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Games Workshop
(LSE:GAW)
Select Model
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Rating:72Outperform
Price Target:
19,669.00 p
â–²(6.09% Upside)
Action:Reiterated
Date:07/29/26
The score is primarily driven by excellent financial performance (strong profitability, cash generation, and modest leverage), tempered by signs of slowing growth and uneven free cash flow. Technicals suggest a short-term dip but a longer-term uptrend, while valuation is relatively expensive (P/E ~32), which caps the overall score.
Positive Factors
Sustained Revenue Expansion
Revenue has expanded substantially across five annual periods, indicating durable demand for Games Workshop’s Warhammer products and continued customer engagement. This scale creates a broader base for future releases, supports investment in the hobby ecosystem, and reinforces the company’s market position.
Negative Factors
Sharp Growth Deceleration
The sharp slowdown in annual revenue growth suggests that the earlier expansion rate may not be fully sustainable as the business matures. Slower top-line growth could limit operating leverage, reduce the pace of earnings compounding, and increase the importance of successful future product releases.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Expansion
Revenue has expanded substantially across five annual periods, indicating durable demand for Games Workshop’s Warhammer products and continued customer engagement. This scale creates a broader base for future releases, supports investment in the hobby ecosystem, and reinforces the company’s market position.
Read all positive factors
Games Workshop (GAW) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£5.86B
Dividend Yield2.96%
Average Volume (3M)88.32K
Price to Earnings (P/E)28.5
Beta (1Y)0.76
Revenue Growth6.83%
EPS Growth4.89%
CountryUK
Employees3,321
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)6.23
Shares Outstanding33,045,370
10 Day Avg. Volume117,143
30 Day Avg. Volume88,317
Financial Highlights & Ratios
PEG Ratio6.46
Price to Book (P/B)19.36
Price to Sales (P/S)9.84
P/FCF Ratio29.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£22,150.00Price Target Upside19.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.2
Revenue Forecast (FY)£698.90M
Games Workshop Business Overview & Revenue Model
Company Description
Games Workshop Group PLC, established in Nottingham, UK in 1991, operates as a multinational company specializing in the creation, production, and worldwide distribution of miniature wargames and figures. Its operations are divided into two main s...
How the Company Makes Money
Games Workshop primarily makes money by monetizing its Warhammer intellectual property through the sale of physical hobby products and, to a smaller extent, licensing and digital content. The core revenue model is product-driven: (1) Miniatures an...
Games Workshop Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
84
Very Positive
| Breakdown | May 2026 | May 2025 | May 2024 | May 2023 | May 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 659.70M | 617.50M | 525.70M | 470.80M | 414.80M |
| Gross Profit | 478.40M | 445.00M | 374.50M | 319.80M | 282.70M |
| EBITDA | 324.00M | 308.10M | 243.30M | 211.00M | 192.90M |
| Net Income | 206.00M | 196.10M | 151.10M | 134.70M | 128.40M |
Balance Sheet | |||||
| Total Assets | 466.60M | 383.00M | 351.30M | 326.80M | 321.10M |
| Cash, Cash Equivalents and Short-Term Investments | 182.90M | 132.60M | 107.60M | 90.20M | 71.40M |
| Total Debt | 56.00M | 45.20M | 47.20M | 49.90M | 48.90M |
| Total Liabilities | 131.30M | 102.20M | 99.90M | 91.70M | 86.40M |
| Stockholders Equity | 335.30M | 280.80M | 251.40M | 235.10M | 234.70M |
Cash Flow | |||||
| Free Cash Flow | 218.30M | 206.50M | 163.60M | 165.60M | 89.40M |
| Operating Cash Flow | 267.70M | 247.40M | 196.20M | 193.90M | 121.70M |
| Investing Cash Flow | -46.90M | -38.00M | -30.10M | -28.30M | -32.30M |
| Financing Cash Flow | -170.60M | -183.30M | -148.50M | -146.60M | -103.60M |
Games Workshop Technical Analysis
Negative
18540.00
Price Trends
18898.86
Negative
19351.60
Negative
18610.83
Negative
Market Momentum
-359.25
Negative
38.29
Neutral
40.12
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 18540 is above the 20-day moving average (MA) of 18107.78, below the 50-day MA of 18898.86, and below the 200-day MA of 18610.83, indicating a bearish trend. The MACD of -359.25 indicates Negative momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of 40.12 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £5.86B | 28.51 | 62.95% | 2.88% | 6.83% | 4.89% | |
72 Outperform | £1.53B | 9.55 | 7.10% | 2.03% | 6.29% | 55.06% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | £56.75M | 49.46 | 9.46% | 0.04% | -6.13% | -82.79% | |
55 Neutral | £54.27M | -34.78 | -5.25% | 2.24% | -19.44% | -132.34% | |
50 Neutral | £2.76M | -3.30 | -200.26% | ― | -39.71% | 33.33% | |
45 Neutral | £547.93M | -3.75 | -90.46% | 4.52% | -30.52% | -2064.92% |
* Consumer Cyclical Sector Average
GB:GAW
Games Workshop
17,760.00
3,366.35
23.39%
GB:CCT
Character
313.00
30.50
10.79%
GB:GFIN
Gfinity
0.05
-0.02
-28.57%
GB:SMWH
WH Smith
383.00
-291.52
-43.22%
GB:CURY
Currys plc
148.00
15.92
12.06%
GB:WRKS
TheWorks.co.uk plc
92.00
43.80
90.87%
Games Workshop Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackShareholder Meetings
Games Workshop Shareholders Back All Resolutions at 2026 AGM
Positive
Sep 16, 2026
Games Workshop Group PLC reported that all resolutions proposed at its 2026 annual general meeting were duly passed, with around 72% of the issued share capital voted. Shareholders approved the annual accounts, re-elected the existing directors an...
Business Operations and StrategyDividendsFinancial Disclosures
Games Workshop Lifts 2026/27 Dividend as Trading Meets Expectations
Positive
Sep 16, 2026
Games Workshop, the maker of Warhammer, reported that trading up to 30 August 2026 is in line with the Board’s expectations for the current financial year, suggesting stable operational performance. The update indicates no negative surprises...
Regulatory Filings and Compliance
Games Workshop Confirms Total Voting Rights and Share Capital Structure
Neutral
Sep 2, 2026
Games Workshop Group PLC has confirmed that, as of 2 September 2026, it has 33,045,190 issued ordinary shares of 5 pence each admitted to trading, with each share carrying one vote at general meetings and no shares held in treasury. This clarifica...
Other
Games Workshop Directors Boost Shareholdings Through Bonus Plan
Positive
Aug 4, 2026
Games Workshop has disclosed a series of director share purchases made in line with its Annual Bonus Award scheme, signalling further alignment between senior management and shareholders. Chief executive Kevin Rountree acquired 2,034 shares on 3 A...
Regulatory Filings and Compliance
Games Workshop Confirms Total Voting Rights and Share Capital in Issue
Neutral
Aug 3, 2026
Games Workshop Group PLC has confirmed that it currently has 33,044,841 issued ordinary shares of 5 pence each admitted to trading, with each share carrying one vote at general meetings. The company also stated that it does not hold any ordinary s...
Executive/Board Changes
Games Workshop Discloses New External Directorship for Board Member
Neutral
Aug 3, 2026
Games Workshop has disclosed that independent non-executive director Randal Casson has taken on an additional board role as an independent non-executive director at Future PLC, a media company listed on the London Stock Exchange’s Main Marke...
Business Operations and StrategyDelistings and Listing Changes
Games Workshop Adds Employee Scheme Shares to London Listing
Neutral
Jul 31, 2026
Games Workshop has admitted a further 200 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 33,044,841 as of 31 July 2026. The newly admitted shares are fully fun...
DividendsFinancial Disclosures
Games Workshop Lifts 2026/27 Dividend Payout and Confirms DRIP Option
Positive
Jul 28, 2026
Games Workshop Group PLC has declared a dividend of £1.40 per share, bringing total dividends announced for the 2026/27 financial year to £2.30, up from £1.40 in 2025/26. The payment, aligned with the company’s stated dividend...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Games Workshop Publishes 2026 Annual Report and Sets AGM Date
Neutral
Jul 28, 2026
Games Workshop has published its Annual Report and financial statements for the 52-week period to 31 May 2026, which also contain the notice of its 2026 Annual General Meeting and the related proxy form, on its investor website. The documents have...
Business Operations and StrategyDividendsFinancial Disclosures
Games Workshop Delivers Record Revenue and Profit on Core Warhammer Growth
Positive
Jul 28, 2026
Games Workshop reported record annual results for the 52 weeks to 31 May 2026, with total revenue rising to £659.7m from £617.5m and profit before tax increasing to £275.7m from £262.8m, driven by strong growth in its core mini...
Regulatory Filings and Compliance
Games Workshop Confirms Total Voting Rights and Share Capital
Neutral
Jul 1, 2026
Games Workshop announced that, as of 1 July 2026, it has 33,044,841 issued ordinary shares of 5 pence each in circulation, all admitted to trading and each carrying one vote at general meetings. The company confirmed it holds no shares in treasury...
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.