How Investors May Respond To Hasbro (HAS) Leaning on Wizards Profit as Toys Take a Back Seat

• In December 2025, 37GAMES concluded its year-long TRANSFORMERS collaboration in mobile title Puzzles & Survival, while Hasbro-supported franchises like Magic: The Gathering and Dungeons & Dragons drew fresh attention through digital initiatives, new product waves, and analyst commentary.
• The news highlights how Hasbro’s pivot toward higher-margin games and intellectual property, with Wizards of the Coast now generating over 80% of operating profit, is reshaping the business away from traditional toys.
• Next, we’ll examine how Wizards of the Coast’s profit contribution and the Exodus and D&D game delays influence Hasbro’s investment narrative.

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Hasbro Investment Narrative Recap

To own Hasbro today, you need to believe its shift from lower margin toys toward higher margin, franchise driven gaming can offset a weak traditional Consumer Products segment and ongoing concentration in Magic: The Gathering and Dungeons & Dragons. The latest news on Transformers mobile collaborations and the 2027 Exodus and D&D game delays does not materially change that near term story, though it does reinforce that execution in digital remains the key catalyst and the key execution risk.

The most relevant recent announcement here is the delay of Exodus and Dungeons & Dragons: Warlock into 2027, which Morgan Stanley suggests smooths earnings by reducing near term launch pressure while keeping Hasbro’s digital roadmap intact. For investors focused on catalysts, this pushes out any material video game contribution, putting even more weight on Wizards of the Coast’s tabletop and licensing performance, as well as on ongoing collaborations like Transformers crossovers and Marvel Legends collectibles to sustain engagement.

Yet investors also need to weigh how reliant Hasbro has become on a handful of blockbuster Wizards of the Coast franchises, because if demand for Magic weakens...

Read the full narrative on Hasbro (it's free!)

Hasbro's narrative projects $4.9 billion revenue and $773.5 million earnings by 2028.

Uncover how Hasbro's forecasts yield a $91.54 fair value, a 13% upside to its current price.

Exploring Other Perspectives

Six fair value estimates from the Simply Wall St Community span roughly US$2 to about US$148 per share, showing how far apart individual views can be. As you weigh those against Hasbro’s growing dependence on Wizards of the Coast for more than 80% of operating profit, it is worth comparing several of these perspectives before deciding how that concentration risk could affect future results.

Explore 6 other fair value estimates on Hasbro - why the stock might be worth as much as 81% more than the current price!

Build Your Own Hasbro Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Hasbro research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Hasbro research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Hasbro's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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