Games Workshop (GAW) AI Stock Analysis

• Market Cap: £6.45B
• Dividend Yield: 2.97%
• Average Volume (3M): 71.18K
• Price to Earnings (P/E): 32.8
• Beta (1Y): 0.97
• Revenue Growth: 17.46%
• EPS Growth: 29.67%
• Country: UK
• Employees: 2,950
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 3.06
• Shares Outstanding: 33,042,150
• 10 Day Avg. Volume: 60,179
• 30 Day Avg. Volume: 71,179
• PEG Ratio: 1.82
• Price to Book (P/B): 13.08
• Price to Sales (P/S): 6.26
• P/FCF Ratio: 20.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £19,500.00
• Price Target Upside: -0.20% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: 22,525.00p ▲(15.28% Upside)

Games Workshop's strong financial performance and positive corporate events are the most significant factors driving the score. Technical analysis suggests strong momentum but warns of potential overbought conditions. The valuation is relatively high, which slightly offsets the positive outlook.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Profitability

High profitability margins reflect efficient operations and cost management, ensuring sustainable earnings and competitive advantage.

Cash Flow Generation

Strong cash flow generation allows for reinvestment in growth opportunities and provides financial flexibility for strategic initiatives.

Negative Factors

Market Valuation

High valuation may limit upside potential and increase vulnerability to market corrections, impacting investor sentiment.

Overbought Conditions

Overbought conditions can lead to short-term volatility, potentially affecting investor confidence and stock performance.

Lack of Recent Corporate Events

Absence of recent corporate events may indicate a lack of strategic initiatives or partnerships, potentially affecting growth momentum.

Games Workshop Business Overview & Revenue Model

Company Description

Games Workshop (GAW) is a British miniature wargaming company renowned for its high-quality tabletop games, particularly the Warhammer franchise, which includes Warhammer 40,000 and Warhammer Age of Sigmar. The company operates in the gaming and hobby sector, creating intricate miniatures, engaging rulebooks, and immersive gaming experiences. With a strong presence in retail, online sales, and events, Games Workshop cultivates a dedicated community of gamers and hobbyists worldwide.

How the Company Makes Money

Games Workshop primarily generates revenue through the sale of its miniatures, games, and related accessories. The core revenue streams include direct sales from their retail stores and online platform, where customers purchase miniatures, rulebooks, paints, and hobby supplies. Additionally, the company earns revenue from licensing its intellectual property for video games and other media adaptations. Games Workshop has a significant community-driven model, hosting events and tournaments that foster engagement and encourage additional purchases. Strategic partnerships with entertainment companies for adaptations and collaborations also contribute to their earnings, while their subscription services and exclusive products enhance customer loyalty and recurring revenue.

Games Workshop Financial Statement Overview

Summary

Games Workshop demonstrates strong financial health with consistent revenue and profit growth, efficient operations, and a solid balance sheet with low leverage. Cash flow generation is robust, supporting future growth and stability.

Income Statement

Games Workshop has demonstrated strong revenue growth with a 6.93% increase in the latest year, building on consistent growth over the past few years. The company maintains high profitability with a gross profit margin of 72.06% and a net profit margin of 31.76%. EBIT and EBITDA margins are also robust at 42.79% and 49.89%, respectively, indicating efficient operations and cost management.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.16, suggesting prudent financial leverage. Return on equity is impressive at 69.84%, indicating effective use of shareholder funds. The equity ratio is healthy, supporting the company's stability and growth potential.

Cash Flow

Cash flow analysis shows strong operational cash generation with an operating cash flow to net income ratio of 3.89. Free cash flow has grown by 15.95%, and the free cash flow to net income ratio is 0.83, highlighting the company's ability to generate cash and reinvest in growth opportunities.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	617.50M	525.70M	617.50M	470.80M	414.80M	369.50M
Gross Profit	446.20M	374.50M	445.00M	319.80M	282.70M	269.30M
EBITDA	292.80M	243.30M	308.10M	211.00M	192.90M	178.10M
Net Income	196.10M	151.10M	196.10M	134.70M	128.40M	122.00M
Balance Sheet
Total Assets	383.00M	351.30M	383.00M	326.80M	321.10M	281.70M
Cash, Cash Equivalents and Short-Term Investments	132.60M	107.60M	132.60M	90.20M	71.40M	85.20M
Total Debt	45.20M	47.20M	45.20M	49.90M	48.90M	47.00M
Total Liabilities	102.20M	99.90M	102.20M	91.70M	86.40M	85.40M
Stockholders Equity	280.80M	251.40M	280.80M	235.10M	234.70M	196.30M
Cash Flow
Free Cash Flow	224.90M	163.60M	206.50M	165.60M	89.40M	102.90M
Operating Cash Flow	248.90M	196.20M	247.40M	193.90M	121.70M	132.90M
Investing Cash Flow	-40.90M	-30.10M	-38.00M	-28.30M	-32.30M	-30.00M
Financing Cash Flow	-183.30M	-148.50M	-183.30M	-146.60M	-103.60M	-70.00M

Games Workshop Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19540.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GAW, the sentiment is Positive. The current price of 19540 is above the 20-day moving average (MA) of 19469.50, above the 50-day MA of 17046.54, and above the 200-day MA of 15560.00, indicating a bullish trend. The MACD of 728.32 indicates Positive momentum. The RSI at 71.31 is Negative, neither overbought nor oversold. The STOCH value of 39.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:GAW.

Games Workshop Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FSTA	79 Outperform	£365.53M	17.95	4.82%	2.97%	6.94%	9.99%
GAW	78 Outperform	£6.45B	32.79	73.69%	2.97%	17.46%	29.67%
BOWL	76 Outperform	£463.85M	13.71	22.81%	4.36%	8.79%	17.06%
GYM	69 Neutral	£265.46M	34.74	5.72%	―	8.74%	―
CCT	68 Neutral	£46.59M	-32.97	―	5.32%	-18.60%	-128.39%
TUNE	66 Neutral	£123.11M	22.95	4.59%	2.00%	6.55%	106.55%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Games Workshop Corporate Events

Games Workshop Announces Total Voting Rights Update

Games Workshop Group PLC announced that as of December 1, 2025, the company has 33,042,147 issued ordinary shares, each carrying one vote at general meetings. This information is crucial for shareholders and others with notification obligations under the Disclosure and Transparency Rules, as it serves as a denominator for calculating changes in their interest in the company.

Games Workshop Appoints New Group Product Director

Games Workshop has announced the appointment of Max Bottrill to its Board of Directors as Group Product Director, effective December 1, 2025. Bottrill, who has been with the company for 29 years, brings extensive experience in various business areas, including manufacturing and logistics, to his new role. The company also plans to recruit two additional Non-Executive Directors, aligning with the UK Corporate Governance Code, which may enhance its strategic oversight and governance.

Games Workshop CEO Increases Stake with Share Purchase

Games Workshop Group PLC announced that its CEO, Kevin Rountree, has acquired 100 ordinary shares of the company through a dividend reinvestment plan, priced at £184 per share. This transaction increases Mr. Rountree’s total beneficial interest to 22,253 shares, representing approximately 0.07% of the company’s issued share capital, reflecting a modest but notable vote of confidence in the company’s future prospects.

Games Workshop Increases Dividend Amid Strong Performance

Games Workshop Group PLC has announced a dividend of £1.00 per share, bringing the total declared dividends for 2025/26 to £3.25 per share, a significant increase from the previous year’s £1.85. This decision aligns with the company’s dividend policy and reflects its strong financial performance, potentially enhancing shareholder value and reinforcing its market position.

Games Workshop Reports Strong Core Revenue Growth in Trading Update

Games Workshop Group PLC has released a trading update for the six months ending November 30, 2025, reporting an estimated core revenue of at least £310 million and a profit before tax of no less than £135 million. Despite a decrease in licensing revenue compared to the previous year, the company’s strong core revenue growth suggests a positive impact on its operations and market position, indicating robust demand for its products.

Games Workshop Announces Total Voting Rights Update

Games Workshop Group PLC announced that as of the date of the release, it has 32,975,051 issued ordinary shares, each carrying one vote in general meetings. This information is crucial for shareholders and others with notification obligations to determine changes in their interests under the Disclosure and Transparency Rules.

Games Workshop CEO Increases Stake in Company

Games Workshop announced that its CEO, Kevin Rountree, has acquired 84 ordinary shares in the company through its dividend reinvestment plan, at a price of £142.61 per share. This transaction increases Rountree’s beneficial interest to 22,153 shares, representing approximately 0.07% of the company’s issued share capital, signaling confidence in the company’s ongoing performance and potential growth.

Games Workshop Announces Total Voting Rights Update

Games Workshop Group PLC announced that as of October 1, 2025, it has 32,974,680 issued ordinary shares, each carrying one vote at the company’s general meetings. This information is crucial for shareholders and others with notification obligations under the Disclosure and Transparency Rules to determine their interest in the company.

Games Workshop Announces New Directorship Appointment

Games Workshop Group PLC has announced that Randal Casson, an independent non-executive director of the company, has been appointed to a similar role at The Smarter Web Company PLC. This move highlights the company’s commitment to fostering leadership talent and may influence its strategic positioning within the industry.

Games Workshop’s 2025 AGM Resolutions Passed Successfully

Games Workshop Group PLC announced the successful passage of all resolutions at its 2025 Annual General Meeting, reflecting strong shareholder support. Key resolutions included the re-election of several directors, the re-appointment of KPMG LLP as auditors, and the approval of amendments to the Sharesave Plan, which are expected to enhance the company’s governance and operational framework.

Games Workshop Announces Dividend Increase Amid Strong Trading

Games Workshop announced that its trading results up to 31 August 2025 are meeting the Board’s expectations for the current financial year. The company declared a dividend of £0.85 per share, bringing the total dividends for 2025/26 to £2.25 per share, reflecting a significant increase from the previous year. This move aligns with the company’s dividend policy and indicates strong financial performance, potentially boosting investor confidence.