Games Workshop (GAW) AI Stock Analysis

• Market Cap: £5.14B
• Dividend Yield: 3.59%
• Average Volume (3M): 68.30K
• Price to Earnings (P/E): 26.2
• Beta (1Y): 1.18
• Revenue Growth: 17.46%
• EPS Growth: 29.67%
• Country: UK
• Employees: 2,950
• Sector: Consumer Cyclical
• Sector Strength: 79
• Industry: Leisure
• EPS (TTM): 3.06
• Shares Outstanding: 32,971,810
• 10 Day Avg. Volume: 36,364
• 30 Day Avg. Volume: 68,299
• PEG Ratio: 0.87
• Price to Book (P/B): 18.00
• Price to Sales (P/S): 8.18
• P/FCF Ratio: 24.47
• 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: £14,175.00
• Price Target Upside: -9.13% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 73 Outperform
• Price Target: 17,394.00p ▲(11.50% Upside)

Games Workshop's strong financial performance is the most significant factor, showcasing robust growth and stability. Technical analysis indicates some short-term weakness, while valuation metrics suggest a fair market price with an attractive dividend yield.

Positive Factors

Earnings

Group profit before tax is expected to be approximately £255m, comfortably ahead of market expectations.

Financial Performance

Trading has been ahead of expectations, with strong performance across both the core business and licensing.

Licensing Growth

Outstanding Licensing growth, led by Space Marine 2, with an increase of 80%.

Negative Factors

Tariffs Impact

Tariffs could impact profit before tax by approximately £12m, which is likely to reduce reported gross margin.

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 generates revenue through multiple streams, primarily from the sale of its miniature figures, gaming rulebooks, and related hobby supplies. The company operates a retail model that includes both physical stores and a robust online presence, allowing it to reach a global customer base. Key revenue streams include direct sales of products through its own stores and website, as well as distribution to third-party retailers. Additionally, GAW benefits from a subscription-based service known as Warhammer Plus, offering exclusive content and resources for its community. The company further engages in events and tournaments, which enhance community involvement and drive sales. GAW's strong brand loyalty, coupled with a vibrant community of players and hobbyists, contributes significantly to its earnings, ensuring a consistent demand for new releases and expansions in its IPs.

Games Workshop Financial Statement Overview

Summary

Games Workshop demonstrates strong financial health with impressive profitability metrics, efficient cash flow management, and a solid balance sheet. The company's consistent revenue growth and operational efficiency further bolster its financial standing.

Income Statement

Games Workshop demonstrates strong profitability with a consistent upward trajectory in revenue growth, featuring a gross profit margin of 71.2% and a net profit margin of 28.7% for the latest period. The company has maintained steady EBIT and EBITDA margins, reflecting efficient operations. Continued revenue growth over the years signifies a robust business model.

Balance Sheet

The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.19, indicating prudent financial management. A substantial equity ratio of 71.6% reflects strong capital structure stability. However, monitoring the slight increase in total debt is advisable to sustain financial health.

Cash Flow

Games Workshop's cash flow is strong, with significant free cash flow generation and an operating cash flow to net income ratio of 1.3, indicating efficient cash conversion. The company shows a stable free cash flow with a slight dip in growth, but overall cash flow management remains robust.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	617.50M	617.50M	525.70M	470.80M	414.80M	369.50M
Gross Profit	446.20M	445.00M	374.50M	319.80M	282.70M	269.30M
EBITDA	292.80M	308.10M	243.30M	211.00M	169.90M	178.10M
Net Income	196.10M	196.10M	151.10M	134.70M	128.40M	122.00M
Balance Sheet
Total Assets	383.00M	383.00M	351.30M	326.80M	321.10M	281.70M
Cash, Cash Equivalents and Short-Term Investments	132.60M	132.60M	107.60M	90.20M	71.40M	85.20M
Total Debt	45.20M	45.20M	47.20M	49.90M	48.90M	47.00M
Total Liabilities	102.20M	102.20M	99.90M	91.70M	86.40M	85.40M
Stockholders Equity	280.80M	280.80M	251.40M	235.10M	234.70M	196.30M
Cash Flow
Free Cash Flow	224.90M	206.50M	163.60M	165.60M	89.40M	102.90M
Operating Cash Flow	248.90M	247.40M	196.20M	193.90M	121.70M	132.90M
Investing Cash Flow	-40.90M	-38.00M	-30.10M	-28.30M	-32.30M	-30.00M
Financing Cash Flow	-183.30M	-183.30M	-148.50M	-146.60M	-103.60M	-70.00M

Games Workshop Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15600.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 15600 is below the 20-day moving average (MA) of 15712.14, below the 50-day MA of 15826.56, and above the 200-day MA of 14497.33, indicating a neutral trend. The MACD of -49.58 indicates Negative momentum. The RSI at 47.18 is Neutral, neither overbought nor oversold. The STOCH value of 50.72 is Neutral, 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
BOWL	78 Outperform	£423.75M	15.21	18.88%	4.80%	7.46%	-18.88%
GAW	73 Outperform	£5.14B	26.22	73.69%	3.59%	17.46%	29.67%
FSTA	70 Outperform	£315.36M	12.30	6.45%	3.41%	4.79%	223.72%
CCT	67 Neutral	£55.01M	10.34	14.34%	4.59%	-2.86%	4.50%
GYM	62 Neutral	£248.49M	55.76	3.39%	―	10.93%	―
Sector *	61 Neutral	$17.78B	13.97	-5.40%	3.03%	1.50%	-15.71%
TUNE	61 Neutral	£93.80M	46.44	1.70%	4.22%	-3.88%	-83.28%

Games Workshop Corporate Events

Games Workshop Executives Increase Shareholdings

Games Workshop Group PLC announced that its CEO, Kevin Rountree, and Group Finance Director, Liz Harrison, have acquired additional shares in the company as part of their Annual Bonus Award. Rountree purchased 2,345 shares, increasing his stake to 0.07% of the company’s share capital, while Harrison acquired 475 shares, raising her interest to 0.01%. These transactions highlight the executives’ ongoing commitment and confidence in the company’s future performance, potentially reinforcing stakeholder trust and positively impacting market perception.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 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 August 1, 2025, it has 32,971,810 issued ordinary shares, each carrying one vote at general meetings. This information is crucial for shareholders and others with notification obligations to determine their interests in the company under the Disclosure and Transparency Rules.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 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 Financial Performance

Games Workshop Group PLC has announced a dividend of 55 pence per share, bringing the total dividends declared for the 2025/26 financial year to £1.40 per share, compared to £1.00 in the previous year. This decision aligns with the company’s established dividend policy and reflects its commitment to returning value to shareholders, potentially enhancing investor confidence and market positioning.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Announces Directorate Change

Games Workshop announced a forthcoming change in its board of directors as Kate Marsh, a Non-Executive Director, will not stand for re-election at the 2026 AGM to focus on her trustee and chair roles. This planned transition is set to ensure an orderly handover, with further updates to follow, reflecting the company’s commitment to maintaining stability in its governance structure.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Grants Share Award to CEO Under 2025 Plan

Games Workshop has granted a restricted share award to its CEO, Kevin Rountree, under the 2025 Share Awards Plan. This award involves 14,178 ordinary shares at a nominal value of 5 pence per share, with a vesting date set for December 31, 2027. This move is part of the company’s strategy to align executive incentives with shareholder interests, potentially impacting the company’s leadership stability and market confidence.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Updates on Total Voting Rights

Games Workshop Group PLC announced that as of July 2, 2025, the company has 32,971,750 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 to determine their interest in the company.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Announces 85p Dividend for 2025/26

Games Workshop Group PLC has announced a dividend of 85 pence per share for the fiscal year 2025/26, marking a significant return to shareholder payouts after no dividends were declared in 2024/25. This decision aligns with the company’s dividend policy and reflects its strong financial performance, potentially enhancing investor confidence and impacting its market position positively.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 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 June 2, 2025, it has 32,971,750 issued ordinary shares, each carrying one vote at general meetings. This information is crucial for shareholders and others with notification obligations to determine their interest in the company under the Disclosure and Transparency Rules.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 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 Operations Director

Games Workshop has announced the appointment of Neil Tomlinson as Group Operations Director. Tomlinson, who joined the company in 2018 and has held various management roles, brings experience from previous positions at J Sainsbury’s and ASDA Walmart. This appointment is expected to strengthen the company’s operational capabilities.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 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 Financial Performance with Record Licensing Revenue

Games Workshop has reported strong financial performance for the year ending June 2025, with core revenue expected to exceed £560 million and licensing revenue reaching a record £50 million. Despite the record licensing revenue, the company does not anticipate similar results in the next fiscal year, highlighting the importance of this revenue stream. The company has also recognized staff contributions through profit-sharing payments and increased dividends, reflecting its commitment to rewarding employees and shareholders.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.

Games Workshop Shareholders Approve Key Resolutions Amidst Mixed Support

Games Workshop Group PLC announced that during their recent General Meeting, shareholders approved two key resolutions: the remuneration policy and the 2025 Share Awards Plan. Despite some opposition, with over 20% of votes against, the Board acknowledged the majority support and emphasized ongoing engagement with shareholders regarding remuneration practices.

The most recent analyst rating on (GB:GAW) stock is a Buy with a £11850.00 price target. To see the full list of analyst forecasts on Games Workshop stock, see the GB:GAW Stock Forecast page.