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Publisher and distributor of board games and tabletop games, including Catan and Ticket to Ride, spun off from Embracer Group.
Publisher and distributor of board games and tabletop games, including Catan and Ticket to Ride, spun off from Embracer Group.
Earns from games it owns and publishes, such as Catan and Ticket to Ride, and from distributing other publishers' games and collectible card games to game and toy shops in many countries, which gives it reach beyond its own titles. Embracer spun it off in 2025.
In one line: A tabletop/board-game publisher like a smaller Hasbro.
Moat: narrow (brand, IP / patents, distribution). Owns iconic globally recognized board-game IP and a broad distribution network across many countries.
Headquarters: Guyancourt, France (Sweden-listed) · Founded: 1995 · Employees: 2,471
Size Asmodee (ASMDEE-B.ST) is a Sweden Consumer Discretionary company (Recreational Products) with a market value of $3.97B, the 52nd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 170.90 on 6 Nov 2026.
Performance Over six months the shares gained 39.2%, against +2.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +6.8%); the operating margin is 16.1% (peer median 9.3%).
Valuation It trades at 17.1× forward earnings against a peer median of 18.6× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.5% WACC).
Credit Asmodee has 2 bonds outstanding ($713M), rated BB by the agencies and trading like BB+ at a weighted spread of 166 bp.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 19.2B | SEK 18.4B | SEK 15.6B | SEK 14.8B | SEK 13.1B |
| Revenue growth | — | +18% | +6% | +13% | — |
| Gross profit | SEK 2.99B | SEK 4.92B | SEK 4.00B | -SEK 6.07B | SEK 2.78B |
| EBITDA | SEK 3.95B | SEK 3.18B | SEK 2.40B | SEK 2.37B | SEK 2.36B |
| Net income | SEK 508M | SEK 303M | SEK 53.7M | -SEK 6.22B | SEK 1.17B |
| Free cash flow | SEK 1.86B | SEK 2.12B | SEK 1.10B | SEK 2.07B | SEK 308M |
| Capital expenditure | SEK 259M | SEK 253M | SEK 202M | SEK 289M | SEK 311M |
| Total debt | SEK 7.64B | SEK 7.62B | SEK 7.55B | SEK 929M | SEK 820M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Asmodee ASMDEE-B.ST | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% |
| Hasbro HAS | $16.6B | +22% | +19% | 31% | 17.3× | -9.8% |
| Mattel MAT | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% |
| Games Workshop GAW.L | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% |
| Spin Master TOY.TO | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% |
| Bandai Namco 7832.T | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% |
| Konami 9766.T | $23.5B | +45% | +25% | 33% | 25.7× | -1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASMDEE-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | +8.1% | 7th lowest of 21 |
| 6-month return | +39.2% | +2.1% | 4th highest of 21 |
| Distance from 52-week high | -3.4% | -20.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +16.8% | +6.8% | 4th highest of 21 |
| Operating margin | 16.1% | 9.3% | 5th highest of 21 |
| Forward P/E | 17.1× | 18.6× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | 3.8% | 4th least demanding of 18 |
| Growth delivered (Del g) | +11.9% | +7.0% | 6th highest of 18 |
| Hurdle (Req g minus delivered) | -13.7 pp | -3.0 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | +3.6 pp | +2.0 pp | 10th highest of 20 |
| EV / EBITDA | 11.2× | 10.8× | 10th cheapest of 19 |
| Net debt / EBITDA | 1.4× | -0.0× | 6th most indebted of 20 |
| Bond spread | 166 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |
Asmodee has 2 bonds outstanding with $713M face value. The agencies rate it BB; its bonds trade like BB+. Weighted yield 4.65%, a spread of 166 bp over government bonds.