Cadeler A/S Sponsored ADR (CDLR)
NYSE:CDLR
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Cadeler A/S Sponsored ADR
(NYSE:CDLR)
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Rating:63Neutral
Price Target:
$27.00
▲(53.15% Upside)
Action:DowngradedDate:03/26/26
The score is driven primarily by mixed financial fundamentals: strong growth and profitability are tempered by deeply negative free cash flow and higher leverage. Valuation is supportive with a low P/E, while near-term technical signals are weak. The latest earnings call adds a positive outlook via strong guidance and backlog visibility, partially offset by financing-cost and project-phasing risks.
Positive Factors
Record backlog with high FID coverage
A €2.8bn backlog with ~80% FID provides multi-year revenue visibility, reducing reliance on spot awards. This underpins contracting leverage, supports long-term fleet utilization planning and stabilizes expected earnings across project cycles, improving predictability for capital allocation.
Negative Factors
Deeply negative free cash flow
Persistently large negative FCF reflects heavy capex and newbuild spending that outpaces operating cash generation. This increases dependence on equity and debt markets, elevates refinancing and funding risk, and makes long-term returns sensitive to project execution and vessel utilization staying at projected levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog with high FID coverage
A €2.8bn backlog with ~80% FID provides multi-year revenue visibility, reducing reliance on spot awards. This underpins contracting leverage, supports long-term fleet utilization planning and stabilizes expected earnings across project cycles, improving predictability for capital allocation.
Read all positive factors
Cadeler A/S Sponsored ADR (CDLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.51B
Dividend YieldN/A
Average Volume (3M)97.51K
Price to Earnings (P/E)5.2
Beta (1Y)1.02
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees659
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.65
Shares Outstanding96,513,336
10 Day Avg. Volume97,864
30 Day Avg. Volume97,509
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.92
Price to Sales (P/S)2.33
P/FCF Ratio-1.61
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue5.84
Enterprise Value/Gross Profit9.45
Enterprise Value/Ebitda8.61
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.39
Revenue Forecast (FY)$1.05B
Cadeler A/S Sponsored ADR Business Overview & Revenue Model
Company Description
Cadeler A/S operates as an offshore wind farm transportation and installation contractor in Denmark. It also provides wind farm maintenance, construction, decommissioning, and other tasks within the offshore industry, as well as marine and enginee...
How the Company Makes Money
Cadeler primarily makes money by contracting its specialized offshore wind installation vessels to wind farm developers, turbine OEMs, and EPC (engineering, procurement, and construction) contractors. Its main revenue stream is vessel charter and ...
Cadeler A/S Sponsored ADR Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 02, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance for 2025: substantial YoY growth in revenue, EBITDA and net profit, high adjusted utilization, a EUR 2.8 billion backlog with 80% FID, and clear progress on strategic initiatives (Hornsea 3 execution, Nexra O&M expansion, young fleet). Manageable near-term headwinds were flagged — primarily timing/phasing of Hornsea 3 revenue, higher finance costs moving into the P&L as capitalized interest declines, SG&A increases for ramp-up, a transition year for one vessel, limited short-term U.S. demand, and industry-wide yard/cost pressures — but these are framed as operational/timing issues rather than structural demand problems. Given the magnitude and breadth of the positive financial metrics and backlog visibility versus the listed challenges (many of which are timing or financing-related and have mitigation paths), the overall tone of the call is positive.Positive Updates
Strong Year-Over-Year Financial Performance
Reported full-year 2025 revenue of EUR 620 million versus EUR 249 million in 2024 (+149.0% YoY). EBITDA rose to EUR 425 million from EUR 126 million (+237.3% YoY). Net profit increased to EUR 280 million from EUR 65 million (+330.8% YoY).
Negative Updates
Timing and Revenue Phasing on Hornsea 3
Hornsea 3 changes by the client (monopile deliveries from more fabrication yards) increased total project revenue and margin for Cadeler but stretched/ delayed revenue into later years, creating back-half weighting and multi-year phasing risk.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Year-Over-Year Financial Performance
Reported full-year 2025 revenue of EUR 620 million versus EUR 249 million in 2024 (+149.0% YoY). EBITDA rose to EUR 425 million from EUR 126 million (+237.3% YoY). Net profit increased to EUR 280 million from EUR 65 million (+330.8% YoY).
Read all positive updates
Company Guidance
Cadeler guided 2026 revenue of EUR 854–944 million and EBITDA of EUR 420–510 million, vs. 2025 actuals of revenue EUR 620m, EBITDA EUR 425m and net profit EUR 280m; the company sits on a EUR 2.8bn backlog (80% FID), reported adjusted utilization ~88.9% in 2025 and is targeting an adjusted utilization range ~75–90% going forward, views 2027 as effectively fully booked, and expects Hornsea 3 revenue to be back‑half weighted (project = 2.8 GW, 197 monopiles, >400,000 tonnes moved, 10 ports, 12+ partners). Financial position highlights include equity EUR 1.5bn (equity ratio 44%), cash EUR 152m, market cap ~EUR 1.8bn, three‑month average daily turnover EUR 7.1m, outstanding RCF ~EUR 148m and total anticipated financing needs ~EUR 637m (including a EUR 60m Holdco loan); fleet/newbuild metrics called out: Wind Ace ~94% complete (naming 15 Apr), Wind Apex ~34% complete with potential early delivery, Wind Ally/Wind Ace deliveries in 2026–Q3, Wind Zaratan a 2026 transition, and operational scale of 362 office staff, >800 seafarers, >1,700 turbines installed, >900 foundations and >275 O&M locations — while prioritizing deleveraging, strategic investment (Nexra/O&M) and shareholder returns.Cadeler A/S Sponsored ADR Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
68
Positive
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 595.87M | 248.74M | 108.62M | 106.42M | 60.94M |
| Gross Profit | 365.05M | 121.49M | 52.64M | 56.09M | 21.91M |
| EBITDA | 400.12M | 124.47M | 49.65M | 62.91M | 27.30M |
| Net Income | 269.13M | 65.07M | 11.50M | 35.54M | 7.45M |
Balance Sheet | |||||
| Total Assets | 3.42B | 1.94B | 1.25B | 670.03M | 424.77M |
| Cash, Cash Equivalents and Short-Term Investments | 151.61M | 58.46M | 96.61M | 19.01M | 2.31M |
| Total Debt | 1.62B | 581.99M | 206.56M | 115.28M | 73.58M |
| Total Liabilities | 1.91B | 703.12M | 293.52M | 129.46M | 99.51M |
| Stockholders Equity | 1.50B | 1.23B | 959.04M | 540.57M | 325.26M |
Cash Flow | |||||
| Free Cash Flow | -862.50M | -522.85M | -3.55M | -196.37M | -133.18M |
| Operating Cash Flow | 324.40M | 93.10M | 63.38M | 29.04M | 30.20M |
| Investing Cash Flow | -1.21B | -615.75M | -54.73M | -225.41M | -163.38M |
| Financing Cash Flow | 983.74M | 481.99M | 70.27M | 213.07M | 71.85M |
Cadeler A/S Sponsored ADR Technical Analysis
Positive
17.63
Price Trends
24.59
Positive
21.86
Positive
21.13
Positive
Market Momentum
0.23
Negative
61.25
Neutral
92.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDLR, the sentiment is Positive. The current price of 17.63 is below the 20-day moving average (MA) of 23.82, below the 50-day MA of 24.59, and below the 200-day MA of 21.13, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 61.25 is Neutral, neither overbought nor oversold. The STOCH value of 92.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CDLR.
Cadeler A/S Sponsored ADR Risk Analysis
Cadeler A/S Sponsored ADR disclosed 46 risk factors in its most recent earnings report. Cadeler A/S Sponsored ADR reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cadeler A/S Sponsored ADR Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.09B | 3.51 | 13.56% | 3.64% | 3.82% | -13.73% | |
72 Outperform | $2.08B | 5.21 | 16.86% | 2.94% | -29.82% | -16.77% | |
70 Outperform | $1.97B | 3.29 | 8.85% | 0.39% | -1.33% | -33.66% | |
64 Neutral | $3.18B | 5.34 | 12.06% | 20.35% | 1.63% | -30.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $2.51B | 5.15 | 20.18% | ― | ― | ― | |
62 Neutral | $2.76B | 26.26 | 3.46% | 1.59% | -13.87% | -82.48% |
* Industrials Sector Average
CDLR
Cadeler A/S Sponsored ADR
25.81
5.72
28.47%
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Cadeler A/S Sponsored ADR Corporate Events
Cadeler Flags Dilution of Major Shareholder After March 2026 Private Placement
Apr 1, 2026
On April 1, 2026, Cadeler A/S reported a change in a major shareholding following a recent capital increase tied to a private placement of 35,095,758 new shares. Norway’s Folketrygdfondet, which manages the Government Pension Fund Norway, ke...
Cadeler Discloses Major Insider-Related Share Dealings Linked to Board Chairman
Mar 31, 2026
Cadeler A/S, a specialist in offshore wind installation and maintenance, reported insider-related share dealings involving a major shareholder closely linked to its board leadership. The company, which runs a large fleet of jack-up vessels for com...
Cadeler Sees BW Altor Boost Stake to 28.24% After March Private Placement
Mar 31, 2026
Cadeler A/S reported on March 31, 2026 that BW Altor Pte. Ltd., a Singapore-based investment vehicle ultimately controlled by Andreas Sohmen-Pao, has increased its ownership stake in the offshore wind contractor. Following the completion of a priv...
Cadeler Discloses Major Insider-Linked Share Lending and NOK 679 Million Subscription in March 2026 Placement
Mar 30, 2026
On March 26, 2026, Cadeler A/S reported insider-related transactions in its shares involving BW Altor Pte. Ltd., a company closely associated with chairman of the board Andreas Sohmen-Pao. The disclosure underscores regulatory transparency around ...
Cadeler Gains Insider-Linked Support in NOK 388 Million Share Private Placement
Mar 30, 2026
Cadeler A/S reported that Scorpio Holdings Limited, a company closely associated with vice-chairman Emanuele Lauro, subscribed for 6,929,642 new Cadeler shares on March 26, 2026, at NOK 56.00 per share in a private placement totaling 35,095,758 sh...
Cadeler Discloses Temporary Shift in BW Altor Stake After March Private Placement
Mar 30, 2026
Cadeler A/S disclosed on March 26, 2026, that major shareholder BW Altor Pte. Ltd. temporarily reduced its stake in connection with a private placement of 35,095,758 new shares. BW Altor lent 22,968,883 existing shares to DNB Carnegie as settlemen...
Cadeler Discloses Scorpio Group’s Stake Rising to 12.78% After March Share Placement
Mar 30, 2026
Cadeler A/S, a leading offshore wind installation and services company, reported on March 26, 2026 that Scorpio Holdings Limited subscribed for 6,929,642 new shares in a recent private placement of 35,095,758 shares. Following completion of the re...
Cadeler Raises EUR 175 Million to Fund Offshore Wind Vessel Expansion While Protecting Dividends
Mar 26, 2026
Cadeler A/S, a leading offshore wind installation specialist, has raised about EUR 175 million in a private placement announced on March 26, 2026 to support targeted fleet expansion while maintaining scope for shareholder payouts. The capital will...
Cadeler Files 2025 Annual Investor Presentation With U.S. Regulators
Mar 24, 2026
On March 24, 2026, Cadeler A/S executive management delivered an investor presentation summarizing the company’s financial results for the twelve months ended December 31, 2025. The presentation formed part of the company’s 2025 annual...
Cadeler Convenes April 21, 2026 AGM to Renew Board Mandates and Capital Authorisations
Mar 24, 2026
Cadeler A/S has called its annual general meeting for April 21, 2026 in Copenhagen, where shareholders will review the company’s activities in 2025, approve the annual and remuneration reports, decide on profit allocation, and vote on discha...
Cadeler A/S Doubles Offshore Wind Fleet and Posts Record Backlog in 2025 Annual Report
Mar 24, 2026
Cadeler A/S has released its annual report for the year ended December 31, 2025, detailing a year in which it doubled fleet capacity and reinforced its role in the global offshore wind installation market. The company highlighted strong demand, hi...
Cadeler Doubles Offshore Wind Fleet and Posts Strong 2025 Results
Mar 24, 2026
Cadeler reported that 2025 was a transformational year, doubling its operational fleet from five to ten wind installation vessels and launching Nexra, a dedicated service platform focused on the offshore wind aftermarket. For the year ended 31 Dec...
Cadeler’s Nexra Secures New 2026 Offshore Wind O&M Contract in Taiwan
Mar 23, 2026
On March 23, 2026, Cadeler’s service platform Nexra announced it has secured an additional firm Operations Maintenance campaign in Taiwan to be executed and completed during 2026. The work will cover two offshore wind farms and will be carr...
Cadeler to Release 2025 Annual Report and Host Earnings Webcast on March 24
Mar 11, 2026
Cadeler A/S, a global leader in offshore wind installation, operations, and maintenance, focuses exclusively on the offshore wind sector and operates the industry’s largest fleet of jack-up wind installation vessels. The company plays a cent...
Cadeler’s Nexra Wins €20m Taiwan Offshore Wind O&M Contract
Feb 9, 2026
Cadeler’s OM brand Nexra has secured a firm contract worth more than EUR 20 million to execute an operations and maintenance campaign across two offshore wind farms in Taiwan, the company announced on February 9, 2026. The work, to be carrie...
Cadeler Discloses $4 Million Internal Share Transfer Between Lauro-Linked Entities
Feb 3, 2026
On 28 January 2026, Cadeler A/S reported a set of related share transactions involving entities closely associated with Vice-Chairman of the Board Emanuele Lauro. Scorpio Services Holding Limited sold 666,065 Cadeler shares at an average price of ...
Cadeler Secures First Full-Scope Foundation T&I Deal Outside UK Under 2028 Offshore Wind PSA
Jan 28, 2026
On 28 January 2026, Cadeler announced it has signed a preferred supplier agreement with an undisclosed client for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in European waters, marking its ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.