Evolution AB (publ)

kr 847.60As of Sun 8 Nov 2026, 12:00 UTC

STO:EVOConsumer Disc

Country Sweden

PE (Fwd) •••

TSR 10Y CAGR 34.18%

Div yield —

ROE 28.37%

Gambling

Beta (5Y) 0.60

PE TTM 13.93

TSR TTM 33.44%

Mkt cap kr 154.5B

ROIC 32.13%

SE Grade™

Value

Quality

Moat

Consensus

Reference

kr 899

6.12%

214.94%

Sell 2|0|6|4|12

TTM

FYE 31 Dec EUR

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

26.77

Revenue€B

29.28

29.16

29.51

29.57

30.22

30.30

30.98

30.55

30.93

31.11

29.92

0.59%

0.56%

5.57

Revenue growth%

21.39

23.43

23.94

23.91

26.45

25.93

23.45

20.83

22.71

20.47

7.83

22.71

23.44

5.13

Gross margin%

17.43

17.23

14.68

14.06

12.38

9.82

10.70

12.58

13.48

11.72

5.20

11.72

13.03

12.03

Operating margin%

7.12

8.92

8.65

9.84

10.40

7.83

6.45

8.28

6.65

8.80

15.45

7.83

8.46

5.30

Net margin%

12.54

10.28

7.91

5.56

3.22

5.98

8.74

9.83

12.14

13.87

28.66

9.83

9.29

22.93

P/E ratio (avg)x

29.67

29.28

27.02

25.73

25.55

25.95

26.95

28.51

32.44

30.87

21.31

28.51

27.76

21.35

EV/EBITx

40.49

48.14

48.54

48.55

47.51

55.57

64.25

69.69

80.90

90.32

11.94

69.69

52.06

13.43

FCF yield (avg)%

23.91

25.43

27.93

28.33

30.22

32.87

33.92

35.91

35.47

37.72

7.70

35.47

31.54

11.02

FCF margin%

6.40

8.90

8.17

8.54

6.37

5.18

2.55

2.35

0.44

0.40

26.03

2.35

5.77

1.628

FCF / Net incomex

1.452

1.438

1.295

1.410

1.293

1.272

1.232

1.174

1.200

1.228

1.662

1.228

1.283

2.76

ROIC%

13.96

14.04

14.10

16.72

14.27

12.62

11.25

9.27

8.78

6.42

14.83

9.27

13.29

2.94

Return on equity%

4.10

1.36

4.05

1.14

1.50

0.40

2.44

3.14

5.24

0.40

1.43

14.35

Return on assets%

18.78

19.80

20.23

22.49

24.75

24.45

25.01

27.68

29.28

32.22

23.54

27.68

24.60

21.71

EPS€

57.66

64.89

72.41

79.51

82.90

83.38

94.21

103.25

109.26

127.19

22.98

8.94%

8.56%

—

8.06

EPS growth%

0.40

3.17

3.62

4.57

7.30

5.90

3.33

1.98

4.71

2.61

10.44

3.33

3.48

76.52

Bookvalue per sh€

49.05

56.93

54.73

64.61

69.80

67.78

70.56

75.89

83.27

91.65

82.15

5.60%

7.20%

—

120.46

FCF per share€

108.83

109.28

109.38

122.01

125.20

119.97

136.49

158.48

170.54

189.28

63.12

8.62%

5.75%

—

96.79

Dividend per sh€

54.43

56.14

59.96

67.78

75.63

73.52

83.70

89.01

85.45

91.28

25.88

3.83%

4.30%

—

12.88

Div yield (avg)%

18.75

20.23

17.73

20.51

22.55

19.59

19.76

17.05

18.75

16.25

27.29

18.75

19.17

25.63

Payout ratio%

7.37

4.89

5.00

2.66

2.97

1.19

2.18

4.24

1.76

0.40

29.23

1.76

2.81

185.3

Shares (diluted)M

175.6

190.2

184.4

160.9

152.1

162.6

140.8

125.9

126.9

134.7

183.0

(2.39%)

(1.83%)

9.97

Buyback yield%

28.54

28.74

30.56

32.92

32.16

30.16

30.23

28.25

30.71

29.97

15.81

30.16

30.19

0.303

D/E ratiox

0.884

0.838

0.782

0.781

0.780

0.844

0.909

0.994

0.912

0.900

0.186

0.909

0.864

24.48

Enterprise value€B

5.335

4.992

4.823

5.522

5.731

6.154

6.452

7.430

7.040

7.338

28.34

5.07%

3.05%

26.28

LT debt€B

1.517

1.655

1.584

1.376

1.422

1.321

1.418

1.505

1.325

1.437

12.11

0.21%

(1.02%)

Peers (US$15.62B)

Cap (US$)

Asmodee Group AB (publ)

4.090B

78.15x

SkiStar AB (publ)

1.567B

24.71x

Betsson AB (publ)

1.337B

10.49x

Flutter Entertainment…

14.21B

—

Capital

TTM

10Y

Leveragex

0.247

0.028

0.023

EBIT/Intx

0.851

0.108

0.125

Own earn%

14.78

(15.33)

(6.93)

Sh yield%

22.85

49.47

49.22

Owners

Insiders/Inst%

3.26

59.64

Short interest%

4.78

SBC / revenue%

2.02

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

6–10

$1 testx

1.1

Incr. ROIC%

Evolution AB (publ) develops, produces, markets, and licenses live casino and slots solutions to gaming operators in Europe, Asia, North America, Latin America, and internationally.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

€31.11B

0.56%

1.00×

Cost of revenue

€20.14B

0.52%

1.00×

Operating expenses

€6.340B

0.54%

1.00×