HASHASBRO, INC.

Games, Toys & Children's Vehicles (no Dolls & Bicycles)

Revenue: $4.7B; 14% YoY
Operating margin: 0.2%; 99% YoY
EBITDA: $147M; 83% YoY
Market cap: $16.7B
Employees: 4,520; $1M revenue each
Net debt / EBITDA: 23.7×; $3.5B net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
20% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 61st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
23.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$16.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$50M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.4B	$5.9B	$5.0B	$4.1B	$4.7B	14%
Operating income	$763M	$408M	−$1.5B	$690M	$11M	98%
Net income	$429M	$204M	−$1.5B	$386M	−$322M	184%
Operating cash flow	$818M	$373M	$726M	$847M	$893M	5.4%
Capex	$133M	$128M	$136M	$87M	$63M	27%
Stock-based comp	$98M	$83M	$72M	$51M	$80M	58%
Buybacks	$0	$125M	$0	$0	—
Dividends	$375M	$385M	$388M	$390M	$393M	0.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $50M · 22
Net: −$50M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	108	151
FY2024	—	—	71	142
FY2023	—	—	61	107
FY2022	—	—	67	78
FY2021	—	—	108	119