Hasbro, Inc. HAS
Hasbro's operating turnaround is real—FY2025 revenue grew 13.6% to $4.70B with operating income of $1.06B and $830M FCF—but the stock has run to $96.70 (RSI 65.8, above both 50-day and 200-day MAs) pricing in much of the recovery at a 17.2x P/E and 2.7x P/S, a 51% and 219% premium to peer medians. The departure of Wizards of the Coast President John Hight after canceled video game projects is a material risk to the division driving most of Hasbro's growth, while FY2025 net income remains deeply negative at -$322M (EPS -$2.30) against $3.4B in debt and equity of just $539M.
With insiders net selling $67.9M over 24 months and smart money flipping slightly negative (-0.004), the risk/reward at these levels is balanced; the hold awaits evidence that net income turns positive and WOTC growth survives the leadership transition.
What could go wrong
- WOTC leadership transition. Wizards of the Coast President John Hight departed after several video game cancellations; WOTC was responsible for most of Hasbro's growth, and disruption here could stall the revenue recovery.
- Persistent net losses despite operating profit. FY2025 operating income was $1.06B but net income was -$322M (EPS -$2.30), suggesting significant below-the-line burdens (interest, taxes, charges) against $3.4B in total debt.
- Stretched valuation. At 17.2x P/E and 2.7x P/S, HAS trades at 51% and 219% premiums to peer medians; further multiple compression is possible if growth disappoints.
- Insider selling acceleration. 24-month net insider selling of $67.9M (404,669 shares) with CFO and segment presidents continuing to sell into the rally signals limited insider conviction at current prices.
What would change my mind
Where this comes from: FMP TTM · FMP TTM · peer_relative · insider composite. Orin's read on HAS; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All HAS filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $744.1M | 0.0% of fund |
| Vanguard Portfolio Management | $586.3M | 0.0% of fund |
| State Street | $492.8M | 0.0% of fund |
| Geode Capital Management | $344.7M | 0.0% of fund |
| Morgan Stanley | $310.4M | 0.0% of fund |
| Goldman Sachs Group | $292.1M | 0.0% of fund |
82 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 120 Form 4 filings, net −$71.8M. Of the 50 on hand, 0 were open-market purchases and 10 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about HAS
Orin answers questions about HAS from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 15.4× | — | 79.6× |
| EV/EBITDA | 11.3× | — | — |
| P/S | 2.46× | 1.88× | — |
| P/B | 17.4× | 6.7× | — |
Its P/E sits 40th percentile of its own last 5 years (+0.19σ from its own mean).
3.6%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.8B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$108
$90 – $123 · +23% against today's price
- 17 buy or overweight
- 16 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| HASHasbro, Inc. | $12B | 15.4× | 11.3× | 70.3% | 16.0% | 138% |
| NCLHNorwegian Cruise Line Holdings Ltd. | $7B | 8.5× | 8.2× | 42.5% | 7.5% | 32% |
The median is of the 1 peers listed above and nothing else — check it against the column. This company trades 81.5% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $88 | $82.63 · +6% | 2026-06-10 |
| Levered DCF | $110 | $82.63 · +33% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.