VOL. XCIV, NO. 247

* MOAT STOCKS COMPARISON *

NO ADVICE

Friday, December 26, 2025

Stock Comparison

Evolution AB (publ) vs Fortinet, Inc.

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

Evolution AB (publ)

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.

View full moat analysis >

Fortinet, Inc.

FTNT · NASDAQ

Market cap (USD)
SectorTechnology
CountryUS
Data as of2025-12-26
Moat score
84/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

View full moat analysis >

Side-by-side metrics

Evolution AB (publ)
Fortinet, Inc.
Ticker / Exchange
EVO - Nasdaq Stockholm
FTNT - NASDAQ
Market cap (USD)
$13.5B
n/a
Sector
Consumer
Technology
HQ country
SE
US
Primary segment
Live Casino
Subscriptions & Support Services
Market structure
Oligopoly
Quasi-Monopoly
Market share
50%-60% (reported)
n/a
HHI estimate
5,050
n/a
Pricing power
Strong
Strong
Moat score
94 / 100
84 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply, Financial
Last update
2025-12-26
2025-12-26

Moat coverage

Shared moat types

Suite Bundling

Evolution AB (publ) strengths

Capex Knowhow ScaleCompliance AdvantageIP Choke Point

Fortinet, Inc. strengths

Keystone ComponentScope EconomiesBenchmark Pricing PowerInstalled Base ConsumablesLong Term ContractsSwitching Costs General

Segment mix

Evolution AB (publ) segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Fortinet, Inc. segments

Full profile >

Secure Networking Products

Oligopoly

32%

Subscriptions & Support Services

Quasi-Monopoly

68%

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 Pricing, features, and availability may be incomplete or out of date.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.