Evolution AB (publ) (EVO.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+28.6%

SEK 1,084.87

vs SEK 843.40 price

Levered DCF

SEK 1,139.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.11

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.86×	12.47×	21.89×	19.74×	43.96×	53.37×	32.21×	22.23×
P/B	2.89×	3.91×	5.85×	4.95×	8.33×	5.58×	17.2×	11.33×
P/S	5.55×	7.01×	13.02×	11.76×	24.88×	27.11×	13.21×	7.49×
EV / EBITDA	7.83×	9.34×	17.62×	16.55×	35.69×	45.17×	25.55×	16.35×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	59.4%	64.1%	63.5%	62.3%	61.2%	53.4%	43.1%	36.5%
Net margin	50.1%	56.2%	59.5%	57.9%	56.6%	50.7%	40.9%	34.0%
Current ratio	1.66×	1.82×	3.07×	2.6×	2.19×	1.36×	2.39×	2.45×
Debt / equity	0.04×	0.02×	0.02×	0.02×	0.02×	0.02×	0.09×	0.04×
Interest coverage	113.41×	214.63×	217.18×	182.08×	207.85×	270.82×	628.3×	525.79×
Dividend yield	5.0%	3.6%	1.8%	1.8%	0.5%	0.5%	0.9%	1.8%
Payout ratio	54.9%	45.0%	39.9%	35.9%	23.8%	26.8%	28.8%	38.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.1%	31.3%	26.7%	24.4%	19.0%	10.4%	53.3%	51.4%
Return on invested capital	25.1%	28.8%	24.1%	21.3%	17.2%	10.2%	49.0%	49.5%
Return on assets	19.3%	23.3%	21.5%	19.3%	15.5%	9.0%	34.5%	34.7%
Free cash flow yield	10.3%	7.5%	4.6%	4.6%	2.0%	1.8%	3.0%	3.6%
Earnings yield	9.0%	8.0%	4.6%	4.9%	2.3%	1.9%	3.1%	4.5%
Enterprise value	SEK 11.1B	SEK 14.8B	SEK 22.5B	SEK 16.7B	SEK 26.3B	SEK 15B	SEK 4.7B	SEK 1.8B
Net debt / EBITDA	-0.46×	-0.44×	-0.7×	-0.43×	-0.46×	-0.52×	-0.86×	-0.73×
Cash conversion cycle (days)	210	69	74	72	71	79	67	72