Games Workshop Group PLC GWKSY

Consumer DiscretionaryLeisure ProductsUnited Kingdom

Last close 22.59 USD on Nov 1, 2026, −12.8% year to date

Quant rating

Quant rating C Rank 148 of 297 in Consumer Discretionary

Growth C 188 of 297
Valuation C 134 of 297
Quality C 123 of 297
Revisions B 94 of 297
Momentum C 191 of 297

Wall Street consensus Strong Buy (1.33)Average target 300.29 USD +1,229.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.0B
Enterprise value: 6.8B
52-week range: 21.18 – 32.01
3-year range: 19.01 – 32.01
Dividend yield: 2.51%
Beta (5 years): –
Shares outstanding: 33.0M
Next earnings: Jan 12, 2027

About the company

Games Workshop Group PLC designs and manufactures miniature figures and games and distributes these through its own network of retail stores, independent retailers and online via the global Web stores. The Company has manufacturing activities in the United Kingdom and sells mainly in the United Kingdom, Continental Europe, North America, Australia, New Zealand and Asia. It also grants licenses to third parties for the development of video games, personal computer games, media and other products utilizing the Company’s intellectual property. Its segments include Core and Licensing. Its Core segment is engaged in the design, manufacture and sales of its fantasy miniatures and related products. It also includes the revenue and expenditure related to Warhammer+. Its Core segment is divided into channels, such as Trade; Retail; Online; Design, manufacturing, logistics and operations, and Group. Its products include Warhammer 40,000 and Warhammer: Age of Sigmar universes, among others.

Growth and profitability fiscal year ends May 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	888	831	670	581	523	–
Revenue growth	6.8%	24.1%	15.2%	11.0%	4.4%	12.1%
EPS (basic, normalized)	8.27	7.94	5.88	5.28	4.70	–
EPS growth	4.1%	35.0%	11.3%	12.4%	–	–
Gross margin	72.5%	72.1%	71.2%	68.3%	69.3%	70.7%
Net margin	31.2%	31.8%	28.7%	28.6%	31.0%	30.3%
ROE	66.9%	73.7%	62.1%	57.3%	59.6%	63.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	888	+6.8%	7.7x	427	+14.7%	15.9x	8.27	+4.1%	2.7x
2027	934	+5.1%	7.3x	426	−0.3%	16.0x	8.47	+2.5%	2.7x
2028	987	+5.7%	6.9x	448	+5.2%	15.2x	8.81	+3.9%	2.6x
2029	997	+1.1%	6.8x	440	−1.8%	15.5x	8.91	+1.1%	2.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	934	0.0%	+0.5%	+1.2%	8.47	0.0%	−0.1%	+1.6%
2028	987	0.0%	+0.8%	+1.0%	8.81	0.0%	+0.1%	−0.1%
2029	997	0.0%	0.0%	–	8.91	0.0%	0.0%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Leisure Products

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GWKSY Games Workshop Group PLC	7.0B	–	31.2%	15.54x	2.7x	2.6x	16.0x	15.2x
SMNNY Shimano Inc	11.3B	−5.35x	7.3%	2.05x	3.5x	2.8x	16.1x	13.3x
POOL Pool Corporation	7.4B	1.62x	7.6%	5.99x	18.8x	17.9x	12.9x	12.4x
GOLF Acushnet Holdings Corp	5.0B	2.18x	7.4%	5.38x	21.0x	20.7x	12.8x	12.9x
BC Brunswick Corp	4.9B	2.73x	−2.5%	2.91x	16.5x	13.9x	9.2x	8.4x
MAT Mattel Inc	4.4B	1.95x	7.4%	2.20x	11.9x	9.8x	7.4x	6.8x
Mean		0.63x	9.7%	5.68x	12.4x	11.3x	12.4x	11.5x
Median		1.95x	7.4%	4.15x	14.2x	11.9x	12.8x	12.6x

Technical analysis

1M−11.6%
3M−18.3%
1Y+1.1%
3Y+5.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Games Workshop Group PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	888	831	670	581	523	501
Cost of revenue	244	232	193	184	161	137
Gross profit	644	599	477	397	363	364
Selling, general & administrative expenses	249	224	199	166	144	151
Research & development	–	–	–	–	–	–
Depreciation/amortization	24.8	23.3	21.4	20.5	20.2	21.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	−23.1
Operating income	370	352	257	210	198	215
Net interest income (expense)	0.9	2.0	1.5	0.5	−0.8	−1.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	−0.1
Net income before taxes	371	354	259	211	197	214
Provision for taxes	93.8	89.8	66.1	44.3	35.5	41.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	277	264	192	166	162	173
Extraordinary items	–	–	–	–	–	–
Net income	277	264	192	166	162	173
EBIT, normalized	361	365	268	226	214	217
EBITDA, normalized	423	424	318	275	258	255
Basic EPS, normalized	8.27	7.94	5.88	5.28	4.70	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Games Workshop Group PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	246	178	137	111	90.1	121
Receivables	57.3	56.9	38.2	46.4	40.7	30.9
Total inventory	62.6	53.4	53.8	40.7	48.4	39.0
Prepaid expenses	19.0	17.4	15.4	16.3	14.8	14.0
Other current assets	0	0	0	0	0	0
Total current assets	385	306	244	215	194	205
Property, plant & equipment	181	147	131	129	130	136
Goodwill	1.9	1.9	1.8	1.7	1.8	2.0
Intangibles	34.2	31.8	29.0	26.2	32.3	33.6
Long-term investments	–	–	–	–	–	–
Note receivable	7.9	12.5	25.1	16.8	24.5	8.9
Other long-term assets	18.2	16.6	16.4	14.8	22.5	14.3
Total assets	628	515	448	403	405	400
Liabilities
Accounts payable	16.0	17.9	15.9	11.7	12.0	17.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	30.6	22.9	18.2	17.5	14.4	17.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	15.6	15.1	12.7	12.2	11.6	12.2
Other current liabilities	43.9	29.7	27.5	18.0	18.3	16.5
Total current liabilities	106	85.6	74.4	59.5	56.3	63.4
Long-term debt	59.8	45.8	47.4	49.4	50.1	54.5
Minority interest	–	–	–	–	–	–
Other liabilities	10.9	6.2	5.5	4.3	2.6	3.3
Total liabilities	177	138	127	113	109	121
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.3	2.2	2.0	2.0	2.0	2.3
Additional paid-in capital	37.4	31.5	27.5	23.3	20.6	20.6
Retained earnings (accumulated deficit)	411	342	289	262	269	251
Treasury stock	–	–	–	–	–	–
Other equity	0.4	2.0	2.2	2.8	4.8	4.3
Total equity	451	378	320	290	296	278
Total liabilities & shareholders' equity	628	515	448	403	405	400

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Games Workshop Group PLC, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	371	354	259	211	198	215
Depreciation, depletion & amortization	62.6	59.1	49.7	48.8	43.9	37.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	2.8	2.2	4.8	3.7	4.0	1.8
Changes in working capital	−76.2	−82.0	−63.2	−25.2	−92.9	−66.0
Cash from operations	360	333	250	238	153	188
Investing activities
Capital expenditures	−66.5	−55.0	−41.5	−34.9	−40.7	−42.6
Other investing cash flows	3.4	3.9	3.2	1.5	0.3	0.3
Cash from investing	−63.1	−51.1	−38.3	−33.4	−40.5	−42.3
Financing activities
Financing cash flow items	−2.4	−1.9	−1.4	−1.1	−1.0	–
Cash dividends paid	−215	−231	−176	−168	−118	−85.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−11.7	−14.1	−11.6	−11.4	−11.7	−13.5
Cash from financing	−230	−247	−189	−181	−131	−99.3
Foreign exchange effects	0.1	−1.5	−0.3	−0.2	0.5	−0.9
Net change in cash	67.7	33.6	22.2	23.2	−17.4	45.8
Free cash flow	294	278	208	203	113	146

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.