(CDLR) Cadeler - Overview
Stock: Wind Turbine Installation, Jack-Up Vessels, Offshore Maintenance, Heavy Lift
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 44.4% |
| Relative Tail Risk | -8.74% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.46 |
| Alpha | 2.25 |
| Character TTM | |
|---|---|
| Beta | 0.741 |
| Beta Downside | 0.890 |
| Drawdowns 3y | |
|---|---|
| Max DD | 43.81% |
| CAGR/Max DD | 0.34 |
Description: CDLR Cadeler January 16, 2026
Cadeler A/S (NYSE:CDLR) is a Copenhagen-based marine services firm that specializes in offshore wind farm installation, operation, and maintenance. Through its subsidiaries it provides a full suite of services-including transport, installation, and upkeep of turbine generators, platform topsides, substations, and foundations-as well as heavy-lift project cargo, de-commissioning, accommodation, and crane support. The company also owns and operates five jack-up vessels dedicated to wind-farm installation, giving it a vertically integrated position in the European offshore wind supply chain.
In 2023 Cadeler reported revenue of roughly €220 million and an EBITDA margin of about 12 %, driven by a 30 % year-over-year increase in installed capacity (≈1.8 GW). Its vessel utilization rate hovered near 85 % and the order backlog stood at €350 million, indicating strong demand ahead. The firm’s earnings are sensitive to two macro-drivers: (1) the EU’s 2030 offshore wind target of 60 GW, which fuels a pipeline of new projects, and (2) day-rate pricing for jack-up vessels, which has trended upward as capacity tightens across the North Sea and Baltic regions.
Given Cadeler’s exposure to the rapidly expanding offshore wind market and its relatively high vessel utilization, the company’s upside hinges on maintaining its backlog and avoiding cost overruns on complex installations; a sustained drop in day-rates or a slowdown in EU subsidies would materially alter this outlook. For a deeper, data-driven dive into Cadeler’s valuation metrics and scenario analysis, you may find the research tools on ValueRay useful.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income: 269.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.22 > 0.02 and ΔFCF/TA 6.54 > 1.0 |
| NWC/Revenue: 4.50% < 20% (prev 46.47%; Δ -41.97% < -1%) |
| CFO/TA 0.11 > 3% & CFO 333.9m > Net Income 269.6m |
| Net Debt (1.22b) to EBITDA (381.6m): 3.18 < 3 |
| Current Ratio: 1.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (93.2m) vs 12m ago 6.22% < -2% |
| Gross Margin: 63.70% > 18% (prev 0.41%; Δ 6328 % > 0.5%) |
| Asset Turnover: 22.06% > 50% (prev 9.86%; Δ 12.20% > 0%) |
| Interest Coverage Ratio: 16.98 > 6 (EBITDA TTM 381.6m / Interest Expense TTM 16.8m) |
Altman Z'' 1.38
| A: 0.01 (Total Current Assets 395.5m - Total Current Liabilities 371.2m) / Total Assets 3.06b |
| B: 0.10 (Retained Earnings 293.3m / Total Assets 3.06b) |
| C: 0.12 (EBIT TTM 284.9m / Avg Total Assets 2.44b) |
| D: 0.22 (Book Value of Equity 349.5m / Total Liabilities 1.61b) |
| Altman-Z'' Score: 1.38 = BB |
Beneish M -2.37
| DSRI: 0.68 (Receivables 157.0m/76.9m, Revenue 538.7m/180.2m) |
| GMI: 0.65 (GM 63.70% / 41.50%) |
| AQI: 0.71 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 2.99 (Revenue 538.7m / 180.2m) |
| TATA: -0.02 (NI 269.6m - CFO 333.9m) / TA 3.06b) |
| Beneish M-Score: -2.37 (Cap -4..+1) = BBB |
What is the price of CDLR shares?
Over the past week, the price has changed by +3.39%, over one month by +20.05%, over three months by +36.48% and over the past year by +17.56%.
Is CDLR a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the CDLR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 29 | 18.7% |
| Analysts Target Price | 29 | 18.7% |
| ValueRay Target Price | 24.5 | 0.1% |
CDLR Fundamental Data Overview February 04, 2026
P/E Trailing = 6.5639
P/E Forward = 7.0126
P/S = 3.8432
P/B = 1.2415
Revenue TTM = 538.7m EUR
EBIT TTM = 284.9m EUR
EBITDA TTM = 381.6m EUR
Long Term Debt = 1.18b EUR (from longTermDebt, last quarter)
Short Term Debt = 240.7m EUR (from shortTermDebt, last quarter)
Debt = 1.43b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.22b EUR (from netDebt column, last quarter)
Enterprise Value = 2.97b EUR (1.75b + Debt 1.43b - CCE 217.8m)
Interest Coverage Ratio = 16.98 (Ebit TTM 284.9m / Interest Expense TTM 16.8m)
EV/FCF = -4.47x (Enterprise Value 2.97b / FCF TTM -664.2m)
FCF Yield = -22.39% (FCF TTM -664.2m / Enterprise Value 2.97b)
FCF Margin = -123.3% (FCF TTM -664.2m / Revenue TTM 538.7m)
Net Margin = 50.04% (Net Income TTM 269.6m / Revenue TTM 538.7m)
Gross Margin = 63.70% ((Revenue TTM 538.7m - Cost of Revenue TTM 195.6m) / Revenue TTM)
Gross Margin QoQ = 62.01% (prev 76.11%)
Tobins Q-Ratio = 0.97 (Enterprise Value 2.97b / Total Assets 3.06b)
Interest Expense / Debt = 0.88% (Interest Expense 12.5m / Debt 1.43b)
Taxrate = 3.27% (2.18m / 66.8m)
NOPAT = 275.6m (EBIT 284.9m * (1 - 3.27%))
Current Ratio = 1.07 (Total Current Assets 395.5m / Total Current Liabilities 371.2m)
Debt / Equity = 0.99 (Debt 1.43b / totalStockholderEquity, last quarter 1.45b)
Debt / EBITDA = 3.18 (Net Debt 1.22b / EBITDA 381.6m)
Debt / FCF = -1.83 (negative FCF - burning cash) (Net Debt 1.22b / FCF TTM -664.2m)
Total Stockholder Equity = 1.32b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.04% (Net Income 269.6m / Total Assets 3.06b)
RoE = 20.44% (Net Income TTM 269.6m / Total Stockholder Equity 1.32b)
RoCE = 11.40% (EBIT 284.9m / Capital Employed (Equity 1.32b + L.T.Debt 1.18b))
RoIC = 11.57% (NOPAT 275.6m / Invested Capital 2.38b)
WACC = 5.14% (E(1.75b)/V(3.18b) * Re(8.65%) + D(1.43b)/V(3.18b) * Rd(0.88%) * (1-Tc(0.03)))
Discount Rate = 8.65% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 36.18%
Fair Price DCF = unknown (Cash Flow -664.2m)
EPS Correlation: 71.20 | EPS CAGR: 149.8% | SUE: 0.79 | # QB: 0
Revenue Correlation: 80.77 | Revenue CAGR: 88.47% | SUE: -0.04 | # QB: 0