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Swedish provider of live-dealer casino games and RNG slots technology, licensing its platform to online gambling operators.
Swedish provider of live-dealer casino games and RNG slots technology, licensing its platform to online gambling operators.
Operators pay it a share of the money players lose at its tables and slots rather than a flat fee, so revenue rises with how much their players wager and with how many operators carry its games. Live games are streamed from its own studios. Buying NetEnt in 2021 built its slots side.
In one line: No direct US peer; a pure-play live-casino tech provider.
Moat: wide (scale, switching costs, installed base). Largest live-casino studio network and game catalog integrated deep into operators' platforms.
Headquarters: Stockholm, Sweden · Founded: 2006 · Employees: 16,243
Size Evolution (EVO.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $15.8B, the 20th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 847.60 on 6 Nov 2026.
Performance Over six months the shares gained 33.4%, against +32.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 3.3% over the last twelve months (peer median +17.6%); the operating margin is 57.0% (peer median 16.0%).
Valuation It trades at 14.4× forward earnings against a peer median of 22.8× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.2 points above its cost of capital (8.3% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 22.6B | SEK 22.9B | SEK 23.6B | SEK 20.6B | SEK 15.5B |
| Revenue growth | — | -3% | +14% | +33% | — |
| Gross profit | SEK 12.9B | SEK 13.3B | SEK 14.5B | SEK 13.1B | SEK 9.66B |
| EBITDA | SEK 14.7B | SEK 15.1B | SEK 16.1B | SEK 14.5B | SEK 10.7B |
| Net income | SEK 11.5B | SEK 11.8B | SEK 14.2B | SEK 12.3B | SEK 8.97B |
| Free cash flow | SEK 13.4B | SEK 13.2B | SEK 14.1B | SEK 12.9B | SEK 8.69B |
| Capital expenditure | SEK 1.53B | SEK 1.49B | SEK 1.56B | SEK 1.08B | SEK 1.03B |
| Total debt | SEK 1.24B | SEK 986M | SEK 1.07B | SEK 885M | SEK 885M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Evolution EVO.ST | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% |
| Playtech PTEC.L | $1.39B | +7% | -54% | 0% | 11.4× | -6.0% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EVO.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | +4.9% | 11th highest of 21 |
| 6-month return | +33.4% | +32.6% | 9th highest of 20 |
| Distance from 52-week high | -7.0% | -12.5% | 7th highest of 21 |
| Revenue growth (TTM) | -3.3% | +17.6% | lowest of 21 |
| Operating margin | 57.0% | 16.0% | highest of 21 |
| Forward P/E | 14.4× | 22.8× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -0.3% | 16.7% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +31.2% | +18.2% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -31.5 pp | -3.5 pp | least demanding of 19 |
| ROIC minus cost of capital | +21.2 pp | +3.1 pp | 3rd highest of 19 |
| EV / EBITDA | 10.1× | 17.4× | 2nd cheapest of 13 |
| Net debt / EBITDA | -0.4× | -1.2× | 7th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Capcom 9697.T | Japan | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% | +15.4% |