VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Fortinet, Inc. vs Games Workshop Group PLC

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

Fortinet, Inc.

FTNT · NASDAQ

Market cap (USD)$59.5B
Gross margin (TTM)81.3%
Operating margin (TTM)31%
Net margin (TTM)28.6%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2025-12-26
Moat score
84/ 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 Fortinet, Inc.'s moat claims, evidence, and risks.

View FTNT 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 84 / 100 for Fortinet, Inc.).
  • Segment focus: Fortinet, Inc. has 2 segments (68% in Subscriptions & Support Services); 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: Fortinet, Inc. has 7 moat types across 3 domains; Games Workshop Group PLC has 8 across 4.

Primary market context

Fortinet, Inc.

Subscriptions & Support Services

Market

Cybersecurity subscriptions and technical support for Fortinet installed base (FortiGuard + FortiCare)

Geography

Global

Customer

Installed-base enterprises and channel partners

Role

Vendor (subscription/support services)

Revenue share

68%

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

Fortinet, Inc.
Games Workshop Group PLC
Ticker / Exchange
FTNT - NASDAQ
GAW - London Stock Exchange
Market cap (USD)
$59.5B
$6.2B
Gross margin (TTM)
81.3%
71.9%
Operating margin (TTM)
31%
41%
Net margin (TTM)
28.6%
30.4%
Sector
Technology
Consumer
Industry
Software - Infrastructure
Leisure
HQ country
US
GB
Primary segment
Subscriptions & Support Services
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
84 / 100
87 / 100
Moat domains
Demand, Supply, Financial
Legal, Demand, Network, Supply
Last update
2025-12-26
2026-01-05

Moat coverage

Shared moat types

Installed Base ConsumablesLong Term Contracts

Fortinet, Inc. strengths

Suite BundlingKeystone ComponentScope EconomiesBenchmark Pricing PowerSwitching Costs General

Games Workshop Group PLC strengths

IP Choke PointBrand TrustEcosystem ComplementsService Field NetworkSupply Chain ControlContent Rights Currency

Segment mix

Fortinet, Inc. segments

Full profile >

Secure Networking Products

Oligopoly

32%

Subscriptions & Support Services

Quasi-Monopoly

68%

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?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.