VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Games Workshop Group PLC vs Vulcan Materials Company

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

Vulcan Materials Company

VMC · New York Stock Exchange

Market cap (USD)$39.2B
Gross margin (TTM)28.2%
Operating margin (TTM)20.9%
Net margin (TTM)14.3%
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
73/ 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 Vulcan Materials Company's moat claims, evidence, and risks.

View VMC analysis

Comparison highlights

  • Moat score gap: Games Workshop Group PLC leads (87 / 100 vs 73 / 100 for Vulcan Materials Company).
  • Segment focus: Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)); Vulcan Materials Company has 3 segments (74.4% in Aggregates).
  • Moat breadth: Games Workshop Group PLC has 8 moat types across 4 domains; Vulcan Materials Company has 5 across 2.

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%

Vulcan Materials Company

Aggregates

Market

Construction aggregates (crushed stone, sand & gravel)

Geography

United States (local/regional markets)

Customer

Construction contractors and public infrastructure agencies

Role

Upstream raw materials producer

Revenue share

74.4%

Side-by-side metrics

Games Workshop Group PLC
Vulcan Materials Company
Ticker / Exchange
GAW - London Stock Exchange
VMC - New York Stock Exchange
Market cap (USD)
$6.2B
$39.2B
Gross margin (TTM)
71.9%
28.2%
Operating margin (TTM)
41%
20.9%
Net margin (TTM)
30.4%
14.3%
Sector
Consumer
Materials
Industry
Leisure
Construction Materials
HQ country
GB
US
Primary segment
Core (Warhammer miniatures & hobby products)
Aggregates
Market structure
Oligopoly
Oligopoly
Market share
n/a
8%-11% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
87 / 100
73 / 100
Moat domains
Legal, Demand, Network, Supply
Legal, Supply
Last update
2026-01-05
2026-01-01

Moat coverage

Shared moat types

Supply Chain Control

Games Workshop Group PLC strengths

IP Choke PointBrand TrustEcosystem ComplementsService Field NetworkInstalled Base ConsumablesContent Rights CurrencyLong Term Contracts

Vulcan Materials Company strengths

Permits Rights Of WayGeographic NaturalPhysical Network DensityScale Economies Unit Cost

Segment mix

Games Workshop Group PLC segments

Full profile >

Core (Warhammer miniatures & hobby products)

Oligopoly

91.5%

Licensing (Warhammer IP)

Monopoly

8.5%

Vulcan Materials Company segments

Full profile >

Aggregates

Oligopoly

74.4%

Asphalt

Competitive

16.8%

Concrete

Competitive

8.8%

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.