Hasbro
HAS Nasdaq Leisure Products Financials FY2016–FY2025
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.
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.
- Legal name
- HASBRO, INC.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0000046080-26-000011
0000046080
Revenue and margins
Hasbro had $5.4B of revenue in fiscal 2025, up 13.1% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $830M in fiscal 2025, 15.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Hasbro returned $393M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count fell 0.1%.
Value Hasbro yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.5B and divides by 140.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 21.0x · peers 16.4x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Hasbro can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $513M | $545M | $695M | $777M |
| Debt incl. finance leases | $4.0B | $4.0B | $3.5B | $3.4B | $3.3B |
| Net debt / EBITDA | 2.9x | 5.4x | — | 3.2x | 17.0x |
| Debt / equity | 1.3x | 1.4x | 3.2x | 2.9x | 5.8x |
| Interest coverage | 4.3x | 2.4x | −8.3x | 4.0x | 0.1x |
| Current ratio | 1.5x | 1.4x | 1.1x | 1.6x | 1.4x |
| Quick ratio | 1.3x | 1.1x | 1.0x | 1.4x | 1.2x |
| Total assets | $10.0B | $9.3B | $6.5B | $6.3B | $5.6B |
| Total liabilities | $7.0B | $6.4B | $5.5B | $5.2B | $5.0B |
| Shareholders' equity | $3.1B | $2.9B | $1.1B | $1.2B | $566M |
| Net debt (− = net cash) | $3.0B | $3.5B | $2.9B | $2.7B | $2.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$27.9M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Holly BarbacoviChief People Officer | Sold | 5,057 | $94.20 | $0.5M | Form 4 |
| Aug 19, 2026 | John HightPresident, Wotc | Sold | 11,593 | $94.63 | $1.1M | Form 4 |
| Aug 17, 2026 | John HightPresident, Wotc | Sold | 11,229 | $96.29 | $1.1M | Form 4 |
| Aug 7, 2026 | Elizabeth HamrenDirector | Sold | 1,975 | $92.84 | $0.2M | Form 4 |
| Aug 4, 2026 | Elizabeth HamrenDirector | Sold | 989 | $90.42 | $0.1M | Form 4 |
| Jul 31, 2026 | Gina M GoetterEVP & CFO | Sold | 8,265 | $93.96 | $0.8M | Form 4 |
| Jul 30, 2026 | John HightPresident, Wotc | Sold | 3,186 | $93.71 | $0.3M | Form 4 |
| Jul 28, 2026 | Gina M GoetterEVP & CFO | Sold | 11,000 | $95.45 | $1.0M | Form 4 |
| Jul 28, 2026 | Timothy J. KilpinPresident, Toy, Lic & Ent | Sold | 20,000 | $93.12 | $1.9M | Form 4 |
| Feb 26, 2026 | Christian P CocksChief Executive Officer, Director | Sold | 196,411 | $100.33 | $19.7M | Form 4 |
| Feb 20, 2026 | Holly BarbacoviChief People Officer | Sold | 4,337 | $100.98 | $0.4M | Form 4 |
| Feb 13, 2026 | Timothy J. KilpinPresident, Toy, Lic & Ent | Sold | 7,773 | $103.00 | $0.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✕ | ✓ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 3 / 9 | 7 / 9 | 5 / 9 |
| Accruals ratio | −28.0% | −7.2% | −20.4% |
| Altman Z'' | −0.01 | 3.01 | 1.89 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Hasbro HAS | $16.8B | 13.1% | 0.2% | 15.5% | 0.3% | 21.0x | 5 | |
| Brunswick BC | $4.3B | 2.4% | −0.8% | 7.4% | −0.8% | — | 4 | Compare → |
| Mattel MAT | $4.7B | −0.6% | 10.2% | 9.0% | 13.5% | 12.1x | 5 | Compare → |
| Polaris PII | $3.1B | −0.3% | −4.9% | 7.8% | −10.5% | — | 3 | Compare → |
| Thor Industries THO | $3.7B | 0.3% | — | 1.8% | 4.4% | — | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.0B | $5.2B | $4.6B | $4.7B | $5.5B | $6.4B | $6.7B | $5.7B | $4.7B | $5.4B |
| Gross profit | $3.1B | $3.2B | $2.7B | $2.9B | $3.7B | $4.5B | $4.8B | $4.0B | $3.6B | $4.1B |
| Research and development | $266M | $269M | $246M | $262M | $260M | $316M | $308M | $307M | $294M | $386M |
| Operating income | $788M | $810M | $331M | $652M | $502M | $763M | $408M | −$1.5B | $690M | $11.1M |
| Interest expense | $97.4M | $98.3M | $90.8M | $102M | $201M | $180M | $171M | $186M | $171M | $163M |
| Pretax income | $693M | $786M | $270M | $594M | $322M | $582M | $262M | −$1.7B | $497M | −$102M |
| Income tax | $159M | $390M | $50.0M | $73.8M | $96.7M | $147M | $58.5M | −$221M | $103M | $216M |
| Net income | $551M | $397M | $220M | $521M | $223M | $429M | $204M | −$1.5B | $386M | −$322M |
| Diluted EPS | $4.34 | $3.12 | $1.74 | $4.05 | $1.62 | $3.10 | $1.46 | −$10.73 | $2.75 | −$2.30 |
| Diluted shares | 0.13B | 0.13B | 0.13B | 0.13B | 0.14B | 0.14B | 0.14B | 0.14B | 0.14B | 0.14B |
| Cash flow | ||||||||||
| Cash from operations | $817M | $724M | $646M | $653M | $976M | $818M | $373M | $726M | $847M | $893M |
| Capital expenditure | $155M | $135M | $140M | $134M | $126M | $133M | $128M | $136M | $87.2M | $63.3M |
| Free cash flow | $662M | $590M | $506M | $520M | $851M | $685M | $245M | $590M | $760M | $830M |
| Depreciation and amortization | $155M | $172M | $168M | $181M | $265M | $280M | $233M | $211M | $163M | $136M |
| Stock-based compensation | $61.6M | $56.0M | $27.9M | $28.0M | $49.7M | $97.8M | $83.4M | $72.4M | $50.8M | $80.4M |
| Acquisitions | $12.4M | $0.0M | $156M | $8.8M | $4.4B | $0.0M | $146M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $150M | $151M | $250M | $61.4M | $0.0M | $0.0M | $125M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $249M | $277M | $309M | $337M | $373M | $375M | $385M | $388M | $390M | $393M |
| Dividends and buybacks | $399M | $428M | $559M | $398M | $373M | $375M | $510M | $388M | $390M | $393M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.3B | $1.6B | $1.2B | $4.6B | $1.4B | $1.0B | $513M | $545M | $695M | $777M |
| Total debt | $1.4B | $1.8B | $1.7B | $4.0B | $4.7B | $4.0B | $4.0B | $3.5B | $3.4B | $3.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $3.2B | $3.6B | $3.1B | $6.7B | $3.8B | $3.7B | $3.0B | $2.3B | $2.2B | $2.6B |
| Current liabilities | $1.6B | $1.3B | $1.3B | $1.3B | $2.4B | $2.5B | $2.2B | $2.1B | $1.4B | $1.9B |
| Inventory | $388M | $433M | $443M | $446M | $396M | $552M | $677M | $332M | $274M | $260M |
| Property and equipment, net | $267M | $260M | $257M | $256M | $297M | $262M | $305M | $334M | $303M | $248M |
| Total assets | $5.1B | $5.3B | $5.3B | $8.9B | $10.8B | $10.0B | $9.3B | $6.5B | $6.3B | $5.6B |
| Total liabilities | $3.2B | $3.5B | $3.5B | $5.9B | $7.9B | $7.0B | $6.4B | $5.5B | $5.2B | $5.0B |
| Shareholders' equity | $1.9B | $1.8B | $1.8B | $3.0B | $2.9B | $3.1B | $2.9B | $1.1B | $1.2B | $566M |
| Margins | ||||||||||
| Gross margin | 62.0% | 61.0% | 59.6% | 61.7% | 68.6% | 70.0% | 71.3% | 70.1% | 75.2% | 75.8% |
| Operating margin | 15.7% | 15.6% | 7.2% | 13.8% | 9.2% | 11.9% | 6.1% | −27.0% | 14.5% | 0.2% |
| EBITDA margin | 18.8% | 18.9% | 10.9% | 17.7% | 14.0% | 16.3% | 9.6% | −23.3% | 18.0% | 2.7% |
| Net margin | 11.0% | 7.6% | 4.8% | 11.0% | 4.1% | 6.7% | 3.1% | −26.1% | 8.1% | −6.0% |
| FCF margin | 13.2% | 11.3% | 11.0% | 11.0% | 15.6% | 10.7% | 3.7% | 10.3% | 16.0% | 15.5% |
| Returns | ||||||||||
| Return on capital | 27.9% | 20.2% | 12.3% | 24.1% | 8.2% | 9.3% | 5.1% | −23.6% | 13.9% | 0.3% |
| Return on capital employed | 22.1% | 21.6% | 8.3% | 11.3% | 6.3% | 9.5% | 5.6% | −26.6% | 14.6% | 0.3% |
| Return on equity | 31.3% | 21.5% | 12.3% | 21.9% | 7.5% | 14.3% | 6.9% | −75.4% | 33.9% | −36.8% |
| Return on assets | 11.2% | 7.6% | 4.2% | 7.4% | 2.3% | 4.1% | 2.1% | −18.8% | 6.0% | −5.4% |
| Growth | ||||||||||
| Revenue growth | 154.6% | 3.8% | −12.1% | 3.1% | 15.8% | 17.5% | 3.8% | −14.3% | −16.9% | 13.1% |
| Net income growth | 22.0% | −28.1% | −44.4% | 136.1% | −57.3% | 92.7% | −52.5% | −831.8% | — | −183.6% |
| EPS growth | 21.6% | −28.1% | −44.2% | 132.8% | −60.0% | 91.4% | −52.9% | −834.9% | — | −183.6% |
| FCF growth | 54.3% | −11.0% | −14.2% | 2.8% | 63.7% | −19.4% | −64.3% | 141.2% | 28.8% | 9.2% |
| Share count change | 0.2% | 0.1% | −0.1% | 1.3% | 7.1% | 0.6% | 0.4% | −0.1% | 1.1% | −0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.1x | 0.3x | 1.1x | −0.6x | 4.2x | 2.9x | 5.4x | — | 3.2x | 17.0x |
| Debt / equity | 0.7x | 1.0x | 1.0x | 1.4x | 1.6x | 1.3x | 1.4x | 3.2x | 2.9x | 5.8x |
| Interest coverage | 8.1x | 8.3x | 3.6x | 6.4x | 2.5x | 4.3x | 2.4x | −8.3x | 4.0x | 0.1x |
| Current ratio | 2.0x | 2.9x | 2.4x | 5.4x | 1.6x | 1.5x | 1.4x | 1.1x | 1.6x | 1.4x |
| Quick ratio | 1.8x | 2.6x | 2.1x | 5.0x | 1.4x | 1.3x | 1.1x | 1.0x | 1.4x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.1% | 2.6% | 3.1% | 2.8% | 2.3% | 2.1% | 1.9% | 2.4% | 1.8% | 1.2% |
| Stock comp / revenue | 1.2% | 1.1% | 0.6% | 0.6% | 0.9% | 1.5% | 1.3% | 1.3% | 1.1% | 1.5% |
| Payouts / FCF | 60.2% | 72.7% | 110.6% | 76.6% | 43.8% | 54.7% | 208.5% | 65.8% | 51.3% | 47.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 4.0 | 5.0 | 7.0 | 5.0 | 6.0 | 5.0 | 3.0 | 7.0 | 5.0 |
| Altman Z'' | 6.4 | 7.2 | 5.8 | 6.7 | 2.9 | 3.2 | 2.8 | −0.0 | 3.0 | 1.9 |
| Accruals ratio | −5.4% | −6.3% | −8.1% | −1.9% | −7.7% | −3.7% | −1.8% | −28.0% | −7.2% | −20.4% |
Source: SEC EDGAR XBRL filings (CIK 0000046080). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.