Vestas Wind (VWDRY)
OTHER OTC:VWDRY
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Vestas Wind Systems AS
(OTC:VWDRY)
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Rating:72Outperform
Price Target:
$11.50
▲(11.54% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by improved financial performance (profitability recovery, stronger balance sheet, positive cash generation) and a supportive earnings-call outlook (clear guidance, strong backlog, and increased capital returns). Technicals add a modest positive tailwind with price above key moving averages and positive MACD. The main offset is valuation, with a very high P/E increasing sensitivity to execution risks such as Service underperformance and offshore ramp-up costs.
Positive Factors
Cash generation & net cash position
Sustained, sizeable operating and free cash generation plus a year‑end net cash position materially increase financial flexibility. This durable cash base supports investment in offshore scale-up, funds service recovery programs, and enables the stated capital‑return policy without forcing asset sales or fresh leverage.
Negative Factors
Service revenue decline
Service is a core high‑margin, recurring business; a 16% decline materially weakens predictable cash flows and operating margin. Management notes the recovery is only 'halfway' through 2026, so prolonged underperformance would reduce earnings stability and impair long‑term margin sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & net cash position
Sustained, sizeable operating and free cash generation plus a year‑end net cash position materially increase financial flexibility. This durable cash base supports investment in offshore scale-up, funds service recovery programs, and enables the stated capital‑return policy without forcing asset sales or fresh leverage.
Read all positive factors
Vestas Wind Systems AS Key Performance Indicators (KPIs)
Any
Operating Profit by Segment
Data provided by:
The Fly
The FlyVestas Wind Systems AS (VWDRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.06B
Dividend Yield0.31%
Average Volume (3M)292.13K
Price to Earnings (P/E)81.0
Beta (1Y)0.52
Revenue Growth15.36%
EPS Growth64.71%
CountryUS
Employees35,927
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.29
Shares Outstanding2,986,714,400
10 Day Avg. Volume250,852
30 Day Avg. Volume292,130
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)5.91
Price to Sales (P/S)1.27
P/FCF Ratio22.69
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue1.31
Enterprise Value/Gross Profit9.71
Enterprise Value/Ebitda19.54
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.44
Revenue Forecast (FY)$24.75B
Vestas Wind Systems AS Business Overview & Revenue Model
Company Description
Vestas Wind Systems A/S designs, manufactures, installs, and services wind turbines worldwide. The company operates in two segments, Power Solutions and Service. The Power Solutions segment sells wind power plants, wind turbines, development sites...
How the Company Makes Money
Vestas primarily makes money through (1) selling wind turbine systems and related project delivery services and (2) providing long-term service and support for wind turbines after installation. Turbine-related revenue comes from contracts with cus...
Vestas Wind Systems AS Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: record revenue, higher EBIT margin, stronger ROCE and EPS, robust order backlogs, improved warranty performance, and strong cash generation and capital returns (dividend and EUR 150m buyback). However, meaningful challenges remain — notably a 16% decline in Service revenue, Service underperformance versus internal targets, Offshore ramp-up costs and associated margin drag, and one-off restructuring charges. Management provided a clear recovery plan for Service and signaled confidence in the Offshore ramp and long-term margins, while updating capital allocation to return more cash. On balance the positive achievements and financial strength outweigh the stated lowlights, but several operational risks persist into 2026.Positive Updates
Record Revenue and Improved Profitability
Full year 2025 revenue of EUR 18.8 billion (up 9% YoY) and gross profit at an all-time high of EUR 2.5 billion. EBIT margin before special items improved to 5.7% (up 1.4 percentage points YoY).
Negative Updates
Service Revenue Decline and Underperformance
Service revenue fell 16% YoY for 2025; Service delivered on revised EBIT guidance but outcome fell short of internal performance targets. Q4 Service EBIT impacted by extra costs at specific sites.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Improved Profitability
Full year 2025 revenue of EUR 18.8 billion (up 9% YoY) and gross profit at an all-time high of EUR 2.5 billion. EBIT margin before special items improved to 5.7% (up 1.4 percentage points YoY).
Read all positive updates
Company Guidance
Vestas guided 2026 revenue of EUR 20–22 billion with an EBIT margin before special items of 6–8% (Service EBIT margin 15.5–17.5%) and total investments around EUR 1.2 billion. The company reiterated a capital‑allocation framework targeting net interest‑bearing debt/EBITDA between -1x and +1x (year‑end 2025: net cash ~EUR 1.2 billion, -0.6x), a commitment to return at least 40% of net profit via dividend and buybacks (proposed dividend DKK 0.74 per share, ≈EUR 100 million, plus an immediate EUR 150 million share buyback). Management pointed to strong cash and working‑capital metrics supporting the outlook: Q4 operating cash flow EUR 1.3 billion, adjusted free cash flow EUR 872 million, net working capital -EUR 3.1 billion (improved EUR 830 million YoY); FY2025 context included revenue EUR 18.8 billion, EBIT margin 5.7%, ROCE 11.8%, order intake 16.3 GW and backlogs (Service EUR 38.7 billion; Power Solutions EUR 33.2 billion).Vestas Wind Systems AS Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.32B | 18.08B | 17.30B | 15.38B | 14.49B | 15.59B |
| Gross Profit | 2.61B | 2.50B | 2.06B | 1.28B | 118.00M | 1.56B |
| EBITDA | 1.30B | 2.24B | 1.76B | 1.13B | -545.00M | 1.26B |
| Net Income | 855.00M | 778.00M | 499.00M | 77.00M | -1.57B | 134.00M |
Balance Sheet | ||||||
| Total Assets | 26.71B | 25.73B | 24.64B | 22.51B | 20.09B | 19.71B |
| Cash, Cash Equivalents and Short-Term Investments | 4.36B | 4.53B | 3.94B | 3.32B | 2.35B | 2.51B |
| Total Debt | 3.95B | 3.37B | 3.27B | 3.39B | 2.43B | 1.44B |
| Total Liabilities | 22.79B | 21.85B | 21.10B | 19.47B | 17.03B | 14.95B |
| Stockholders Equity | 3.92B | 3.87B | 3.53B | 3.03B | 3.04B | 4.75B |
Cash Flow | ||||||
| Free Cash Flow | 894.96M | 1.01B | 1.18B | 135.00M | -1.01B | 120.00M |
| Operating Cash Flow | 1.93B | 2.21B | 2.33B | 1.03B | -195.00M | 996.00M |
| Investing Cash Flow | -1.04B | -1.14B | -1.34B | -782.00M | -679.00M | -939.00M |
| Financing Cash Flow | -122.00M | -522.53M | -478.00M | 743.00M | 846.00M | -715.00M |
Vestas Wind Systems AS Technical Analysis
Neutral
10.31
Price Trends
9.60
Positive
9.29
Positive
8.21
Positive
Market Momentum
0.11
Positive
50.61
Neutral
69.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VWDRY, the sentiment is Neutral. The current price of 10.31 is above the 20-day moving average (MA) of 10.08, above the 50-day MA of 9.60, and above the 200-day MA of 8.21, indicating a neutral trend. The MACD of 0.11 indicates Positive momentum. The RSI at 50.61 is Neutral, neither overbought nor oversold. The STOCH value of 69.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VWDRY.
Vestas Wind Systems AS Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $88.25B | 28.44 | 22.02% | 1.48% | 0.06% | -4.25% | |
72 Outperform | $30.06B | 81.02 | 23.82% | 0.31% | 15.36% | 64.71% | |
68 Neutral | $14.59B | 38.94 | 7.18% | ― | -0.51% | -44.42% | |
67 Neutral | $27.75B | 40.88 | 5.80% | 0.10% | 6.86% | -26.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $4.60B | -334.43 | 1.43% | ― | 12.73% | ― | |
52 Neutral | $9.95B | -137.71 | -0.81% | ― | -1.52% | -119.15% |
* Industrials Sector Average
VWDRY
Vestas Wind Systems AS
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4.90
96.23%
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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.