Evolution Q4-25: A floor, not a victory lap

The Q4 report confirms that the bleeding has stopped, but we aren't fully in the clear yet. While Asia has stabilized and the US engine is showing underlying strength, Europe remains a drag.

Evolution is one of those stocks that is always hot. Even on quiet X days it shows up in threads and activity trackers, and every report seems to pull my whole timeline back into the same arguments.

Is this still a durable compounding machine, or is the growth story starting to fray?

Looking back to the Q3, it landed with a clear revenue disappointment an…