Hasbro, Inc. (HAS) | Investment Case

1. Company Snapshot

1.a. Company Description

Hasbro, Inc., together with its subsidiaries, operates as a play and entertainment company.Its Consumer Products segment engages in the sourcing, marketing, and sale of toy and game products.This segment also promotes its brands through the out-licensing of trademarks, characters, and other brand and intellectual property rights to third parties through the sale of branded consumer products, such as toys and apparels.

Its toys and games include action figures, arts and crafts and creative play products, fashion and other dolls, play sets, preschool toys, plush products, sports action blasters and accessories, vehicles and toy-related specialty products, games, and other consumer products; and licensed products, such as apparels, publishing products, home goods and electronics, and toy products.The company's Wizards of the Coast and Digital Gaming segment engages in the promotion of its brands through the development of trading card, role-playing, and digital game experiences based on Hasbro and Wizards of the Coast games.Its Entertainment segment engages in the development, acquisition, production, distribution, and sale of world-class entertainment content, including film, scripted and unscripted television, family programming, digital content, and live entertainment.

The company sells its products to retailers, distributors, wholesalers, discount stores, drug stores, mail order houses, catalog stores, department stores, and other traditional retailers, as well as ecommerce retailers; and directly to customer through Hasbro PULSE e-commerce website.Hasbro, Inc.was founded in 1923 and is headquartered in Pawtucket, Rhode Island.

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1.b. Last Insights on HAS

Hasbro's recent performance was driven by strong Q4 2025 earnings, which beat estimates with $1.51 per share, a significant increase from $0.46 per share a year ago. Record revenue growth of $1.5 billion, up 31% year-over-year, and adjusted operating profit of $315 million, up 180% year-over-year, were key contributors. Strategic partnerships and growth in Wizards of the Coast also fueled success. Additionally, institutional investors, such as Advisors Asset Management Inc., increased their stake in the company, boosting holdings by 16%.

1.c. Company Highlights

Last Price	102.45
Change Percentage	0.87%
Open	101.78
Previous Close	101.57
Market Cap ( Millions)	14378
Volume	2435284
Year High	106.98
Year Low	49
M A 50	87.41
M A 200	77.6

FCF Yield	5.77%
Dividend Yield	2.73%
ROE	-54.12%
Debt / Equity	489.46%
Net Debt / EBIDTA	855.74%
Price To Book	25.45
Price Earnings Ratio	-44.65
Price To FCF	17.32
Price To sales	3.06
EV / EBITDA	70.34

2. Hasbro's Strong 2025 Results Set the Stage for Continued Growth

Hasbro reported a robust financial performance for 2025, with net revenue growing 14% to $4.7 billion, driven by exceptional performance in Wizards and continued progress across the rest of the portfolio. Adjusted operating profit increased 36% to $1.1 billion, resulting in an adjusted operating margin of 24.2%, up nearly 400 basis points versus last year. The company's earnings per share (EPS) came in at $1.51, significantly beating estimates of $0.99. The strong EPS was accompanied by a substantial beat in revenue, with the company reporting $1.5 billion in net revenue for the fourth quarter, up 31% year over year.

Publication Date: 08:38

                                    📋 Highlights
                                    2025 Revenue Growth:
                                                Hasbro's net revenue grew 14% to $4.7 billion in 2025, driven by Wizards of the Coast performance and 7% growth in consumer products.
Adjusted Operating Profit Surge:
                                                Adjusted operating profit jumped 36% to $1.1 billion in 2025, with a 24.2% margin, up 400 basis points from the prior year.
Q4 Performance:
                                                Fourth-quarter net revenue reached $1.5 billion (+31% YoY), while adjusted operating profit surged 180% to $315 million (21.8% margin).
Partnership Scale:
                                                Hasbro collaborates with over 1,000 partners across 5,000+ collaborations, fueling growth in collectibles and multigenerational products.
2026 Growth Outlook:
                                                Revenue guidance of 3-5% growth for 2026 is supported by Magic: The Gathering's player-driven 80-90% sales and AI-driven prototyping efficiency (10× faster concept-to-prototype).

                                

Segment Performance

The company's consumer products business returned to growth, up over 7%, with MONOPOLY, Peppa Pig, and Marvel all growing. The Wizards segment continued to drive growth, with Magic: The Gathering seeing meaningful growth in the Wizards Play Network. The company's partnerships, such as Harry Potter and K-Pop Demon Hunters, are highly collectible and multipurchase, and are expected to contribute to top-line growth.

Outlook and Guidance

Hasbro expects consolidated revenue to grow between 3% to 5% year over year on a constant currency basis, with growth across each of its segments. The company expects operating margins to be between 24% to 25% for the year, reflecting continued operating leverage and disciplined execution. Analysts estimate next year's revenue growth at 6.4%, indicating a potential upside to the company's guidance.

Valuation

Hasbro's current valuation metrics indicate a premium valuation, with a P/E Ratio of -44.65 and a P/S Ratio of 3.06. The company's EV/EBITDA ratio is 70.34, indicating a high valuation relative to its earnings before interest, taxes, depreciation, and amortization. However, the company's ROE is -54.12, and ROIC is 25.32, indicating a strong return on invested capital. The dividend yield is 2.73%, providing a relatively stable source of return for investors.

3. NewsRoom

Gina Goetter Sells 12,429 Shares of Hasbro (NASDAQ:HAS) Stock

Feb -15

Source: defenseworld.net

Tarrant Sibley Sells 15,148 Shares of Hasbro (NASDAQ:HAS) Stock

Feb -15

Source: defenseworld.net

Hasbro Is ‘Inspiring a Lifetime of Play' at 2026 Toy Fair® With Premier Collaborations, Entertainment Announcements and New Products

Feb -14

Source: businesswire.com

Advisors Asset Management Inc. Boosts Stock Holdings in Hasbro, Inc. $HAS

Feb -14

Source: defenseworld.net

Hasbro CEO: AI is "pretty magical."

Feb -13

Source: youtube.com

Top 2 Consumer Stocks That May Fall Off A Cliff This Quarter

Feb -11

Source: benzinga.com

A tale of two toymakers: Mattel craters, while Hasbro's digital pivot delivers

Feb -11

Source: reuters.com

Markets Get This Warning From Mattel, Hasbro Earnings. It's a Problem for the Fed.

Feb -11

Source: barrons.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.55%)

6. Segments

Consumer Products

Expected Growth: 1%

Hasbro's Consumer Products segment growth is driven by increasing demand for toys and games, particularly in the e-commerce channel, as well as the company's strategic partnerships with popular franchises like Marvel and Star Wars. Additionally, Hasbro's focus on innovation, including the development of new play experiences and digital integrations, is also contributing to growth.

Wizards of the Coast and Digital Gaming

Expected Growth: 2%

Wizards of the Coast and Digital Gaming's 2% growth is driven by increasing popularity of tabletop gaming, expansion of digital platforms, and strategic partnerships. Growing demand for immersive entertainment, rising popularity of esports, and continuous innovation in gaming experiences also contribute to the segment's growth.

Entertainment

Expected Growth: 3%

Hasbro's Entertainment segment growth is driven by increasing demand for licensed content, expansion of digital streaming platforms, and strategic partnerships with major studios. The company's robust portfolio of iconic brands, such as Transformers and My Little Pony, also contributes to growth through merchandising and licensing agreements.

7. Detailed Products

Toys and Games

Hasbro's toys and games segment includes a wide range of products such as action figures, dolls, puzzles, and board games.

Preschool Toys

Hasbro's preschool toys segment includes products designed for young children, such as playsets, figurines, and educational toys.

Arts and Crafts

Hasbro's arts and crafts segment includes products such as paints, markers, and craft kits.

Outdoor and Sports

Hasbro's outdoor and sports segment includes products such as Nerf blasters, bicycles, and outdoor games.

Digital Gaming

Hasbro's digital gaming segment includes digital versions of popular board games and original digital games.

Licensed Products

Hasbro's licensed products segment includes products featuring popular franchises such as Marvel, Star Wars, and My Little Pony.

8. Hasbro, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Hasbro's products are moderately susceptible to substitution, as consumers have various alternatives for entertainment and leisure activities.

Bargaining Power Of Customers

Hasbro's customers, particularly retailers, have significant bargaining power due to their large purchasing volumes and ability to negotiate prices.

Bargaining Power Of Suppliers

Hasbro's suppliers have limited bargaining power, as the company is a large and established player in the industry, allowing it to negotiate favorable terms.

Threat Of New Entrants

The threat of new entrants is low due to the significant barriers to entry, including high capital requirements, established brand recognition, and complex manufacturing processes.

Intensity Of Rivalry

The toy and board game industry is highly competitive, with several established players, including Mattel, LEGO, and Spin Master, leading to intense rivalry and competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	76.70%
Debt Cost	5.92%
Equity Weight	23.30%
Equity Cost	7.23%
WACC	6.22%
Leverage	329.25%

11. Quality Control: Hasbro, Inc. passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Hasbro

A-Score: 6.1/10

Value: 5.7

Growth: 3.0

Quality: 4.0

Yield: 8.0

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

Planet Fitness

A-Score: 5.1/10

Value: 3.3

Growth: 6.7

Quality: 6.8

Yield: 0.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

Mattel

A-Score: 4.8/10

Value: 6.1

Growth: 5.1

Quality: 6.5

Yield: 0.0

Momentum: 6.0

Volatility: 5.3

1-Year Total Return ->

YETI

A-Score: 4.8/10

Value: 4.2

Growth: 8.0

Quality: 7.5

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

1-Year Total Return ->

United Parks & Resorts

A-Score: 4.4/10

Value: 8.0

Growth: 7.0

Quality: 6.2

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

Six Flags

A-Score: 4.1/10

Value: 7.8

Growth: 2.2

Quality: 4.7

Yield: 1.0

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-1.10%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.22%

Hasbro, Inc. - US4180561072

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on HAS

1.c. Company Highlights

Higher Yield

Lower Quality

Lower Growth

Earnings Beats

Revenues Miss

Revenues Beats

Less Volatile

Strong Momentum

Fairly Valued

Average Growth

Expensive

Stable Momentum

Medium Volatility

2. Hasbro's Strong 2025 Results Set the Stage for Continued Growth

Segment Performance

Outlook and Guidance

Valuation

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.55%)

6. Segments

Consumer Products

Expected Growth: 1%

Wizards of the Coast and Digital Gaming

Expected Growth: 2%

Entertainment

Expected Growth: 3%

7. Detailed Products

Toys and Games

Preschool Toys

Arts and Crafts

Outdoor and Sports

Digital Gaming

Licensed Products

8. Hasbro, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Hasbro, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

102.45$

Current Price

102.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA