At the last Warhammer Preview show, Games Workshop revealed a lot of cool miniatures. Among them are female miniatures to be added to the Adeptus Custodes range for The Horus Heresy and Warhammer 40,000. As with any such reveal, this has triggered some amount of outrage amongst the usual crowd. How dare women exist in this setting, they ask. This is a slippery slope that will lead to female Space Marines, they assert. I’m not here to engage with these arguments. People are entitled to their views, even if I don’t agree with them. What I will argue with is the suggestion that a recent dip in Games Workshop’s stock is related to this vocal minority’s aversion to playing with female war dollies.
Yes, Games Workshop’s share price has slipped a bit over the last week or two, but nothing about the movement suggests a grand cultural backlash or some dramatic fan‑driven revolt. Markets don’t operate on the emotional temperature of comment sections. They operate on earnings, forecasts, risk, and confidence. When a company like GW posts results that are good but not exceptional, or when costs rise faster than expected, investors often take a step back. That’s normal behaviour, not a crisis.
There are also broader pressures at play. Manufacturing and shipping remain unpredictable (as do potential arbitrary trade tariffs), and any hint that margins might tighten makes investors cautious. The global economy is jittery, and hobby spending, while resilient, still sits in the “discretionary” category. When people feel uncertain, they buy fewer luxury items, and investors price that in. Even a rumour of slower growth can nudge a stock downward for a few weeks.
On top of that, GW is in a long‑term expansion phase. They’re investing in media, licensing, manufacturing, and digital projects that won’t pay off immediately. Investors sometimes get nervous when a company spends heavily on future potential rather than short‑term returns. That doesn’t mean the strategy is wrong; it just means the market reacts to uncertainty with caution.
What the market doesn’t react to is internet outrage about female Custodes. That’s a tiny, noisy corner of the hobby, not a financial indicator. Investors aren’t combing through YouTube thumbnails to decide whether to buy or sell. They’re looking at revenue, costs, and growth. A handful of people shouting about lore purity has absolutely no measurable impact on a multi‑million‑pound company’s valuation.
It’s tempting to connect a stock dip to whatever argument is happening online, because that feels immediate and dramatic. But the real reasons are almost always slower, steadier, and more structural. This is a business story, not a culture‑war story.
The stock market doesn’t care about your misogyny. It cares about money, and the recent wobble sits firmly in the realm of economics, not internet tantrums.
No Rerolls 