VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Evolution AB vs HEICO Corporation

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

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

HEICO Corporation

HEI · NYSE

Market cap (USD)$39.6B
SectorIndustrials
CountryUS
Data as of2025-12-30
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 HEICO Corporation's moat claims, evidence, and risks.

View HEI analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 77 / 100 for HEICO Corporation).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); HEICO Corporation has 2 segments (69.5% in Flight Support Group (FSG)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; HEICO Corporation has 6 across 3.

Primary market context

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%

HEICO Corporation

Flight Support Group (FSG)

Market

Aerospace aftermarket replacement parts and MRO services (jet engine and aircraft components), including FAA-approved PMA parts

Geography

Global

Customer

Commercial airlines, cargo carriers, MROs, OEMs, and government/military customers

Role

Aftermarket parts manufacturer + MRO/repair provider + distributor

Revenue share

69.5%

Side-by-side metrics

Evolution AB
HEICO Corporation
Ticker / Exchange
EVO - Nasdaq Stockholm
HEI - NYSE
Market cap (USD)
$13.5B
$39.6B
Sector
Consumer
Industrials
HQ country
SE
US
Primary segment
Live Casino
Flight Support Group (FSG)
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
n/a
HHI estimate
5,050
n/a
Pricing power
Strong
Moderate
Moat score
94 / 100
77 / 100
Moat domains
Supply, Legal, Demand
Legal, Supply, Demand
Last update
2025-12-26
2025-12-30

Moat coverage

Shared moat types

IP Choke Point

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite Bundling

HEICO Corporation strengths

Regulated Standards PipeLearning Curve YieldBrand TrustDesign In QualificationGovernment Contracting Relationships

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

HEICO Corporation segments

Full profile >

Flight Support Group (FSG)

Oligopoly

69.5%

Electronic Technologies Group (ETG)

Oligopoly

30.5%

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.