HASBRO, INC（HAS）の決算・業績分析
HASBRO, INCの2025年有価証券報告書をAI分析。売上高$4.7B(+13.7%)。営業利益$11M。Consumer Discretionary。
目次
HASBRO, INCの2025年度 業績サマリー
HASBRO, INC（証券コード: HAS）の2025年度決算・業績分析。売上高は$4.7B（前年比+13.7%）。営業利益は$11M（前年比-98.4%）。純利益は-$322M（前年比-183.6%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
HASBRO, INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue declined 8.8% YoY to $5.9B (XBRL), driven by a $579M drop in the Entertainment segment (10-K).
- Operating income fell 46.6% YoY to $408M (XBRL), with a 7.0% operating margin (XBRL).
- Net income dropped 52.5% YoY to $204M (XBRL), despite $510M returned to shareholders via dividends and buybacks (XBRL).
- Debt-to-equity ratio rose to 1.78x (XBRL), with $3.0B in long-term debt (XBRL).
- Cash conversion cycle (CCC) remained stable at 62 days (XBRL), but receivables days increased to 64 days (XBRL).
HASBRO, INCの売上高変化の要因
- •Total revenue declined 8.8% YoY to $5.9B (XBRL), with the Entertainment segment down $579M (10-K) and Consumer Products down $342.5M (10-K), partially offset by a $53.7M increase in Wizards of the Coast and Digital Gaming (10-K). Franchise Brands generated $3,120.9M (10-K), Partner Brands $583.4M (10-K), and Portfolio Brands $431.2M (10-K). The sale of the eOne Film and TV business in 2023 (10-K) significantly impacted the Entertainment segment.
HASBRO, INCの営業利益変化の要因
- •Operating margin was 7.0% (XBRL), but operating income fell 46.6% YoY to $408M (XBRL). Gross profit data is unavailable (XBRL), but cost of sales rose to 28.5% of net revenues (10-K). SG&A expenses decreased to $1,213.2M (29.3% of net revenues) (10-K). Net margin declined to 3.5% (XBRL), with net income down 52.5% YoY to $204M (XBRL). Interest expense increased to $171.2M (10-K).
HASBRO, INCの事業リスクと対応
Failure to execute business strategy, including innovation, digital growth, and operational efficiency (10-K).
Risks in developing and commercializing digital games due to high costs and uncertain success (10-K).
Reliance on third-party licensees risking brand misuse or non-compliance (10-K).
High debt-to-equity ratio (1.78x) and negative net income in FY2025 ($-1.5B) (XBRL).
Challenges in managing inventory, supply chain logistics, and consumer preferences (10-K).
Intense competition in digital gaming and high costs for technologically advanced products (10-K).
Accelerating technological changes (e.g., AI) and shifting consumer preferences (10-K).
HASBRO, INCの今後の見通し・業績予想
HASBRO, INCの事業内容
Hasbro generates revenue through physical and digital games, toys, licensed consumer products, and entertainment (10-K). Key segments include Wizards of the Coast and Digital Games (e.g., MAGIC: THE GATHERING), Consumer Products (e.g., TRANSFORMERS), and Licensing (e.g., Monopoly Go!). Competitive advantages include iconic IP portfolios, strategic partnerships, and operational efficiency programs (e.g., $600M gross cost savings since 2022) (10-K). The company serves global audiences of kids, families, and fans without significant customer concentration (10-K).
HASBRO, INCのAI業績分析レポート（2024年度）
Hasbro, Inc. (HAS) FY2024 Annual Report Analysis
Highlights
Business Overview
Hasbro generates revenue through physical and digital games, toys, licensed consumer products, and entertainment (10-K). Key segments include Wizards of the Coast and Digital Games (e.g., MAGIC: THE GATHERING), Consumer Products (e.g., TRANSFORMERS), and Licensing (e.g., Monopoly Go!). Competitive advantages include iconic IP portfolios, strategic partnerships, and operational efficiency programs (e.g., $600M gross cost savings since 2022) (10-K). The company serves global audiences of kids, families, and fans without significant customer concentration (10-K).
Revenue Analysis
Total revenue declined 8.8% YoY to $5.9B (XBRL), with the Entertainment segment down $579M (10-K) and Consumer Products down $342.5M (10-K), partially offset by a $53.7M increase in Wizards of the Coast and Digital Gaming (10-K). Franchise Brands generated $3,120.9M (10-K), Partner Brands $583.4M (10-K), and Portfolio Brands $431.2M (10-K). The sale of the eOne Film and TV business in 2023 (10-K) significantly impacted the Entertainment segment.
Profitability Analysis
Operating margin was 7.0% (XBRL), but operating income fell 46.6% YoY to $408M (XBRL). Gross profit data is unavailable (XBRL), but cost of sales rose to 28.5% of net revenues (10-K). SG&A expenses decreased to $1,213.2M (29.3% of net revenues) (10-K). Net margin declined to 3.5% (XBRL), with net income down 52.5% YoY to $204M (XBRL). Interest expense increased to $171.2M (10-K).
Balance Sheet Analysis
Equity ratio was 46.8% (XBRL), with total equity at $3.1B (XBRL). Long-term debt totaled $3.0B (XBRL), resulting in a D/E ratio of 1.78x (XBRL). Current ratio was 1.13x (XBRL). Liquidity details (cash, credit facilities) are not disclosed (N/A). Total assets declined to $6.5B (XBRL) from $10.8B in FY2022 (XBRL).
Cash Flow Analysis
Operating cash flow was $373M (XBRL), with free cash flow (FCF) of $245M (XBRL) after $128M in CapEx (XBRL). Investing activities included a $313M outflow (XBRL), primarily from the eOne sale (10-K). Financing activities showed a $553M outflow (XBRL), including $385M in dividends (XBRL) and $125M in share repurchases (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was 62 days (XBRL), with receivables days at 64 days (XBRL), inventory days at 63 days (XBRL), and payables days at 65 days (XBRL).
Risks
Outlook
Management highlights the impact of the eOne sale, declining Entertainment segment, and lower Consumer Products revenue as key trends affecting future results (10-K). No explicit forward-looking guidance is provided (N/A).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 4.6B | 4.7B | 5.5B | 6.4B | 5.9B | 5.0B |
| Operating Income | 331M | 652M | 502M | 763M | 408M | -1.5B |
| Net Income | 220M | 520M | 222M | 429M | 204M | -1.5B |
| Total Assets | 5.3B | 8.9B | 10.8B | 10.0B | 6.5B | 6.3B |
| Total Equity | 3.0B | 1.8B | 3.0B | 2.9B | 3.1B | 2.9B |
| Operating Cash Flow | 646M | 653M | 976M | 818M | 373M | 726M |
Consumer Discretionaryの企業一覧
HASBRO, INCと同じ「Consumer Discretionary」セクターの企業