What this is
Margin of Hasbro’s Wizards of the Coast and Digital Gaming segment, 2021–2025: from 42.5% to 46.0%, with a dip to 36.1% in 2023.
How it’s built
- Segment operating profit over segment revenue, as filed by Hasbro each year.
- In 2023 revenue rose 10% while the margin fell 4.5 points; from that low to 2025 it rose 9.9 points.
- In 2025 digital and licensed games were 22.9% of segment revenue and Monopoly GO 7.7%. The segment’s $2,186.9m is ¥327.1bn at ¥149.57 per dollar.
What we assumed
- The digital-and-licensed revenue split is read correctly.It was read once from the filing without a second check, which is why this figure is marked as an estimate.
- 2025 dollars convert at ¥149.57.The 2025 average from Federal Reserve data; Hasbro’s year is the calendar year, so there is no period mismatch.
Sanity check
The margin is after royalties Wizards pays for licensed Magic sets and includes royalties it receives from Monopoly GO, so it is not a pure card-publishing margin.
Where it comes from
Our calculation from other figures in the trainer’s notes:
Show the working
- 2023 segment revenue yoy: 10%
- 2023 margin step pp: -4.5
- Trough to peak pp: 9.9
- 2025 digital licensed share: 22.9%
- 2025 monopoly go share: 7.7%
- 2025 segment ¥ billion at 149.57: 327
- Segment OP/revenue as filed
- 1,457.6/1,325.1-1 = +10.0%
- 36.1-40.6 = -4.5pp
- 46.0-36.1 = 9.9pp
- 500.3/2,186.9 = 22.9%
- 168.0/2,186.9 = 7.7%
- 2,186.9 x 149.5686/1000 = JPY 327.1bn (CY2025 rate)
Where it’s used
Related figures
Built from this one