Forensic Analysis · General / Diversified · as of Nov 10, 2026

Hasbro, Inc. (HAS)

A forensic read on Hasbro, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.9

Distress distance

Clean

Earnings quality

Forensic signals

-36.8%

ROE

13.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Hasbro, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

0.2%

FY2025

Return on invested capital. Return on invested capital is 0.2% in the latest fiscal year, against -27.4% in FY2023, having run between -27.4% and 12.6% across FY2023–FY2025 with no direction held. After-tax operating profit was ($1.2B) in FY2023 and $9M in FY2025, with operating income at -26.9% of revenue in FY2023, 14.5% in FY2024 and 0.2% in FY2025. The capital base behind it came down -14% across FY2023–FY2025, from $4.4B to $3.8B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $1.2B goodwill write-off that took about 21.2 points off that year's return, and FY2025's carried a $1.0B goodwill write-off that took about 21.1 points off the latest; so, net of each other, the two charges add about 0.1 points to the +27.6-point change across FY2023–FY2025. A non-cash write-down lowers the reported return in the year it lands.

$2.2B

FY2023–FY2025

Goodwill impairments. Took $2.2B of goodwill writedowns across 2 years (FY2023 ($1.2B), FY2025 ($1.0B)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$5.37B

Revenue Growth YoY+13.1%

Revenue CAGR (2yr)-3.1%

Net Margin-6.0%

Free Cash Flow$694.9M

Return on Equity-36.8%

Debt / Equity5.77x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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