Games Workshop Group - Public Comps and Valuation Multiples

Games Workshop Group Overview

About Games Workshop Group

Games Workshop Group PLC designs, manufactures and sells fantasy miniatures and games related products. It carries the manufacturing activity in the UK and sells the same in the different region of the countries such as Continental Europe, North America, and Asia Pacific. It operates through two segments Core and Licensing . The core segment includes all revenue and expenditure relating to the design, manufacture and sales of their fantasy miniatures and related products. The licensing segment includes all revenue and expenditure relating to licences granted to external partners. The company generates majority of its revenue from the core segment.

Founded

1991

HQ

Employees

3.0K+

Website

games-workshop.com

Sectors

Toys & Games

Financials

LTM Revenue $841M

LTM EBITDA $376M

EV

$8.1B

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Games Workshop Group Financials

As of December 2025, Games Workshop Group reported last 12-month revenue of $841M and EBITDA of $376M.

In the same period, Games Workshop Group generated $593M in LTM gross profit and $254M in net income.

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Games Workshop Group P&L

In the most recent fiscal year, Games Workshop Group reported revenue of $826M and EBITDA of $412M.

Games Workshop Group expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$841M	XXX	$826M	XXX	XXX	XXX
Gross Profit	$593M	XXX	$595M	XXX	XXX	XXX
Gross Margin	71%	XXX	72%	XXX	XXX	XXX
EBITDA	$376M	XXX	$412M	XXX	XXX	XXX
EBITDA Margin	45%	XXX	50%	XXX	XXX	XXX
EBIT	$318M	XXX	$350M	XXX	XXX	XXX
EBIT Margin	38%	XXX	42%	XXX	XXX	XXX
Net Profit	$254M	XXX	$262M	XXX	XXX	XXX
Net Margin	30%	XXX	32%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Games Workshop Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $841M. EBITDA for the last twelve months was $376M. In the most recent fiscal year, Games Workshop Group achieved $826M in revenue and $412M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$841M	Analyst estimates available to subscribers	$826M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$593M	Analyst estimates available to subscribers	$595M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	70.5% gross margin	Analyst estimates available to subscribers	72.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$376M	Analyst estimates available to subscribers	$412M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	44.7% EBITDA margin	Analyst estimates available to subscribers	49.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$318M	Analyst estimates available to subscribers	$350M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	37.9% EBIT margin	Analyst estimates available to subscribers	42.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$254M	Analyst estimates available to subscribers	$262M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	30.2% net profit margin	Analyst estimates available to subscribers	31.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Games Workshop Group

This financial data table provides comprehensive performance metrics for Games Workshop Group, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Games Workshop Group generated $841M in revenue over the last twelve months.
The company achieved $376M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $593M.
Net income over the last twelve months reached $254M.

Fiscal Year Performance

In the most recent fiscal year, Games Workshop Group reported $826M in total revenue.
Fiscal year EBITDA was $412M.
The company maintained a gross profit margin of 72.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 49.9%.
Net profit margin reached 31.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Games Workshop Group. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Games Workshop Group Stock Performance

Games Workshop Group has current market cap of GBP 6.2B (or $8.3B), and EV of GBP 6.1B (or $8.1B).

Market Cap Evolution

Games Workshop Group Stock Data

As of January 19, 2026, Games Workshop Group's stock price is GBP 188 (or $251).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.1B	$8.3B	XXX	XXX	XXX	XXX	$7.70

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Games Workshop Group Valuation Multiples

Games Workshop Group's trades at 9.7x EV/Revenue multiple, and 20.5x EV/EBITDA.

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Games Workshop Group Financial Valuation Multiples

As of January 19, 2026, Games Workshop Group has market cap of $8.3B and EV of $8.1B.

Equity research analysts estimate Games Workshop Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Games Workshop Group has a P/E ratio of 32.7x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$8.3B	XXX	$8.3B	XXX	XXX	XXX
EV (current)	$8.1B	XXX	$8.1B	XXX	XXX	XXX
EV/Revenue	9.7x	XXX	9.7x	XXX	XXX	XXX
EV/EBITDA	21.7x	XXX	20.5x	XXX	XXX	XXX
EV/EBIT	25.6x	XXX	24.4x	XXX	XXX	XXX
EV/Gross Profit	13.7x	XXX	n/a	XXX	XXX	XXX
P/E	32.7x	XXX	32.6x	XXX	XXX	XXX
EV/FCF	31.7x	XXX	31.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Games Workshop Group Margins & Growth Rates

Games Workshop Group's last 12 month revenue growth is 5%

Games Workshop Group's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Games Workshop Group's rule of 40 is 54% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Games Workshop Group's rule of X is 58% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Games Workshop Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	5%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	45%	XXX	47%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	3%	XXX	XXX	XXX
Rule of 40	54%	XXX	53%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	58%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	14%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	30%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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