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Evolution AB is a B2B provider of live and slots casino systems. The Company develops, produces, markets, and licenses fully integrated online casino systems to gaming operators. The company provides business-to-business solutions, which it develops and produces for gaming operators. Evolution's primary product, Live Casino, allows a human dealer to run a real-time casino table, which is then streamed to digital devices. Players can then place bets on desktops, smartphones, and tablets and communicate with the dealer through Evolution's software. The company's services are licensed to casino operators. The company generates the vast majority of its revenue from Asia.
2006
17K+
LTM Revenue $25.9B
LTM EBITDA $18.0B
$15.4B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Evolution has a last 12-month revenue of $25.9B and a last 12-month EBITDA of $18.0B.
In the most recent fiscal year, Evolution achieved revenue of $205M and an EBITDA of $140M.
Evolution expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Evolution valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $179M | $205M | XXX | XXX | XXX |
| Gross Profit | n/a | n/a | XXX | XXX | XXX |
| Gross Margin | NaN% | NaN% | XXX | XXX | XXX |
| EBITDA | $127M | $140M | XXX | XXX | XXX |
| EBITDA Margin | 71% | 68% | XXX | XXX | XXX |
| Net Profit | $83.7M | $106M | XXX | XXX | XXX |
| Net Margin | 47% | 52% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, Evolution's stock price is SEK 795 (or $79).
Evolution has current market cap of SEK 163B (or $16.1B), and EV of SEK 155B (or $15.4B).
See Evolution trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $15.4B | $16.1B | XXX | XXX | XXX | XXX | $6.61 |
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Sign UpAs of April 15, 2025, Evolution has market cap of $16.1B and EV of $15.4B.
Evolution's trades at 6.4x LTM EV/Revenue multiple, and 9.2x LTM EBITDA.
Analysts estimate Evolution's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Evolution and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $15.4B | XXX | XXX | XXX |
| EV/Revenue | 75.0x | XXX | XXX | XXX |
| EV/EBITDA | 109.7x | XXX | XXX | XXX |
| P/E | 130.7x | XXX | XXX | XXX |
| P/E/Growth | 0.5x | XXX | XXX | XXX |
| EV/FCF | 132.9x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpEvolution's NTM/LTM revenue growth is 8%
Evolution's revenue per employee for the last fiscal year averaged $12K, while opex per employee averaged $5K for the same period.
Over next 12 months, Evolution's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Evolution's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Evolution and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 15% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 68% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 10% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 76% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $12K | XXX | XXX | XXX | XXX |
| Opex per Employee | $5K | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 39% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| High Roller Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Ainsworth Game Technology | XXX | XXX | XXX | XXX | XXX | XXX |
| Aristocrat Leisure | XXX | XXX | XXX | XXX | XXX | XXX |
| BlueBet Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| BetMakers | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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Evolution acquired XXX companies to date.
Last acquisition by Evolution was XXXXXXXX, XXXXX XXXXX XXXXXX . Evolution acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was Evolution founded? | Evolution was founded in 2006. |
| Where is Evolution headquartered? | Evolution is headquartered in Sweden. |
| How many employees does Evolution have? | As of today, Evolution has 17K+ employees. |
| Who is the CEO of Evolution? | Evolution's CEO is Mr. Martin Carlesund. |
| Is Evolution publicy listed? | Yes, Evolution is a public company listed on STO. |
| What is the stock symbol of Evolution? | Evolution trades under EVO ticker. |
| When did Evolution go public? | Evolution went public in 2015. |
| Who are competitors of Evolution? | Similar companies to Evolution include e.g. High Roller Technologies, Ainsworth Game Technology, Aristocrat Leisure, BlueBet Holdings. |
| What is the current market cap of Evolution? | Evolution's current market cap is $16.1B |
| What is the current revenue of Evolution? | Evolution's last 12-month revenue is $25.9B. |
| What is the current EBITDA of Evolution? | Evolution's last 12-month EBITDA is $18.0B. |
| What is the current EV/Revenue multiple of Evolution? | Current revenue multiple of Evolution is 6.4x. |
| What is the current EV/EBITDA multiple of Evolution? | Current EBITDA multiple of Evolution is 9.2x. |
| What is the current revenue growth of Evolution? | Evolution revenue growth between 2023 and 2024 was 15%. |
| Is Evolution profitable? | Yes, Evolution is EBITDA-positive (as of the last 12 months). |
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