Evolution AB (publ) (EVGGF)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Evolution AB (publ) (EVGGF) trades at $69.41 with AI Score 50/100 (Grade B). Evolution AB (publ) is a leading provider of live casino and slots solutions, primarily serving gaming operators in Europe and the United States. Market cap: $13.50B, Sector: Consumer cyclical.
Price live · AI analysis from Jun 15, 2026Analyst Coverage for EVGGF: EVGGF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates EVGGF against Consumer Cyclical peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
EVGGF: the 1 perspectives are evenly split.
How is this calculated? →Evolution AB (publ) (EVGGF) Consumer Business Overview
Evolution AB (publ) stands out in the online gambling industry by offering innovative live casino solutions and a robust portfolio of games, catering to a growing market of digital gaming operators across Europe and the United States.
What Is the Investment Thesis for EVGGF?
Evolution AB (publ) presents a compelling investment thesis driven by its strong market position and impressive financial metrics. With a market capitalization of $13.50B and a profit margin of 50.2%, the company demonstrates robust profitability. The ongoing global shift towards online gambling is a significant growth catalyst, particularly in emerging markets where digital adoption is accelerating. Evolution's unique offering of live casino games positions it well to capitalize on this trend, as evidenced by its high gross margin of 100%. Additionally, the company's relatively low beta of 0.70 indicates lower volatility compared to the broader market, which could appeal to risk-averse investors. However, potential regulatory changes in key markets could pose risks to its operations, necessitating close monitoring of the legislative landscape. Overall, Evolution's strong fundamentals, coupled with favorable market trends, suggest a positive outlook for sustained growth.
Based on FMP financials and quantitative analysis
EVGGF Key Highlights
- Market capitalization of $13.50B reflects strong investor confidence and market position.
- Profit margin of 50.2% indicates exceptional operational efficiency and profitability.
- Gross margin of 100.0% showcases the company's ability to maintain high pricing power in its offerings.
- P/E ratio of 12.44 suggests the stock may be undervalued relative to its earnings potential.
- Beta of 0.70 indicates lower volatility compared to the broader market, appealing to conservative investors.
Who Are EVGGF's Competitors?
EVGGF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| CTTAF Continental AG | $86.55 | +2.99% | $17.31B | 39 |
| SKHSY Sekisui House, Ltd. | $21.72 | +2.33% | $14.08B | — |
| ACCYY Accor S.A. | $11.58 | -0.58% | $13.67B | 50 |
| SVTMF SM Investments Corporation | $10.37 | +2.14% | $12.62B | 44 |
| PTAIF PT Astra International Tbk | $0.36 | +32.69% | $14.60B | 47 |
| PDSSF Paradise Entertainment Limited | $0.09 | +0.00% | $96.39M | 63 |
| RSI Rush Street Interactive (RSI) | $32.30 | +1.96% | $7.68B | 62 |
| CDRO Codere Online Luxembourg, S.A. | $9.52 | -0.47% | $432.65M | 59 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are EVGGF's Key Strengths?
- Leading position in the live casino market.
- High profit margins indicating operational efficiency.
- Strong technological capabilities enhancing user experience.
- Diverse game portfolio catering to various player preferences.
What Are EVGGF's Weaknesses?
- Dependence on regulatory environments that can impact operations.
- Limited geographic diversification compared to some competitors.
- No dividend yield may deter income-focused investors.
- High competition in the online gaming sector.
What Could Drive EVGGF Stock Higher?
- Expansion into North America, targeting a market projected to exceed $20 billion by 2025.
- Continuous product innovation and diversification to enhance user engagement.
- Strengthening partnerships with gaming operators to increase market share.
- Launch of new game formats to attract a broader audience.
- Monitoring and adapting to regulatory changes in key markets.
What Are the Key Risks for EVGGF?
- Regulatory changes that could impact operational capabilities and market access.
- Intense competition from both established players and new entrants in the online gaming sector.
- Economic downturns affecting consumer discretionary spending on gambling.
- Cybersecurity threats that could compromise user data and trust.
What Are the Growth Opportunities for EVGGF?
- Expansion in North America: The online gambling market in North America is projected to grow significantly, with estimates suggesting a market size of over $20 billion by 2025. Evolution AB (publ) is strategically positioned to capture this growth through partnerships with local gaming operators, leveraging its expertise in live casino solutions to appeal to a new customer base.
- Emerging Markets: As internet access expands in emerging markets, the demand for online gaming solutions is expected to rise. Evolution's ability to adapt its offerings to local preferences and regulatory environments can facilitate entry into these markets, driving revenue growth and increasing its global footprint.
- Technological Advancements: The continuous evolution of technology in the gaming sector presents opportunities for Evolution to enhance its product offerings. By investing in artificial intelligence and machine learning, the company can improve user experiences and operational efficiencies, potentially increasing customer retention and acquisition rates.
- Product Diversification: Evolution AB (publ) has the opportunity to diversify its game portfolio by introducing new game formats and themes. This can attract a wider audience and cater to varying customer preferences, further solidifying its market position and driving revenue growth.
- Strategic Partnerships: Collaborating with established gaming operators and platforms can enhance Evolution's distribution channels and market reach. Such partnerships can facilitate quicker entry into new markets and provide access to a larger customer base, ultimately boosting sales and market share.
What Opportunities Does EVGGF Have?
- Growth in the North American online gambling market.
- Expansion into emerging markets with rising internet access.
- Technological advancements allowing for new game formats.
- Strategic partnerships to enhance market presence.
What Threats Does EVGGF Face?
- Regulatory changes that could impact operational capabilities.
- Intense competition from both established and new entrants.
- Potential economic downturns affecting discretionary spending.
- Cybersecurity risks associated with online gaming.
What Are EVGGF's Competitive Advantages?
- Strong brand reputation and recognition in the live casino segment.
- Proprietary technology that enhances the gaming experience.
- Established relationships with major gaming operators.
- High barriers to entry due to regulatory requirements and capital investment.
What Does EVGGF Do?
Founded in 2006, Evolution AB (publ) has rapidly evolved into a prominent player in the online gambling sector, specializing in live casino and slots solutions. Headquartered in Stockholm, Sweden, the company operates approximately 1000 gaming tables, delivering real-time streamed gaming experiences to users on various devices, including computers, smartphones, and tablets. Evolution's diverse portfolio includes popular games such as Live Roulette, Blackjack, Baccarat, Super Sic Bo, Dragon Tiger, Craps, Live Casino Hold'em, Three Card Poker, and Ultimate Texas Hold'em. The company's commitment to innovation and quality has positioned it as a trusted partner for gaming operators, primarily in Europe and the United States. By leveraging cutting-edge technology and a deep understanding of market dynamics, Evolution has successfully captured a significant share of the live casino segment, driving growth and profitability. The company was previously known as Evolution Gaming Group AB (publ) and has consistently focused on expanding its offerings and enhancing user engagement, solidifying its reputation within the competitive landscape of online gaming.
What Products and Services Does EVGGF Offer?
- Develops and licenses live casino solutions for gaming operators.
- Produces a diverse portfolio of online slots and table games.
- Streams live games in real-time from casino gaming tables.
- Offers a user-friendly interface for players on various devices.
- Maintains approximately 1000 gaming tables for live play.
- Focuses on innovation and technology to enhance gaming experiences.
How Does EVGGF Make Money?
- Generates revenue through licensing fees from gaming operators for its live casino solutions.
- Monetizes its game portfolio by providing online slots and table games to operators.
- Engages in B2B partnerships to expand its market reach and distribution channels.
- Utilizes technology to enhance user engagement and operational efficiency.
What Industry Does EVGGF Operate In?
The online gambling industry is experiencing significant growth, driven by increasing internet penetration and changing consumer preferences towards digital gaming. As more players turn to online platforms for entertainment, the demand for innovative gaming solutions has surged. Evolution AB (publ) is well-positioned within this expanding market, particularly in the live casino segment, which is gaining traction due to its interactive and immersive gaming experiences. Competitors such as Continental AG (CTTAF), Sekisui House, Ltd. (SKHSY), Accor S.A. (ACCYY), SM Investments Corporation (SVTMF), and PT Astra International Tbk (PTAIF) are also vying for market share, but Evolution's focus on live streaming technology and user engagement sets it apart.
Who Are EVGGF's Key Customers?
- Gaming operators in Europe and the United States.
- Online casinos seeking to enhance their gaming offerings.
- Players looking for immersive live gaming experiences.
- B2B partners in the gambling industry.
ROE 27%Key Financial Metrics
Return on equity for Evolution AB (publ) stands at 26.6%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 18.1%, showing how much profit it generates from its asset base. EVGGF trades at a trailing price-to-earnings ratio of 11.14, below the Consumer Cyclical sector average of ~39x. Its free cash flow yield is 9.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.77 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 9.0%, the inverse of the P/E and a quick read on earnings relative to price.
Evolution AB (publ) (EVGGF) Valuation Context
Valued at $13.50B, EVGGF is classified as a large-cap stock. Relative to its peer group, EVGGF's quantitative score of 50/100 is roughly in line with the peer average of 45/100.
Company Profile
Evolution AB (publ) operates in the Gambling, Resorts & Casinos industry within the Consumer Cyclical sector. It is headquartered in Stockholm, SE. The company is led by CEO Martin Carlesund. EVGGF has traded publicly since 2020.
F-Score 5/9Financial Health
Evolution AB (publ)'s Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 6.24 places it in the safe zone, indicating low near-term bankruptcy risk.
FY2026 estForward Outlook
Wall Street analysts project Evolution AB (publ) revenue of about $2.11B for fiscal 2026, with EPS near $5.32. The estimate reflects 16 contributing analysts.
EVGGF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Leading position in the live casino market.
- High profit margins indicating operational efficiency.
- Strong technological capabilities enhancing user experience.
- Diverse game portfolio catering to various player preferences.
Bear Case
- Dependence on regulatory environments that can impact operations.
- Limited geographic diversification compared to some competitors.
- No dividend yield may deter income-focused investors.
- High competition in the online gaming sector.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · July 2026
EVGGF Latest News
No recent news available for EVGGF.
EVGGF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for EVGGF.
Price Targets
Wall Street price target analysis for EVGGF.
EVGGF MoonshotScore
What does this score mean?
The MoonshotScore rates EVGGF's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Martin Carlesund
CEO
Martin Carlesund has been instrumental in leading Evolution AB (publ) since its inception in 2006. With a strong background in business management and a deep understanding of the gaming industry, he has successfully guided the company through significant growth phases. His leadership is characterized by a focus on innovation and operational excellence, which has helped Evolution maintain its competitive edge.
Track Record: Under Martin Carlesund's leadership, Evolution has expanded its market share significantly, becoming a leader in the live casino segment. His strategic decisions have driven the company's diversification of product offerings and enhanced its technological capabilities.
EVGGF OTC Market Information
The OTC Other tier is a classification for stocks that are traded over-the-counter without the stringent requirements of major exchanges like NYSE or NASDAQ. Companies in this tier may have less visibility and liquidity, which can increase investment risk compared to stocks listed on major exchanges.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- Lower liquidity compared to stocks on major exchanges, which can lead to higher volatility.
- Regulatory risks that may impact operations and market access.
- Limited analyst coverage compared to larger, publicly listed companies.
- Potential for wider bid-ask spreads, increasing trading costs.
- Review the company's financial statements and earnings reports.
- Assess the competitive landscape and market position.
- Monitor regulatory developments in key markets.
- Evaluate the company's growth strategy and product pipeline.
- Examine management's track record and strategic decisions.
- Established history since 2006 with a strong market presence.
- Partnerships with reputable gaming operators.
- Transparency in financial reporting and disclosures.
- Recognition and awards within the gaming industry.
What Investors Ask About Evolution AB (publ) (EVGGF) — Consumer Cyclical
What does Evolution AB (publ) do?
Evolution AB (publ) specializes in developing, producing, and licensing live casino and slots solutions for gaming operators. The company offers a range of popular online games, including Live Roulette, Blackjack, and Baccarat, streamed in real-time to players' devices. With a focus on innovation and quality, Evolution has established itself as a leader in the live casino segment, catering primarily to markets in Europe and the United States.
What are the main risks for EVGGF?
Evolution AB (publ) faces several risks, including potential regulatory changes that could impact its operations in key markets. The competitive landscape is intense, with both established and emerging players vying for market share. Additionally, economic downturns may affect consumer spending on gambling, while cybersecurity threats pose risks to user data and the company's reputation.
How does Evolution AB (publ) manage supply chain and input cost risks?
Evolution AB (publ) manages supply chain and input cost risks by leveraging its established relationships with technology providers and gaming operators. The company focuses on maintaining a flexible operational model that allows it to adapt to changing market conditions and regulatory environments. By investing in technology and innovation, Evolution enhances its pricing power and mitigates the impact of potential cost fluctuations.
What are the key factors to evaluate for EVGGF?
Evolution AB (publ) (EVGGF) holds an AI score of 50/100 (moderate). Not financial advice.
How frequently does EVGGF data refresh on this page?
EVGGF prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven EVGGF's recent stock price performance?
Evolution AB (publ) (EVGGF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Leading position in the live casino market. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider EVGGF overvalued or undervalued right now?
Valuing Evolution AB (publ) (EVGGF) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying EVGGF?
Before investing in Evolution AB (publ) (EVGGF), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- The company operates in a highly regulated industry, and changes in regulations could impact its business model.