Cadeler A/S
- Open
- 23.25
- Day high
- 23.29
- Day low
- 22.81
- Prev close
- 23.21
- Volume
- 59K
- Mkt cap
- $2.2B
- P/E (TTM)
- 6.7
- EPS (TTM)
- $3.43
- P/B
- 1.1
- P/S
- 2.8
- Yield
- —
- Per share
- —
Cadeler A/S (CDLR) is a Industrials company listed on NYSE. The stock is up 10% over the past year.
Cadeler A/S (CDLR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CDLR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 20, 2026 | $0.15 | $-0.09 | -160.2% | $145M | -16.7% |
| Mar 24, 2026 | $0.52 | $0.65 | +25.0% | $195M | +6.1% |
| Nov 20, 2025 | $0.79 | $0.79 | -0.1% | $181M | +1.6% |
| Aug 26, 2025 | $0.61 | $2.12 | +247.5% | $274M | +47.6% |
| May 21, 2025 | $0.30 | $0.04 | -86.7% | $72M | -13.6% |
| Mar 25, 2025 | $0.34 | $0.47 | +38.2% | $89M | -0.7% |
| May 28, 2024 | $-0.37 | $-0.26 | +29.7% | $20M | +25.5% |
| Mar 31, 2021 | — | $0.02 | — | $19M | — |
| Sep 30, 2020 | — | $-0.08 | — | $6M | — |
| Mar 31, 2020 | — | $-14.13 | — | $5M | — |
| Sep 30, 2019 | — | $-12.21 | — | $6M | — |
| Mar 31, 2019 | — | $-4.60 | — | $15M | — |
Cadeler A/S company profile
Overview
Cadeler A/S (NASDAQ:CDLR) is a Danish offshore wind farm installation and transportation contractor that went public in December 2023. Founded in 2008 and headquartered in Copenhagen, the company has emerged as a specialized player in the rapidly growing offshore wind energy sector. Cadeler operates a fleet of jack-up vessels specifically designed for installing wind turbines in offshore wind farms, primarily serving the European market where offshore wind development has accelerated significantly in recent years.
Business
Cadeler operates in the offshore wind installation services industry, which is a specialized segment within the broader marine shipping and renewable energy sectors. The company's core business revolves around providing transportation and installation services for offshore wind farms, which are large-scale renewable energy projects built in ocean waters. The company's primary service offering is wind turbine installation using specialized vessels called jack-up rigs. These are mobile offshore platforms that can position themselves at sea, extend legs to the seabed to create a stable working platform, and then use heavy-lift cranes to install massive wind turbines. Each modern offshore wind turbine can weigh hundreds of tons and stand over 200 meters tall, requiring highly specialized equipment and expertise to install safely and efficiently. Cadeler owns and operates a fleet of four offshore jack-up wind farm installation vessels, with additional vessels under construction. Beyond installation, the company also provides operations and maintenance (O&M) services for existing wind farms, foundation transport and installation services, and other marine engineering services related to offshore wind development. The O&M segment is becoming increasingly important as the installed base of offshore wind turbines grows and ages, requiring ongoing maintenance, component replacements, and upgrades throughout their 20-25 year operational lifespan. The company primarily serves wind farm developers, utility companies, and turbine manufacturers who are building offshore wind projects. Most of Cadeler's revenue currently comes from installation services, though the company is expanding its focus on the growing O&M market segment as more offshore wind farms become operational and require ongoing maintenance services.
Revenue model
Cadeler generates revenue primarily through vessel charter contracts for offshore wind installation projects. The company typically enters into time-charter agreements with wind farm developers, where clients pay daily rates for vessel usage plus reimbursement for fuel and other operating expenses. These contracts can range from several months to multiple years depending on project scope and complexity. The company's revenue model is driven by vessel utilization rates and daily charter rates. In 2024, Cadeler achieved an adjusted utilization rate of 83% with daily average turnover of EUR 6.8 million across their fleet. The company's backlog of EUR 2.5 billion provides significant revenue visibility, with 94% of contracts backed by final investment decisions from clients. Several factors influence Cadeler's profitability margins. Positive margin drivers include the limited global supply of specialized jack-up installation vessels, which supports premium pricing; the growing offshore wind market driven by renewable energy mandates; and the company's focus on higher-margin O&M services as the installed turbine base expands. The scarcity of suitable vessels has been exacerbated by newbuild costs rising 30-45% since 2021 and limited shipyard capacity. Margin pressures come from fuel costs, which are typically passed through to clients but can affect contract negotiations; weather-related downtime that reduces utilization; competition from other installation contractors; and the cyclical nature of offshore wind project development. The company also faces regulatory risks from changing government policies on renewable energy support, and potential delays in wind farm projects due to permitting or supply chain issues. Labor costs for skilled offshore technicians and vessel crews represent another significant expense category that can impact margins.
Risks & safety
Cadeler presents a moderate margin of safety with reasonable financial stability but elevated valuation metrics and capital intensity concerns. • Liquidity and Solvency: Cash position of EUR 63 million with current ratio of 1.53, indicating adequate short-term liquidity. Debt-to-equity ratio of 0.47 shows manageable leverage levels. However, negative free cash flow of EUR -564 million in 2024 reflects heavy capital expenditure for new vessel construction. • Valuation Metrics: Trading at elevated multiples with P/E ratio of 28.0 and EV/EBITDA of 61.5, suggesting high growth expectations are priced in. Price-to-book ratio of 1.48 indicates modest premium to asset value. • Other Considerations: Strong revenue backlog of EUR 2.5 billion provides earnings visibility through 2026-2027. However, capital-intensive business model with significant vessel construction commitments creates execution risk. No dividend expected until 2026, limiting near-term return of capital to shareholders.
Recent development
Over the past few years, Cadeler has undergone significant strategic expansion focused on fleet modernization and capacity growth. The company successfully delivered the Wind Peak vessel in 2024 on time and on budget, followed by delivery of their first M-class vessel Wind Maker in January 2025. This represents a major fleet upgrade program that has doubled the company's installation capacity and technological capabilities. The company has also diversified its service offerings beyond traditional turbine installation to capture more value from the offshore wind value chain. There's been an increased focus on operations and maintenance (O&M) services, recognizing that the growing installed base of offshore turbines will require ongoing maintenance throughout their 20-25 year operational lives. Cadeler has also expanded into foundation transport and installation services, broadening their role in offshore wind project development. Sustainability initiatives have become a key strategic priority, with the company promoting a Chief Sustainability and Performance Officer and implementing comprehensive environmental programs. This includes testing biofuels on vessels, signing a letter of intent for e-methanol offtake from 2028, and conducting human rights impact assessments. These efforts align with the broader ESG requirements of their utility and developer clients. Geographic strategy remains focused primarily on the European market, particularly the North Sea and Baltic Sea regions where offshore wind development is most advanced. While the company maintains a cautious, project-by-project approach to the U.S. market, they see potential for extended asset deployment as American offshore wind development accelerates.
CDLR company profile · for informational purposes only — not investment advice.
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