VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Evolution AB vs PepsiCo, 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)$106B
Gross margin (TTM)100%
Operating margin (TTM)59.4%
Net margin (TTM)50.1%
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

PepsiCo, Inc.

PEP · Nasdaq Global Select Market

Market cap (USD)$225.5B
Gross margin (TTM)54.2%
Operating margin (TTM)12.2%
Net margin (TTM)8.8%
SectorConsumer
IndustryBeverages - Non-Alcoholic
CountryUS
Data as of2025-12-23
Moat score
72/ 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 PepsiCo, Inc.'s moat claims, evidence, and risks.

View PEP analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 72 / 100 for PepsiCo, Inc.).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); PepsiCo, Inc. has 7 segments (27% in Frito-Lay North America (FLNA)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; PepsiCo, Inc. has 4 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%

PepsiCo, Inc.

Frito-Lay North America (FLNA)

Market

Branded convenient foods (salty snacks, dips and adjacent categories)

Geography

United States and Canada

Customer

Retailers, convenience stores, foodservice

Role

Branded manufacturer + distributor (DSD/warehouse/distributor networks)

Revenue share

27%

Side-by-side metrics

Evolution AB
PepsiCo, Inc.
Ticker / Exchange
EVO - Nasdaq Stockholm
PEP - Nasdaq Global Select Market
Market cap (USD)
$106B
$225.5B
Gross margin (TTM)
100%
54.2%
Operating margin (TTM)
59.4%
12.2%
Net margin (TTM)
50.1%
8.8%
Sector
Consumer
Consumer
Industry
Gambling, Resorts & Casinos
Beverages - Non-Alcoholic
HQ country
SE
US
Primary segment
Live Casino
Frito-Lay North America (FLNA)
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
54%-58% (implied)
HHI estimate
5,050
3,530
Pricing power
Strong
Moderate
Moat score
94 / 100
72 / 100
Moat domains
Supply, Legal, Demand
Supply, Demand
Last update
2025-12-26
2025-12-23

Moat coverage

Shared moat types

No overlap yet.

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

PepsiCo, Inc. strengths

Distribution ControlBrand TrustScale Economies Unit CostScope Economies

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

PepsiCo, Inc. segments

Full profile >

Frito-Lay North America (FLNA)

Oligopoly

27%

Quaker Foods North America (QFNA)

Competitive

4.2%

PepsiCo Beverages North America (PBNA)

Oligopoly

19.9%

Latin America (LatAm)

Oligopoly

12.3%

Europe

Oligopoly

22.4%

Africa, Middle East and South Asia (AMESA)

Competitive

8.8%

Asia Pacific, Australia & New Zealand and China Region (APAC)

Competitive

5.5%

Want the full wide moat stocks list?

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

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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.