Games Workshop Group PLC GAW
LondonTravel, lodging and leisureFinancials to May 31, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| £M | Jun '25 | May '26 |
|---|---|---|
| Cash | 132.6 | 182.9 |
| Securities | 0.0 | 0.0 |
| Debt | 0.0 | 0.0 |
| Net cash | 132.6 | 182.9 |
| Equity | 280.8 | 335.3 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (5/31/26)
- £56M
- Diluted shares
- 33M
- Book value / share
- £10.13
- Price / book
- 16.7×
- Net cash / share
- £5.53
- Market cap
- £5.6B
- Enterprise value
- £5.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 3.0% | -11.4 pts | |
| Operating margin | 41.1% | -1.4 pts | |
| FCF margin | 34.4% | -6.7 pts | |
| Capex / revenue | 5.1% | +1.5 pts | |
| Core revenue | £627M | +11% | |
| Licensing revenue | £33M | -37% | |
| Core operating profit | £245M | +16% | |
| Licensing cash receipts | £43M | -25% | |
| Fixed licensing income | £3M | -77% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About GAW
Games Workshop designs, makes and sells Warhammer miniatures, rules, paints and related hobby products, and licenses its settings to game and media partners. Core supplied about 95% of FY2026 revenue; licensing supplied about 5%.
- IP Choke Point
Games Workshop owns Warhammer settings and imagery, so rivals cannot sell authorized Warhammer miniatures without its permission.
- Brand Trust
Warhammer is the key consumer-facing brand.
- IP Choke Point
Games Workshop alone can grant authorized Warhammer rights.
- Content Rights Currency
Depth of lore and settings creates a reusable content asset that can be adapted into games and media, increasing the attractiveness of Warhammer as a licensing property.
- Sep 21, 2026
Games Workshop changed prices on some Warhammer products, testing whether customers will maintain purchases after another adjustment; the notice did not state an average increase.
- Sep 16, 2026
Games Workshop said trading to 30 August remained in line with expectations and declared a GBP0.70 dividend, taking FY2027 dividends announced to GBP3.00 per share; the update supplied no new profit figures.
- Aug 25, 2026
Games Workshop launched the sixth year of Warhammer+ with two subscriber miniatures and a yearbook, strengthening the hobby bundle while making subscriber growth a broader measure than video demand.
- Aug 12, 2026
Deep Silver delayed Dawn of War IV to 3 December 2026, shifting the licensed game’s launch beyond its September window and illustrating the risk to royalty timing from partner execution.
- Jun 6, 2026
Games Workshop opened pre-orders for Warhammer 40,000: Armageddon, the new-edition starter box, creating a recruitment and repeat-purchase opportunity in FY2027.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (£) | ||||||||||||
| Revenue | 4.89 | 6.76 | 7.83 | 8.24 | 10.73 | 12.62 | 14.31 | 15.94 | 18.69 | 19.93 | +16.9%/yr | |
| Cash flow | 1.36 | 2.14 | 2.21 | 3.19 | 4.03 | 3.70 | 5.86 | 5.95 | 7.49 | 8.09 | +21.9%/yr | |
| Earnings | 0.94 | 1.82 | 2.01 | 2.18 | 3.71 | 3.91 | 4.09 | 4.58 | 5.94 | 6.22 | +23.3%/yr | |
| Free cash flow | 1.19 | 1.69 | 1.79 | 2.69 | 3.50 | 3.18 | 5.41 | 5.48 | 6.76 | 7.12 | +22.0%/yr | |
| Capex | 0.17 | 0.45 | 0.42 | 0.50 | 0.53 | 0.52 | 0.45 | 0.47 | 0.73 | 0.97 | +21.5%/yr | |
| Dividends | 0.74 | 1.18 | 1.53 | 1.44 | 1.84 | 2.84 | 4.15 | 4.19 | 5.19 | 4.84 | +23.3%/yr | |
| Book value | 1.94 | 2.69 | 3.25 | 4.08 | 5.96 | 7.14 | 7.15 | 7.62 | 8.50 | 10.13 | +20.1%/yr | |
| Diluted shares (M) | 32 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 | +0.3%/yr | |
| Totals (£M) | ||||||||||||
| Revenue | 158.1 | 221.3 | 256.6 | 269.7 | 353.2 | 414.8 | 470.8 | 525.7 | 617.5 | 659.7 | +17.2%/yr | |
| Operating income | 38.3 | 74.3 | 81.2 | 90.0 | 151.7 | 157.1 | 170.2 | 201.8 | 261.3 | 275.0 | +24.5%/yr | |
| Net income | 30.5 | 59.5 | 65.8 | 71.3 | 122.0 | 128.4 | 134.7 | 151.1 | 196.1 | 206.0 | +23.6%/yr | |
| Free cash flow | 38.5 | 55.4 | 58.8 | 88.2 | 115.3 | 104.5 | 177.9 | 180.6 | 223.4 | 235.7 | +22.3%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Dividends | 23.8 | 38.7 | 50.3 | 47.3 | 60.5 | 93.5 | 136.5 | 138.3 | 171.4 | 160.1 | +23.6%/yr | |
| Net cash | 17.9 | 28.5 | 29.4 | 52.9 | 85.2 | 71.4 | 90.2 | 107.6 | 132.6 | 182.9 | +£165.0M | |
| Margins & returns (%) | ||||||||||||
| Gross margin | 72.4 | 71.0 | 67.5 | 67.0 | 72.7 | 69.3 | 68.3 | 71.2 | 72.1 | 72.5 | +0.2 pts | |
| Operating margin | 24.2 | 33.6 | 31.6 | 33.4 | 43.0 | 37.9 | 36.2 | 38.4 | 42.3 | 41.7 | +17.4 pts | |
| Net margin | 19.3 | 26.9 | 25.7 | 26.4 | 34.5 | 31.0 | 28.6 | 28.7 | 31.8 | 31.2 | +11.9 pts | |
| FCF margin | 24.3 | 25.0 | 22.9 | 32.7 | 32.6 | 25.2 | 37.8 | 34.4 | 36.2 | 35.7 | +11.4 pts | |
| ROIC | 63.4 | 92.7 | 78.3 | 82.8 | 101.5 | 71.5 | 87.3 | 104.3 | 131.1 | 134.1 | +70.7 pts | |
| Return on equity | 48.6 | 67.5 | 61.8 | 53.3 | 62.1 | 54.7 | 57.3 | 60.1 | 69.8 | 61.4 | +12.8 pts | |
| R&D % of revenue | 2.7 | 2.6 | 2.5 | 3.7 | 2.2 | – | – | – | 0.7 | 0.8 | -1.9 pts | |
| Stock pay % of revenue | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.2 | 0.2 | 0.2 | 0.6 | +0.5 pts | |
| Capex % of revenue | 3.4 | 6.6 | 5.3 | 6.0 | 4.9 | 4.1 | 3.1 | 3.0 | 3.9 | 4.9 | +1.4 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- strong
- Core (Warhammer miniatures & hobby products)95.0%2 claims
- Licensing (Warhammer IP)5.0%2 claims
Moat claims
- Applies to
- Core (Warhammer miniatures & hobby products)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Games Workshop owns Warhammer settings and imagery, so rivals cannot sell authorized Warhammer miniatures without its permission. This protects a differentiated franchise, not the whole tabletop hobby: players can choose other games, second-hand models or unofficial substitutes.
Warhammer ownership remains intact and core revenue reached GBP626.8m in FY2026; this supports continued commercial use of the IP, but does not prove wider legal exclusivity.
- Core revenue£627M+11%
- Core operating profit£245M+16%
- Independent retailers9,100+12%
- Trade revenue£405M+17%
- Core revenue (first half)£316M+17%
- Core operating profit (first half)£126M+29%
- IP dilution from inconsistent world-building or over-extension
- IP infringement (counterfeits, recasts, unauthorized 3D prints)
- Backlash to rules/monetization harming the brand and sales
- SourceGames Workshop Group PLC FY2026 Results (Strategic report)Jul 28, 2026
- Applies to
- Core (Warhammer miniatures & hobby products)
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Warhammer is the key consumer-facing brand. FY2026 engagement grew across My Warhammer, Warhammer+ and email, while annual price increases coexisted with record core revenue and volume growth.
My Warhammer active users reached about 890,000 and Warhammer+ subscribers about 269,000 in FY2026, while core revenue reached GBP626.8m alongside a reported average 3% RRP increase; engagement is growing, although paying-customer retention is not disclosed.
- Core revenue£627M+11%
- Core operating profit£245M+16%
- My Warhammer active users~890,000+21%
- Warhammer+ subscribers~269,000+16%
- Independent retailers9,100+12%
- Trade revenue£405M+17%
- Owned Warhammer stores598+5%
- Average RRP increase3.0%
- Active email users (six months)~678,000+13%
- Active email users (one month)~513,000+14%
- Core revenue (first half)£316M+17%
- Core operating profit (first half)£126M+29%
- Perceived decline in miniature quality or rules quality
- Community backlash (edition changes, pricing, balance issues)
- Macro-driven reduction in discretionary spend
- SourceGames Workshop Group PLC FY2026 Results (Brands and customer engagement)Jul 28, 2026
- SourceGames Workshop Group PLC FY2026 Results (Pricing)Jul 28, 2026
- SourceICv2 Fall 2025 non-collectible miniature lines: hobby-channel rankingMar 30, 2026
- SourceGames Workshop trade notice: price adjustment from 21 September 2026Aug 16, 2026
- Applies to
- Licensing (Warhammer IP)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Games Workshop alone can grant authorized Warhammer rights. Publishers must agree terms to use those settings, but can license other franchises or create their own. Exclusivity protects royalty income from Warhammer, while competition for publisher budgets limits its reach.
Games Workshop still controls authorized Warhammer rights, but licensing revenue fell to GBP32.9m from GBP52.5m; hit-driven income and the Dawn of War IV delay change earnings timing without showing that legal protection has weakened.
- Licensing revenue£33M-37%
- Licensing cash receipts£43M-25%
- Fixed licensing income£3M-77%
- Licensing revenue (first half)£16M-47%
- PC and console share of licensing revenue85.0%+4.0 pts
- Over-licensing harming brand equity and cannibalizing core
- Partner failures producing low-quality products
- Regulatory/contract disputes with licensees
- SourceGames Workshop Group PLC FY2026 Results (Licensing strategy)Jul 28, 2026
- SourceDeep Silver Dawn of War IV release update and licensed-IP noticeAug 12, 2026
- Applies to
- Licensing (Warhammer IP)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Depth of lore and settings creates a reusable content asset that can be adapted into games and media, increasing the attractiveness of Warhammer as a licensing property.
The library continues to attract game and Amazon adaptations, but FY2026 licensing revenue was GBP32.9m and two licensees ended their licences; a deeper slate has not yet proved a higher recurring royalty base.
- Licensing revenue£33M-37%
- Licensing cash receipts£43M-25%
- Fixed licensing income£3M-77%
- Licensing revenue (first half)£16M-47%
- PC and console share of licensing revenue85.0%+4.0 pts
- Audience fatigue or oversaturation of licensed content
- Narrative/brand inconsistency across partners
- Competitors with larger media engines outspending on awareness
- SourceGames Workshop Group PLC FY2026 Results (Owned settings)Jul 28, 2026
- SourceGames Workshop Group PLC FY2026 Results (Licensing review)Jul 28, 2026
Profile change log
- Oct 6, 2026 · business change
Games Workshop changed prices on some Warhammer products, testing whether customers will maintain purchases after another adjustment; the notice did not state an average increase.
- Oct 6, 2026 · business change
Games Workshop said trading to 30 August remained in line with expectations and declared a GBP0.70 dividend, taking FY2027 dividends announced to GBP3.00 per share; the update supplied no new profit figures.
- Oct 6, 2026 · business change
Games Workshop launched the sixth year of Warhammer+ with two subscriber miniatures and a yearbook, strengthening the hobby bundle while making subscriber growth a broader measure than video demand.
- Oct 6, 2026 · business change
Deep Silver delayed Dawn of War IV to 3 December 2026, shifting the licensed game’s launch beyond its September window and illustrating the risk to royalty timing from partner execution.
- Oct 6, 2026 · business change
Games Workshop opened pre-orders for Warhammer 40,000: Armageddon, the new-edition starter box, creating a recruitment and repeat-purchase opportunity in FY2027.
- Oct 6, 2026 · business change
Neil Tomlinson became chief operating officer with design and manufacturing responsibility, and Max Bottrill stepped down from the PLC board to report to him, bringing product creation and capacity planning under one operating lead.
- Oct 6, 2026 · business change
The US Supreme Court rejected the IEEPA tariff authority, enabling Games Workshop to recognize GBP7.8m of tariff refunds in FY2026; ongoing import duties still raise operating costs.
- Oct 6, 2026 · business change
Games Workshop completed its Amazon agreement for Warhammer 40,000 film and television adaptations and associated merchandising, opening another route to audiences while leaving production timing with its partner.
- Oct 6, 2026 · analyst revision
Licensing competes for publisher and studio budgets rather than operating in a market monopoly. Core brand engagement is widening while IP protection and licensing rights remain stable. Market links, competitor evidence, management and the investment debate now reflect current reports. Revenue before FY2022 excludes royalties, so older consolidated sales ratios need care; core and licensing histories separate this presentation change. The cash-flow capex line covers PPE only, with development, other intangibles and lease principal shown separately as recurring cash demands.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global tabletop miniatures and hobby products
Physical miniatures used for tabletop battles, collecting, building and painting, with associated rules, paints, scenery and hobby supplies. Excludes trading cards, general board games, video-game software and external IP royalty revenue; books and digital hobby content support recruitment but are not separately sized here.
- Games Workshop
- Catalyst Game Labs
- Steamforged Games
- WizKids
- Atomic Mass Games
- Archon Studio
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| GAW | 97 | 72.5% | 41.7% | |
| Industry median | 9 | 80 | 77.7% | 32.9% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- New editions and starter sets recruit beginners and prompt existing players to add armies, rules and paints. Sustained spending between major launches is the test of franchise strength.
- Clubs, tournaments and independent stores supply opponents, teaching and discovery. A widely played system is easier to join, but retailer shelf space remains open to rival franchises.
- Video-game and screen adaptations can introduce new fans to physical collecting. The conversion from audience to miniature buyers is not disclosed and must not be assumed.
- Local-language rules, content and distribution expand access outside established English-speaking markets. Production capacity and reliable stock availability decide whether this interest becomes sales.
- Household income and confidence matter because armies are discretionary purchases. Premium brands can pass on some wage, resin, energy and freight costs when customer demand holds.
- Large price rises, frequent paid rules and release-heavy calendars can exhaust hobby budgets. Buyers can delay purchases, use old armies or choose cheaper systems and second-hand products.
- US import tariffs directly affect UK-made miniatures, while customs changes and product or packaging regulation can add distribution costs. A refunded tariff does not remove continuing exposure.
- Sterling strength lowers the GBP value of overseas receipts; unhedged currency exposure makes reported growth differ from local demand. Higher rates mainly act through consumer spending and retailer funding, rather than Games Workshop debt service.
- Manufacturing, tooling, payroll and logistics investment can run ahead of demand. More stores or factory space creates no protection if stock availability or retail recruitment remains weak.
- Unauthorized copies and home 3D printing can divert purchases, while rival properties such as BattleTech, Star Wars and new entrants compete for time. Legal rights protect franchise imagery, not ownership of the whole hobby.
Bulls & bears
Can Warhammer turn its wider audience into repeat core purchases and cash after tariffs and investment, without needing another exceptional licensed-game hit?
Arguments
What to watch
- 1Core revenue and operating profit at actual and constant exchange rates after the September price adjustment
- 2My Warhammer active users, Warhammer+ subscribers and ordering stockists, with unchanged definitions
- 3Licensing revenue, fixed guarantees and cash receipts; royalties after Dawn of War IV launches
- 4PPE purchases, capitalized product development, lease principal and surplus cash after dividends
Next check: Dawn of War IV is scheduled for 3 December 2026 after its delay; Games Workshop has announced H1 FY2027 results for 12 January 2027. Check demand after the new 40,000 edition and September price adjustment, royalties, tariff costs and cash used by expansion.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 97/100 by <a href="https://www.findmymoat.com/stocks/XLON:GAW">Find My Moat</a> (as of September 2026)Request update
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