VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Evolution AB vs Heineken N.V.

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

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

Heineken N.V.

HEIA · Euronext Amsterdam

Market cap (USD)$43.4B
Gross margin (TTM)22.3%
Operating margin (TTM)11.9%
Net margin (TTM)4.8%
SectorConsumer
IndustryBeverages - Alcoholic
CountryNL
Data as of2025-12-28
Moat score
65/ 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 Heineken N.V.'s moat claims, evidence, and risks.

View HEIA analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 65 / 100 for Heineken N.V.).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); Heineken N.V. has 4 segments (38.7% in Europe).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; Heineken N.V. has 5 across 2.

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%

Heineken N.V.

Europe

Market

Beer, cider and beyond-beer alcoholic beverages

Geography

Europe

Customer

Consumers via on-trade (bars/restaurants) and off-trade (retail/wholesale)

Role

Brewer / brand owner / route-to-market operator

Revenue share

38.7%

Side-by-side metrics

Evolution AB
Heineken N.V.
Ticker / Exchange
EVO - Nasdaq Stockholm
HEIA - Euronext Amsterdam
Market cap (USD)
$106B
$43.4B
Gross margin (TTM)
100%
22.3%
Operating margin (TTM)
59.4%
11.9%
Net margin (TTM)
50.1%
4.8%
Sector
Consumer
Consumer
Industry
Gambling, Resorts & Casinos
Beverages - Alcoholic
HQ country
SE
NL
Primary segment
Live Casino
Europe
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
65 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply
Last update
2025-12-26
2025-12-28

Moat coverage

Shared moat types

No overlap yet.

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

Heineken N.V. strengths

Brand TrustDistribution ControlScale Economies Unit CostData Workflow LockinOperational Excellence

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Heineken N.V. segments

Full profile >

Europe

Oligopoly

38.7%

Americas

Oligopoly

34%

Africa & Middle East

Oligopoly

13.5%

Asia Pacific

Oligopoly

13.8%

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.