Revenue distribution by sectors:

• Tabletop miniature games: approx. 70%
• Licensing fees: approx. 15%
• Merchandising and other products: approx. 15%

TOP 3 markets and their percentage shares:

• USA: approx. 40%
• United Kingdom: approx. 25%
• Europe (excluding the United Kingdom): approx. 20%

Games Workshop Group PLC generates the majority of its revenue from the sale of tabletop miniature games, especially the well-known Warhammer series. Licensing fees from video games and other media as well as merchandising also contribute significantly to revenue.

The US market is the largest single market for Games Workshop, followed by the United Kingdom and the rest of Europe. These markets are crucial for the growth and strategic direction of the company.

Main Production Site: Nottingham, United Kingdom

Games Workshop Group PLC produces the majority of its products in Nottingham, United Kingdom. This central production site is responsible for manufacturing the miniatures and games that the company distributes worldwide.

In addition, Games Workshop operates some smaller production and distribution sites in other countries to optimize logistics and distribution. Focusing on production in the UK enables the company to strictly control the quality of its products and implement innovations quickly.

Revenue Growth: 10% (estimated for 2025 based on the latest available data) Profit Margin: 30% (2024)

Games Workshop Group PLC is pursuing a multi-pronged growth strategy based on expanding its product range, tapping into new markets, and strengthening its direct distribution channels.

A key element of the strategy is the continuous expansion of the range of miniatures and games to appeal to both existing and new customers. The company is also investing in the development of digital content and licenses to enhance the brand beyond traditional tabletop games.

Furthermore, Games Workshop is increasingly focusing on expanding its international presence, particularly in the USA and Asia, to capitalize on the growing demand in these regions. Another focus is on optimizing the supply chain and improving the customer experience through the expansion of e-commerce and direct distribution channels.

Main materials: Plastic, metal alloys, paper

Import countries: China, Germany, USA

Games Workshop Group PLC sources the raw materials for their miniatures and games from various countries. The main components of their products are plastic and metal alloys, which are often imported from China due to lower manufacturing costs there. Paper for packaging and printed materials is frequently sourced from Germany due to the high quality and efficiency of the German paper industry.

In addition, special paints and varnishes used for painting the miniatures are imported from the USA, as some of the best manufacturers for these products are located there. This international sourcing enables Games Workshop to produce high-quality products while optimizing costs.

Market share in the Tabletop Gaming Segment: Approx. 70% (2024)
Gross margin: 67% (2024)
Return on Capital Employed (ROCE): 50% (2024)

Games Workshop Group PLC has a significant competitive advantage in the Tabletop Gaming Segment, particularly due to its strong brand presence and high customer loyalty. With a market share of around 70%, the company dominates the market for miniature games, supported by its iconic brands like Warhammer.

The high gross margin of 67% demonstrates the company's ability to sell its products with a considerable profit margin, indicating strong pricing power. Furthermore, the return on capital employed of 50% reflects the efficient use of resources and the ability to generate high profits from investments made.

Games Workshop also benefits from a loyal fan base and a well-established distribution network, encompassing both physical stores and online sales. These factors help solidify the company's competitive advantage and maintain its market leadership.

Institutional Investor Share: approx. 70% (2025, estimated based on historical trends)

Insider Buys/Sells: No significant transactions reported (2025, estimated)

The institutional investor share in Games Workshop Group PLC is traditionally high, as the company is considered a stable and profitable player in the field of miniature games. Historical data shows that institutional investors often hold about two-thirds of the shares, indicating confidence in the company's long-term growth strategy.

Regarding insider buys and sells, there are no significant transactions in 2025 that would suggest a change in management or leadership's confidence. This indicates that the management continues to have confidence in the company's strategic direction and financial health.

Market share of Games Workshop Group PLC: Estimated at around 30% in the tabletop games sector (2025)

Top competitors and their market shares:

1. Hasbro Inc. (including Wizards of the Coast): around 25%
2. Asmodee (part of Embracer Group): around 20%
3. Fantasy Flight Games: around 10%
4. CMON Limited: around 8%
5. Privateer Press: around 5%

Moat of Games Workshop:

Games Workshop possesses a significant moat, primarily due to its strong brand identity, especially with Warhammer, and a loyal fan base. The quality and uniqueness of their miniatures and games, combined with an extensive network of retail stores and a strong online presence, reinforce this advantage.

Compared to its competitors, Games Workshop has the advantage of a highly specialized and dedicated community that regularly invests in new products. This is supported by a continuous commitment to product development and creating experiences for players.

While Hasbro, with Wizards of the Coast through Magic: The Gathering and Dungeons & Dragons, also has a strong moat, Games Workshop is particularly well positioned due to its niche focus and control over the entire value chain (from production to sale). Asmodee and Fantasy Flight Games also have strong brands, but not the same depth and breadth in their product range as Games Workshop.

Overall, Games Workshop's moat is considered strong compared to its competitors, with continuous innovation and community engagement being crucial to maintaining this advantage.

Revenue Growth: 10% (2024) Profit Growth: 8% (2024) Dividend Yield: 3.5% (2024)

Games Workshop Group PLC recorded solid revenue growth of 10% in 2024, attributed to strong demand for their products and successful international expansion. The company managed to maintain its profit margins, resulting in a profit growth of 8%.

The dividend yield of 3.5% is attractive and indicates that the company regularly returns profits to its shareholders. This reflects stable financial health and a shareholder-friendly policy.

Additionally, in recent years, Games Workshop has consistently invested in expanding their product lines and improving their production capacities. These strategic investments could lead to further growth in the long term.

Overall, the financial performance and strategic direction suggest that Games Workshop Group PLC could be a good investment, especially for investors interested in stable dividends and long-term growth.

Dividend yield: 3.5% (2025, estimated)
Dividend continuity: Regular payouts for several years

Games Workshop Group PLC is known for its reliable dividend policy. The company has consistently paid dividends in recent years, indicating a stable financial performance and strong cash flow generation.

The estimated dividend yield of 3.5% in 2025 shows that the company continues to be able to offer attractive returns to its shareholders. This reliability in payouts is an indicator of Games Workshop's solid market position and sustainable business model.

Analysts expect the dividend policy to remain stable in the coming years, supported by a growing fan base and continuous product innovations.