VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Games Workshop Group PLC vs Northrop Grumman Corporation

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

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

Northrop Grumman Corporation

NOC · New York Stock Exchange

Market cap (USD)$87.2B
Gross margin (TTM)19.4%
Operating margin (TTM)10.6%
Net margin (TTM)9.8%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2025-12-26
Moat score
72/ 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 Northrop Grumman Corporation's moat claims, evidence, and risks.

View NOC analysis

Comparison highlights

  • Moat score gap: Games Workshop Group PLC leads (87 / 100 vs 72 / 100 for Northrop Grumman Corporation).
  • Segment focus: Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)); Northrop Grumman Corporation has 4 segments (28.7% in Aeronautics Systems).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Games Workshop Group PLC has 8 moat types across 4 domains; Northrop Grumman Corporation has 6 across 3.

Primary market context

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%

Northrop Grumman Corporation

Aeronautics Systems

Market

Military aircraft systems (manned & unmanned) plus sustainment/modernization

Geography

Global (primarily United States and allies)

Customer

U.S. government and allied governments

Role

Prime contractor and major subsystem supplier

Revenue share

28.7%

Side-by-side metrics

Games Workshop Group PLC
Northrop Grumman Corporation
Ticker / Exchange
GAW - London Stock Exchange
NOC - New York Stock Exchange
Market cap (USD)
$6.2B
$87.2B
Gross margin (TTM)
71.9%
19.4%
Operating margin (TTM)
41%
10.6%
Net margin (TTM)
30.4%
9.8%
Sector
Consumer
Industrials
Industry
Leisure
Aerospace & Defense
HQ country
GB
US
Primary segment
Core (Warhammer miniatures & hobby products)
Aeronautics Systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
87 / 100
72 / 100
Moat domains
Legal, Demand, Network, Supply
Legal, Demand, Supply
Last update
2026-01-05
2025-12-26

Moat coverage

Shared moat types

No overlap yet.

Games Workshop Group PLC strengths

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

Northrop Grumman Corporation strengths

Government Contracting RelationshipsDesign In QualificationCompliance AdvantageCapacity MoatSwitching Costs GeneralCapex Knowhow Scale

Segment mix

Games Workshop Group PLC segments

Full profile >

Core (Warhammer miniatures & hobby products)

Oligopoly

91.5%

Licensing (Warhammer IP)

Monopoly

8.5%

Northrop Grumman Corporation segments

Full profile >

Aeronautics Systems

Oligopoly

28.7%

Defense Systems

Oligopoly

18.8%

Mission Systems

Oligopoly

24.9%

Space Systems

Oligopoly

27.6%

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.