Evolution AB EVO
Nasdaq StockholmTravel, lodging and leisureFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| €B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.8 | 1.1 |
| Securities | 0.0 | 0.0 |
| Long-term securities | 0.1 | 0.0 |
| Debt | 0.0 | 0.0 |
| Net cash | 0.9 | 1.1 |
| Equity | 4.1 | 4.2 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (6/30/26)
- €90M
- Diluted shares
- 197M
- Book value / share
- €21.47
- Price / book
- 3.1×
- Net cash / share
- €5.79
- Market cap
- €13.2B
- Enterprise value
- €12.1B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | -1.2% | -4.4 pts | |
| Operating margin | 57.5% | -0.9 pts | |
| FCF margin | 49.9% | +13.2 pts | |
| Capex / revenue | 6.7% | +0.4 pts | |
| Live net revenue | €437M | -4% | |
| RNG net revenue | €81M | +14% | |
| Regulated-market revenue share | 49.0% | +5.0 pts | |
| Full-time employees | 16,298 | – | |
| System availability · 12/31/25 | 99.9% | -0.1 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About EVO
Evolution supplies live dealer games and RNG casino content to roughly 870 operators. Live produced 85.8% of FY2025 net revenue, supported by studios, broadcast systems and operating know-how that take time to reproduce.
- Capex Knowhow Scale
Operating a global, high-uptime live-dealer studio network requires substantial facilities, presenters, broadcast technology and round-the-clock process execution.
- Compliance Advantage
A broad supplier-licence and certification footprint supports access to regulated jurisdictions, but licensing is required table stakes for credible rivals.
- Suite Bundling
A single integration and unified back office lower the effort to add Evolution-owned brands and support cross-sell.
- Suite Bundling
OSS lowers the integration effort for operators to add Evolution-owned RNG studios and supports cross-sell from Live relationships.
- Sep 29, 2026
Evolution launched Spinning Whale for North American slot players, with games distributed exclusively through OSS; the November network rollout expands its RNG catalogue and cross-sell opportunity.
- Sep 22, 2026
Evolution’s extraordinary meeting approved treasury share cancellation; 16,168,492 shares were cancelled during September, reducing the issued capital while the buyback programme continued.
- Sep 18, 2026
Boyd Interactive appointed Evolution as its exclusive Live Dealer provider across its North American online brands; this secures one customer relationship without proving wider industry lock-in.
- Sep 16, 2026
Candle Lake declared its mandatory offer unconditional with 31.6% of shares and votes and 33.8% economic exposure including cash-settled swaps; ownership concentration rose without a full takeover.
- Sep 9, 2026
Playtech announced that a September 8 court filing made the Spectrum report public and alleged it supported concerns about prohibited-market access. This is a rival’s disputed interpretation, not a new regulatory finding, but it adds compliance and reputation risk.
Ownership
Go deeper on EVO
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (€) | |||||||||||||
| Revenue | 0.64 | 0.98 | 1.34 | 1.99 | 2.97 | 4.82 | 6.70 | 8.29 | 9.80 | 10.18 | 10.40 | +36.1%/yr | |
| Cash flow | 0.23 | 0.34 | 0.55 | 0.96 | 1.67 | 2.70 | 4.03 | 5.38 | 6.18 | 6.18 | 6.63 | +44.3%/yr | |
| Earnings | 0.18 | 0.34 | 0.46 | 0.82 | 1.51 | 2.73 | 3.88 | 4.93 | 5.91 | 5.23 | 5.39 | +45.8%/yr | |
| Free cash flow | 0.06 | 0.23 | 0.37 | 0.79 | 1.48 | 2.42 | 3.59 | 4.95 | 5.53 | 5.52 | 5.93 | +66.7%/yr | |
| Capex | 0.17 | 0.12 | 0.18 | 0.16 | 0.20 | 0.28 | 0.45 | 0.43 | 0.65 | 0.66 | 0.70 | +16.2%/yr | |
| Dividends | 0.06 | 0.09 | 0.18 | 0.24 | 0.40 | 0.65 | 1.39 | 1.97 | 2.66 | 2.82 | 0.00 | +52.4%/yr | |
| Book value | 0.35 | 0.60 | 0.89 | 1.53 | 14.42 | 14.39 | 15.91 | 18.46 | 18.87 | 20.09 | 21.47 | +56.7%/yr | |
| Diluted shares (M) | 181 | 182 | 183 | 183 | 189 | 222 | 218 | 217 | 210 | 203 | 197 | +1.3%/yr | |
| Totals (€B) | |||||||||||||
| Revenue | 0.1 | 0.2 | 0.2 | 0.4 | 0.6 | 1.1 | 1.5 | 1.8 | 2.1 | 2.1 | 2.1 | +37.8%/yr | |
| Operating income | 0.0 | 0.1 | 0.1 | 0.2 | 0.3 | 0.7 | 0.9 | 1.1 | 1.4 | 1.3 | 1.2 | +48.9%/yr | |
| Net income | 0.0 | 0.1 | 0.1 | 0.1 | 0.3 | 0.6 | 0.8 | 1.1 | 1.2 | 1.1 | 1.1 | +47.7%/yr | |
| Free cash flow | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | 0.5 | 0.8 | 1.1 | 1.2 | 1.1 | 1.2 | +68.8%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.7 | 0.5 | 0.6 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | 0.4 | 0.6 | 0.6 | 0.0 | +54.4%/yr | |
| Net cash | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.4 | 0.5 | 1.0 | 0.9 | 0.9 | 1.1 | +€0.9B | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 30.3 | 37.5 | 36.5 | 43.1 | 53.4 | 61.2 | 62.3 | 63.5 | 68.8 | 60.8 | 60.3 | +30.5 pts | |
| Net margin | 27.6 | 34.9 | 34.0 | 40.9 | 50.7 | 56.6 | 57.9 | 59.5 | 60.3 | 51.4 | 51.8 | +23.8 pts | |
| FCF margin | 8.7 | 23.3 | 27.3 | 39.8 | 49.8 | 50.3 | 53.6 | 59.7 | 56.4 | 54.2 | 57.0 | +45.5 pts | |
| ROIC | 66.4 | 86.3 | 94.0 | 133.4 | 10.5 | 20.7 | 27.1 | 33.2 | 39.3 | 33.9 | 35.3 | -32.5 pts | |
| Return on equity | 49.7 | 56.5 | 51.4 | 53.3 | 10.4 | 19.0 | 24.4 | 26.7 | 31.3 | 26.1 | 25.1 | -23.6 pts | |
| Stock pay % of revenue | 0.0 | 0.0 | 0.2 | – | – | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 | – | +0.1 pts | |
| Capex % of revenue | 27.1 | 11.8 | 13.5 | 8.2 | 6.6 | 5.8 | 6.7 | 5.2 | 6.6 | 6.5 | 6.7 | -20.6 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- narrowing
- Pricing power
- moderate
- Live Casino85.8%3 claims
- RNG / Slots & Digital Casino Games14.2%1 claim
Moat claims
- Applies to
- Live Casino
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 7, 2026
Operating a global, high-uptime live-dealer studio network requires substantial facilities, presenters, broadcast technology and round-the-clock process execution. The footprint is difficult to reproduce quickly, but first-half Live revenue fell 3.3%, so scale is not immunity from demand, access or execution pressure.
First-half 2026 Live revenue fell 3.3% and FY2025 uptime slipped to 99.90% from 99.96%; new local studios extend the footprint, but growth and reliability no longer show a widening lead.
- Live net revenue€437M-4%
- System availability99.9%-0.1 pts
- Full-time employees16,298
- Sustained studio cost inflation (wages, energy, rent)
- Operational incidents/outages that damage trust
- Technology commoditization in streaming/encoding
- SourceEvolution interim report January-June 2026Jul 17, 2026
- SourceEvolution interim report January-June 2026Jul 17, 2026
- SourceEvolution Annual Report 2025Apr 1, 2026
- Applies to
- Live Casino
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 7, 2026
A broad supplier-licence and certification footprint supports access to regulated jurisdictions, but licensing is required table stakes for credible rivals. The UK regulator found serious money-laundering risk assessment and due-diligence failures, so this capability can fail and should not be treated as exclusive protection.
Regulated-market revenue reached 49% in Q2 2026, but the UK regulator found serious control failures and imposed a GBP4.75M settlement; licences remain useful while compliance protection is weaker.
- Regulated-market revenue share49.0%+5.0 pts
- Regulatory tightening or license loss in key jurisdictions
- Higher compliance costs reducing marginal advantage
- Jurisdictional fragmentation requiring localized ops
- SourceEvolution Annual Report 2025Apr 1, 2026
- SourceEvolution interim report January-June 2026Jul 17, 2026
- SourceEvolution interim report January-June 2026Jul 17, 2026
- SourceUK Gambling Commission settlement: Evolution Malta Holding LimitedJul 23, 2026
- Applies to
- Live Casino
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
A single integration and unified back office lower the effort to add Evolution-owned brands and support cross-sell. Operators routinely multi-source content, however, so this is a distribution and workflow advantage rather than strong lock-in.
The customer base reached about 870 at FY2025 and the September 2026 Boyd agreement secured exclusive Live supply, but no reported cross-sell or retention series proves stronger OSS lock-in.
- Live net revenue€437M-4%
- Operator customers~870+9%
- Operators prefer best-of-breed point solutions and avoid platform dependence
- Regulators require ring-fenced integrations by jurisdiction
- SourceEvolution Annual Report 2025Apr 1, 2026
- SourceEvolution Annual Report 2025Apr 1, 2026
- Applies to
- RNG / Slots & Digital Casino Games
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 7, 2026
OSS lowers the integration effort for operators to add Evolution-owned RNG studios and supports cross-sell from Live relationships. Neutral aggregators and routine multi-sourcing keep this a modest distribution advantage rather than durable lock-in.
First-half RNG revenue rose 11.1% and Spinning Whale will be distributed exclusively through OSS; catalogue reach is improving, although the report does not isolate how much growth comes from bundling.
- RNG net revenue€81M+14%
- Operator customers~870+9%
- Operators standardize on neutral aggregators rather than supplier platforms
- RNG suppliers compete aggressively on commercial terms
- SourceEvolution Annual Report 2025Apr 1, 2026
Profile change log
- Oct 7, 2026 · business change
Playtech announced that a September 8 court filing made the Spectrum report public and alleged it supported concerns about prohibited-market access. This is a rival’s disputed interpretation, not a new regulatory finding, but it adds compliance and reputation risk.
- Oct 7, 2026 · business change
The USPTO ended three parallel patent reviews because the district court had already found the challenged claims invalid; ending those reviews did not restore the patents’ enforceability.
- Oct 7, 2026 · business change
The Nevada federal court dismissed Evolution’s remaining patent claims against Light & Wonder with prejudice, limiting legal protection for the challenged game mechanics while trade-secret claims remained in arbitration.
- Oct 7, 2026 · business change
Evolution launched Spinning Whale for North American slot players, with games distributed exclusively through OSS; the November network rollout expands its RNG catalogue and cross-sell opportunity.
- Oct 7, 2026 · business change
Evolution’s extraordinary meeting approved treasury share cancellation; 16,168,492 shares were cancelled during September, reducing the issued capital while the buyback programme continued.
- Oct 7, 2026 · business change
Boyd Interactive appointed Evolution as its exclusive Live Dealer provider across its North American online brands; this secures one customer relationship without proving wider industry lock-in.
- Oct 7, 2026 · business change
Candle Lake declared its mandatory offer unconditional with 31.6% of shares and votes and 33.8% economic exposure including cash-settled swaps; ownership concentration rose without a full takeover.
- Oct 7, 2026 · business change
The UK Gambling Commission published its GBP4.75M settlement and found serious weaknesses in Evolution’s money-laundering controls; continued market access now depends on sustained improvements.
- Oct 7, 2026 · business change
Evolution terminated the Galaxy Gaming merger and owes a USD5.234678M fee; the existing commercial relationship continues, but the planned table-game rights acquisition will not proceed.
- Oct 7, 2026 · analyst revision
Completed four moat trajectories, the investment debate, management and separate Live and RNG end markets. Kept all four claims and their strengths; corrected the Light & Wonder peer to its sole ASX listing and removed the obsolete public IGT gaming ticker; changed revenue weights from first-half 2026 to the latest full-year mix in the audited FY2025 report.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
Global B2B live casino content
Supplier revenue from live dealer tables and streamed casino game shows licensed to online gambling operators. Excludes player stakes, operator gross gaming revenue, RNG slots and land-based casino operations.
- Evolution
- Playtech
- Pragmatic Play
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| EVO | 77 | – | 60.3% | |
| Industry median | 9 | 80 | 77.7% | 32.9% |
| Sector median | 85 | 74 | 55.5% | 16.9% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Migration from land-based gambling to online play expands demand for streamed tables and game shows.
- Newly regulated markets require local studios, licences and native-language presenters, favouring established suppliers able to fund them.
- Mobile bandwidth and real-time game formats widen access; differentiated content can raise player engagement.
- Operators seek exclusive tables and branded experiences, which can support longer customer relationships.
- Regulatory actions, tax increases and restrictions on unlicensed distribution can remove revenue faster than studios can reduce costs.
- Cybercrime, outages and labour disputes disrupt real-time play and damage trust.
- Presenter wages, studio rents and compliance costs can rise while commission revenue stagnates.
- Large operators can negotiate commercial terms and add competing suppliers; Playtech and Pragmatic Play can expand local capacity.
- Recessions and weak consumer spending reduce discretionary gambling; exchange rates move reported EUR revenue and local studio costs. Rates matter more for surplus-cash income than borrowing costs for net-cash suppliers.
Bulls & bears
Can regulated-market expansion and new content restore Live revenue growth without weakening studio margins or market access?
Arguments
What to watch
- 1Live net revenue and system availability
- 2Revenue from regulated player locations and new regulatory findings
- 3RNG net revenue and operator customer count
Next check: Q3 2026 results on October 23, 2026: test Live growth, Asia access, regulatory controls and the cash cost of capital returns.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 77/100 by <a href="https://www.findmymoat.com/stocks/XSTO:EVO">Find My Moat</a> (as of September 2026)Request update
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