VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

DLocal Limited vs Games Workshop Group PLC

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

DLocal Limited

DLO · Nasdaq Global Select Market

Market cap (USD)$4.3B
Gross margin (TTM)38.6%
Operating margin (TTM)20.8%
Net margin (TTM)17.8%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUY
Data as of2025-12-27
Moat score
53/ 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 DLocal Limited's moat claims, evidence, and risks.

View DLO 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 53 / 100 for DLocal Limited).
  • Segment focus: DLocal Limited has 1 segment; Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: DLocal Limited has 4 moat types across 3 domains; Games Workshop Group PLC has 8 across 4.

Primary market context

DLocal Limited

Payment processing platform (Pay-ins & Pay-outs)

Market

Cross-border payment processing for global merchants in emerging markets

Geography

Global; emerging markets focus (Africa, Asia, Latin America, Middle East)

Customer

Enterprise merchants and platforms

Role

Payment service provider / processor

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

DLocal Limited
Games Workshop Group PLC
Ticker / Exchange
DLO - Nasdaq Global Select Market
GAW - London Stock Exchange
Market cap (USD)
$4.3B
$6.2B
Gross margin (TTM)
38.6%
71.9%
Operating margin (TTM)
20.8%
41%
Net margin (TTM)
17.8%
30.4%
Sector
Technology
Consumer
Industry
Software - Infrastructure
Leisure
HQ country
UY
GB
Primary segment
Payment processing platform (Pay-ins & Pay-outs)
Core (Warhammer miniatures & hobby products)
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
53 / 100
87 / 100
Moat domains
Supply, Legal, Demand
Legal, Demand, Network, Supply
Last update
2025-12-27
2026-01-05

Moat coverage

Shared moat types

No overlap yet.

DLocal Limited strengths

Capex Knowhow ScaleCompliance AdvantageSwitching Costs GeneralOperational Excellence

Games Workshop Group PLC strengths

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

Segment mix

DLocal Limited segments

Full profile >

Payment processing platform (Pay-ins & Pay-outs)

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.