# Games Workshop Group (GAW.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Consumer Cyclical / Hotels, Restaurants & Leisure. Price 18294p, market value 6.0 billionp.

## Valuation
- **P/E (trailing): 29.4×** (5-yr avg 2426.6×, 3-yr avg 2649.6×). Games Workshop Group trades at 29.4× trailing earnings, well below its own five-year average of 2426.6×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 28.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 5.84**. A PEG of 5.84 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 9.2×**. Each dollar of revenue is priced at 9.2×.
- **Price / book: 18.0×**. The shares trade at 18.0× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 18.3×**. Enterprise value is 18.3× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 3.6%** (5-yr avg 0.0%). Free cash flow equals 3.6% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been.
- **Earnings yield: 3.4%**. The inverse of the P/E: 3.4% of the price is earned each year.

## Profitability
- **Gross margin: 72.5%**. Games Workshop Group keeps 72.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 41.7%**. 41.7% of revenue is left after running the business, an exceptional level.
- **Net margin: 31.2%**. 31.2% of each dollar of sales reaches the bottom line.
- **Return on equity: 61.4%**. A 61.4% return on equity is extremely high; check whether buybacks or debt have shrunk the equity base, which flatters the ratio.
- **Return on invested capital: 98.6%**. Return on all capital, debt included, is 98.6%: comfortably above what that capital costs.
- **Return on assets: 44.1%**. Each dollar of assets produces 44.1% of profit.

## Growth
- **Revenue growth (1 yr): 6.8%** (3-yr 11.9%/yr, 5-yr 12.3%/yr). Revenue grew 6.8% over the last year, against 12.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 4.8%** (3-yr 15.0%/yr, 5-yr 10.9%/yr). Earnings per share rose 4.8%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 9.6%/yr**. Free cash flow has compounded at 9.6% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.17**. Debt is 0.17 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Games Workshop Group holds more cash than debt.
- **Interest coverage: 152.8×**. Operating profit covers interest 152.8× over, a safe margin.
- **Current ratio: 3.63** (quick 3.04). Current assets cover the next year's liabilities 3.63 times.
- **Altman Z-score: 32.68**. A Z-score of 32.68 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 2.11%** (4p per share, trailing). Games Workshop Group yields 2.11%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 78%** (73% of free cash flow). 78% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 1**. 1 straight year of increases.
- **Dividend growth (5 yr): 29.0%/yr** (1-yr 61.0%). The dividend has compounded at 29.0% a year over five years, doubling roughly every 2 years at that pace.
- **Shareholder yield: 2.0%**. Dividends plus net buybacks return 2.0% of the market value a year.

## Price and momentum
- **Total return (1 yr): 20.9%** (YTD -2.0%, 3-mo -1.8%). The shares are up 20.9% over twelve months including dividends.
- **From 52-week high: -22.3%** (30.0% above the low). Trading 22% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 43**. An RSI of 43 is neutral.
- **Beta (1 yr): 0.70** (volatility 27%). Beta of 0.70 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=GAW.L · Page: https://foliofundamentals.com/stocks/gaw.l

Not investment advice.