VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Bentley Systems, Incorporated vs Games Workshop Group PLC

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

Bentley Systems, Incorporated

BSY · NASDAQ

Market cap (USD)$12.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryUS
Data as of2026-01-10
Moat score
64/ 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 Bentley Systems, Incorporated's moat claims, evidence, and risks.

View BSY 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 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; Games Workshop Group PLC has 8 across 4.

Primary market context

Bentley Systems, Incorporated

Engineering Applications (Bentley Open)

Market

Infrastructure engineering design and simulation software (CAD/BIM for civil, rail, water, plants, and facilities)

Geography

Global

Customer

Engineering and construction firms; public and private infrastructure owner-operators

Role

Engineering authoring + analysis software vendor

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

Bentley Systems, Incorporated
Games Workshop Group PLC
Ticker / Exchange
BSY - NASDAQ
GAW - London Stock Exchange
Market cap (USD)
$12.5B
$6.2B
Gross margin (TTM)
n/a
71.9%
Operating margin (TTM)
n/a
41%
Net margin (TTM)
n/a
30.4%
Sector
Technology
Consumer
Industry
n/a
Leisure
HQ country
US
GB
Primary segment
Engineering Applications (Bentley Open)
Core (Warhammer miniatures & hobby products)
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
64 / 100
87 / 100
Moat domains
Demand, Network
Legal, Demand, Network, Supply
Last update
2026-01-10
2026-01-05

Moat coverage

Shared moat types

Ecosystem Complements

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubData Workflow LockinProcurement InertiaDe Facto Standard

Games Workshop Group PLC strengths

IP Choke PointBrand TrustService Field NetworkSupply Chain ControlInstalled Base ConsumablesContent Rights CurrencyLong Term Contracts

Segment mix

Bentley Systems, Incorporated segments

Full profile >

Engineering Applications (Bentley Open)

Oligopoly

n/a

Geoprofessional Applications (Seequent)

Oligopoly

n/a

Bentley Infrastructure Cloud (ProjectWise, SYNCHRO, AssetWise)

Oligopoly

n/a

Digital Twin Platform & Asset Analytics (Cesium, iTwin, Asset Analytics)

Competitive

n/a

Games Workshop Group PLC segments

Full profile >

Core (Warhammer miniatures & hobby products)

Oligopoly

91.5%

Licensing (Warhammer IP)

Monopoly

8.5%

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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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.