VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

Evolution AB vs Rheinmetall Aktiengesellschaft

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

Rheinmetall Aktiengesellschaft

RHM · Xetra

Market cap (USD)$83.3B
SectorIndustrials
CountryDE
Data as of2025-12-28
Moat score
71/ 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 Rheinmetall Aktiengesellschaft's moat claims, evidence, and risks.

View RHM analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 71 / 100 for Rheinmetall Aktiengesellschaft).
  • Segment focus: Evolution AB has 2 segments (86.1% in Live Casino); Rheinmetall Aktiengesellschaft has 4 segments (36.7% in Vehicle Systems).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Evolution AB has 4 moat types across 3 domains; Rheinmetall Aktiengesellschaft 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%

Rheinmetall Aktiengesellschaft

Vehicle Systems

Market

Armored and tactical wheeled/tracked military vehicles

Geography

Global (Europe/NATO weighted)

Customer

Government / military

Revenue share

36.7%

Side-by-side metrics

Evolution AB
Rheinmetall Aktiengesellschaft
Ticker / Exchange
EVO - Nasdaq Stockholm
RHM - Xetra
Market cap (USD)
$13.5B
$83.3B
Sector
Consumer
Industrials
HQ country
SE
DE
Primary segment
Live Casino
Vehicle Systems
Market structure
Oligopoly
Oligopoly
Market share
50%-60% (reported)
n/a
HHI estimate
5,050
n/a
Pricing power
Strong
Moderate
Moat score
94 / 100
71 / 100
Moat domains
Supply, Legal, Demand
Legal, Demand, Supply
Last update
2025-12-26
2025-12-28

Moat coverage

Shared moat types

No overlap yet.

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

Rheinmetall Aktiengesellschaft strengths

Government Contracting RelationshipsDesign In QualificationCapacity MoatSupply Chain ControlLong Term ContractsDistribution Control

Segment mix

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Rheinmetall Aktiengesellschaft segments

Full profile >

Vehicle Systems

Oligopoly

36.7%

Weapon and Ammunition

Oligopoly

26.9%

Electronic Solutions

Oligopoly

16.7%

Power Systems (civilian; planned divestiture)

Competitive

19.7%

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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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.