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Evolution Valuation Multiples
Discover revenue and EBITDA valuation multiples for Evolution and similar public comparables like Allwyn, Wynn Resorts, DraftKings, Sands China and more.
Evolution Overview
About Evolution
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.
Founded
2006
HQ
Employees
21.7K
Website
Financials (LTM)
EV
$13B
Evolution Financials
Evolution reported last 12-month revenue of $2B and EBITDA of $2B.
In the same LTM period, Evolution generated $2B in gross profit, $2B in EBITDA, and $1B in net income.
Revenue (LTM)
Evolution P&L
In the most recent fiscal year, Evolution reported revenue of $2B and EBITDA of $2B.
Evolution expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | $2B | XXX | $3B | XXX | XXX | XXX |
| Gross Margin | 100% | XXX | 103% | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $2B | XXX | XXX | XXX |
| EBITDA Margin | 67% | XXX | 68% | XXX | XXX | XXX |
| EBIT Margin | 59% | XXX | 59% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 51% | XXX | 51% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Evolution Stock Performance
Evolution has current market cap of $14B, and enterprise value of $13B.
Market Cap Evolution
Evolution's stock price is $71.27.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $13B | $14B | 0.3% | XXX | XXX | XXX | $6.29 |
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Start Free TrialEvolution Valuation Multiples
Evolution trades at 5.4x EV/Revenue multiple, and 8.1x EV/EBITDA.
EV / Revenue (LTM)
Evolution Financial Valuation Multiples
As of April 19, 2026, Evolution has market cap of $14B and EV of $13B.
Equity research analysts estimate Evolution's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Evolution has a P/E ratio of 11.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $14B | XXX | $14B | XXX | XXX | XXX |
| EV (current) | $13B | XXX | $13B | XXX | XXX | XXX |
| EV/Revenue | 5.4x | XXX | 5.5x | XXX | XXX | XXX |
| EV/EBITDA | 8.1x | XXX | 8.0x | XXX | XXX | XXX |
| EV/EBIT | 9.2x | XXX | 9.2x | XXX | XXX | XXX |
| EV/Gross Profit | 5.4x | XXX | 5.3x | XXX | XXX | XXX |
| P/E | 11.4x | XXX | 11.3x | XXX | XXX | XXX |
| EV/FCF | 10.1x | XXX | 10.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Evolution Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Evolution Margins & Growth Rates
Evolution's revenue in the last 12 month grew by 4%.
Evolution's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.
Evolution's rule of 40 is 69% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Evolution's rule of X is 75% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Evolution Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4% | XXX | 3% | XXX | XXX | XXX |
| EBITDA Margin | 67% | XXX | 68% | XXX | XXX | XXX |
| EBITDA Growth | 3% | XXX | (0%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 69% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 75% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 44% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Evolution Public Comps
See public comps and valuation multiples for other Casinos & Gambling and Online Betting comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Evolution | XXX | XXX | XXX | XXX | XXX | XXX |
| Allwyn | XXX | XXX | XXX | XXX | XXX | XXX |
| Wynn Resorts | XXX | XXX | XXX | XXX | XXX | XXX |
| DraftKings | XXX | XXX | XXX | XXX | XXX | XXX |
| Sands China | XXX | XXX | XXX | XXX | XXX | XXX |
| MGM Resorts | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Evolution M&A Activity
Evolution acquired XXX companies to date.
Last acquisition by Evolution was on XXXXXXXX, XXXXX. Evolution acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Evolution
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialEvolution Investment Activity
Evolution invested in XXX companies to date.
Evolution made its latest investment on XXXXXXXX, XXXXX. Evolution invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Evolution
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Evolution
| 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 over 21K employees. |
| Who is the CEO of Evolution? | Evolution's CEO is Martin Carlesund. |
| Is Evolution publicly listed? | Yes, Evolution is a public company listed on Nasdaq Stockholm. |
| 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? | Evolution main competitors are Allwyn, Wynn Resorts, DraftKings, Sands China. |
| What is the current market cap of Evolution? | Evolution's current market cap is $14B. |
| What is the current revenue of Evolution? | Evolution's last 12 months revenue is $2B. |
| What is the current revenue growth of Evolution? | Evolution revenue growth (NTM/LTM) is 4%. |
| What is the current EV/Revenue multiple of Evolution? | Current revenue multiple of Evolution is 5.4x. |
| Is Evolution profitable? | Yes, Evolution is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Evolution? | Evolution's last 12 months EBITDA is $2B. |
| What is Evolution's EBITDA margin? | Evolution's last 12 months EBITDA margin is 67%. |
| What is the current EV/EBITDA multiple of Evolution? | Current EBITDA multiple of Evolution is 8.1x. |
| What is the current FCF of Evolution? | Evolution's last 12 months FCF is $1B. |
| What is Evolution's FCF margin? | Evolution's last 12 months FCF margin is 54%. |
| What is the current EV/FCF multiple of Evolution? | Current FCF multiple of Evolution is 10.1x. |
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