Games Workshop (GAW) AI Stock Analysis

• Market Cap: £5.63B
• Dividend Yield: 2.96%
• Average Volume (3M): 71.18K
• Price to Earnings (P/E): 27.2
• Beta (1Y): 0.95
• Revenue Growth: 17.46%
• EPS Growth: 29.67%
• Country: UK
• Employees: 2,950
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 3.08
• Shares Outstanding: 33,043,385
• 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: £19,925.00
• Price Target Upside: 16.86% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: 19,446.00p ▲(14.05% 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

High profitability and margins

Sustained very high gross and net margins indicate durable pricing power from premium miniatures and accessories. High margins support reinvestment, dividend capacity and margin resilience versus peers, underpinning long-term cash returns even through cycles.

Strong cash generation and FCF growth

Consistently strong operating cash flow and rising free cash flow demonstrate the business can self-fund growth, sustain dividends and pursue strategic initiatives. High cash conversion reduces refinancing risk and supports durable capital allocation.

Proprietary IP and community-driven model

Ownership of iconic IP and an active hobbyist community creates recurring demand, high customer loyalty and licensing opportunities. Multi-channel sales (stores, online, events) and media partnerships provide structural revenue diversification and pricing leverage.

Negative Factors

Franchise concentration risk

Heavy reliance on a small number of flagship franchises concentrates revenue and brand risk. Any erosion in core IP popularity or missteps in product strategy could materially affect sales and margins, making long-term growth sensitive to franchise health.

Dependence on discretionary retail and events

A business model tied to physical retail and hobby events is exposed to consumer discretionary cycles and shifting leisure preferences. Structural changes in hobby participation or event attendance could dampen sales and make growth more volatile over time.

Modest recent single-year revenue growth

Latest-year revenue growth in the single digits suggests limited near-term top-line acceleration. Without faster expansion or new product lines, scalability may be constrained, potentially limiting long-term upside despite strong margins and cash generation.

Games Workshop Business Overview & Revenue Model

Company Description

Games Workshop Group PLC, together with its subsidiaries, designs, manufactures, distributes, and sells miniature figures and games in the United Kingdom, Continental Europe, North America, Australia, New Zealand, Asia, and internationally. It operates in two segments, Core and Licensing. The company offers games under the Warhammer: Age of Sigmar and Warhammer 40,000 names, as well as Horus Heresy, an off shoot of Warhammer 40,000. It also publishes short stories, audio dramas, full length novels, and audio books under the Black Library name; and develops digital content for animation and TV. In addition, the company provides painting and modelling products, boxed games, and gifts; and engages in the newsstand and trustee businesses. It offers its products through its retail stores, social media sites, and warhammer-community.com; and physical bookstores, third party online platforms, and other retail and specialist stores. The company operated 518 stores in 23 countries; 400 single staff stores; and 118 multi-staff stores. Games Workshop Group PLC was incorporated in 1991 and is headquartered in Nottingham, the United Kingdom.

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 exhibits 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	650.10M	525.70M	617.50M	470.80M	414.80M	369.50M
Gross Profit	469.70M	374.50M	445.00M	319.80M	282.70M	269.30M
EBITDA	323.40M	243.30M	308.10M	211.00M	192.90M	178.10M
Net Income	206.40M	151.10M	196.10M	134.70M	128.40M	122.00M
Balance Sheet
Total Assets	432.30M	351.30M	383.00M	326.80M	321.10M	281.70M
Cash, Cash Equivalents and Short-Term Investments	171.10M	107.60M	132.60M	90.20M	71.40M	85.20M
Total Debt	49.80M	47.20M	45.20M	49.90M	48.90M	47.00M
Total Liabilities	113.10M	99.90M	102.20M	91.70M	86.40M	85.40M
Stockholders Equity	319.20M	251.40M	280.80M	235.10M	234.70M	196.30M
Cash Flow
Free Cash Flow	256.40M	163.60M	206.50M	165.60M	89.40M	102.90M
Operating Cash Flow	283.30M	196.20M	247.40M	193.90M	121.70M	132.90M
Investing Cash Flow	-43.50M	-30.10M	-38.00M	-28.30M	-32.30M	-30.00M
Financing Cash Flow	-193.50M	-148.50M	-183.30M	-146.60M	-103.60M	-70.00M

Games Workshop Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17050.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GAW, the sentiment is Negative. The current price of 17050 is below the 20-day moving average (MA) of 18195.50, below the 50-day MA of 18778.10, and above the 200-day MA of 16163.93, indicating a neutral trend. The MACD of -363.87 indicates Positive momentum. The RSI at 25.11 is Positive, neither overbought nor oversold. The STOCH value of 1.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:GAW.

Games Workshop Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GAW	78 Outperform	£5.63B	27.24	73.69%	2.96%	17.46%	29.67%
CURY	73 Outperform	£1.54B	11.95	6.16%	1.18%	9.51%	-31.96%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WRKS	52 Neutral	£18.94M	2.05	63.08%	―	-1.96%	28.69%
CCT	46 Neutral	£42.18M	-32.43	-3.47%	5.32%	-18.60%	-128.39%
SMWH	46 Neutral	£840.78M	-5.95	-11.61%	4.48%	-19.03%	-318.35%
GFIN	43 Neutral	£1.38M	-1.30	-169.50%	―	-54.59%	―

Games Workshop Corporate Events

Games Workshop Lifts Total 2025/26 Payout With New £1.10 Dividend

Games Workshop Group PLC has declared an interim dividend of £1.10 per share, bringing total dividends declared so far for the 2025/26 financial year to £4.85 per share, up from £4.20 in the prior year and in line with its stated dividend policy. The dividend will be paid on 27 May 2026 to shareholders on the register as of 17 April 2026, with an ex-dividend date of 16 April 2026 and an option for investors to reinvest through a dividend re-investment plan administered by Equiniti, underscoring the company’s continued focus on returning cash to shareholders and signaling ongoing confidence in its cash generation.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £21000.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Delivers Record Half-Year as Core Sales Outpace Licensing Slowdown

Games Workshop reported record half-year results for the 26 weeks to 30 November 2025, with total revenue rising to £332.1m from £299.5m and operating profit increasing to £140.4m from £126.1m, driven by strong core sales across all 23 core countries and all three primary channels despite a sharp fall in licensing revenue. Profit before tax climbed to £140.8m, earnings per share improved to 319.9p, and the group boosted its cash generation ahead of dividends while continuing to invest in UK manufacturing capacity, future-proofing warehousing, and planning a new Warhammer World flagship location in North America. The company has so far offset around £6m of new US tariffs through efficiency gains, moderate price increases and lower stock write-offs, while also expanding its pipeline of licensed video games and screen projects, including ongoing live-action and animated collaborations with Amazon MGM Studios, and maintaining a cautious stance on AI to protect its intellectual property and emphasise human creative work.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £21000.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Confirms Total Voting Rights and Share Capital

Games Workshop Group PLC has confirmed that, as of 2 January 2026, it has 33,043,385 issued ordinary shares of 5 pence each in circulation, all of which carry one voting right and none of which are held in treasury. This updated share capital and voting rights figure will serve as the reference denominator for investors and other interested parties when calculating whether they must disclose holdings or changes in holdings under UK disclosure and transparency regulations, ensuring continued clarity around the company’s ownership structure.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £21000.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Refreshes Board with New Non-Executive Director and Remuneration Chair

Games Workshop has strengthened its board with the appointment of Nilufer Kheraj OBE as a Non-Executive Director, effective 1 January 2026. Kheraj brings extensive corporate and commercial legal experience from a 31-year career at law firm Slaughter and May, where she was a partner for 27 years, and currently serves as a Non-Executive Director at Legal & General Group. The company also confirmed that Kate Marsh, a long-serving Non-Executive Director and Chair of the Remuneration Committee, will step down from the board on 31 December 2025, with Randal Casson taking over as Chair of the Remuneration Committee from 1 January 2026. In line with UK corporate governance provisions, Games Workshop has begun recruiting an additional Non-Executive Director, underscoring its focus on board refreshment, succession planning and maintaining strong governance structures as it continues to grow.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £21000.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Announces Increased Dividend for 2025/26

Games Workshop Group PLC has announced a dividend of 50 pence per share, bringing the total declared dividends for the fiscal year 2025/26 to £3.75 per share, compared to £2.65 in the previous year. This announcement reflects the company’s commitment to its dividend policy and indicates a positive financial performance, potentially enhancing shareholder value and reinforcing its strong market position.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £21000.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

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.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £17394.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

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.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £17394.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

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.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £17394.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

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.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £18300.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

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.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £18300.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.