VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Evolution AB vs Philip Morris International 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)$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

Philip Morris International Inc.

PM · New York Stock Exchange

Market cap (USD)
SectorConsumer
CountryUS
Data as of2025-12-31
Moat score
84/ 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 Philip Morris International Inc.'s moat claims, evidence, and risks.

View PM analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 84 / 100 for Philip Morris International Inc.).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); Philip Morris International Inc. has 3 segments (61.3% in Combustible Tobacco).
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; Philip Morris International Inc. 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%

Philip Morris International Inc.

Combustible Tobacco

Market

International combustible tobacco (primarily cigarettes)

Geography

Global (primarily ex-U.S.)

Customer

Adult smokers; distributors/wholesalers and retail channels

Role

Branded manufacturer and distributor

Revenue share

61.3%

Side-by-side metrics

Evolution AB
Philip Morris International Inc.
Ticker / Exchange
EVO - Nasdaq Stockholm
PM - New York Stock Exchange
Market cap (USD)
$13.5B
n/a
Sector
Consumer
Consumer
HQ country
SE
US
Primary segment
Live Casino
Combustible Tobacco
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
25.3% (reported)
HHI estimate
5,050
n/a
Pricing power
Strong
Strong
Moat score
94 / 100
84 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply, Legal
Last update
2025-12-26
2025-12-31

Moat coverage

Shared moat types

Compliance AdvantageIP Choke Point

Evolution AB strengths

Capex Knowhow ScaleSuite Bundling

Philip Morris International Inc. strengths

Brand TrustDistribution ControlInstalled Base ConsumablesRegulated Standards Pipe

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Philip Morris International Inc. segments

Full profile >

Combustible Tobacco

Oligopoly

61.3%

Smoke-Free Products

Oligopoly

37.8%

Wellness & Healthcare

Competitive

0.9%

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.