CDLR Industrials

Cadeler A/S

$25.60-6.91%

Price as of close on Nov 3, 2026 · Financials updated Nov 2, 2026

Basics

Sector: Industrials
Industry: Engineering & Construction
Country: Denmark
Market cap: 2.5B USD
Enterprise value: 3.8B USD
Full-time employees: 1,126

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.11 vs a peer median of 1.62) and more debt relative to equity (1.13× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 1.11 vs peers 1.62) and more debt vs equity (1.13× vs peers 0.40×)

Ranks #303 of 2,308 industrials companies (top 14%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Cadeler reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out EUR 3M over the 3 fiscal years to 2025 with -EUR 1.4B of free cash flow.
Cadeler returned EUR 3M in buybacks and dividends over three fiscal years while its free cash flow totalled -EUR 1.4B. The money came from its cash pile or from borrowing.
Stock pay outran buybacks. Stock-based pay expense EUR 5M vs EUR 3M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Cadeler recorded EUR 5M of stock-based pay expense and spent EUR 3M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Cadeler recorded EUR 5M of stock-based pay expense and spent EUR 3M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 5-year high. 51% in 2025, the best of the last 5 years.
Cadeler kept 51% of revenue as operating profit in 2025, its highest in the 5 years of filings we have.

StockQuotient Score

70/ 100▼ 1 since Oct 27 close

Oct 5 71 → Nov 4 70 (-1)

Valuation

Is the price right?

70/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 72 → 70

Share price +1.3%-1
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield12.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateReported value30% base weight · Z-score 3.05Sector median: 0.0377 · MAD: 0.0294

EBITDA yield8.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateReported value50% base weight · Z-score 0.38Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-38.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield68.4%

SEC filings (IFRS mapped) · latest balance sheet · EUR→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

100/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 33.4%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth330.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 6.33Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth80.0%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth149.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

89/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin51.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.02Sector median: 0.0773 · MAD: 0.0507

Return on assets8.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.12Sector median: 0.0311 · MAD: 0.0241

Return on invested capital8.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.19Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin61.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity18.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 42%

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.72

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.28Sector median: 0.6440 · MAD: 0.2745

Current ratio1.11×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.95Sector median: 1.6180 · MAD: 0.5360

Debt / equity1.13×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -2.15Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cadeler

Is Cadeler getting weaker?: Its latest SEC filing (Mar 24, 2026) showed no major changes: debt up 42%. Its overall score is 70/100, down 1 since Oct 28, 2026.
How is Cadeler valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 70/100 against 2,459 industrials peers. Earnings yield 12.7% vs a peer median of 3.8% (stronger than 94% of peers).Earnings yield 12.7% vs peers 3.8% (stronger than 94% of peers). Free cash flow yield -38.3% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -38.3% vs peers 3.7% (weaker than 100% of peers).
Is Cadeler growing?: Yes, faster than most of its peers. Growth scores 100/100 against 2,459 industrials peers. Earnings per share growth 330.6% vs a peer median of 7.1% (stronger than 95% of peers).Earnings per share growth 330.6% vs peers 7.1% (stronger than 95% of peers).
How profitable is Cadeler?: More profitable than most of its peers. Profitability scores 89/100 against 2,459 industrials peers. Operating margin 51.2% vs a peer median of 7.7% (stronger than 95% of peers).Operating margin 51.2% vs peers 7.7% (stronger than 95% of peers).
How risky is Cadeler?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 1.13× vs a peer median of 0.40× (weaker than 80% of peers).Debt / equity 1.13× vs peers 0.40× (weaker than 80% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 24, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

Debt up 42%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	465.1M EUR	620.4M EUR	+33.4%
Net income (12 months)	232.6M EUR	280.2M EUR	+20.4%
Operating margin	51.3%	51.2%	−0.1 pts
Free cash flow (12 months)	−844.3M EUR	−841.5M EUR	−0.3%
Debt	1.2B EUR	1.7B EUR	+41.5%
Cash	53.0M EUR	151.7M EUR	+186.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in EUR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	36.2%	53.5%	44.9%	50.1%	61.8%	▲ 12 pts
Operating margin	18.3%	38.7%	13.3%	27.9%	51.2%	▲ 23 pts
Net margin	12.2%	33.4%	10.6%	26.2%	45.2%	▲ 19 pts
Return on assets (ROA)	1.8%	5.3%	0.9%	3.4%	8.2%	▲ 4.8 pts
Return on equity (ROE)	2.3%	6.6%	1.2%	5.3%	18.6%	▲ 13 pts
Free cash flow margin	-217.8%	-183.8%	-3.2%	-210.0%	-135.6%	▲ 74 pts
Current ratio	0.46×	5.04×	2.75×	1.47×	1.11×	▼ 24%
Quick ratio	0.45×	5.00×	2.72×	1.46×	1.10×	▼ 25%
Debt to equity	0.22×	0.21×	0.21×	4.84×	1.13×	▼ 77%
Interest coverage	2.03×	41.19×	3.22×	9.64×	8.50×	▼ 12%

CDLR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.11 vs a peer median of 1.62) and more debt relative to equity (1.13× vs a peer median of 0.40×)higher risk: less liquidity (current ratio 1.11 vs peers 1.62) and more debt vs equity (1.13× vs peers 0.40×)

Ranks #303 of 2,308 industrials companies (top 14%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Cadeler reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Paying shareholders without free cash flow. Paid out EUR 3M over the 3 fiscal years to 2025 with -EUR 1.4B of free cash flow.

Cadeler returned EUR 3M in buybacks and dividends over three fiscal years while its free cash flow totalled -EUR 1.4B. The money came from its cash pile or from borrowing.

Stock pay outran buybacks. Stock-based pay expense EUR 5M vs EUR 3M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Cadeler recorded EUR 5M of stock-based pay expense and spent EUR 3M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Cadeler recorded EUR 5M of stock-based pay expense and spent EUR 3M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Operating margin at a 5-year high. 51% in 2025, the best of the last 5 years.

Cadeler kept 51% of revenue as operating profit in 2025, its highest in the 5 years of filings we have.

Questions investors ask about Cadeler

Is Cadeler getting weaker?

Its latest SEC filing (Mar 24, 2026) showed no major changes: debt up 42%. Its overall score is 70/100, down 1 since Oct 28, 2026.

How is Cadeler valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 70/100 against 2,459 industrials peers. Earnings yield 12.7% vs a peer median of 3.8% (stronger than 94% of peers).Earnings yield 12.7% vs peers 3.8% (stronger than 94% of peers). Free cash flow yield -38.3% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -38.3% vs peers 3.7% (weaker than 100% of peers).

Is Cadeler growing?

Yes, faster than most of its peers. Growth scores 100/100 against 2,459 industrials peers. Earnings per share growth 330.6% vs a peer median of 7.1% (stronger than 95% of peers).Earnings per share growth 330.6% vs peers 7.1% (stronger than 95% of peers).

How profitable is Cadeler?

More profitable than most of its peers. Profitability scores 89/100 against 2,459 industrials peers. Operating margin 51.2% vs a peer median of 7.7% (stronger than 95% of peers).Operating margin 51.2% vs peers 7.7% (stronger than 95% of peers).

How risky is Cadeler?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Debt / equity 1.13× vs a peer median of 0.40× (weaker than 80% of peers).Debt / equity 1.13× vs peers 0.40× (weaker than 80% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

465.1M EUR

620.4M EUR

+33.4%

Net income (12 months)

232.6M EUR

280.2M EUR

+20.4%

Operating margin

51.3%

51.2%

−0.1 pts

Free cash flow (12 months)

−844.3M EUR

−841.5M EUR

−0.3%

Debt

1.2B EUR

1.7B EUR

+41.5%

Cash

53.0M EUR

151.7M EUR

+186.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

36.2%

53.5%

44.9%

50.1%

61.8%

▲ 12 pts

Operating margin

18.3%

38.7%

13.3%

27.9%

51.2%

▲ 23 pts

Net margin

12.2%

33.4%

10.6%

26.2%

45.2%

▲ 19 pts

Return on assets (ROA)

1.8%

5.3%

0.9%

3.4%

8.2%

▲ 4.8 pts

Return on equity (ROE)

2.3%

6.6%

1.2%

5.3%

18.6%

▲ 13 pts

Free cash flow margin

-217.8%

-183.8%

-3.2%

-210.0%

-135.6%

▲ 74 pts

Current ratio

0.46×

5.04×

2.75×

1.47×

1.11×

▼ 24%

Quick ratio

0.45×

5.00×

2.72×

1.46×

1.10×

▼ 25%

Debt to equity

0.22×

0.21×

4.84×

1.13×

▼ 77%

Interest coverage

2.03×

41.19×

3.22×

9.64×

8.50×

▼ 12%