Nordex (DE:NDX1)
XETRA:NDX1
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Nordex
(XETRA:NDX1)
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Rating:74Outperform
Price Target:
€53.00
▲(16.33% Upside)
Action:ReiteratedDate:04/28/26
The score is driven primarily by the improving financial trajectory (profitability recovery and strong cash generation) and a constructive earnings outlook with upgraded targets and strong order-book visibility. Technicals are supportive with a clear uptrend, while valuation (P/E ~25 and no stated dividend) tempers the overall rating.
Positive Factors
Strong cash generation & liquidity
Robust cash generation and a net‑cash position provide durable financial flexibility. Strong operating cash flow and multi‑hundred‑million free cash flow allow Nordex to fund capex, absorb working‑capital swings, reduce leverage, and begin shareholder returns while withstanding project timing variability.
Negative Factors
Margin durability & historical volatility
Despite recent margin recovery, historical swings to losses and current relatively thin margins make earnings sensitive to pricing, input costs and execution. This reduces predictability of medium‑term profitability and constrains sustainable return generation if market or supply pressures re‑emerge.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & liquidity
Robust cash generation and a net‑cash position provide durable financial flexibility. Strong operating cash flow and multi‑hundred‑million free cash flow allow Nordex to fund capex, absorb working‑capital swings, reduce leverage, and begin shareholder returns while withstanding project timing variability.
Read all positive factors
Nordex (NDX1) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€11.37B
Dividend YieldN/A
Average Volume (3M)477.62K
Price to Earnings (P/E)50.1
Beta (1Y)0.59
Revenue Growth7.63%
EPS Growth973.99%
CountryDE
Employees10,559
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)N/A
Shares Outstanding236,872,100
10 Day Avg. Volume562,042
30 Day Avg. Volume477,622
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)5.39
Price to Sales (P/S)0.91
P/FCF Ratio8.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€43.38Price Target Upside-4.79% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Nordex Business Overview & Revenue Model
Company Description
Nordex SE, together with its subsidiaries, develops, manufactures, and distributes multi-megawatt onshore wind turbines worldwide. It operates through Projects and Services segments. The company provides project development services, as well as ac...
How the Company Makes Money
Nordex makes money primarily through two main business activities: (1) selling onshore wind turbine systems and related project components, and (2) providing after-sales service over the operating life of turbines.
1) Turbine and project-related ...
Nordex Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.71B | 7.55B | 7.30B | 6.49B | 5.69B | 5.44B |
| Gross Profit | 1.31B | 1.00B | 1.53B | 127.81M | 486.05M | 826.96M |
| EBITDA | 651.22M | 705.57M | 313.32M | 13.10M | -241.65M | 60.06M |
| Net Income | 320.34M | 274.30M | 8.84M | -302.83M | -497.76M | -230.16M |
Balance Sheet | ||||||
| Total Assets | 6.91B | 8.44B | 5.63B | 5.42B | 4.76B | 4.11B |
| Cash, Cash Equivalents and Short-Term Investments | 1.83B | 1.93B | 1.17B | 925.92M | 662.06M | 792.12M |
| Total Debt | 548.51M | 627.99M | 500.56M | 475.07M | 581.89M | 487.00M |
| Total Liabilities | 5.57B | 7.16B | 4.63B | 4.44B | 3.88B | 3.05B |
| Stockholders Equity | 1.33B | 1.28B | 990.65M | 976.60M | 878.06M | 1.06B |
Cash Flow | ||||||
| Free Cash Flow | 746.29M | 844.14M | 265.56M | 28.32M | -555.46M | -42.09M |
| Operating Cash Flow | 921.05M | 1.02B | 429.75M | 161.20M | -350.09M | 127.56M |
| Investing Cash Flow | -159.88M | -153.00M | -159.08M | -139.68M | -163.81M | -152.09M |
| Financing Cash Flow | -38.21M | -43.53M | -37.88M | 285.66M | 345.53M | 62.34M |
Nordex Technical Analysis
Positive
45.56
Price Trends
41.12
Positive
35.59
Positive
29.02
Positive
Market Momentum
1.17
Positive
57.88
Neutral
63.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NDX1, the sentiment is Positive. The current price of 45.56 is above the 20-day moving average (MA) of 45.09, above the 50-day MA of 41.12, and above the 200-day MA of 29.02, indicating a bullish trend. The MACD of 1.17 indicates Positive momentum. The RSI at 57.88 is Neutral, neither overbought nor oversold. The STOCH value of 63.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:NDX1.
Nordex Peers Comparison
UnderperformOutperform
Sector (63)
DE:NDX1
Nordex
48.00
31.39
188.98%
DE:SIE
Siemens
268.30
63.50
31.01%
DE:ENR
Siemens Energy
185.84
115.16
162.94%
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.