appiah4

1. Being debt free is not the same thing as being failproof. Issues like cash insolvency (not relevant here), high expenses (partly relevant here) and lack of market demand (very relevant here) have in the past toppled companies that are completely debt free. Actually, if you had any financial sense you would know that being debt free is not a flex - not taking debt when you actually can tap financing that is cheaper than equity is often a sign of poor management (or that you really have nothing to invest in, which again, means your growth prospects are not stellar). 2. Long term success is not something you measure by how much money they make, or have in the bank; it is a strategic outlook issue that has a lot to do with market dynamics and adaptability. GW are NOT adapting to market dynamics, they are milking their market to extinction, and are facing the backlash in the stock price. The issue here is basically GW prioritizing value growth rather than volume growth, which is NOT a long term success strategy.

(Double Post sorry)

Not sure if this is working. The Rogue Trader RPG, for example, does not seem to have reached the general RPG market. I believe it sold about 2 million copies as of 2026. While not exactly a plop, that doesn't seem to be the kind of numbers that brought in non-40K audience into the fold. For comparison, Kingdom Come 2 sold 6 million copies and Avowed sold 5.9 million copies, both releasing in the same year as Rogue Trader. (EDIT: If you were referencing the tabletop RPGs, that is an entirely different can of worms.. As a 40K "fan" I was not able to find and purchase the licensed 40K RPGs; availability appears to be a big issue, I don't know what exactly is going on there but the FFG era of games were difficult to buy and the Crucible 7 situation does not seem any better to me.. It's almost as if GW is licensing these products begrudgingly or something, I would love to learn about what the deal is..) If anything, the only licensed game that seems to have reached a sales number that one could convincingly argue is high enough to grow the market was Space Marine 2 at around 7 million copies. That was a 2024 release though and probably had no impact in 2025/26 sales and market growth. Anyway, what I'm trying to say is, GW's revenue growth is not market growth. I have not seen, anywhere, growth in number of SKU sold particularly with regards to things like Starter/Battleforce/Combat Patrol etc. boxes that would actually show that the market is growing. The 2025 revenue growth, discounting licensing, appears to be mostly pricing driven. If anything, I would put money on SKUs sold shrinking.

Funny how Lehman Brothers posted their fifth consecutive record breaking revenue growth and fourth consecutive record breaking net income in 2007 before going bankrupt in 2008. It is almost as if short term financial success is not a great indicator of corporate longevity. But who am I to know, only an academic in the field of finance and a financial executive with 25 years of experience. Don't mind me. Go buy GW stock, you know you are right.

GW and Apple do share market leader advantage, planned obsolescence, whales first strategy, aggressive pricing. That is as far as the similarities go though. Where they diverge is: Toy soldiers are a thing consumers can actually live without, unlike phones (and they are clearly opting to do so) Games Workshop have no walled garden to fence their consumers in, only consumer loyalty (which is waning) Apple products (generally) add value and increase quality over product cycles (while 40K has become utter :cuss:) You can clearly see how much more vulnareble GW's sinking ship is compared to Apple. And mind you, it IS sinking. It has been leaking since 3D printing went mainstream, but people simply refused to acknowledge because it had momentum. It is now slowing down considerably, and will soon find itself in serious trouble unless they are saved by a third unexpected divine intervention (the first two being Lord of the Rings and COVID pandemic).

Vallejo Hobby Paint Spray - Dark Green

They could, and probably should, start by making a game that doessn't have :cuss: rules behind a monthly subscription paywall.

Eh? No. Definitely not in 1999; if anything with the release of 40K 3rd Ed and FB 6th Ed the hobby's market was expanding at its fastest since its inception. You see, GW's target market was always accepted to be grown up manbabies with enough expendable income to be quite price inelastic, ie. infinitely milkable. If you read any analyst review or follow any of their annual calls, you will realize that their entire valuation reflects the assumption that they can continue to squeeze more margin out of their market while growing it. This is an assumption, or maybe a delusion, that was largely helped by the weird spending habbits during the covid period. There is simply no other way of explaining why a plastic toy company could become 2 billion dollars worth. Fast forward to today, the investors are realizing that, no, this is no longer the case, even middle age crisis manbabies have budgets and breaking points. In case you want to step outside the bubble and read what the real money sees when they look at Games Workshop: Is Warhammer still winning?

The self delusion over anectodal experience is very funny. Time to invest into the rebound guys, be my guest. Maybe if you buy the stock now at half price you can buy the Armageddon overstock when the stock price doubles. LOL

Except there are no new entrants, as evident by the scores of Armageddon boxes lining on shelves at every Warhammer store. Disgruntled LGS owners will also tell you how hard that new box set is moving.

It's because their market (share) is constantly shrinking despite growing revenue/profits. That basically means they are milking their market dry and killing their future prospects for short term gain. In other words, Warhammer is dying.

For a good white nothing really beats a good artist grade titanium white. Liquitex Professional Soft Body Titanium White for example will work great for miniature painting and last you a lifetime.

Darren Latham could probably do NMM gold with three different colored globs of of dog poo. :D

Rules can be complex, comprehensive and long without requiring constant reference and tedious lawyering. I can play Infinity N5 over beer and pretzels without referencing the rulebook, with just my own and my opponent's army list at hand. 40K as a game is just a total failure IMO.

Atom/Ionic bottles are the best. I never bothered with rebottling GW paints either, too much work. I just used my stock until it all dried out, which didn't last more than two years tbh.