HASBRO, INC. (HAS)

Price—Loading quote

AI: Fair-priced

Price checkAt about $97, Hasbro offers reasonable value but no clear bargain.

At $96.70 and roughly 141.5 million shares, Hasbro’s stock-market value is about $13.7 billion. Adding $2.66 billion of net debt—debt minus cash—gives a business value near $16.35 billion, or 10.9–11.3 times management’s $1.45–$1.50 billion 2026 adjusted earnings before interest, taxes, depreciation and amortization. Including $498 million of short-term investments lowers that range modestly. The annualized $2.80 dividend yields 2.9%. This balanced valuation supports Fair-priced, not a deep-value label.

Big pictureRecent growth is strong, but reported earnings and past sales remain uneven.

Revenue fell from $6.42 billion in 2021 to $4.14 billion in 2024, partly because Hasbro sold businesses, before recovering to $4.70 billion in 2025. Reported operating income then dropped from $690 million in 2024 to $11 million in 2025 because of major write-downs. Cash proved steadier: 2025 operating cash was $893 million. First-half 2026 revenue rose 15%, operating profit reached $523 million, and operating cash was $604 million. After property and software investment, about $509 million remained, although seasonal working-capital movements can distort half-year cash.

Business strengthMagic drives exceptional profits, while cash generation makes the debt load manageable.

During first-half 2026, Wizards and Digital Gaming revenue rose 27% and operating profit reached $568 million, a 46% margin; Magic grew 34%. In contrast, Consumer Products lost $62 million and Entertainment revenue fell 22%, showing heavy reliance on one engine. June current assets of $2.85 billion exceeded current liabilities of $1.72 billion, but debt was $3.54 billion against $881 million of cash. Hasbro paid $198 million of dividends and repurchased $42 million of shares, yet basic weighted shares still increased about 0.9% as employee stock awards offset repurchases.

What could change the storyCurrent value depends on Magic staying hot and weaker divisions recovering.

The price broadly assumes Hasbro reaches its raised targets of 5%–7% revenue growth and a 25%–26% adjusted operating margin. The bull case strengthens if Magic keeps growing through its hit-driven release cycle, Consumer Products returns to profit after cyber and tariff costs, net debt declines, and buybacks reduce the share count. The bear case strengthens if Magic growth fades while toy sales remain weak, because Wizards supplies most operating profit. Holiday seasonality and uneven entertainment deals make two or three further quarters more informative than one record release.

$96.70 price considered

AI: News

Record Magic quarterA record Magic quarter raised profit expectations and strengthened confidence in Hasbro’s turnaround.

On July 21, Hasbro reported second-quarter revenue of $1.14 billion, up 16%, and net earnings of $161 million. Wizards and Digital Gaming revenue grew 27%, led by 32% Magic growth, while adjusted earnings were $1.28 per share. Management raised full-year revenue growth guidance to 5%–7% and adjusted cash-style earnings guidance to $1.45–$1.50 billion. Shares closed 8.8% higher that day; the timing is consistent with a favorable earnings reaction, though it cannot prove which announcement drove trading.

Digital games resetHasbro canceled future games and accepted losses to narrow its costly development bets.

The July 21 results included a $56 million non-cash write-down, meaning Hasbro reduced the recorded value of several canceled games planned for 2028 and later without paying that amount immediately. This lowers the expected value of the long-term digital pipeline and shows that prior development spending did not produce the expected assets. Conversely, canceling weaker projects may prevent further spending. Its separate stock-price effect cannot be isolated from the stronger earnings and raised outlook announced simultaneously.

Wizards leadership transitionWizards’ president will step aside, creating leadership uncertainty at Hasbro’s strongest business.

A July 27 regulatory filing said John Hight would remain Wizards of the Coast president through September 1, then advise Hasbro’s chief executive through September 2, 2027 while a successor is onboarded. His $800,000 annual salary continues during the advisory period. The change matters because Wizards generated $568 million of first-half operating profit and carries Hasbro’s growth case. Shares rose 6.3% on July 28, but available evidence does not establish that the leadership announcement caused the move.

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$4.70B	$4.14B	$5.00B	$5.86B	$6.42B	$5.47B	$4.72B	$4.58B	$5.21B	$5.02B	$1.97B	$2.02B	$1.87B	$4.09B	$4.29B	$4.00B	—	—
Research & development	$385.6M	$294.1M	$306.9M	$307.9M	$315.7M	$259.5M	$262.2M	$246.2M	$269.0M	$266.4M	$242.9M	$222.6M	$207.6M	$201.2M	$197.6M	$201.4M	$181.2M	$191.4M
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	$3.64B	$3.62B	$3.54B	$3.69B	$3.41B	$3.48B	$3.53B
Operating income	$11.1M	$690.0M	−$1.54B	$407.7M	$763.3M	$501.8M	$652.1M	$331.1M	$810.4M	$788.0M	$691.9M	$635.4M	$467.1M	$551.8M	$594.0M	$587.9M	$588.6M	$494.3M
EBITDAderived	$146.6M	$853.0M	−$1.33B	$640.2M	$1.04B	$766.8M	$832.9M	$499.0M	$982.2M	$942.5M	$847.3M	$793.3M	$648.1M	$702.1M	$754.4M	$734.2M	$769.6M	$660.4M
Net income	−$322.4M	$385.6M	−$1.49B	$203.5M	$428.7M	$222.5M	$520.5M	$220.4M	$396.6M	$551.4M	$451.8M	$415.9M	$286.2M	$336.0M	$385.4M	$397.8M	$374.9M	$306.8M
Basic EPSper diluted share	-$2.30	$2.77	-$10.73	$1.47	$3.11	$1.62	$4.07	$1.75	$3.17	$4.40	$3.61	$3.24	$2.20	$2.58	$2.88	$2.86	$2.69	$2.18
Diluted EPSper diluted share	-$2.30	$2.75	-$10.73	$1.46	$3.10	$1.62	$4.05	$1.74	$3.12	$4.34	$3.57	$3.20	$2.17	$2.55	$2.82	$2.74	$2.48	$2.00

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)18$46.53M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 26, 2026Form 4	Cocks Christian PChief Executive Officer	SellCommon Stock (Par Value $.50 per share)	5.2K	$100.85	$524.4K	303.3K
Feb 26, 2026Form 4	Cocks Christian PChief Executive Officer	SellCommon Stock (Par Value $.50 per share)	191.2K	$100.32	$19.18M	308.5K
Feb 20, 2026Form 4	Barbacovi HollyChief People Officer	SellCommon Stock (Par Value $.50 per share)	4.3K	$100.98	$438.0K	42.8K
Feb 13, 2026Form 4	KILPIN TIMOTHY J.President, Toy, Lic & Ent	SellCommon Stock (Par Value $.50 per share)	7.8K	$103.00	$800.6K	36.5K
Feb 12, 2026Form 4	Cocks Christian PChief Executive Officer	SellCommon Stock (Par Value $.50 per share)	4.5K	$106.48	$478.4K	249.9K

Review ownership filings at SEC.gov ↗

HASBRO, INC. (HAS)

Financial charts

Financial statements

Insider buys & sells