VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

ASML Holding N.V. vs Games Workshop Group PLC

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

ASML Holding N.V.

ASML · Euronext Amsterdam

Market cap (USD)$407.9B
Gross margin (TTM)52.7%
Operating margin (TTM)34.9%
Net margin (TTM)29.4%
SectorTechnology
IndustrySemiconductors
CountryNL
Data as of2025-12-21
Moat score
76/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into ASML Holding N.V.'s moat claims, evidence, and risks.

View ASML analysis

Games Workshop Group PLC

GAW · London Stock Exchange

Market cap (USD)$6.2B
Gross margin (TTM)71.9%
Operating margin (TTM)41%
Net margin (TTM)30.4%
SectorConsumer
IndustryLeisure
CountryGB
Data as of2026-01-05
Moat score
87/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Games Workshop Group PLC's moat claims, evidence, and risks.

View GAW analysis

Comparison highlights

  • Moat score gap: Games Workshop Group PLC leads (87 / 100 vs 76 / 100 for ASML Holding N.V.).
  • Segment focus: ASML Holding N.V. has 3 segments (23% in Installed Base Management (service, upgrades, field options)); Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Strong.
  • Moat breadth: ASML Holding N.V. has 6 moat types across 2 domains; Games Workshop Group PLC has 8 across 4.

Primary market context

ASML Holding N.V.

Installed Base Management (service, upgrades, field options)

Market

Service, upgrades and field options for installed ASML lithography tools

Geography

Global

Customer

Owners/operators of ASML lithography systems

Role

Aftermarket service provider

Revenue share

23%

Games Workshop Group PLC

Core (Warhammer miniatures & hobby products)

Market

Tabletop miniature wargaming and related hobby products

Geography

Global

Customer

Hobbyists/collectors (B2C) plus independent retailers (B2B)

Role

IP owner + designer/manufacturer + distributor + direct-to-consumer retail

Revenue share

91.5%

Side-by-side metrics

ASML Holding N.V.
Games Workshop Group PLC
Ticker / Exchange
ASML - Euronext Amsterdam
GAW - London Stock Exchange
Market cap (USD)
$407.9B
$6.2B
Gross margin (TTM)
52.7%
71.9%
Operating margin (TTM)
34.9%
41%
Net margin (TTM)
29.4%
30.4%
Sector
Technology
Consumer
Industry
Semiconductors
Leisure
HQ country
NL
GB
Primary segment
Installed Base Management (service, upgrades, field options)
Core (Warhammer miniatures & hobby products)
Market structure
Quasi-Monopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
76 / 100
87 / 100
Moat domains
Supply, Demand
Legal, Demand, Network, Supply
Last update
2025-12-21
2026-01-05

Moat coverage

Shared moat types

Supply Chain ControlBrand TrustService Field NetworkInstalled Base Consumables

ASML Holding N.V. strengths

Capex Knowhow ScaleSwitching Costs General

Games Workshop Group PLC strengths

IP Choke PointEcosystem ComplementsContent Rights CurrencyLong Term Contracts

Segment mix

ASML Holding N.V. segments

Full profile >

EUV lithography systems (incl. High-NA)

Monopoly

n/a

DUV lithography systems

Oligopoly

n/a

Installed Base Management (service, upgrades, field options)

Quasi-Monopoly

23%

Games Workshop Group PLC segments

Full profile >

Core (Warhammer miniatures & hobby products)

Oligopoly

91.5%

Licensing (Warhammer IP)

Monopoly

8.5%

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.