# Hasbro (HAS.US)

Canonical: https://gigainvestors.com/s/HAS

Analysis as of: 2026-10-16T07:28:57.536Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $98.41 per share; close as of 2026-10-15.

Estimated value: low $56.66 per share, central $63.22 per share, high $71.96 per share. Buy at or below the central value $63.22 per share. Valuation as of 2026-10-16T07:28:57.536Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 2.01×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.07×

- FY2019: 0.14×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.07×

- FY2023: -0.31×

- FY2024: 0.17×

- FY2025: 0.00×

- LTM to Jun 2026: 0.24×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.1%

- ROIC, second-lowest year: 0.5%

- Typical minus recent gross margin: -6.1 pp

- Typical gross margin (annual median): 57.7%

- Recent gross margin (lower of latest and 3-year median): 63.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 34.6%

- FY2018: 15.1%

- FY2019: 29.0%

- FY2020: 12.0%

- FY2021: 21.2%

- FY2022: 11.0%

- FY2023: -70.1%

- FY2024: 34.3%

- FY2025: 0.5%

- LTM to Jun 2026: 56.1%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.2B

- Net income, five-year total: -$794M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.5 pp

- Working capital / revenue, final three-year average: 20.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $1.2B

- FY2022: $817M

- FY2023: -$1.0B

- FY2024: $511M

- FY2025: -$250M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 34.6% vs 0.5%

- Per-share earnings: 3.57 to -2.30 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: $1.6B

- Cumulative retained earnings: -$2.6B

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$5.87

- Per-share value, starting three-year median: $3.57

- Per-share value, ending three-year median: -$2.30

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 0.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $4.5B

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 34.6%

- ROIC, last three-year median: 0.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.34

- FY2017: $3.12

- FY2018: $1.74

- FY2019: $4.05

- FY2020: $1.62

- FY2021: $3.10

- FY2022: $1.47

- FY2023: -$10.73

- FY2024: $2.75

- FY2025: -$2.30

### accounting: pass

- Sloan accruals: -21.9%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.1%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: -6.2%

- FY2018: -8.1%

- FY2019: -1.5%

- FY2020: -7.0%

- FY2021: -3.9%

- FY2022: -1.8%

- FY2023: -33.9%

- FY2024: -7.3%

- FY2025: -21.9%

## Holders

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 7.2% a year for ten years · "Hasbro raises 2026 outlook after record Q2 Magic: The Gathering revenue" (finance.yahoo.com, Jul 2026) · sales +13.7%

Story as of 2026-10-16T09:58:51.673Z; price observation 2026-10-15.

Price needs cash profits to grow 7.2% a year for ten years

- 2025-05-12: HAS Q1 Earnings Call: Tariff Headwinds Offset by Strong Games and Licensing Performance ([finance.yahoo.com](https://finance.yahoo.com/news/q1-earnings-call-tariff-headwinds-093631788.html))

- 2025-06-20: Hasbro (HAS) to Cut 3% of Workforce Amid Tariff Pressures ([finance.yahoo.com](https://finance.yahoo.com/news/hasbro-cut-3-workforce-amid-075629866.html))

- 2026-02-10: Hasbro's profit triples on Wizards' success; sets upbeat FY26 guidance ([seekingalpha.com](https://seekingalpha.com/news/4549426-hasbros-profit-triples-on-wizards-success-sets-upbeat-fy26-guidance?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-24: Hasbro expects March cyberattack to impact second-quarter revenue ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hasbro-expects-march-cyberattack-impact-111629762.html))

- 2026-05-20: Hasbro's Weak Consumer Product Performance Overshadows First-Quarter Beat ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hasbro-apos-weak-consumer-product-151606840.html))

- 2026-07-21: Hasbro raises 2026 outlook after record Q2 Magic: The Gathering revenue ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hasbro-raises-2026-outlook-record-121805754.html))

### Sales · FY2024–2025

sales +13.7%; source https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm; observed 2026-02-25.

- FY2016: $5.0B 

- FY2017: $5.2B 

- FY2018: $4.6B 

- FY2019: $4.7B 

- FY2020: $5.5B 

- FY2021: $6.4B 

- FY2022: $5.9B 

- FY2023: $5.0B 

- FY2024: $4.1B 

- FY2025: $4.7B 

### Gross margin · FY2025

gross margin 63.8%; source https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm; observed 2026-02-25.

- FY2016: 53.9% 

- FY2017: 53.2% 

- FY2018: 51.9% 

- FY2019: 52.9% 

- FY2020: 58.1% 

- FY2021: 60.3% 

- FY2022: 58.9% 

- FY2023: 57.3% 

- FY2024: 64.6% 

- FY2025: 63.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in leisure; annual sales are USD 4.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm (filed 2026-02-25); FY2025: revenue 4701300000; grossProfit 3000400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAS.US: Hasbro, Inc. operates as a toy and game company in the United States, Europe, Canada, Mexico, Latin America, Australia, China, and Hong Kong. The company offers trading cards and collectibles, action figures, arts and crafts and creative play products, dolls, play sets, preschool toys, plush products, vehicles and toy-related specialty products, sports action products and accessories, and other consumer products; and licensed products, such as apparel, publishing products, home goods and electronics, and toy products. It also engages in the sourcing, marketing, and sale of toy and game products; and 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 apparel. In addition, the company is involved in the promotion of its brands through the development of trading cards, role-playing, and digital game experiences based on Hasbro and Wizards of the Coast games; and license certain brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences. Further, it develops and produces of Hasbro-branded entertainment content, including film, television, children's programming, digital content, and live entertainment. The company sells its products to retailers, distributors, wholesalers, discount stores, specialty hobby stores, drug stores, mail order houses, catalog stores, department stores, and other traditional retailers, as well as ecommerce retailers under the MAGIC: THE GATHERING, MONOPOLY, HASBRO GAMES, PLAY-DOH, TRANSFORMERS, DUNGEONS & DRAGONS, NERF, and PEPPA PIG, as well as LUCASFILMS' STAR WARS, BEYBLADE, Final Fantasy, The Lord of the Rings, Fallout, SPIDER-MAN, and THE AVENGERS brands. Hasbro, Inc. was founded in 1923 and is headquartered in Pawtucket, Rhode Island.

### Why customers stay

Margins ranged from 57.3% to 64.6% during 2023–25; it earns 18.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 57.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 64.6%.

- Source: https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 63.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.35053030399979784],[2017,0.34557431115858145],[2018,0.1506792008487599],[2019,0.29027276890994486],[2020,0.11994089111278385],[2021,0.21211757324253602],[2022,0.11025733852937326],[2023,-0.7009871987083381],[2024,0.34323158281475974],[2025,0.004869232050641346]]; median 0.18139838704564798. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 154900000; owner earnings 586881000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 134877000; owner earnings 469364000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 140426000; owner earnings 291872000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 133636000; owner earnings 653264000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 125754000; owner earnings 748746000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 132700000; owner earnings 1204700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 174200000; owner earnings 817400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 87200000; owner earnings 510700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,248881000],[2017,276973000],[2018,309258000],[2019,336604000],[2020,372652000],[2021,374500000],[2022,385300000],[2023,388000000],[2024,389900000],[2025,392500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAS.US SharesStats.PercentInsiders = 0.579 percentage points; cache date 2026-10-16.

### What could break it

"Our reliance on third-party manufacturers presents risks to our business." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm (filed 2026-02-25); Our reliance on third-party manufacturers presents risks to our business.

### What the price says

The price assumes cash profits grow 7.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.08999152329970783. Price 98.41; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.006630462237939 → FY2025 -1.7845934379457917. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $83.41 per share

- 2016-11: $85.39 per share

- 2016-12: $77.79 per share

- 2017-01: $82.51 per share

- 2017-02: $96.87 per share

- 2017-03: $99.82 per share

- 2017-04: $99.11 per share

- 2017-05: $105.26 per share

- 2017-06: $111.51 per share

- 2017-07: $105.88 per share

- 2017-08: $98.25 per share

- 2017-09: $97.67 per share

- 2017-10: $92.59 per share

- 2017-11: $93.02 per share

- 2017-12: $90.89 per share

- 2018-01: $94.57 per share

- 2018-02: $95.57 per share

- 2018-03: $84.30 per share

- 2018-04: $88.09 per share

- 2018-05: $86.75 per share

- 2018-06: $92.31 per share

- 2018-07: $99.61 per share

- 2018-08: $99.31 per share

- 2018-09: $105.12 per share

- 2018-10: $91.71 per share

- 2018-11: $91.00 per share

- 2018-12: $81.25 per share

- 2019-01: $90.56 per share

- 2019-02: $84.90 per share

- 2019-03: $85.02 per share

- 2019-04: $101.86 per share

- 2019-05: $95.14 per share

- 2019-06: $105.68 per share

- 2019-07: $121.16 per share

- 2019-08: $110.47 per share

- 2019-09: $118.69 per share

- 2019-10: $97.31 per share

- 2019-11: $101.70 per share

- 2019-12: $105.61 per share

- 2020-01: $101.87 per share

- 2020-02: $77.25 per share

- 2020-03: $71.55 per share

- 2020-04: $72.21 per share

- 2020-05: $73.51 per share

- 2020-06: $74.95 per share

- 2020-07: $72.76 per share

- 2020-08: $78.94 per share

- 2020-09: $82.72 per share

- 2020-10: $82.72 per share

- 2020-11: $93.03 per share

- 2020-12: $93.54 per share

- 2021-01: $93.82 per share

- 2021-02: $93.71 per share

- 2021-03: $96.12 per share

- 2021-04: $99.45 per share

- 2021-05: $95.97 per share

- 2021-06: $94.52 per share

- 2021-07: $99.44 per share

- 2021-08: $98.31 per share

- 2021-09: $89.22 per share

- 2021-10: $95.76 per share

- 2021-11: $96.91 per share

- 2021-12: $101.78 per share

- 2022-01: $92.48 per share

- 2022-02: $97.05 per share

- 2022-03: $81.92 per share

- 2022-04: $88.06 per share

- 2022-05: $89.75 per share

- 2022-06: $81.88 per share

- 2022-07: $78.72 per share

- 2022-08: $78.82 per share

- 2022-09: $67.42 per share

- 2022-10: $65.25 per share

- 2022-11: $62.82 per share

- 2022-12: $61.01 per share

- 2023-01: $59.17 per share

- 2023-02: $55.01 per share

- 2023-03: $53.69 per share

- 2023-04: $59.22 per share

- 2023-05: $59.35 per share

- 2023-06: $64.77 per share

- 2023-07: $64.56 per share

- 2023-08: $72.00 per share

- 2023-09: $66.14 per share

- 2023-10: $45.15 per share

- 2023-11: $46.41 per share

- 2023-12: $51.06 per share

- 2024-01: $48.95 per share

- 2024-02: $50.29 per share

- 2024-03: $56.52 per share

- 2024-04: $61.30 per share

- 2024-05: $59.78 per share

- 2024-06: $58.50 per share

- 2024-07: $64.46 per share

- 2024-08: $68.16 per share

- 2024-09: $72.32 per share

- 2024-10: $65.63 per share

- 2024-11: $65.15 per share

- 2024-12: $55.91 per share

- 2025-01: $57.84 per share

- 2025-02: $65.11 per share

- 2025-03: $61.49 per share

- 2025-04: $61.90 per share

- 2025-05: $66.71 per share

- 2025-06: $73.82 per share

- 2025-07: $75.16 per share

- 2025-08: $81.17 per share

- 2025-09: $75.85 per share

- 2025-10: $76.31 per share

- 2025-11: $82.60 per share

- 2025-12: $82.00 per share

- 2026-01: $89.31 per share

- 2026-02: $99.59 per share

- 2026-03: $93.60 per share

- 2026-04: $95.84 per share

- 2026-05: $86.17 per share

- 2026-06: $82.59 per share

- 2026-07: $93.94 per share

- 2026-08: $94.10 per share

- 2026-09: $87.68 per share

- 2026-10: $98.41 per share

## Annual estimated value (USD per share)

- FY2016: low $72.27 per share, central $97.56 per share, high $112.88 per share

- FY2017: low $69.94 per share, central $84.48 per share, high $96.73 per share

- FY2018: low $53.62 per share, central $59.83 per share, high $68.09 per share

- FY2019: low $82.71 per share, central $89.40 per share, high $98.30 per share

- FY2020: low $59.97 per share, central $66.96 per share, high $76.28 per share

- FY2021: low $92.49 per share, central $123.91 per share, high $144.20 per share

- FY2022: low $66.53 per share, central $75.32 per share, high $87.03 per share

- FY2023: low $57.73 per share, central $65.25 per share, high $75.26 per share

- FY2024: low $48.50 per share, central $54.59 per share, high $62.69 per share

- FY2025: low $50.88 per share, central $57.12 per share, high $65.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:40.270Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm); period 2025-12-28, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.