VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

Evolution AB vs Kongsberg Gruppen ASA

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

Kongsberg Gruppen ASA

KOG · Euronext Oslo Bors

Market cap (USD)$22.8B
SectorIndustrials
CountryNO
Data as of2025-12-28
Moat score
81/ 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 Kongsberg Gruppen ASA's moat claims, evidence, and risks.

View KOG analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 81 / 100 for Kongsberg Gruppen ASA).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); Kongsberg Gruppen ASA has 4 segments (49.5% in Kongsberg Maritime).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; Kongsberg Gruppen ASA has 9 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%

Kongsberg Gruppen ASA

Kongsberg Maritime

Market

Maritime technology & integrated ship systems (propulsion, automation, bridge, energy efficiency, service)

Geography

Global

Customer

Shipyards, shipowners, offshore operators, naval customers

Role

OEM and systems integrator; aftermarket service provider

Revenue share

49.5%

Side-by-side metrics

Evolution AB
Kongsberg Gruppen ASA
Ticker / Exchange
EVO - Nasdaq Stockholm
KOG - Euronext Oslo Bors
Market cap (USD)
$13.5B
$22.8B
Sector
Consumer
Industrials
HQ country
SE
NO
Primary segment
Live Casino
Kongsberg Maritime
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
30%-35% (reported)
HHI estimate
5,050
n/a
Pricing power
Strong
Moderate
Moat score
94 / 100
81 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply, Legal, Network
Last update
2025-12-26
2025-12-28

Moat coverage

Shared moat types

Capex Knowhow ScaleCompliance Advantage

Evolution AB strengths

Suite BundlingIP Choke Point

Kongsberg Gruppen ASA strengths

Installed Base ConsumablesService Field NetworkGovernment Contracting RelationshipsDesign In QualificationLong Term ContractsData Workflow LockinEcosystem Complements

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Kongsberg Gruppen ASA segments

Full profile >

Kongsberg Maritime

Oligopoly

49.5%

Kongsberg Defence & Aerospace

Oligopoly

38.2%

Kongsberg Discovery

Competitive

8.8%

Kongsberg Digital

Competitive

3.5%

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.