VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Evolution AB vs Nestle S.A.

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

Nestle S.A.

NESN · SIX Swiss Exchange

Market cap (USD)
SectorConsumer
CountryCH
Data as of2025-12-30
Moat score
57/ 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 Nestle S.A.'s moat claims, evidence, and risks.

View NESN analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 57 / 100 for Nestle S.A.).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); Nestle S.A. has 7 segments (26.9% in Powdered and Liquid Beverages).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; Nestle S.A. has 6 across 3.

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%

Nestle S.A.

Powdered and Liquid Beverages

Market

Packaged coffee (instant, roast and ground, portioned) and other powdered beverages (cocoa/malt, creamers)

Geography

Global

Customer

Consumers (end-users) via retail and e-commerce; plus out-of-home channels

Role

Branded manufacturer and marketer; system operator for portioned coffee (machines + capsules)

Revenue share

26.9%

Side-by-side metrics

Evolution AB
Nestle S.A.
Ticker / Exchange
EVO - Nasdaq Stockholm
NESN - SIX Swiss Exchange
Market cap (USD)
$13.5B
n/a
Sector
Consumer
Consumer
HQ country
SE
CH
Primary segment
Live Casino
Powdered and Liquid Beverages
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
25% (reported)
HHI estimate
5,050
n/a
Pricing power
Strong
Moderate
Moat score
94 / 100
57 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply, Legal
Last update
2025-12-26
2025-12-30

Moat coverage

Shared moat types

Compliance Advantage

Evolution AB strengths

Capex Knowhow ScaleSuite BundlingIP Choke Point

Nestle S.A. strengths

Brand TrustPreferential Input AccessInstalled Base ConsumablesLearning Curve YieldDistribution Control

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Nestle S.A. segments

Full profile >

Powdered and Liquid Beverages

Oligopoly

26.9%

PetCare

Oligopoly

20.7%

Nutrition and Health Science

Oligopoly

16.6%

Prepared dishes and cooking aids

Competitive

11.7%

Milk products and Ice cream

Competitive

11.4%

Confectionery

Oligopoly

9.2%

Water

Competitive

3.5%

Want the full wide moat stocks list?

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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.