VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 14, 2026

Stock Comparison

Evolution AB vs lululemon athletica 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)$126.8B
Gross margin (TTM)100%
Operating margin (TTM)60.8%
Net margin (TTM)52%
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

lululemon athletica inc.

LULU · Nasdaq Global Select Market

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorConsumer
Industry
CountryUS
Data as of2026-01-12
Moat score
69/ 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 lululemon athletica inc.'s moat claims, evidence, and risks.

View LULU analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 69 / 100 for lululemon athletica inc.).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); lululemon athletica inc. has 3 segments (63.2% in Women's products).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Strong.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; lululemon athletica inc. has 3 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%

lululemon athletica inc.

Women's products

Market

Premium women's technical athletic apparel (athleisure: yoga, run, train, lifestyle)

Geography

Global

Customer

Consumers (end-users) via company-operated stores and e-commerce; limited wholesale

Role

Brand owner / designer / DTC retailer

Revenue share

63.2%

Side-by-side metrics

Evolution AB
lululemon athletica inc.
Ticker / Exchange
EVO - Nasdaq Stockholm
LULU - Nasdaq Global Select Market
Market cap (USD)
$126.8B
n/a
Gross margin (TTM)
100%
n/a
Operating margin (TTM)
60.8%
n/a
Net margin (TTM)
52%
n/a
Sector
Consumer
Consumer
Industry
Gambling, Resorts & Casinos
n/a
HQ country
SE
US
Primary segment
Live Casino
Women's products
Market structure
Oligopoly
Competitive
Market share
50%-60% (reported)
n/a
HHI estimate
5,050
n/a
Pricing power
Strong
Strong
Moat score
94 / 100
69 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply
Last update
2025-12-26
2026-01-12

Moat coverage

Shared moat types

No overlap yet.

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

lululemon athletica inc. strengths

Brand TrustDistribution ControlLearning Curve Yield

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

lululemon athletica inc. segments

Full profile >

Women's products

Competitive

63.2%

Men's products

Competitive

24.2%

Other categories (accessories, footwear, Studio)

Competitive

12.6%

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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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.