VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Games Workshop Group PLC vs Zimmer Biomet Holdings, Inc.

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

Zimmer Biomet Holdings, Inc.

ZBH · New York Stock Exchange

Market cap (USD)$18.4B
Gross margin (TTM)71.4%
Operating margin (TTM)16.6%
Net margin (TTM)10.1%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2025-12-23
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 Zimmer Biomet Holdings, Inc.'s moat claims, evidence, and risks.

View ZBH analysis

Comparison highlights

  • Moat score gap: Games Workshop Group PLC leads (87 / 100 vs 72 / 100 for Zimmer Biomet Holdings, Inc.).
  • Segment focus: Games Workshop Group PLC has 2 segments (91.5% in Core (Warhammer miniatures & hobby products)); Zimmer Biomet Holdings, Inc. has 4 segments (41.3% in Knees).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Games Workshop Group PLC has 8 moat types across 4 domains; Zimmer Biomet Holdings, Inc. has 7 across 5.

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%

Zimmer Biomet Holdings, Inc.

Knees

Market

Knee reconstruction implants (primary, partial, revision) plus associated instruments and orthopedic robotics/navigation

Geography

Global

Customer

Hospitals and ambulatory surgery centers

Role

OEM manufacturer

Revenue share

41.3%

Side-by-side metrics

Games Workshop Group PLC
Zimmer Biomet Holdings, Inc.
Ticker / Exchange
GAW - London Stock Exchange
ZBH - New York Stock Exchange
Market cap (USD)
$6.2B
$18.4B
Gross margin (TTM)
71.9%
71.4%
Operating margin (TTM)
41%
16.6%
Net margin (TTM)
30.4%
10.1%
Sector
Consumer
Healthcare
Industry
Leisure
Medical - Devices
HQ country
GB
US
Primary segment
Core (Warhammer miniatures & hobby products)
Knees
Market structure
Oligopoly
Oligopoly
Market share
n/a
30.1% (reported)
HHI estimate
n/a
2,265
Pricing power
Strong
Moderate
Moat score
87 / 100
72 / 100
Moat domains
Legal, Demand, Network, Supply
Demand, Supply, Legal, Financial, Network
Last update
2026-01-05
2025-12-23

Moat coverage

Shared moat types

Ecosystem ComplementsService Field Network

Games Workshop Group PLC strengths

IP Choke PointBrand TrustSupply Chain ControlInstalled Base ConsumablesContent Rights CurrencyLong Term Contracts

Zimmer Biomet Holdings, Inc. strengths

Design In QualificationRegulated Standards PipeBenchmark Pricing PowerScope EconomiesData Workflow Lockin

Segment mix

Games Workshop Group PLC segments

Full profile >

Core (Warhammer miniatures & hobby products)

Oligopoly

91.5%

Licensing (Warhammer IP)

Monopoly

8.5%

Zimmer Biomet Holdings, Inc. segments

Full profile >

Knees

Oligopoly

41.3%

Hips

Oligopoly

26%

S.E.T. (Sports Medicine, Extremities, Trauma, CMFT)

Competitive

24.3%

Technology & Data, Bone Cement and Surgical

Oligopoly

8.3%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

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.