Games Workshop Group PLC (GB:GAW)
LSE:GAW
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Games Workshop
(LSE:GAW)
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Rating:78Outperform
Price Target:
20,073.00 p
▲(17.66% Upside)
Action:ReiteratedDate:12/07/25
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 profit margins
Very high gross and operating margins reflect strong IP pricing power, recurring consumable sales and efficient operations. These durable margins provide scope to fund product development, retail expansion and licensing while insulating profits from normal cost swings.
Negative Factors
Revenue growth deceleration
The most recent year’s revenue advance (6.93%) is markedly below the multi-year growth rate (12.57%), signaling potential deceleration. If sustained, slower top-line growth could constrain future margin expansion and cash generation over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High profit margins
Very high gross and operating margins reflect strong IP pricing power, recurring consumable sales and efficient operations. These durable margins provide scope to fund product development, retail expansion and licensing while insulating profits from normal cost swings.
Read all positive factors
Games Workshop (GAW) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£6.20B
Dividend Yield2.96%
Average Volume (3M)71.18K
Price to Earnings (P/E)15.3
Beta (1Y)0.80
Revenue Growth17.46%
EPS Growth29.67%
CountryUK
Employees2,950
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)3.08
Shares Outstanding33,044,120
10 Day Avg. Volume60,179
30 Day Avg. Volume71,179
Financial Highlights & Ratios
PEG Ratio1.82
Price to Book (P/B)13.08
Price to Sales (P/S)6.26
P/FCF Ratio20.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£21,850.00Price Target Upside28.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.71
Revenue Forecast (FY)£642.53M
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 ope...
How the Company Makes Money
Games Workshop primarily makes money by monetizing its Warhammer IP through a mix of direct product sales, retail distribution, and licensing. (1) Product sales (miniatures, hobby supplies, and publications): The company designs and manufactures m...
Games Workshop Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | May 2024 | May 2023 | May 2022 | May 2021 | May 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 650.10M | 617.50M | 470.80M | 414.80M | 369.50M | 269.70M |
| Gross Profit | 469.70M | 445.00M | 319.80M | 282.70M | 269.30M | 177.00M |
| EBITDA | 323.40M | 308.10M | 211.00M | 192.90M | 178.10M | 115.10M |
| Net Income | 206.40M | 196.10M | 134.70M | 128.40M | 122.00M | 71.30M |
Balance Sheet | ||||||
| Total Assets | 432.30M | 383.00M | 326.80M | 321.10M | 281.70M | 207.60M |
| Cash, Cash Equivalents and Short-Term Investments | 171.10M | 132.60M | 90.20M | 71.40M | 85.20M | 52.90M |
| Total Debt | 87.30M | 45.20M | 49.90M | 48.90M | 47.00M | 37.00M |
| Total Liabilities | 113.10M | 102.20M | 91.70M | 86.40M | 85.40M | 73.90M |
| Stockholders Equity | 319.20M | 280.80M | 235.10M | 234.70M | 196.30M | 133.70M |
Cash Flow | ||||||
| Free Cash Flow | 256.40M | 206.50M | 165.60M | 89.40M | 102.90M | 80.00M |
| Operating Cash Flow | 283.30M | 247.40M | 193.90M | 121.70M | 132.90M | 104.60M |
| Investing Cash Flow | -43.50M | -38.00M | -28.30M | -32.30M | -30.00M | -24.60M |
| Financing Cash Flow | -193.50M | -183.30M | -146.60M | -103.60M | -70.00M | -56.80M |
Games Workshop Technical Analysis
Positive
17060.00
Price Trends
17328.67
Positive
17974.94
Positive
16583.53
Positive
Market Momentum
208.25
Negative
66.03
Neutral
59.40
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 17060 is below the 20-day moving average (MA) of 17677.00, below the 50-day MA of 17328.67, and above the 200-day MA of 16583.53, indicating a bullish trend. The MACD of 208.25 indicates Negative momentum. The RSI at 66.03 is Neutral, neither overbought nor oversold. The STOCH value of 59.40 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £6.20B | 15.34 | 68.80% | 2.96% | 17.46% | 29.67% | |
73 Outperform | £1.39B | 23.58 | 5.88% | 1.18% | 9.51% | -31.96% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | £26.59M | -1.20 | 63.25% | ― | -1.96% | 28.69% | |
50 Neutral | £2.74M | -1.64 | -169.50% | ― | -54.59% | ― | |
46 Neutral | £41.89M | -45.67 | -3.46% | 5.32% | -18.60% | -128.39% | |
46 Neutral | £761.06M | -2.16 | -62.07% | 4.48% | -19.03% | -318.35% |
* Consumer Cyclical Sector Average
GB:GAW
Games Workshop
18,750.00
6,022.23
47.32%
GB:CCT
Character
240.00
-10.97
-4.37%
GB:GFIN
Gfinity
0.05
<0.01
4.00%
GB:SMWH
WH Smith
611.00
-272.27
-30.82%
GB:CURY
Currys plc
133.90
41.17
44.40%
GB:WRKS
TheWorks.co.uk plc
42.55
22.45
111.69%
Games Workshop Corporate Events
DividendsRegulatory Filings and Compliance
Games Workshop CEO Increases Stake Via Dividend Reinvestment
Positive
Apr 2, 2026
Games Workshop has disclosed a small share purchase by chief executive Kevin Rountree under the company’s dividend reinvestment plan, underscoring ongoing insider alignment with shareholder interests. Rountree acquired 61 ordinary shares at ...
Private Placements and FinancingRegulatory Filings and Compliance
Games Workshop Admits Additional Shares From Employee Scheme to LSE
Neutral
Mar 30, 2026
Games Workshop Group PLC has admitted 650 new ordinary shares of 5p each to trading on the Main Market of the London Stock Exchange, bringing the total number of shares in issue to 33,044,080 as of 30 March 2026. The new shares, which are fully fu...
Regulatory Filings and Compliance
Games Workshop CEO Reorganises Shareholding With No Change in Ownership
Neutral
Mar 19, 2026
Games Workshop Group PLC has disclosed that Chief Executive Officer Kevin Rountree has transferred 22,377 ordinary shares in the company to a new nominee account. The move involves no sale, purchase, or change in beneficial ownership, indicating i...
Other
Games Workshop Chair Increases Personal Stake with Modest Share Purchase
Positive
Mar 11, 2026
Games Workshop has disclosed that its Non-Executive Chair, Mark Lam, purchased 110 ordinary shares in the company on 11 March 2026 at a price of £171.385101 per share on the London Stock Exchange’s Main Market. Following this transactio...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Games Workshop investors back director fee changes and new articles
Positive
Mar 5, 2026
Games Workshop shareholders have approved both resolutions put to a general meeting on 5 March 2026, including the ratification of past non-executive directors’ fee payments that exceeded the existing cap in the company’s articles and ...
Business Operations and StrategyRegulatory Filings and Compliance
Games Workshop Reports Modest Share Issuance Under Employee Option Scheme
Neutral
Mar 2, 2026
Games Workshop has reported its latest six‑monthly block listing return for its Savings‑Related Share Option Scheme to the UK Financial Conduct Authority, covering the period from 1 September 2025 to 2 March 2026. The disclosure detail...
Regulatory Filings and Compliance
Games Workshop Confirms Total Voting Rights and Share Capital
Neutral
Mar 2, 2026
Games Workshop Group PLC reported that it has 33,043,899 issued ordinary shares of 5 pence each in circulation, with each share conferring one vote at the company’s general meetings. The company confirmed it holds no shares in treasury, mean...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Games Workshop Seeks Shareholder Backing for Director Pay Cap Rise and New Articles
Neutral
Feb 10, 2026
Games Workshop Group PLC has called a General Meeting for 5 March 2026 in Nottingham, issuing a circular to shareholders that outlines proposed changes to director remuneration and governance documents. The board unanimously backs the measures and...
Regulatory Filings and Compliance
Games Workshop Confirms Current Share Capital and Voting Rights
Neutral
Feb 2, 2026
Games Workshop Group PLC has confirmed that, as of 2 February 2026, it has 33,043,643 issued ordinary shares of 5 pence each in circulation, with none held in treasury and each share carrying one vote at general meetings. The disclosure sets the o...
Regulatory Filings and Compliance
Games Workshop CEO Increases Stake via Dividend Reinvestment
Neutral
Feb 2, 2026
Games Workshop Group PLC announced that chief executive Kevin Rountree has acquired 124 ordinary shares in the company under its dividend reinvestment plan at a price of £176.50583 per share, increasing his total beneficial holding to 22,377 ...
DividendsFinancial Disclosures
Games Workshop Lifts Total 2025/26 Payout With New £1.10 Dividend
Positive
Jan 13, 2026
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 di...
Business Operations and StrategyFinancial Disclosures
Games Workshop Delivers Record Half-Year as Core Sales Outpace Licensing Slowdown
Positive
Jan 13, 2026
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 acros...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.