VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Ambev S.A. vs Evolution AB

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

Ambev S.A.

ABEV3 · B3 - Brasil Bolsa Balcao

Market cap (USD)$250.3B
Gross margin (TTM)50.5%
Operating margin (TTM)25.7%
Net margin (TTM)17.6%
SectorConsumer
IndustryBeverages - Alcoholic
CountryBR
Data as of2025-12-28
Moat score
82/ 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 Ambev S.A.'s moat claims, evidence, and risks.

View ABEV3 analysis

Evolution AB

EVO · Nasdaq Stockholm

Market cap (USD)$106B
Gross margin (TTM)100%
Operating margin (TTM)59.4%
Net margin (TTM)50.1%
SectorConsumer
IndustryGambling, Resorts & Casinos
CountrySE
Data as of2025-12-26
Moat score
94/ 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 Evolution AB's moat claims, evidence, and risks.

View EVO analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 82 / 100 for Ambev S.A.).
  • Segment focus: Ambev S.A. has 5 segments (45% in Brazil - Beer); Evolution AB has 2 segments (86.1% in Live Casino).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Ambev S.A. has 3 moat types across 3 domains; Evolution AB has 4 across 3.

Primary market context

Ambev S.A.

Brazil - Beer

Market

Beer production and distribution

Geography

Brazil

Customer

On-trade and off-trade retailers; distributors

Role

Producer & distributor

Revenue share

45%

Evolution AB

Live Casino

Market

B2B supply of online live casino games (live dealer & game shows)

Geography

Regulated jurisdictions (global; UK data point for concentration)

Customer

Online gambling operators (B2C)

Role

B2B content & platform supplier

Revenue share

86.1%

Side-by-side metrics

Ambev S.A.
Evolution AB
Ticker / Exchange
ABEV3 - B3 - Brasil Bolsa Balcao
EVO - Nasdaq Stockholm
Market cap (USD)
$250.3B
$106B
Gross margin (TTM)
50.5%
100%
Operating margin (TTM)
25.7%
59.4%
Net margin (TTM)
17.6%
50.1%
Sector
Consumer
Consumer
Industry
Beverages - Alcoholic
Gambling, Resorts & Casinos
HQ country
BR
SE
Primary segment
Brazil - Beer
Live Casino
Market structure
Oligopoly
Oligopoly
Market share
55%-65% (estimated)
50%-60% (reported)
HHI estimate
n/a
5,050
Pricing power
Moderate
Strong
Moat score
82 / 100
94 / 100
Moat domains
Demand, Supply, Legal
Supply, Legal, Demand
Last update
2025-12-28
2025-12-26

Moat coverage

Shared moat types

No overlap yet.

Ambev S.A. strengths

Brand TrustDistribution ControlContractual Exclusivity

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

Segment mix

Ambev S.A. segments

Full profile >

Brazil - Beer

Oligopoly

45%

Brazil - Non-alcoholic beverages

Oligopoly

9.4%

Central America and the Caribbean

Oligopoly

12.3%

Latin America South

Oligopoly

22.2%

Canada

Oligopoly

11.2%

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

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.