are fitted to Hasbro: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -7.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Leisure Products), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings
Cash from operations minus capital spending in fiscal 2025.
Cash and short-term investments minus debt and finance leases at December 28, 2025. Negative means net debt.
Weighted-average diluted shares in fiscal 2025.
Your assumptions
Start from
Fitted to Hasbro's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$117.96
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Hasbro's earnings per share of $5.59 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Hasbro's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Diluted earnings per share over the four quarters to June 28, 2026, from the 10-Qs and 10-K.
P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Mattel, Thor Industries.
Starts at Hasbro's revenue growth over the last 3 years, -7.0% a year, kept between 0% and 20%, as the base scenario does.
Earnings per share in the years ahead, US$
Type your own estimate for any year; the years after it carry on at the growth rate.
Apply the multiple to earnings
A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.
The yearly return an investor wants for the risk, as in the cash flow model.
Value per share today at this multiple
—
—
Last close, October 26, 2026
$117.96
Value at this multiple, against the last close
—
Hasbro's P/E at the last close
21.1×
CompanyLast closeEarnings per shareP/E today
HasbroHAS$117.96$5.5921.1×
Thor IndustriesTHO$70.17$3.3820.8×
MattelMAT$15.82$1.3611.6×
How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments1,019513545695777
Debt incl. finance leases4,0253,9673,4663,3813,265
Net debt (negative means net cash)3,0063,4542,9202,6862,488
Net debt to EBITDA2.9x5.4x—3.1x17.0x
Debt to equity1.3x1.4x3.2x2.9x5.8x
Interest coverage4.2x2.4x−8.3x4.0x0.1x
Current ratio1.5x1.4x1.1x1.6x1.4x
Quick ratio1.3x1.1x1.0x1.4x1.2x
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Hasbro shares on the open market, and 9 insiders sold $50.2 million.

DateInsiderTradeSharesPriceValueFiling
Aug 31, 2026Holly BarbacoviChief People OfficerSold5,057$94.20$476,369Form 4
Aug 19, 2026John HightPresident, WotcSold11,593$94.63$1.1 millionForm 4
Aug 17, 2026John HightPresident, WotcSold11,229$96.29$1.1 millionForm 4
Aug 7, 2026Elizabeth HamrenDirectorSold1,975$92.84$183,359Form 4
Aug 4, 2026Elizabeth HamrenDirectorSold989$90.42$89,425Form 4
Jul 31, 2026Gina M GoetterEVP & CFOSold8,265$93.96$776,579Form 4
Jul 30, 2026John HightPresident, WotcSold3,186$93.71$298,560Form 4
Jul 28, 2026Timothy J. KilpinPresident, Toy, Lic & EntSold20,000$93.12$1.9 millionForm 4
Jul 28, 2026Gina M GoetterEVP & CFOSold11,000$95.45$1.0 millionForm 4
Feb 26, 2026Christian P CocksChief Executive Officer, DirectorSold196,411$100.33$19.7 millionForm 4
Feb 20, 2026Holly BarbacoviChief People OfficerSold4,337$100.98$437,950Form 4
Feb 13, 2026Timothy J. KilpinPresident, Toy, Lic & EntSold7,773$103.00$800,619Form 4
The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY23FY24FY25
Net income is positiveFailPassFail
Cash from operations is positivePassPassPass
Return on assets roseFailPassFail
Cash from operations exceeds net incomePassPassPass
Debt fell relative to assetsFailFailFail
Current ratio roseFailPassFail
Share count didn't risePassFailPass
Gross margin roseFailPassPass
Revenue rose relative to assetsFailPassPass
F-score3 of 97 of 95 of 9
Accruals ratio−28.0%−7.2%−20.4%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Hasbro side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
HasbroFY2513.1%0.2%15.5%0.2%17.0x5
BrunswickFY252.4%−0.8%7.4%−0.8%8.5x4Compare
MattelFY25−0.6%10.2%9.0%13.5%1.5x5Compare
PolarisFY25−0.3%−4.9%7.8%−10.5%—3Compare
Thor IndustriesFY260.3%—1.8%4.4%0.8x6Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue5,0205,2104,5804,7205,4656,4206,6665,7114,7465,366
Revenue growth154.6%3.8%−12.1%3.1%15.8%17.5%3.8%−14.3%−16.9%13.1%
Gross profit3,1143,1762,7292,9123,7464,4934,7554,0053,5664,070
Research and development266269246262260316308307294386
Operating income788810331652502763408−1,53969011
Net income551397220520222429204−1,489386−322
Diluted EPS (US$)4.343.121.744.051.623.101.46−10.732.75−2.30
Diluted shares (millions)127127127128138138139139140140
Cash flow
Cash from operations817724646653976818373726847893
Capital expenditure1551351401341261331281368763
Free cash flow662590506520850685245590760830
Dividends paid249277309337373374385388390392
Share buybacks1501512506100125000
Acquisitions12015694,4130146000
Stock-based compensation62562828509883725180
Balance sheet at fiscal year end
Cash and short-term investments1,2821,5811,1824,5801,4501,019513545695777
Debt incl. finance leases1,3711,8491,7054,0474,6674,0253,9673,4663,3813,265
Total assets5,0915,2905,2638,85610,81810,0389,2966,5416,3405,552
Total liabilities3,2063,4603,5085,8607,8576,9516,4345,4545,1554,986
Shareholders' equity1,8631,8301,7542,9962,9373,0632,8621,0871,185566
Margins and ratios
Gross margin62.0%61.0%59.6%61.7%68.5%70.0%71.3%70.1%75.2%75.8%
Operating margin15.7%15.6%7.2%13.8%9.2%11.9%6.1%−26.9%14.5%0.2%
Net margin11.0%7.6%4.8%11.0%4.1%6.7%3.0%−26.1%8.1%−6.0%
Free cash flow margin13.2%11.3%11.0%11.0%15.6%10.7%3.7%10.3%16.0%15.5%
Return on capital27.9%20.2%12.3%24.1%8.2%9.3%5.1%−23.6%13.9%0.2%
Return on equity31.3%21.5%12.3%21.9%7.5%14.3%6.9%−75.4%33.9%−36.8%
Return on assets11.2%7.6%4.2%7.4%2.3%4.1%2.1%−18.8%6.0%−5.4%
Net debt to EBITDA0.1x0.3x1.1x−0.6x4.2x2.9x5.4x—3.1x17.0x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Hasbro's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hasbro.