Hasbro, Inc.

Hasbro, Inc. is an American games, intellectual property, and toy company whose portfolio spans trading-card giant Magic: The Gathering, role-playing institution Dungeons & Dragons, and toy brands including Play-Doh, Transformers, Nerf, and Peppa Pig, generating $4.70 billion in revenue in fiscal 2025. The company also holds lucrative licensing agreements with The Walt Disney Company for Marvel and Star Wars properties and digital partnerships that produced Monopoly Go!, one of the most successful mobile games in history.

This is a story about one of the world's best entertainment franchises hiding inside a toy company. The Wizards of the Coast and Digital Gaming segment — which encompasses Magic: The Gathering, Dungeons & Dragons, and digital gaming — has compounded revenue at over 17% annually since 2009, growing in 15 of the last 17 years, and now generates roughly $2.2 billion in annual revenue with 46% segment operating margins. Magic itself represents a subset of that segment, primarily within tabletop gaming revenue of $1.69 billion in FY2025. The rest of Hasbro — its traditional toy business and its remnant entertainment segment — is a mixed bag: modestly cash-generative, challenged by tariffs and structural shifts in play patterns, and still digesting a bruising multi-year restructuring that included the divestiture of the eOne film and television business and two massive goodwill impairments totaling over $2.2 billion. The central question is whether the Wizards segment can carry the weight of the enterprise while the rest of the portfolio finds its footing, and whether the market is pricing that asymmetry correctly.