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Cadeler A/S Sponsored ADR (CDLR)
NYSE:CDLR
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Cadeler A/S Sponsored ADR (CDLR) AI Stock Analysis

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CDLR

Cadeler A/S Sponsored ADR

(NYSE:CDLR)

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Outperform 74 (OpenAI - 5.2)
Rating:74Outperform
Price Target:
$27.00
▲(53.15% Upside)
Overall score reflects strong profitability and growth with a supportive balance sheet, tempered by weaker free-cash-flow trends. Valuation is attractive on a low P/E, while technicals are bullish but overextended. Earnings-call takeaways were positive on backlog and execution, with notable caution for 2027–2028 demand/pricing.
Positive Factors
Contract Backlog Visibility
A EUR 2.9bn backlog with 78% at FID provides multi-year revenue visibility, lowering cancellation risk and supporting predictable vessel deployment. This durable contracted pipeline underpins future utilization, aids financing, and reduces revenue volatility across planning horizons.
Fleet Capacity Expansion
Rapid delivery of newbuilds and expansion to a ~10-vessel fleet (target 12 by mid-2027) materially increases Cadeler's addressable capacity. Larger fleet enables bidding on bigger full-scope projects, improves market share and operating leverage, and strengthens long-term competitive positioning.
High Profitability Margins
Sustained high gross and net margins reflect structural pricing power from specialized WTIV assets and efficient project execution. These margins support reinvestment, debt service and dividend potential, and signal durable competitive advantage given high barriers to entry and limited WTIV supply.
Negative Factors
Weak Cash Conversion
Free cash flow contracting and an OCF/net income ratio of 0.41 indicate earnings are not fully converting to cash. Over time this hampers capex funding and debt repayment, increasing reliance on external financing and raising execution risk for continued fleet expansion.
Future Utilization and Price Risk
Management flagged potential lower utilization and pricing pressure in 2027-28 as project timing shifts and competition grows. Structural supply additions of WTIVs could compress dayrates and reduce long-term margins, making backlog conversion and future profitability less certain.
Rising Leverage Concerns
A debt/equity ratio near 0.88 and noted increases in debt raise refinancing and interest-service risk in a capital-intensive business. Combined with weaker cash conversion, higher leverage can limit strategic flexibility and heighten vulnerability to cyclical downturns in offshore wind demand.

Cadeler A/S Sponsored ADR (CDLR) vs. SPDR S&P 500 ETF (SPY)

Cadeler A/S Sponsored ADR Business Overview & Revenue Model

Company DescriptionCadeler 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 engineering services. The company owns and operates four offshore jack-up windfarm installation vessels. Cadeler A/S was incorporated in 2008 and is headquartered in Copenhagen, Denmark.
How the Company Makes MoneyCadeler A/S generates revenue primarily through its offshore installation services, which involve the transportation and installation of wind turbines and other components for offshore wind farms. The company's revenue model is centered around long-term contracts with major energy companies and project developers, providing a steady income stream. Key revenue streams include mobilization fees for the use of specialized vessels, daily operating rates during installation projects, and performance bonuses for meeting specific project milestones. Additionally, Cadeler has established significant partnerships with leading players in the renewable energy sector, which enhance its market position and contribute to its earnings through collaborative projects and shared resources.

Cadeler A/S Sponsored ADR Earnings Call Summary

Earnings Call Date:Nov 20, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:Mar 31, 2026
Earnings Call Sentiment Positive
Cadeler's third-quarter earnings call highlighted strong operational and financial performance, significant backlog growth, and successful project execution. However, it acknowledged challenges such as future market uncertainties and potential pricing pressures in 2028.
Q3-2025 Updates
Positive Updates
Strong Utilization and Project Execution
Cadeler reported a high utilization rate of 92% for Q3 2025, indicating strong operational performance across global projects in the U.S., Europe, and Asia.
Significant Backlog Growth
The backlog reached a record high of EUR 2.9 billion, with 78% of it having reached Final Investment Decision (FID).
Financial Performance
Cadeler reported revenue of EUR 154.3 million and an EBITDA of EUR 109.1 million for Q3 2025, more than double the EBITDA from the previous year.
New Contracts and Deliveries
Cadeler signed new contracts, including a third full scope foundation T&I contract and two turbine installation T&I contracts. Additionally, three out of four newbuilds scheduled for 2025 delivery have been completed.
Record Cash Flow from Operations
Cash flow from operating activities was EUR 214 million for the quarter.
Negative Updates
Future Market Uncertainty
Cadeler acknowledged potential lower utilization in 2027 and 2028 due to shifting projects and increased competition.
Increased Operating Costs
Operating costs increased, with cost of sales rising due to operations in the U.S., which have higher OpEx per day.
Price Pressure in 2028
The company noted that prices in 2028 could be under pressure due to softer demand and increased competition.
Company Guidance
In Cadeler's Third Quarter 2025 Earnings Presentation, the company highlighted several key metrics that illustrate its robust financial and operational performance. The company achieved a high utilization rate of 92% and reported revenue of EUR 154.3 million with an EBITDA of EUR 109.1 million. Cadeler's backlog reached a record high of EUR 2.9 billion, with 78% of it having reached Final Investment Decision (FID). The market capitalization stood at EUR 1.4 billion, approximately three times the guided EBITDA for the year. Operationally, the company delivered three of its four scheduled newbuilds for 2025, with the fourth, Wind Mover, expected to be delivered shortly. The company also maintained a solid equity ratio of 47.3% and realized cash flow from operating activities amounting to EUR 214 million. These metrics underscore Cadeler's strong market position and financial health as it navigates both current opportunities and future challenges in the offshore wind industry.

Cadeler A/S Sponsored ADR Financial Statement Overview

Summary
Strong income statement performance (revenue growth and very high margins) and a solid balance sheet are partially offset by weaker cash-flow quality, including negative free cash flow growth and low operating cash flow-to-net income conversion.
Income Statement
85
Very Positive
Cadeler A/S has shown impressive revenue growth with a 15.84% increase in TTM, indicating strong market demand. The company maintains robust profitability with a gross profit margin of 64.08% and a net profit margin of 50.03% in TTM, reflecting efficient cost management and operational excellence. EBIT and EBITDA margins are also strong at 51.49% and 68.28%, respectively, highlighting effective core operations. However, the high growth rate may not be sustainable long-term, and the company should monitor market conditions closely.
Balance Sheet
70
Positive
The balance sheet reveals a moderate debt-to-equity ratio of 0.88 in TTM, indicating a balanced approach to leveraging. Return on equity is healthy at 18.75%, showcasing effective use of equity to generate profits. The equity ratio stands at 47.30%, suggesting a solid equity base relative to total assets. While the company is financially stable, the increase in debt levels could pose risks if not managed carefully, especially in a volatile industry like marine shipping.
Cash Flow
60
Neutral
The cash flow statement presents challenges with a negative free cash flow growth rate of -21.46% in TTM, indicating potential liquidity issues. The operating cash flow to net income ratio is 0.41, suggesting that not all net income is translating into cash flow, which could impact future investments. The free cash flow to net income ratio is significantly negative, highlighting the need for improved cash management strategies. Despite these challenges, the company has shown resilience in operating cash flow generation.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue538.74M248.74M108.62M106.42M60.94M19.50M
Gross Profit343.16M121.49M52.64M56.09M21.91M-26.44M
EBITDA381.64M124.47M49.65M62.91M27.30M-31.96M
Net Income269.60M65.07M11.50M35.54M7.45M-27.03M
Balance Sheet
Total Assets3.06B1.94B1.25B670.03M424.77M336.81M
Cash, Cash Equivalents and Short-Term Investments217.76M58.46M96.61M19.01M2.31M63.64M
Total Debt1.43B581.99M206.56M115.28M73.58M74.29M
Total Liabilities1.61B703.12M293.52M129.46M99.51M95.75M
Stockholders Equity1.45B1.23B959.04M540.57M325.26M241.06M
Cash Flow
Free Cash Flow-664.19M-522.85M-3.55M-196.37M-133.18M-265.74M
Operating Cash Flow333.85M93.10M63.38M29.04M30.20M-9.60M
Investing Cash Flow-998.14M-615.75M-54.73M-225.41M-163.38M-256.14M
Financing Cash Flow784.80M481.99M70.27M213.07M71.85M338.81M

Cadeler A/S Sponsored ADR Technical Analysis

Technical Analysis Sentiment
Positive
Last Price17.63
Price Trends
50DMA
19.12
Positive
100DMA
19.53
Positive
200DMA
20.11
Positive
Market Momentum
MACD
1.29
Negative
RSI
81.63
Negative
STOCH
90.08
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 21.01, below the 50-day MA of 19.12, and below the 200-day MA of 20.11, indicating a bullish trend. The MACD of 1.29 indicates Negative momentum. The RSI at 81.63 is Negative, neither overbought nor oversold. The STOCH value of 90.08 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

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
81
Outperform
$1.89B4.1113.16%3.64%3.82%-13.73%
76
Outperform
$1.99B6.6014.98%2.94%-29.82%-16.77%
76
Outperform
$1.72B6.838.36%0.39%-1.33%-33.66%
74
Outperform
$2.18B7.0720.61%
67
Neutral
$2.58B43.132.50%1.59%-13.87%-82.48%
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
62
Neutral
$2.80B2.7925.25%20.35%1.63%-30.30%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CDLR
Cadeler A/S Sponsored ADR
24.62
3.66
17.46%
CMRE
Costamare
16.96
8.57
102.03%
DAC
Danaos
104.74
27.93
36.36%
NMM
Navios Maritime Partners
59.94
18.08
43.18%
SBLK
Star Bulk Carriers
22.90
7.60
49.67%
ZIM
ZIM
23.18
9.23
66.11%

Cadeler A/S Sponsored ADR Corporate Events

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 first full-scope foundation transport and installation project outside the UK. The campaign, expected to start in the first half of 2028 and to use two of Cadeler’s wind installation vessels, including one of its newbuild A-class units designed for XXL foundation work, underscores the company’s strategy to expand its foundation services, deepen its backlog of complex projects across jurisdictions, and reinforce its position as a full-scope provider in the offshore wind supply chain, subject to the client’s final investment decision.

The most recent analyst rating on (CDLR) stock is a Buy with a $24.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S Announces Major Shareholding Change with Nordea Funds
Dec 2, 2025

On December 2, 2025, Cadeler A/S announced a major shareholder notification due to Nordea Funds Ltd.’s indirect purchase of shares on November 21, 2025. As a result, Nordea Funds Ltd. now indirectly controls 5.02% of Cadeler’s total share capital and voting rights. This change in shareholding highlights a significant investment in Cadeler, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (CDLR) stock is a Buy with a $19.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S Announces Significant Share Transactions by Board-Linked Entity
Dec 1, 2025

On December 1, 2025, Cadeler A/S announced a series of share transactions involving BW Altor Pte. Ltd., a company closely associated with Andreas Sohmen-Pao, Chairman of the Board of Directors. The transactions, which occurred on November 27 and 28, 2025, involved significant purchases of Cadeler shares at various prices, totaling over 17 million shares. These transactions reflect strategic movements within the company’s leadership and could have implications for Cadeler’s market positioning and stakeholder interests.

The most recent analyst rating on (CDLR) stock is a Buy with a $19.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S Announces Major Shareholding Change Following BW Altor’s Acquisition
Dec 1, 2025

On December 1, 2025, Cadeler A/S announced a significant change in its shareholder structure following BW Altor Pte. Ltd.’s acquisition of 17,510,330 shares on November 27, 2025. This purchase increased BW Altor’s ownership to 27.36% of Cadeler’s total share capital, marking a substantial rise from the previous 20.41%. This development could potentially impact Cadeler’s strategic direction and stakeholder interests, given BW Altor’s increased influence within the company.

The most recent analyst rating on (CDLR) stock is a Buy with a $19.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler Secures EUR 60 Million Green Loan to Boost Financial Flexibility
Dec 1, 2025

On December 1, 2025, Cadeler A/S announced the enhancement of its financial position through a new unsecured green corporate term loan facility totaling EUR 60 million, with an option to increase by EUR 80 million. Arranged by HSBC and Clifford Capital, this facility aims to bolster Cadeler’s financial flexibility, enabling the company to better navigate market dynamics, support strategic priorities, and maintain resilience. This move underscores Cadeler’s commitment to sustainable growth and its capability to execute large-scale offshore wind projects, reinforcing its position in the renewable energy sector.

The most recent analyst rating on (CDLR) stock is a Buy with a $19.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler Expands Fleet with Early Delivery of ‘Wind Mover’
Nov 28, 2025

On November 28, 2025, Cadeler announced the successful delivery of ‘Wind Mover,’ the tenth vessel in its fleet of next-generation wind turbine installation vessels. Delivered ahead of schedule, the vessel is set to begin operations in Europe, enhancing Cadeler’s capacity to support large-scale offshore wind projects. This delivery is part of Cadeler’s strategic expansion, doubling its fleet size within a year, and positioning the company as a leader in the offshore wind sector with plans to operate a 12-vessel fleet by mid-2027.

The most recent analyst rating on (CDLR) stock is a Buy with a $19.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S Reports Insider Share Transactions in November 2025
Nov 25, 2025

On November 25, 2025, Cadeler A/S announced transactions involving its shares by individuals with managerial responsibilities and their associates. Niki Invest ApS, associated with board member Ditlev Wedell-Wedellsborg, purchased shares on November 21 and 24, 2025, at the Oslo Stock Exchange. These transactions reflect ongoing insider activities and could impact stakeholder perceptions of the company’s market position.

The most recent analyst rating on (CDLR) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S Reports Strong Q3 2025 Results and Expands Contract Backlog
Nov 20, 2025

On November 20, 2025, Cadeler A/S announced its financial results for the nine months ending September 30, 2025, highlighting strong operational performance and strategic contract acquisitions. The company reported successful delivery of three out of four newbuild vessels scheduled for 2025, with the remaining vessel on track for early delivery. Cadeler’s robust contract backlog, valued at EUR 2.9 billion, underscores its market strength and future earnings visibility. Notable contracts include a significant long-term agreement with Vestas and new projects in Poland and an undisclosed location, enhancing its industry positioning and stakeholder confidence.

The most recent analyst rating on (CDLR) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S Reports Strong Q3 2025 Earnings with Significant Growth
Nov 20, 2025

On November 20, 2025, Cadeler A/S announced its Third Quarter 2025 earnings, highlighting significant financial growth compared to the previous year. The company reported a revenue increase to EUR 453 million, driven by termination fees from a Long-Term Agreement with Ørsted and enhanced fleet utilization. The addition of new vessels, including Wind Maker, Wind Peak, and Wind Pace, contributed to higher costs but also improved operational capacity, achieving a 75.8% utilization rate. Cadeler’s EBITDA rose to EUR 322 million, and the profit for the period was EUR 232 million, reflecting substantial growth from 2024. The company’s financial outlook remains positive, with reaffirmed guidance for full-year revenue and EBITDA, and its order book for 2025 is nearly full, indicating strong future prospects.

The most recent analyst rating on (CDLR) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler Reports Strong Q3 2025 Results and Expands Offshore Wind Fleet
Nov 20, 2025

Cadeler reported strong financial and operational results for Q3 2025, with a significant increase in revenue and net profit compared to the previous year. The company expanded its fleet from five to nine vessels, which contributed to a 75.8% utilisation rate. Cadeler’s order backlog grew with major contracts, including a EUR 58 million project in Poland and a EUR 500 million offshore wind farm project. The company secured a EUR 125 million Green Term Loan Facility and reaffirmed its full-year financial outlook. Cadeler is set to begin a significant project at Ørsted’s Hornsea 3 offshore wind farm in early 2026, marking a strategic step in its service offerings.

The most recent analyst rating on (CDLR) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler Secures EUR 500 Million Offshore Wind Contracts
Nov 10, 2025

On November 10, 2025, Cadeler announced the signing of two significant contracts for the transportation and installation of offshore wind turbines and their foundations, valued at approximately EUR 500 million. These contracts, set to commence in 2029 and 2030, reinforce Cadeler’s position as a full-service provider in the offshore wind industry, demonstrating its strategic alignment with market demands and its capacity to handle complex projects. The agreements are contingent upon the client’s investment decision, with potential termination fees if the project does not proceed.

The most recent analyst rating on (CDLR) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

Cadeler A/S to Announce Q3 2025 Earnings on November 20
Nov 10, 2025

On November 10, 2025, Cadeler A/S announced its plans to release its Q3 2025 earnings on November 20, 2025. The company will host a live video webcast presentation for the investment community on the same day, featuring CEO Mikkel Gleerup and CFO Peter Brogaard Hansen. This upcoming earnings release and presentation are significant for stakeholders as they provide insights into Cadeler’s financial performance over the first nine months of 2025, potentially impacting the company’s market positioning and investor relations.

The most recent analyst rating on (CDLR) stock is a Buy with a $20.50 price target. To see the full list of analyst forecasts on Cadeler A/S Sponsored ADR stock, see the CDLR Stock Forecast page.

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.Date of analysis: Jan 29, 2026