Latest Ratios: P/E Ratio -38.9x · EV/EBITDA 12.4x · ROE -36.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.7B | $11.6B | $8.0B | $7.1B | $8.1B | $13.6B | $12.8B | $13.6B | $10.3B | $11.5B | $9.9B |
| Enterprise Value | $15.3B | $14.2B | $10.7B | $10.0B | $11.6B | $16.6B | $16.5B | $13.0B | $10.8B | $11.8B | $10.3B |
| P/E Ratio → | -38.93 | — | 20.62 | — | 39.60 | 31.59 | 57.50 | 26.08 | 46.70 | 29.13 | 17.92 |
| P/S Ratio | 2.69 | 2.46 | 1.92 | 1.42 | 1.38 | 2.11 | 2.34 | 2.88 | 2.25 | 2.22 | 1.97 |
| P/B Ratio | 22.20 | 20.47 | 6.71 | 6.52 | 2.83 | 4.39 | 4.33 | 4.53 | 5.88 | 6.31 | 5.24 |
| P/FCF | 15.27 | 13.95 | 10.46 | 13.73 | 40.69 | 19.78 | 15.06 | 26.13 | 20.39 | 19.59 | 15.93 |
| P/OCF | 14.18 | 12.96 | 9.39 | 9.77 | 21.68 | 16.57 | 13.12 | 20.78 | 15.96 | 15.94 | 12.75 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.02 | 2.58 | 2.01 | 1.98 | 2.59 | 3.03 | 2.76 | 2.37 | 2.27 | 2.05 |
| EV / EBITDA | 12.44 | 11.55 | 11.83 | — | 9.69 | 9.95 | 14.33 | 14.19 | 19.95 | 11.60 | 10.54 |
| EV / EBIT | 14.46 | 231.26 | 15.97 | — | 26.81 | 21.85 | 31.61 | 18.73 | 29.99 | 13.36 | 13.06 |
| EV / FCF | — | 17.11 | 14.04 | 19.44 | 58.35 | 24.28 | 19.44 | 25.10 | 21.43 | 20.04 | 16.64 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.3% | 70.3% | 64.6% | 57.3% | 58.9% | 60.3% | 58.1% | 52.9% | 51.9% | 53.2% | 53.9% |
| Operating Margin | 22.5% | 22.5% | 16.7% | -30.8% | 7.0% | 11.9% | 9.2% | 13.8% | 7.2% | 15.6% | 15.7% |
| Net Profit Margin | -6.9% | -6.9% | 9.3% | -29.8% | 3.5% | 6.7% | 4.1% | 11.0% | 4.8% | 7.6% | 11.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -36.8% | -36.8% | 33.9% | -75.4% | 6.8% | 14.2% | 7.5% | 21.9% | 12.3% | 21.3% | 30.7% |
| ROA | -5.4% | -5.4% | 6.0% | -18.8% | 2.1% | 4.1% | 2.3% | 7.4% | 4.2% | 7.6% | 11.2% |
| ROIC | 22.4% | 22.4% | 13.0% | -22.2% | 4.9% | 8.9% | 8.2% | 20.6% | 11.4% | 27.5% | 24.8% |
| ROCE | 24.5% | 24.5% | 14.6% | -26.6% | 5.6% | 9.5% | 6.3% | 11.3% | 8.2% | 21.6% | 22.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.01 | 6.01 | 2.88 | 3.22 | 1.40 | 1.32 | 1.72 | 1.35 | 0.97 | 1.01 | 0.91 |
| Debt / EBITDA | 2.77 | 2.77 | 3.78 | — | 3.35 | 2.43 | 4.42 | 4.41 | 3.14 | 1.82 | 1.76 |
| Net Debt / Equity | — | 4.64 | 2.29 | 2.72 | 1.23 | 1.00 | 1.26 | -0.18 | 0.30 | 0.15 | 0.23 |
| Net Debt / EBITDA | 2.13 | 2.13 | 3.01 | — | 2.93 | 1.85 | 3.23 | -0.58 | 0.96 | 0.26 | 0.45 |
| Debt / FCF | — | 3.16 | 3.57 | 5.72 | 17.65 | 4.50 | 4.38 | -1.03 | 1.03 | 0.45 | 0.71 |
| Interest Coverage | 0.38 | 0.38 | 3.90 | -8.17 | 2.53 | 4.24 | 2.60 | 6.83 | 3.98 | 9.00 | 8.11 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.38 | 1.38 | 1.60 | 1.13 | 1.37 | 1.52 | 1.60 | 5.37 | 2.42 | 2.90 | 1.99 |
| Quick Ratio | 1.24 | 1.24 | 1.40 | 0.97 | 1.06 | 1.29 | 1.44 | 5.01 | 2.07 | 2.56 | 1.76 |
| Cash Ratio | 0.47 | 0.47 | 0.50 | 0.26 | 0.23 | 0.40 | 0.57 | 3.64 | 0.93 | 1.26 | 0.79 |
| Asset Turnover | — | 0.85 | 0.65 | 0.76 | 0.63 | 0.64 | 0.51 | 0.53 | 0.87 | 0.98 | 0.99 |
| Inventory Turnover | 5.38 | 5.38 | 5.34 | 6.43 | 3.55 | 4.61 | 5.79 | 4.98 | 4.97 | 5.63 | 5.97 |
| Days Sales Outstanding | — | 82.28 | 81.18 | 75.09 | 70.57 | 85.30 | 92.94 | 111.57 | 94.69 | 98.46 | 95.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 3.4% | 4.9% | 5.5% | 4.8% | 2.8% | 2.9% | 2.5% | 3.0% | 2.4% | 2.5% |
| Payout Ratio | — | — | 101.1% | — | 189.3% | 87.4% | 167.5% | 64.7% | 140.3% | 69.8% | 45.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.9% | — | 2.5% | 3.2% | 1.7% | 3.8% | 2.1% | 3.4% | 5.6% |
| FCF Yield | 6.6% | 7.2% | 9.6% | 7.3% | 2.5% | 5.1% | 6.6% | 3.8% | 4.9% | 5.1% | 6.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 1.5% | 0.0% | 0.0% | 0.5% | 2.4% | 1.3% | 1.5% |
| Total Shareholder Yield | 3.1% | 3.4% | 4.9% | 5.7% | 6.3% | 2.8% | 2.9% | 2.9% | 5.4% | 3.7% | 4.0% |
| Shares Outstanding | — | $140M | $140M | $139M | $139M | $138M | $138M | $128M | $127M | $127M | $127M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HAS stock.
Hasbro, Inc.'s current P/E ratio is -38.9x. The historical average is 24.5x.
Hasbro, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Hasbro, Inc.'s return on equity (ROE) is -36.8%. The historical average is 10.9%.
Based on historical data, Hasbro, Inc. is trading at a P/E of -38.9x. Compare with industry peers and growth rates for a complete picture.
Hasbro, Inc.'s current dividend yield is 3.13%.
Hasbro, Inc. has 70.3% gross margin and 22.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hasbro, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Elevated leverage and negative equity
Metrics are mathematically derived from official filings.
Margin Mix Shift Masks Below-the-Line Drag
Gross margin expanded to 76.1% in 2026Q2, per recent financial statements, reflecting a favorable mix shift toward high-margin Wizards of the Coast revenue, yet net margin remains volatile due to impairments.
The 76.1% gross margin in 2026Q2, up from 60.2% in 2024Q4, underscores the structural advantage of the gaming segment, which operates with minimal physical production costs. Operating margin of 22.2% in 2026Q2 is consistent with the prior year's 22.8%, indicating stable core profitability despite revenue mix changes. However, the negative net margin of -6.9% on a TTM basis, driven by the 2025Q2 impairment shock, suggests that reported earnings understate the underlying earning power of the IP-driven business.
ROIC Recovery Tempered by Equity Erosion
ROIC improved to 5.3% in 2026Q2 from 3.7% a year earlier, per reported figures, but remains below the cost of capital, reflecting a balance sheet still healing from impairments.
ROIC has climbed from 2.2% in 2024Q1 to 5.3% in 2026Q2, indicating that operating profits are recovering as the company pivots to high-margin digital licensing. Yet ROE swung from -116.7% in 2025Q2 to 22.9% in 2026Q2, a recovery that is flattered by a shrinking equity base, which fell to $705M. The divergence between ROIC and ROE suggests that leverage is amplifying returns on a thin equity cushion, and investors should monitor whether capital efficiency can sustain this trajectory without further dilution.
Working Capital Cycle Compresses on Digital Mix
Cash conversion cycle improved to 60 days in 2026Q2 from 113 days in 2024Q1, per financial statements, driven by faster receivables collection and lower inventory days, reflecting a shift toward digital and licensing revenue.
DSO fell from 100 days in 2024Q1 to 64 days in 2026Q2, while DIO dropped from 119 to 106 days, indicating that the growing digital segment reduces the need for physical inventory and speeds up cash collection. DPO remained elevated at 110 days, suggesting Hasbro retains supplier leverage, though this may normalize as the toy segment's share declines. The 53-day improvement in CCC over ten quarters highlights a structural efficiency gain that supports free cash flow generation, which reached 21.7% of revenue in 2026Q2.
Leverage Metrics Distorted by Shrinking Equity
Debt-to-equity rose to 4.89 in 2026Q2 from 3.39 a year earlier, per recent filings, even as total debt stayed near $3.6B, indicating the ratio's rise stems from equity erosion rather than new borrowing.
Interest coverage improved to 5.49 in 2026Q2 from 3.10 in 2024Q1, suggesting that operating income is increasingly sufficient to service debt, though the 2025Q2 negative coverage of -19.07 highlights vulnerability during impairment quarters. The D/EBITDA ratio of 13.99 in 2026Q2 is elevated versus the peer group, but this is partly a function of depressed EBITDA from one-time charges. Investors should focus on forward EBITDA recovery, as the reported leverage may overstate refinancing risk if the gaming segment's margin expansion persists.
Liquidity Buffer Strengthens Despite Losses
Current ratio improved to 1.66 in 2026Q2 from 1.11 in 2024Q1, per balance sheet data, with cash at $880.5M, indicating a solid short-term cushion despite ongoing equity erosion.
The quick ratio of 1.46 in 2026Q2, up from 0.93 in 2024Q1, shows that liquid assets comfortably cover current liabilities, reducing reliance on inventory liquidation. This improvement is notable given the company's negative net margin in recent quarters, suggesting that cash generation from the gaming segment is more than offsetting operational losses. However, with equity at only 12% of assets, a severe demand shock could strain liquidity if cash reserves are deployed to service debt rather than fund operations.
Misapplied P/E Obscures Earnings Volatility
The trailing P/E of -40.68 is meaningless given negative TTM earnings, per reported data, and forward P/E of 15.22 may mislead investors by ignoring the impact of one-time impairments on normalized earnings.
The most commonly misapplied ratio for Hasbro is the P/E, as the company's earnings are heavily distorted by non-cash impairments and divestiture charges, making trailing and even forward earnings unreliable. Instead, EV/EBITDA of 12.90 provides a cleaner valuation metric, as it strips out depreciation, amortization, and below-the-line items, better reflecting the cash-generating power of the Wizards of the Coast segment. Investors should also consider P/FCF of 15.95, which captures the strong free cash flow conversion that has exceeded net income by $1.9B over the last ten quarters, per reported figures.