VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Evolution AB vs Intercontinental Exchange, Inc.

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

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)
SectorFinancials
CountryUS
Data as of2025-12-30
Moat score
87/ 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 Intercontinental Exchange, Inc.'s moat claims, evidence, and risks.

View ICE analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 87 / 100 for Intercontinental Exchange, Inc.).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges).
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; Intercontinental Exchange, Inc. has 10 across 4.

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%

Intercontinental Exchange, Inc.

Exchanges

Market

Derivatives, cash equities, and listings exchanges plus central clearing (CCP) services

Geography

Global

Customer

Market participants (banks, broker-dealers, asset managers, proprietary traders) and issuers

Role

Exchange operator + clearing house (CCP)

Revenue share

53.4%

Side-by-side metrics

Evolution AB
Intercontinental Exchange, Inc.
Ticker / Exchange
EVO - Nasdaq Stockholm
ICE - New York Stock Exchange
Market cap (USD)
$13.5B
n/a
Sector
Consumer
Financials
HQ country
SE
US
Primary segment
Live Casino
Exchanges
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
75% (reported)
HHI estimate
5,050
n/a
Pricing power
Strong
Strong
Moat score
94 / 100
87 / 100
Moat domains
Supply, Legal, Demand
Network, Legal, Demand, Supply
Last update
2025-12-26
2025-12-30

Moat coverage

Shared moat types

Compliance Advantage

Evolution AB strengths

Capex Knowhow ScaleSuite BundlingIP Choke Point

Intercontinental Exchange, Inc. strengths

Clearing SettlementConcession LicenseTwo Sided NetworkBrand TrustData Workflow LockinData Network EffectsPhysical Network DensityInteroperability HubStandards Registry

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Intercontinental Exchange, Inc. segments

Full profile >

Exchanges

Oligopoly

53.4%

Fixed Income and Data Services

Oligopoly

24.8%

Mortgage Technology

Oligopoly

21.8%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.