{"schemaVersion":1,"research":true,"symbol":"has","name":"Hasbro","topic":"moat","path":"/stock/has/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:41:58.102Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Hasbro has a narrow moat in differentiated game franchises and monetizable intellectual property. MAGIC demand across several years, backlist purchases and digital licensing demonstrate an existing advantage beyond management's brand claims. The advantage is uneven: Consumer Products remains loss-making and Entertainment revenues declined. Pricing increases have provided some realized benefit, but discounting and cost pressures limit pricing power. The passages do not establish network effects, material switching costs or a relative cost advantage.","advantages":[{"mechanism":"intangible_assets","claim":"Owned game franchises and brand rights support differentiated products, repeat purchases and licensing income. MAGIC's performance across 2023–2025, continued backlist demand, DUNGEONS & DRAGONS product demand and subsequent gaming demand growth demonstrate commercial value.","durability":"Repeated demand across releases and years supports a continuing franchise advantage. Licensing extends monetization beyond internally produced products. The evidence supports a narrow moat, without establishing exceptional durability or protection across the whole portfolio.","risks":"Low industry entry barriers, shorter toy product cycles and competing entertainment choices threaten consumer attention. Successful third-party collaborations introduce dependence on partner rights. Consumer Products losses, declining Entertainment revenues and lower My Little Pony licensing revenues demonstrate uneven franchise strength.","invalidation":"The thesis would fail if multiple successive release cycles showed declining core-game and backlist demand accompanied by sustained deterioration in licensing contributions, or if material partner-rights losses prevented successful franchise releases without replacement demand.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9","e36"],"counterEvidenceIds":["e10","e11","e12","e13","e14","e17","e25"]}],"evidence":[{"id":"e1","sourceId":"filing-5","location":"Business / Wizards franchise performance in 2023","excerpt":"Our subsidiary, Wizards of the Coast (“Wizards”), is a critical part of our gaming business, driving innovation and growth through its popular role-playing and fantasy card-collecting games such as MAGIC: THE GATHERING, Hasbro's first billion-dollar brand which benefited from multiple tentpole set releases exceeding $100.0 million per set during 2023, and DUNGEONS & DRAGONS."},{"id":"e2","sourceId":"filing-4","location":"Business / 2024 MAGIC performance","excerpt":"•MAGIC: THE GATHERING had a solid year, nearly matching 2023’s record despite fewer set releases."},{"id":"e3","sourceId":"filing-4","location":"Business / 2024 backlist and Secret Lair demand","excerpt":"Modern Horizons 3, Bloomburrow, and Duskmourn led performance in tentpole sets with backlist and Secret Lair demand also exceeding expectations."},{"id":"e4","sourceId":"filing-4","location":"Business / 2024 DUNGEONS & DRAGONS product performance","excerpt":"•For DUNGEONS & DRAGONS, we celebrated the brand’s 50th Anniversary with the 2024 Players Handbook and Dungeon Master’s Guide, both top selling products in D&D’s history."},{"id":"e5","sourceId":"filing-1","location":"Business / 2025 MAGIC performance","excerpt":"•MAGIC: THE GATHERING had a record year, supported by the success of its Universes Beyond sets such as Avatar: The Last Airbender and Final Fantasy, which was the highest selling set of all-time based on net revenues."},{"id":"e6","sourceId":"filing-1","location":"Business / 2025 backlist and Secret Lair demand","excerpt":"Edge of Eternities and Marvel's Spider-Man also contributed to performance as well as high demand for our backlist sets and Secret Lair offerings."},{"id":"e7","sourceId":"filing-1","location":"Business / digital licensing contribution","excerpt":"•Digital licensing was once again led by Monopoly Go!, a mobile game from our partners at Scopely, Inc., and remains a meaningful contributor to licensing revenues."},{"id":"e8","sourceId":"filing-1","location":"Segment disclosures / out-licensing brand and intellectual property rights","excerpt":"The Consumer Products business also promotes the Company's brands through the out-licensing of our trademarks, characters and other brand and intellectual property rights to third parties, through the sale of branded consumer products such as toys and apparel."},{"id":"e9","sourceId":"filing-6","location":"MD&A / first-quarter 2026 gaming demand","excerpt":"The increase in revenue is driven primarily by growth in our Wizards of the Coast and Digital Gaming segment, inclusive of increased demand for both tabletop and licensed digital gaming."},{"id":"e10","sourceId":"filing-1","location":"Risk Factors / low barriers to entry","excerpt":"In addition to existing competitors, the barriers to entry for new participants in the play industry are low."},{"id":"e11","sourceId":"filing-1","location":"Business / digital alternatives and shortened toy product cycles","excerpt":"We also contend with the expanding variety of digital gaming and digital entertainment offerings available for children, while product life cycles of traditional toys and games have shortened."},{"id":"e12","sourceId":"filing-2","location":"MD&A / first-half 2026 Consumer Products operating loss","excerpt":"Consumer Products segment operating loss for the first six months of 2026 was $62.0 million, or 7.2% of segment net revenues, compared to a segment operating loss of $1,073.5 million, or 127.7% of segment net revenues, for the first six months of 2025."},{"id":"e13","sourceId":"filing-2","location":"MD&A / first-half 2026 Entertainment revenue decline","excerpt":"Entertainment Segment The following table presents Entertainment segment net revenues by category: Six Months Ended June 28, 2026 June 29, 2025 % Change Family Brands $ 30.4 $ 36.9 (17.6) % Film and TV 2.7 5.8 (53.4) % Net revenues $ 33.1 $ 42.7 (22.5) % Entertainment segment net revenues decreased 22.5% to $33.1 million for the first six months of 2026, compared to $42.7 million for the first six months of 2025."},{"id":"e14","sourceId":"filing-2","location":"MD&A / first-half 2026 My Little Pony licensing decline","excerpt":"The increase in toy and game revenues was partially offset by a decrease in licensing revenues, primarily attributable to the lapping of licensing revenue related to My Little Pony, which decreased $10.8 million."},{"id":"e15","sourceId":"filing-5","location":"MD&A / 2023 cost-of-sales pressures and realized pricing benefit","excerpt":"The cost of sales increase as a percent of net revenues was the result of higher product input costs including higher material costs and higher inventory obsolescence, sales allowances and closeout charges to address excess inventory, most notably within Europe and the U.S., partially offset by the benefit of implemented price increases and lower freight costs."},{"id":"e16","sourceId":"filing-4","location":"Risk Factors / implemented price increases","excerpt":"We have also increased prices in some cases to help offset increased costs."},{"id":"e17","sourceId":"filing-1","location":"Risk Factors / historical inventory write-downs and discounted sales","excerpt":"Inventory levels in excess of demand have in the past resulted in, and may in the future result in inventory write-downs or write-offs, and the sale of excess inventory at discounted prices or through less preferred distribution channels, which could harm our profit margins."},{"id":"e18","sourceId":"filing-3","location":"Compensation Discussion and Analysis / drivers of adjusted margin improvement","excerpt":"2024), driven by favorable business mix and benefits from cost transformation efforts."},{"id":"e19","sourceId":"filing-3","location":"Appendix A / reported and adjusted operating results for 2023–2025","excerpt":"Reconciliation of Operating Profit Results Year Ended December 28, 2025 Year Ended December 29, 2024 As Reported Non-GAAP Adjustments Adjusted As Reported Non-GAAP Adjustments Adjusted Adjusted Company Results External Net Revenues $ 4,701.3 — $ 4,701.3 $ 4,135.5 — $ 4,135.5 Operating Profit (Loss) 11.1 1,128.9 1,140.0 690.0 148.8 838.8 Operating Margin 0.2% 24.0% 24.2% 16.7% 3.6% 20.3% Year Ended December 31, 2023 As Reported Non-GAAP Adjustments Adjusted Adjusted Company Results External Net Revenues $ 5,003.3 — $ 5,003.3 Operating Profit (Loss) (1,538.8 ) 2,015.3 476.5 Operating Margin -30.8% 40.3% 9.5% A-2 Table of Contents Reconciliation of Net Earnings and Earnings Per Share(1) (Unaudited) (Millions of Dollars) Year Ended (all adjustments reported after-tax) December 28, 2025 Diluted Per Share Amount December 29, 2024 Diluted Per Share Amount December 31, 2023 Diluted Per Share Amount Net Earnings Attributable to Hasbro, Inc."},{"id":"e20","sourceId":"filing-6","location":"MD&A / first-quarter 2026 Wizards margin drivers","excerpt":"Operating margin also increased during the first quarter of 2026, primarily driven by increased net revenues and product mix in 2026 as compared to 2025."},{"id":"e21","sourceId":"filing-2","location":"Revenue Recognition / fixed consideration and minimum-guarantee arrangements","excerpt":"These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of intellectual property that are solely based on the sales of the licensee."},{"id":"e22","sourceId":"filing-1","location":"Risk Factors / customer concentration","excerpt":"•Our customer base remains highly concentrated, making us susceptible to the success of their businesses."},{"id":"e23","sourceId":"filing-1","location":"Consolidated Statements of Cash Flows / 2023–2025 spending, financing and cash generation","excerpt":"AND SUBSIDIARIES Consolidated Statements of Cash Flows Fiscal Years Ended in December (Millions of Dollars) 2025 2024 2023 Cash flows from operating activities: Net (loss) earnings $ (318.2) $ 394.4 $ (1,487.8) Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation of property, plant and equipment 69.5 94.7 127.7 Loss on disposal of business 25.0 37.4 539.0 Impairment of goodwill 1,021.9 — 1,191.2 Impairment of intangibles and production assets — — 116.0 Loss on Discovery Family Channel investment — 78.2 — Inventory obsolescence 49.3 22.4 91.2 Amortization of intangible assets 66.0 68.3 83.0 Program cost amortization 35.8 49.3 448.9 Deferred income taxes 158.3 (20.6) (243.5) Share-based compensation 80.4 50.8 72.4 Other non-cash items 25.5 13.0 (6.1) Changes in operating assets and liabilities, net of acquired and disposed balances: Net change in accounts receivable (150.2) 77.3 15.5 Net change in inventories (25.4) 22.1 257.1 Net change in prepaid expenses and other current assets (40.7) 58.9 34.7 Program production costs (10.2) (25.3) (408.0) Net change in accounts payable and accrued liabilities (35.1) (78.8) (109.7) Change in net deemed repatriation tax (57.4) (45.9) (34.4) Other (1.3) 51.2 38.4 Net cash provided by operating activities 893.2 847.4 725.6 Cash flows from investing activities: Additions to property, plant and equipment (63.3) (87.2) (135.5) Additions to software development (135.0) (110.3) (73.8) Net (settlement) proceeds from sale of business, net of cash transferred — (12.0) 329.6 Purchase of investments (105.4) (571.0) — Maturity of investments — 583.0 — Other 19.3 (6.2) (2.7) Net cash (utilized) provided by investing activities (284.4) (203.7) 117.6 Cash flows from financing activities: Proceeds from borrowings — 498.6 2.6 Repayments of borrowings (118.2) (581.3) (359.6) Net repayments of other short-term borrowings — — (41.6) Share-based compensation transactions 9.6 7.6 — Dividends paid (392.5) (389.9) (388.0) Payments related to tax withholding for share-based compensation (23.7) (14.4) (16.8) Payment of financing costs — (5.3) — Other (6.5) (12.8) (14.7) Net cash utilized by financing activities (531.3) (497.5) (818.1) Effect of exchange rate changes on cash 4.1 3.4 7.2 Net increase in cash, cash equivalents and restricted cash 81.6 149.6 32.3 Cash, cash equivalents and restricted cash, beginning of year 695.0 545.4 513.1 Cash, cash equivalents and restricted cash, end of year $ 776.6 $ 695.0 $ 545.4 Supplemental information Interest paid $ 158.4 $ 162.2 $ 179.0 Income taxes paid, net $ 196.8 $ 92.7 $ 119.8 See accompanying notes to consolidated financial statements."},{"id":"e24","sourceId":"filing-2","location":"Consolidated Statements of Cash Flows / first-half 2026 spending, financing and cash generation","excerpt":"AND SUBSIDIARIES Consolidated Statements of Cash Flows (Millions of Dollars) (Unaudited) Six months ended June 28, 2026 June 29, 2025 Cash flows from operating activities: Net earnings (loss) $ 360.8 (755.2) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation of property, plant and equipment 28.7 32.1 Loss on disposal of business — 25.0 Impairment of goodwill — 1,021.9 Impairment of capitalized software 56.4 — Inventory obsolescence 13.0 12.0 Amortization of intangible assets 29.2 34.2 Program cost amortization 7.1 13.6 Deferred income taxes 13.9 (8.6) Share-based compensation 46.4 31.3 Other non-cash items 11.5 (8.3) Change in operating assets and liabilities: Net change in accounts receivable 306.6 221.7 Net change in inventories (107.8) (141.1) Net change in prepaid expenses and other current assets (1.7) (23.9) Program production costs (7.1) (6.5) Net change in accounts payable and accrued liabilities (163.0) (177.8) Change in net deemed repatriation tax — (57.4) Other 10.4 (3.6) Net cash provided by operating activities 604.4 209.4 Cash flows from investing activities: Additions to property, plant and equipment (41.2) (29.9) Additions to software development (54.0) (61.8) Purchases of investments (423.0) (10.0) Other (6.4) 12.5 Net cash utilized by investing activities (524.6) (89.2) Cash flows from financing activities: Proceeds from borrowings 399.4 — Repayments of borrowings (123.3) (60.5) Payments of financing costs (4.8) — Share-based compensation transactions 38.7 4.9 Payments related to tax withholding for share-based compensation (44.7) (19.9) Dividends paid (197.6) (196.0) Repurchases of common stock (41.5) — Other (2.7) (3.1) Net cash provided (utilized) by financing activities 23.5 (274.6) Effect of exchange rate changes on cash 0.6 6.3 Net increase (decrease) in cash, cash equivalents and restricted cash 103.9 (148.1) Cash, cash equivalents and restricted cash at beginning of year 776.6 695.0 Cash, cash equivalents and restricted cash at end of period $ 880.5 $ 546.9 Supplemental information Interest paid $ 78.3 $ 79.2 Income taxes paid, net $ 55.2 $ 158.4 See accompanying condensed notes to consolidated financial statements."},{"id":"e25","sourceId":"filing-2","location":"Accounting policies / digital-game cancellations and software impairment","excerpt":"During the three and six months ended June 28, 2026, the Company recorded a $56.4 million non-cash impairment charge related to the Company's decision to refocus the Digital Games portfolio, which included the cancellation of certain titles scheduled for releases in 2028 and beyond."},{"id":"e26","sourceId":"filing-1","location":"Business / reported cumulative gross cost savings","excerpt":"Through 2025, we have delivered almost $800 million of gross cost savings and are well on our path to our previous $1.0 billion commitment."},{"id":"e27","sourceId":"filing-3","location":"Compensation Discussion and Analysis / performance-share weighting and EPS metric","excerpt":"The Committee continues to believe that Diluted Earnings Per Share (EPS) is the appropriate performance metric upon which to base the performance share unit (PSU) awards, which represented 50% of total long-term incentive (LTI) for our CEO and other NEOs."},{"id":"e28","sourceId":"filing-3","location":"Compensation Discussion and Analysis / three-year TSR modifiers","excerpt":"The number of shares vesting can be modified by relative and absolute Total Shareholder Return (TSR) modifiers at the end of the three-year performance period."},{"id":"e29","sourceId":"filing-3","location":"Compensation Discussion and Analysis / approved 2025 annual incentive payout","excerpt":"The Total Hasbro payout factor for awards under the 2025 annual incentive plan, as approved by the Committee, was 200% of target."},{"id":"e30","sourceId":"filing-3","location":"Compensation Discussion and Analysis / Board-approved clawback policy","excerpt":"All equity and non-equity incentive plan compensation is subject to the Board-approved Clawback Policy."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation / ownership-guideline compliance or permitted accumulation period","excerpt":"All NEOs were either in compliance with the stock ownership guidelines or were within the five years they had to achieve the requisite ownership level, as of the fiscal year ended December 28, 2025."},{"id":"e32","sourceId":"filing-3","location":"Governance / standing committees and required-committee independence","excerpt":"FORMER PUBLIC COMPANY BOARDS HELD IN THE PAST FIVE YEARS • None 8 Table of Contents Board Committees Our Board of Directors has four standing committees: • Audit • Compensation and Talent • Finance and Capital Allocation • Nominating, Governance and Social Responsibility The members of each of our required committees, namely Audit, Compensation and Talent, and Nominating, Governance and Social Responsibility, are all independent directors, as defined by the rules of The NASDAQ Stock Market (“Nasdaq”) and our Standards for Director Independence (“Independence Standards”)."},{"id":"e33","sourceId":"filing-3","location":"Governance / majority voting and director resignation policy","excerpt":"The Company has a majority vote standard for the election of directors in uncontested director elections, coupled with a director resignation policy for those directors who do not receive a majority vote."},{"id":"e34","sourceId":"filing-2","location":"MD&A / software impairment, network-access costs and cost savings","excerpt":"The increase in Selling, distribution and administration expenses during the second quarter of 2026 is primarily the result of a one-time $56.4 million non-cash impairment charge related to the Company's decision to refocus the Digital Games portfolio, which included the cancellation of certain titles scheduled for release in 2028 and beyond, as well as $10.8 million of incremental costs incurred as a result of the unauthorized network access, partially offset by benefits from cost savings initiatives that have occurred over the last 12 months."},{"id":"e35","sourceId":"filing-2","location":"Controls and Procedures / reported restoration of operations and financial-reporting controls","excerpt":"As of June 28, 2026, the Company's standard business operations and internal control over financial reporting have resumed and are operating consistent with our pre-incident internal control over financial reporting."},{"id":"e36","sourceId":"filing-3","location":"Operational Excellence / disclosed extension of partner agreement","excerpt":"Over the past several years our initiatives have focused on: • Reinvigorating licensing by expanding into new partnerships across toys, gaming and experiences and by strengthening existing partnerships with key partners, including the extension of our agreement with The Walt Disney Company."}],"changes":["Retain the previous narrow-moat verdict and its emphasis on franchise intellectual property.","Recognize implemented price increases and a disclosed realized pricing benefit; pricing evidence is mixed rather than wholly absent.","Add assessments supported by actual compensation arrangements, ownership guidelines and governance disclosures.","Include digital-game cancellations, software impairment and network-access costs as realized execution weaknesses."],"limitations":["The supplied sources are issuer filings. Reported operating outcomes and contractual disclosures support the assessments, but management's competitive-advantage and cost-savings assertions lack independent corroboration here.","Competition passages identify generic competitor categories without naming specific rivals. Companies named as partners, directors' employers or transaction counterparties do not establish competitor coverage; the competitors array is therefore empty.","No market-share comparisons, relative production costs, customer cohorts, retention rates or price-volume decomposition are supplied.","Pricing outcomes are partly historical. Current tariff-related price adjustments are potential actions, not demonstrated pricing achievements.","The passages do not disclose sufficient price-reset, renewal or termination terms to establish contractual pricing freedom.","Ownership guidelines and compensation mechanics are disclosed, but complete executive ownership levels and realized long-term performance-award outcomes are not. Compliance includes executives still within their permitted accumulation period.","All supplied source dates have dateKind filed and are treated as filing dates. Interim 2026 statements are unaudited; subsequent-event disclosures are distinguished from quarter-end conditions."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Brand and intellectual property rights have demonstrated commercial value through repeated MAGIC demand, successful DUNGEONS & DRAGONS products and digital licensing. This supports a strong franchise-level advantage, although low industry entry barriers limit its breadth.","evidenceIds":["e1","e4","e5","e7","e8","e10"]},{"criterion":"durability","grade":2,"rationale":"MAGIC performance across 2023–2025, continuing backlist demand and 2026 gaming demand support persistence. Shortened product cycles, partner dependence and uneven portfolio results prevent a strong company-wide durability assessment.","evidenceIds":["e1","e2","e3","e5","e6","e9","e11","e12","e13"]},{"criterion":"customer_dependency","grade":2,"rationale":"Repeated demand for sets, backlist products and franchise extensions indirectly demonstrates continuing customer engagement. The passages do not establish captive customers, material switching friction or essential-use dependency.","evidenceIds":["e2","e3","e4","e5","e6","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Core gaming demand has persisted despite broad competition. Consumer Products losses, Entertainment contraction and lower licensing revenues in a particular franchise show that the portfolio does not uniformly resist erosion; generic entry risks are not treated as realized market-share losses.","evidenceIds":["e5","e9","e10","e12","e13","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Implemented price increases provided a disclosed benefit against 2023 cost pressures, establishing some realized pricing ability. Higher allowances, closeouts and historical discounting offset that evidence. No current price-volume decomposition establishes broad premium pricing.","evidenceIds":["e15","e16","e17"]},{"criterion":"retention","grade":3,"rationale":"Multi-year MAGIC demand, repeated backlist purchases, successful DUNGEONS & DRAGONS releases and subsequent tabletop and licensed-digital demand provide strong indirect evidence of repeat franchise demand. This is an operating-evidence assessment, not a measured retention rate or proof that customers accepted specific price increases.","evidenceIds":["e1","e2","e3","e4","e5","e6","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"Adjusted operating margins improved across 2023–2025 and Wizards margins improved in early 2026. Disclosed drivers were business mix, revenue growth and cost transformation rather than verified pricing strength. Large GAAP adjustments, Consumer Products losses and historical cost pressures make resilience mixed.","evidenceIds":["e15","e18","e19","e20","e12"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Price increases establish some practical ability to change prices, and fixed-consideration and minimum-guarantee arrangements exist. The supplied terms do not establish discretion to reset prices, royalties or renewal conditions. Customer concentration alone does not establish contractual restrictions.","evidenceIds":["e16","e21","e22"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation, actual capital spending and debt repayments support financial discipline, alongside dividends and resumed repurchases. Repeated goodwill impairments and the 2026 software write-off demonstrate unsuccessful investments. First-half 2026 borrowings exceeded repayments, so selective debt repurchases do not establish overall deleveraging.","evidenceIds":["e23","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual compensation arrangements include performance shares comprising half of long-term incentives, three-year TSR modifiers, ownership guidelines and a Board-approved clawback policy. These provide strong structural alignment. The approved 200% annual payout does not establish exceptional alignment, and full ownership compliance and realized long-term vesting outcomes are not demonstrated.","evidenceIds":["e27","e28","e29","e30","e31"]},{"criterion":"execution","grade":2,"rationale":"Repeated gaming demand, improved cash generation and reported delivered savings demonstrate progress. Persistent Consumer Products losses, canceled digital titles and network-access costs show material weaknesses. Restoration of operations is disclosed by the issuer. Execution is assessed partly from indirect operating outcomes, without attributing all demand changes to management.","evidenceIds":["e9","e12","e23","e24","e25","e26","e34","e35"]},{"criterion":"governance","grade":2,"rationale":"Independent required committees, majority voting with a resignation policy and an adopted clawback policy support substantive governance safeguards. The network incident and associated costs temper confidence in oversight effectiveness, while reported restoration provides counterbalancing evidence. Governance structures alone do not demonstrate exceptional outcomes.","evidenceIds":["e30","e32","e33","e34","e35"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"fe34c24050e331c80f34c3d13792f69fe61ce18991323819074547c47e7748e7","updatedAt":"2026-10-18T14:41:58.102Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm","publishedAt":"2026-02-25","sha256":"d72850ef995a69e25ff686ea369ae601b7d626d8eabd38cfa5fcb9e6f2c6b196","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/46080/000004608026000050/has-20260628.htm","publishedAt":"2026-07-30","sha256":"3b95c0bcbdd7dff62067739458c3105c2869005318a3bdebb904610c93c01cfb","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/46080/000119312526160426/d36474ddef14a.htm","publishedAt":"2026-04-17","sha256":"86330809cecc5f8022ceda77a427e76888cf2d6e9a94cae951dfa077dd62bef8","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/46080/000004608025000027/has-20241229.htm","publishedAt":"2025-02-27","sha256":"30640821e915827145f4a23d825e83da6eb8c5067d248555922b1fa9d37eff5c","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/46080/000004608024000034/has-20231231.htm","publishedAt":"2024-02-28","sha256":"42aa999b6555c937cb854579d910184b12812e08938dc377c4cf21e26e96f2f1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/46080/000004608026000026/has-20260329.htm","publishedAt":"2026-05-13","sha256":"5629b0639af7fa732af7335d7b0802e8ea1ef816e6d1e73bbfd9804642284e59","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c67f4c782ea10e8a9470a9b488097ef4b0df50c0304725094392bf2ffbb46656","usage":{"input_tokens":90719,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3927,"reasoning_output_tokens":358},"basisSupplement":{"previousHash":"20c2446fc3cd32a9bf00fe642f55cb79183899cb447cecacf7d843290b802401","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-26","values":{"gross_margin":69.97850601208647,"operating_margin":11.888667372749362,"roic":null,"fcf_margin":10.672232259672295,"sbc_revenue":1.5232695782194257},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-25","values":{"gross_margin":67.35704406918572,"operating_margin":6.961258046340089,"roic":null,"fcf_margin":3.392695545272935,"sbc_revenue":1.4240101080813428},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":65.9025043471309,"operating_margin":-30.75570123718346,"roic":null,"fcf_margin":10.319189335038873,"sbc_revenue":1.4470449503327805},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; 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