VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Canadian National Railway Company vs Evolution AB

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

Canadian National Railway Company

CNR · Toronto Stock Exchange

Market cap (USD)$61.2B
SectorIndustrials
CountryCA
Data as of2025-12-30
Moat score
97/ 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 Canadian National Railway Company's moat claims, evidence, and risks.

View CNR analysis

Evolution AB

EVO · Nasdaq Stockholm

Market cap (USD)$13.5B
SectorConsumer
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: Canadian National Railway Company leads (97 / 100 vs 94 / 100 for Evolution AB).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Evolution AB has 2 segments (86.1% in Live Casino).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Evolution AB has 4 across 3.

Primary market context

Canadian National Railway Company

Rail freight transportation network

Market

Canadian Class I freight rail transportation

Geography

Canada (with U.S. cross-border corridors)

Customer

Industrial shippers, intermodal customers, and auto supply chains

Role

Line-haul freight railway (Class I)

Revenue share

96.2%

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

Canadian National Railway Company
Evolution AB
Ticker / Exchange
CNR - Toronto Stock Exchange
EVO - Nasdaq Stockholm
Market cap (USD)
$61.2B
$13.5B
Sector
Industrials
Consumer
HQ country
CA
SE
Primary segment
Rail freight transportation network
Live Casino
Market structure
Duopoly
Oligopoly
Market share
50%-56% (estimated)
50%-60% (reported)
HHI estimate
4,031
5,050
Pricing power
Moderate
Strong
Moat score
97 / 100
94 / 100
Moat domains
Legal, Supply
Supply, Legal, Demand
Last update
2025-12-30
2025-12-26

Moat coverage

Shared moat types

No overlap yet.

Canadian National Railway Company strengths

Permits Rights Of WayPhysical Network DensityScale Economies Unit CostScope Economies

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

Segment mix

Canadian National Railway Company segments

Full profile >

Rail freight transportation network

Duopoly

96.2%

Non-rail logistics and ancillary services

Competitive

3.8%

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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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.