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Cadeler A/S Sponsored ADR
(NYSE:CDLR)
Select Model
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Rating:65Neutral
Price Target:
$27.00
▲(3.69% Upside)
Action:Downgraded
Date:08/27/26
The score is driven mainly by strong profitability and positive earnings-call execution/backlog visibility, but is materially held back by persistent negative free cash flow and higher leverage/financing needs. Technicals are supportive but somewhat overbought, while valuation (low P/E) provides a secondary cushion.
Positive Factors
Backlog Visibility
The large, growing backlog provides multi-year revenue visibility and supports vessel utilization. The high FID-approved share reduces cancellation uncertainty, while remaining preferred-supplier opportunities could extend demand beyond currently contracted work.
Negative Factors
Negative Free Cash Flow
Persistently negative free cash flow indicates that fleet investment and working-capital needs absorb more cash than the business currently generates after operations. This can require continued borrowing or equity funding, limiting financial flexibility during project delays or weaker demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Visibility
The large, growing backlog provides multi-year revenue visibility and supports vessel utilization. The high FID-approved share reduces cancellation uncertainty, while remaining preferred-supplier opportunities could extend demand beyond currently contracted work.
Read all positive factors
Cadeler A/S Sponsored ADR (CDLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.41B
Dividend YieldN/A
Average Volume (3M)67.70K
Price to Earnings (P/E)10.2
Beta (1Y)0.98
Revenue Growth65.61%
EPS Growth-14.16%
CountryUS
Employees1,073
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.16
Shares Outstanding96,513,336
10 Day Avg. Volume84,769
30 Day Avg. Volume67,699
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.92
Price to Sales (P/S)2.33
P/FCF Ratio-1.61
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.72
Revenue Forecast (FY)$1.10B
Cadeler A/S Sponsored ADR Business Overview & Revenue Model
Company Description
Cadeler A/S, founded in 2008 and headquartered in Copenhagen, Denmark, operates as a specialized contractor within the offshore wind sector. The company primarily focuses on the transportation and installation of wind farm components. In addition ...
How the Company Makes Money
Cadeler primarily makes money by contracting its specialized vessels and crews to offshore wind project customers under commercial service agreements. The core revenue stream is earned from offshore wind turbine generator (WTG) installation servic...
Cadeler A/S Sponsored ADR Earnings Call Summary
Earnings Call Date:Aug 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 23, 2026
Earnings Call Sentiment Positive
The call presented strong operational and financial progress: substantially higher adjusted revenue and EBITDA, improved utilization, a growing backlog, successful newbuild and M&A execution (Menck) and a solid balance sheet. Offsetting risks include increased operating costs and depreciation as the fleet scales, sizable near- and mid-term capital commitments (A-class, T-class, and Menck financing/refinancing), and the need to convert preferred supplier agreements into firm contracts. On balance the positive execution, backlog growth and strategic vertical integration outweigh near-term cost and financing uncertainties.Positive Updates
Strong Q2 Revenue Growth (adjusted)
Q2 revenue of EUR 282.8 million (adjusted for the prior-year termination fee) representing a year-on-year increase of ~432%.
Negative Updates
Higher Operating and Project Costs
Cost of sales increased by ~EUR 93 million (driven by three additional vessels) and SG&A rose by EUR 7–9 million to support a larger back office; vessel OpEx rose to ~EUR 39,871 per day (above recent quarters).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Revenue Growth (adjusted)
Q2 revenue of EUR 282.8 million (adjusted for the prior-year termination fee) representing a year-on-year increase of ~432%.
Read all positive updates
Company Guidance
Cadeler reiterated its standalone FY26 guidance of revenue €854–€944m and EBITDA €420–€510m, while reporting Q2 revenue €282.8m (adjusted +432% YoY), Q2 EBITDA €160.6m (+106% YoY) and Q2 net profit €95m (+73% YoY); three‑month daily average turnover was €6.9m, fleet utilization rose to 85% (adjusted ~91%), vessel OpEx was €39,871/day, backlog stood at €2.5bn (77% FID, +23% YoY) providing strong earnings visibility, equity was €1.8bn with a 50% equity ratio, and cash was €206m (plus on‑loan RCFs €180m and a €40m HoldCo facility); corporate actions include the ~€500m Menck acquisition funded by a €380m bridge (take‑out term sheet €250m) with Menck generating positive cash from 11 Aug, A‑class financing €510m and remaining CapEx €425m, a T‑class down payment of €121m and pro‑forma available liquidity of ~€280m.Cadeler A/S Sponsored ADR Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 732.46M | 595.87M | 248.74M | 108.62M | 106.42M | 60.94M |
| Gross Profit | 347.74M | 365.05M | 121.49M | 52.64M | 56.09M | 21.91M |
| EBITDA | 386.37M | 402.83M | 125.30M | 49.65M | 58.79M | 27.05M |
| Net Income | 201.48M | 269.13M | 65.07M | 11.50M | 35.54M | 7.45M |
Balance Sheet | ||||||
| Total Assets | 3.54B | 3.42B | 1.94B | 1.25B | 670.03M | 424.77M |
| Cash, Cash Equivalents and Short-Term Investments | 206.19M | 151.61M | 58.46M | 96.61M | 19.01M | 2.31M |
| Total Debt | 1.60B | 1.62B | 581.99M | 206.56M | 115.28M | 73.58M |
| Total Liabilities | 1.77B | 1.91B | 703.12M | 293.52M | 129.46M | 99.51M |
| Stockholders Equity | 1.77B | 1.50B | 1.23B | 959.04M | 540.57M | 325.26M |
Cash Flow | ||||||
| Free Cash Flow | -331.38M | -862.50M | -522.85M | -3.55M | -196.37M | -133.18M |
| Operating Cash Flow | 359.75M | 324.40M | 93.10M | 63.38M | 29.04M | 30.20M |
| Investing Cash Flow | -718.23M | -1.21B | -615.75M | -54.73M | -225.41M | -163.38M |
| Financing Cash Flow | 519.16M | 983.74M | 481.99M | 70.27M | 213.07M | 71.85M |
Cadeler A/S Sponsored ADR Technical Analysis
Positive
26.04
Price Trends
23.03
Positive
24.51
Positive
23.15
Positive
Market Momentum
0.64
Negative
60.50
Neutral
57.78
Neutral
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 26.04 is above the 20-day moving average (MA) of 23.93, above the 50-day MA of 23.03, and above the 200-day MA of 23.15, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 60.50 is Neutral, neither overbought nor oversold. The STOCH value of 57.78 is Neutral, 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.76B | 5.10 | 13.97% | 2.57% | 2.45% | 21.62% | |
81 Outperform | $2.51B | 5.81 | 13.13% | 0.27% | 13.38% | 52.73% | |
71 Outperform | $3.44B | 12.13 | 11.71% | 3.66% | 6.34% | 141.62% | |
67 Neutral | $1.85B | 5.84 | 15.97% | 2.99% | -52.60% | 11.51% | |
65 Neutral | $2.41B | 10.16 | 12.32% | ― | 65.61% | -14.16% | |
65 Neutral | $3.30B | 23.28 | 3.52% | 7.99% | -24.91% | -93.09% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
CDLR
Cadeler A/S Sponsored ADR
24.87
4.38
21.38%
CMRE
Costamare
15.44
3.92
34.05%
DAC
Danaos
153.31
61.57
67.10%
NMM
Navios Maritime Partners
91.39
43.77
91.93%
SBLK
Star Bulk Carriers
31.82
14.17
80.31%
ZIM
ZIM
28.02
15.15
117.72%
Cadeler A/S Sponsored ADR Corporate Events
Cadeler Delivers Strong H1 2026 Results and Acquires Menck to Bolster Offshore Wind Capabilities
Aug 25, 2026
On August 25, 2026, Cadeler A/S reported solid financial performance for the first half of 2026, noting that revenue and EBITDA more than doubled year-on-year when adjusted for prior one-off termination fees. The company also confirmed that its ne...
Cadeler Posts Strong H1 2026 Results and Accelerates Offshore Wind Installation Expansion
Aug 25, 2026
Cadeler A/S, the Copenhagen-based offshore wind specialist, reported strong interim results for the first half of 2026, with revenue of EUR 408 million and EBITDA of EUR 208 million. The period from January 1 to June 30, 2026, was marked by high o...
Cadeler Delivers Strong H1 2026 Results and Expands Offshore Wind Installation Capabilities
Aug 25, 2026
Cadeler reported interim financial results for the first half of 2026 on August 25, showing that its fleet-centric strategy in offshore wind installation is driving strong growth.Adjusted revenue more than doubled year-on-year to EUR 408 million a...
Cadeler Sets August 25 Date for H1 2026 Earnings Release and Webcast
Aug 14, 2026
Cadeler A/S announced on August 14, 2026 that it will publish its interim report for the first half of 2026 on August 25, 2026, with financial results to be released at around 08:00 CET on its investor website. The timing underscores the company&#...
Cadeler Seals EUR 501 Million Acquisition of Offshore Foundation Specialist Menck
Aug 12, 2026
On August 11, 2026, Cadeler’s executive management delivered an investor presentation detailing a definitive agreement to acquire 100% of Menck, a German technology leader in offshore wind foundation equipment and services. The deal, valued ...
Cadeler Acquires Offshore Foundation Specialist Menck in EUR 501 Million Deal
Aug 11, 2026
On August 11, 2026, Cadeler A/S announced the strategic acquisition of Menck, a leading provider of specialist offshore foundation installation equipment and technology, in a transaction valuing Menck at EUR 501 million. Cadeler will continue to o...
Cadeler Orders Two Next-Generation Offshore Wind Installation Vessels from COSCO
Aug 10, 2026
On 10 August 2026, Copenhagen-based Cadeler announced it has signed firm contracts with COSCO Shipping Offshore in Qidong, China, to build two new T-class offshore wind installation vessels, scheduled for delivery in 2030 and 2031. The aggregate c...
Cadeler Delivers Wind Ace Vessel to Bolster Offshore Wind Installation Fleet
Jul 17, 2026
Cadeler has strengthened its offshore wind installation capabilities with the July 17, 2026 delivery of Wind Ace, its eleventh installation vessel and second A-class newbuild, completed on schedule and within budget after two years of construction...
Cadeler Secures €247 Million EIFO-Backed Green Loan for Third Offshore Wind Installation Vessel
Jul 13, 2026
On July 13, 2026, Copenhagen-based Cadeler A/S announced it has secured a EUR 247 million senior secured green term loan facility to help finance construction of its third A-class offshore wind installation vessel, Wind Apex, scheduled for deliver...
Cadeler Board-Linked Investor Increases Stake With Oslo Share Purchases
Jun 10, 2026
Cadeler A/S, a leading offshore wind installation company listed in New York and Oslo, specializes in transporting, installing, and maintaining offshore wind turbines with one of the sector’s largest jack-up vessel fleets. The group is broad...
Cadeler Quickly Completes NOK 6.6 Million Share Buy-Back to Cover Employee Incentive Plans
May 28, 2026
On May 27, 2026, Cadeler A/S launched a small share buy-back programme of up to NOK 7.6 million to cover obligations under its employee share-based incentive schemes, structured in line with EU Safe Harbour rules. The company repurchased 105,275 s...
Cadeler A/S Launches Targeted Share Buy-Back to Cover Employee Incentive Plans
May 27, 2026
On May 27, 2026, Cadeler A/S announced it had initiated a share buy-back programme of up to NOK 7.6 million, or about EUR 700,000, under a shareholder authorization granted on April 21, 2026. The programme, which may run from May 27 to June 5, 202...
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.