VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Booking Holdings Inc. vs Evolution AB

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

Booking Holdings Inc.

BKNG · NASDAQ Global Select Market

Market cap (USD)$131.4B
Gross margin (TTM)99.3%
Operating margin (TTM)32.9%
Net margin (TTM)20.1%
SectorConsumer
IndustryTravel Services
CountryUS
Data as of2025-12-25
Moat score
77/ 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 Booking Holdings Inc.'s moat claims, evidence, and risks.

View BKNG 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 77 / 100 for Booking Holdings Inc.).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Evolution AB has 2 segments (86.1% in Live Casino).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Evolution AB has 4 across 3.

Primary market context

Booking Holdings Inc.

OTC online travel reservations (Booking.com, Priceline, Agoda)

Market

Online travel agency (OTA) reservation platforms

Geography

Global

Customer

Two-sided: travelers (B2C) and travel service providers (B2B)

Role

Intermediary / marketplace

Revenue share

95.5%

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

Booking Holdings Inc.
Evolution AB
Ticker / Exchange
BKNG - NASDAQ Global Select Market
EVO - Nasdaq Stockholm
Market cap (USD)
$131.4B
$106B
Gross margin (TTM)
99.3%
100%
Operating margin (TTM)
32.9%
59.4%
Net margin (TTM)
20.1%
50.1%
Sector
Consumer
Consumer
Industry
Travel Services
Gambling, Resorts & Casinos
HQ country
US
SE
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Live Casino
Market structure
Oligopoly
Oligopoly
Market share
23%-31% (implied)
50%-60% (reported)
HHI estimate
n/a
5,050
Pricing power
Moderate
Strong
Moat score
77 / 100
94 / 100
Moat domains
Network, Demand, Supply, Financial
Supply, Legal, Demand
Last update
2025-12-25
2025-12-26

Moat coverage

Shared moat types

No overlap yet.

Booking Holdings Inc. strengths

Two Sided NetworkBrand TrustHabit DefaultScope EconomiesFloat Prepayment

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

Segment mix

Booking Holdings Inc. segments

Full profile >

OTC online travel reservations (Booking.com, Priceline, Agoda)

Oligopoly

95.5%

Metasearch & restaurant reservations (KAYAK, OpenTable)

Competitive

4.5%

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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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.