VOL. XCIV, NO. 247

* MOAT STOCKS COMPARISON *

NO ADVICE

Friday, December 26, 2025

Stock Comparison

Evolution AB (publ) vs MarketAxess Holdings Inc.

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

Evolution AB (publ)

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.

View full moat analysis >

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$6.7B
SectorFinancials
CountryUS
Data as of2025-12-23
Moat score
74/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

View full moat analysis >

Side-by-side metrics

Evolution AB (publ)
MarketAxess Holdings Inc.
Ticker / Exchange
EVO - Nasdaq Stockholm
MKTX - NASDAQ Global Select Market
Market cap (USD)
$13.5B
$6.7B
Sector
Consumer
Financials
HQ country
SE
US
Primary segment
Live Casino
Trade Execution Solutions
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
19% (reported)
HHI estimate
5,050
n/a
Pricing power
Strong
Moderate
Moat score
94 / 100
74 / 100
Moat domains
Supply, Legal, Demand
Network, Demand, Legal
Last update
2025-12-26
2025-12-23

Moat coverage

Shared moat types

Compliance Advantage

Evolution AB (publ) strengths

Capex Knowhow ScaleSuite BundlingIP Choke Point

MarketAxess Holdings Inc. strengths

Two Sided NetworkData Workflow LockinData Network EffectsSwitching Costs GeneralEcosystem Complements

Segment mix

Evolution AB (publ) segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

87.1%

Services (Data, Post-Trade and Technology)

Competitive

12.9%

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 Pricing, features, and availability may be incomplete or out of date.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.