Skip to content
Compounder
← Stocks

Hasbro Inc

HASAbove value

Held by 2 superinvestors.

Price$95.41
Holders2
Total value$277.4M

SEC 10-K · fundamentals

Business quality

as of 2025-12-28

Valuation basis: trailing twelve months to 2026-06-28 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+13.7%
Net margin
-6.9%
ROE
-57.0%
FCF margin
17.7%
Revenue $5.47B → $4.70B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$15/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$95
cheaperpricier

Zero-growth floor

$5

Central IV

$15

Optimistic top

$17

Hasbro Inc (HAS): A conservative value band $5–$17 / sh (zero-growth floor to growth-capped optimistic top); central read about $15. Today’s price sits above that band (price $95 as of 2026-08-24).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 4% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $5

Price as of 2026-08-24 · yahoo · DGS10 4.7% @ 2026-08-21.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $11.35 – $16.86 · Greenwald zero-growth $12.70 · zero-growth base $12.70 · reproduction $4.54

Moat Commodity-like · terminal value 33% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$1.63 – $6.13 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-28, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 330% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$11.00 – $12.70 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-28, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 330% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 11.3 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $-952.30M + capitalized R&D $760.00M（FY 2026, 2024, 2023, 2022） = $4.54 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-28, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 11.3 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 4% · OE FY TTM 2026-06-28, 2024, 2023, 2022, 2021 · Discount band: 13.24%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-28 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $277.4M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 trimmed
Holders 1 → 2 · last 6q

SEC 13F · notes

Written summary

Hasbro Inc (HAS) is held by 2 of the superinvestors tracked on Compounder, with a combined $277.4M in reported 13F value. The largest position belongs to Andreas Halvorsen, where it makes up 0.7% of the portfolio.

Other notable holders by value include Ray Dalio (0.1% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in HAS, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Hasbro Inc (HAS) also commonly hold →

HAS's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

Stay Updated

New-quarter 13F moves and valuation updates, to your inbox.