Nordex (DE:NDX1)
XETRA:NDX1
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Nordex
(XETRA:NDX1)
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Rating:76Outperform
Price Target:
€51.00
▲(18.06% Upside)
Action:ReiteratedDate:03/26/26
The score is driven mainly by the sharp improvement in profitability and cash generation alongside a strong earnings-call outlook (upgraded targets, robust guidance, record orders, and strong liquidity). Technicals also support the view with a clear uptrend and constructive momentum. The main offset is valuation (P/E ~25) and the remaining execution/pricing risks highlighted by management.
Positive Factors
Strong cash generation and FCF
Sustained, large free cash generation materially improves financial flexibility, funds capex and working‑capital needs, and underpins the new shareholder‑return policy. Durable cash conversion reduces reliance on external funding and supports reinvestment in supply chain and R&D.
Negative Factors
Supply‑chain concentration risk (Turkey)
Dependence on a concentrated blade supply footprint produced scheduling and delivery disruptions, directly affecting revenue recognition and installation cadence. Until supply diversification or local resilience is achieved, interruptions can persistently pressure margins and customer delivery confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and FCF
Sustained, large free cash generation materially improves financial flexibility, funds capex and working‑capital needs, and underpins the new shareholder‑return policy. Durable cash conversion reduces reliance on external funding and supports reinvestment in supply chain and R&D.
Read all positive factors
Nordex (NDX1) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€10.73B
Dividend YieldN/A
Average Volume (3M)477.62K
Price to Earnings (P/E)25.1
Beta (1Y)0.59
Revenue Growth1.27%
EPS Growth384.94%
CountryDE
Employees10,559
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.78
Shares Outstanding236,450,360
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
€36.48Price Target Upside-15.56% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.74
Revenue Forecast (FY)€8.65B
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 Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call highlighted a strong, multi‑dimensional operational and financial turnaround in 2025: record order intake and order book growth, materially higher margins, substantially improved profitability and very strong free cash flow and net cash. Management upgraded midterm targets (10%–12% EBITDA) and introduced a shareholder return policy while maintaining a conservative emphasis on balance sheet flexibility. Remaining risks discussed include Germany auction/pricing uncertainty, dependence on continued order intake and project permits (notably in the U.S.), supply‑chain/installation execution risks and the eventual run‑down of historical tax losses. On balance, the positive execution, cash generation and strategic improvements materially outweigh the identified risks.Positive Updates
Record Order Intake and Order Value
Turbine order intake reached a record 10.2 GW in 2025, corresponding to EUR 9.3 billion in order value, up ~25% year‑on‑year; Q4 turbine intake was 3.6 GW (3.2 billion EUR), ~9% GW growth and ~10% value growth vs Q4 2024.
Negative Updates
Germany Auction / Pricing Uncertainty
Possible price compression from the transition to auction/CFD systems in Germany could create downward pressure on turbine pricing; management acknowledged potential need for negotiations and market re‑normalization, posing margin risk if pricing weakens materially.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Order Intake and Order Value
Turbine order intake reached a record 10.2 GW in 2025, corresponding to EUR 9.3 billion in order value, up ~25% year‑on‑year; Q4 turbine intake was 3.6 GW (3.2 billion EUR), ~9% GW growth and ~10% value growth vs Q4 2024.
Read all positive updates
Company Guidance
Nordex guided 2026 sales of EUR 8.2–9.0bn (up ~9–19% y/y) with an EBITDA margin of 8–11% (midpoint deemed most likely), a working‑capital ratio below -9% and CapEx of ~EUR 200m; management did not give formal FCF guidance but expects another solid free‑cash‑flow year and upgraded its mid‑term EBITDA ambition to 10–12% (service EBIT margin aimed to cross >20%). They also introduced a first shareholder‑return policy targeting a minimum annual distribution of EUR 50m (dividends/buybacks, first payout planned for 2027). These targets are underpinned by strong 2025 metrics: record order intake of 10.2 GW (EUR 9.3bn), year‑end turbine order book >EUR 10.1bn and service book ~EUR 6bn, FY25 sales ~EUR 7.6bn, FY25 EBITDA margin 8.4% (Q4: EUR 307m / 12.1%), FY25 free cash flow EUR 863m (Q4 FCF EUR 565m), working capital -12.4% and net cash >EUR 1.6bn (cash ~EUR 1.9bn).Nordex Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.55B | 7.30B | 6.49B | 5.69B | 5.44B |
| Gross Profit | 1.00B | 1.53B | 127.81M | 486.05M | 826.96M |
| EBITDA | 705.57M | 313.32M | 13.10M | -241.65M | 60.06M |
| Net Income | 274.30M | 8.84M | -302.83M | -497.76M | -230.16M |
Balance Sheet | |||||
| Total Assets | 8.44B | 5.63B | 5.42B | 4.76B | 4.11B |
| Cash, Cash Equivalents and Short-Term Investments | 1.93B | 1.17B | 925.92M | 662.06M | 792.12M |
| Total Debt | 627.99M | 500.56M | 475.07M | 581.89M | 487.00M |
| Total Liabilities | 7.16B | 4.63B | 4.44B | 3.88B | 3.05B |
| Stockholders Equity | 1.28B | 990.65M | 976.60M | 878.06M | 1.06B |
Cash Flow | |||||
| Free Cash Flow | 844.14M | 265.56M | 28.32M | -555.46M | -42.09M |
| Operating Cash Flow | 1.02B | 429.75M | 161.20M | -350.09M | 127.56M |
| Investing Cash Flow | -153.00M | -159.08M | -139.68M | -163.81M | -152.09M |
| Financing Cash Flow | -43.53M | -37.88M | 285.66M | 345.53M | 62.34M |
Nordex Technical Analysis
Positive
43.20
Price Trends
37.27
Positive
32.65
Positive
26.79
Positive
Market Momentum
2.28
Positive
58.08
Neutral
41.57
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 43.2 is below the 20-day moving average (MA) of 43.24, above the 50-day MA of 37.27, and above the 200-day MA of 26.79, indicating a neutral trend. The MACD of 2.28 indicates Positive momentum. The RSI at 58.08 is Neutral, neither overbought nor oversold. The STOCH value of 41.57 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)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €10.73B | 25.10 | 25.25% | ― | 1.27% | 384.94% | |
72 Outperform | €134.94B | 38.10 | 18.13% | ― | 13.38% | 22.22% | |
70 Outperform | €161.45B | 22.98 | 12.93% | 2.18% | 2.11% | 16.48% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
DE:NDX1
Nordex
45.40
29.82
191.40%
DE:SIE
Siemens
211.80
-8.03
-3.65%
DE:ENR
Siemens Energy
158.40
97.98
162.16%
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.