We are reiterating our Buy rating, projections and $30 price target for JAKKS Pacific as we enter 2026 after a very chaotic year for the company. With tariffs materially impacting product cost and flows, especially for a company with almost all their goods manufactured in China and primarily shipped Freight on Board (“FOB”), 2025 was a painful period. That said, JAKKS management did a solid job of controlling what they could and maintaining fiscal discipline, allowing them to remain profitable and debt-free and position the company as a potential consolidator in the toy industry. Further, the company’s expansion into international markets remains a growth vehicle and offers superior margins, as JAKKS leverage their strong product offerings. While we acknowledge 2026 will be lumpy, with JAKK trading at under 6X our 2026 EPS projection and a secure dividend yield of almost 6%, we believe the longer-term risk/reward remains impressive, and we reiterate our Buy rating and $30 price target.