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UK maker and retailer of Warhammer tabletop miniature wargames, models, paints and related media/licensing.
UK maker and retailer of Warhammer tabletop miniature wargames, models, paints and related media/licensing.
Designs and makes its miniatures at its own Nottingham factory and sells them through its own shops, its online store and independent hobby retailers, so it keeps a large part of the retail margin. Licensing for video games and screen adds royalty income at little cost.
In one line: A UK hobby-games maker, like a much more profitable Hasbro niche wargaming unit.
Moat: wide (IP, brand, network effects). A decades-deep proprietary universe (Warhammer 40,000) with a loyal hobbyist community creates strong brand loyalty and licensing leverage.
Headquarters: Nottingham, UK · Founded: 1975 · Employees: 3,321
Size Games Workshop (GAW.L) is a United Kingdom Consumer Discretionary company (Recreational Products) with a market value of $7.15B, the 69th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £16,080 on 6 Nov 2026.
Performance Over six months the shares fell 17.1%, against +5.8% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd lowest of 17 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +7.5%); the operating margin is 42.0% (peer median 11.0%).
Valuation It trades at 25.2× forward earnings against a peer median of 20.1× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 88.9 points above its cost of capital (10.8% WACC).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £660M | £660M | £618M | £526M | £471M |
| Revenue growth | — | +7% | +17% | +12% | — |
| Gross profit | £478M | £462M | £443M | £371M | £320M |
| EBITDA | £324M | £324M | £308M | £246M | £215M |
| Net income | £206M | £206M | £196M | £151M | £135M |
| Free cash flow | £238M | £238M | £226M | £183M | £179M |
| Capital expenditure | £49.4M | £49.4M | £40.9M | £32.6M | £28.3M |
| Total debt | n/a | £56.0M | £45.2M | £47.2M | £49.9M |
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 |
|---|---|---|---|---|---|---|
| Games Workshop GAW.L | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% |
| Hasbro HAS | $16.6B | +22% | +19% | 31% | 17.3× | -9.8% |
| Mattel MAT | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% |
| Asmodee ASMDEE-B.ST | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% |
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 | GAW.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +14.0% | 2nd lowest of 17 |
| 6-month return | -17.1% | +5.8% | 2nd lowest of 17 |
| Distance from 52-week high | -27.8% | -16.5% | 5th lowest of 17 |
| Revenue growth (TTM) | +6.8% | +7.5% | 7th lowest of 17 |
| Operating margin | 42.0% | 11.0% | highest of 17 |
| Forward P/E | 25.2× | 20.1× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | 3.8% | 5th most demanding of 16 |
| Growth delivered (Del g) | +12.3% | +5.3% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | -0.6 pp | -3.0 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | +88.9 pp | +0.7 pp | highest of 17 |
| EV / EBITDA | 16.1× | 11.6× | 3rd most expensive of 16 |
| Net debt / EBITDA | -0.4× | 0.9× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| 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% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Hasbro HAS | United States | $16.6B | +22% | +19% | 31% | 17.3× | -9.8% | -3.0% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Amer Sports AS | United States | $18.3B | -13% | +30% | 13% | 21.9× | 23.5% | +21.8% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| Bandai Namco 7832.T | Japan | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% | +12.7% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |