Cadeler A/S Sponsored ADR (CDLR)
NYSE:CDLR
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Cadeler A/S Sponsored ADR
(NYSE:CDLR)
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Rating:71Outperform
Price Target:
$30.00
▲(70.16% Upside)
Action:Reiterated
Date:05/21/26
The score is led by strong operating profitability and an attractive low P/E, but is held back by consistently negative free cash flow and higher leverage. Technicals are supportive longer-term but mixed near-term, while the latest call was constructive (guidance reaffirmed and strong backlog) with notable near-term CapEx and finance-cost headwinds.
Positive Factors
Large, high‑FID backlog
A €2.7bn backlog with ~82% FID provides multi‑year contracted revenue visibility that supports sustained vessel utilization, predictable cash flows from awarded projects and stronger negotiating power with customers and financiers, reducing execution risk over the next 2–3 years.
Negative Factors
Persistently negative free cash flow
Consistently negative FCF indicates capex and working capital are outpacing operating cash generation, forcing reliance on external funding. Over the medium term this can limit strategic flexibility, increase financing costs and pressure returns if capex does not convert into steady free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, high‑FID backlog
A €2.7bn backlog with ~82% FID provides multi‑year contracted revenue visibility that supports sustained vessel utilization, predictable cash flows from awarded projects and stronger negotiating power with customers and financiers, reducing execution risk over the next 2–3 years.
Read all positive factors
Cadeler A/S Sponsored ADR (CDLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.39B
Dividend YieldN/A
Average Volume (3M)86.83K
Price to Earnings (P/E)6.9
Beta (1Y)0.96
Revenue Growth147.68%
EPS Growth229.27%
CountryUS
Employees659
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)3.00
Shares Outstanding96,513,336
10 Day Avg. Volume125,815
30 Day Avg. Volume86,830
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 Cap1.46
Enterprise Value/Revenue5.16
Enterprise Value/Gross Profit9.00
Enterprise Value/Ebitda7.73
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.9
Revenue Forecast (FY)$1.06B
Cadeler A/S Sponsored ADR Business Overview & Revenue Model
Company Description
Cadeler A/S operates as an offshore wind farm transportation and installation contractor in Denmark. It also provides wind farm maintenance, construction, decommissioning, and other tasks within the offshore industry, as well as marine and enginee...
How the Company Makes Money
Cadeler makes money by contracting its vessels and offshore installation capabilities to customers building offshore wind farms. Its primary revenue stream is project-based and day-rate/time-charter income earned from deploying its WTIVs and crews...
Cadeler A/S Sponsored ADR Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and commercial picture: strong quarter-on-quarter revenue and EBITDA growth, a large backlog with high FID coverage, successful equity raise and available financing, and important operational milestones (Hornsea 3 progress, fleet mobilization and newbuilds on schedule). Near-term negatives are manageable and largely timing- or financing-related — a EUR 7m net loss driven by finance costs, deferred revenue recognition for Wind Ally, elevated OpEx during mobilization, and material near-term CapEx commitments. Management maintained unchanged full-year guidance and expects utilization to ramp up across the remainder of the year, supporting a constructive outlook.Positive Updates
Strong Top-Line and EBITDA Growth
Q1 revenue of EUR 124.7m versus EUR 65.5m a year ago, an increase of ~90.4%. EBITDA rose to EUR 47.0m from EUR 23.7m, an increase of ~98.4%, reflecting strong operational scale-up and higher fleet activity.
Negative Updates
Net Loss Driven by Higher Finance Costs
Reported net loss of EUR 7m in Q1, primarily driven by higher finance costs allocated to P&L as more vessels have been delivered (borrowings previously capitalized as CapEx now flow through P&L).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line and EBITDA Growth
Q1 revenue of EUR 124.7m versus EUR 65.5m a year ago, an increase of ~90.4%. EBITDA rose to EUR 47.0m from EUR 23.7m, an increase of ~98.4%, reflecting strong operational scale-up and higher fleet activity.
Read all positive updates
Company Guidance
Management reaffirmed an unchanged full‑year outlook and said utilization should ramp through Q2–Q4 after a deliberately weaker Q1 (adjusted utilization 77.7%); Q1 reported revenue €124.7m (EBITDA €47.0m, net loss €7m) and a three‑month daily average turnover of €7.7m. Backlog is €2.7bn (82% FID) with 10 vessels delivered and two under construction, giving strong earnings visibility. Liquidity and funding: private placement ~€175m, available funding €641m (net €218m), cash €221m and available liquidity €369m, market cap €2.3bn and equity ratio ~47.6–48%. Key CapEx timing: Wind Ace final installment and delivery early Q3 2026, Wind Apex installment ~€90m (delivery targeted Q2‑2027 with yard discussions for earlier delivery), T‑class first installments ~€110m; OpEx/day €40,837. Financing/hedging actions include an RCF extension to 2027, an expected €80m accordion corporate loan in Q2, and hedging 50% of USD and 50% of interest exposure for the first five years.Cadeler A/S Sponsored ADR Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
63
Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 678.04M | 595.87M | 248.74M | 108.62M | 106.42M | 60.94M |
| Gross Profit | 388.61M | 365.05M | 121.49M | 52.64M | 56.09M | 21.91M |
| EBITDA | 452.80M | 400.12M | 124.47M | 49.65M | 62.91M | 27.30M |
| Net Income | 270.89M | 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 | 221.29M | 151.61M | 58.46M | 96.61M | 19.01M | 2.31M |
| Total Debt | 1.59B | 1.62B | 581.99M | 206.56M | 115.28M | 73.58M |
| Total Liabilities | 1.85B | 1.91B | 703.12M | 293.52M | 129.46M | 99.51M |
| Stockholders Equity | 1.68B | 1.50B | 1.23B | 959.04M | 540.57M | 325.26M |
Cash Flow | ||||||
| Free Cash Flow | -463.71M | -862.50M | -522.85M | -3.55M | -196.37M | -133.18M |
| Operating Cash Flow | 391.52M | 324.40M | 93.10M | 63.38M | 29.04M | 30.20M |
| Investing Cash Flow | -880.95M | -1.21B | -615.75M | -54.73M | -225.41M | -163.38M |
| Financing Cash Flow | 624.89M | 983.74M | 481.99M | 70.27M | 213.07M | 71.85M |
Cadeler A/S Sponsored ADR Technical Analysis
Negative
17.63
Price Trends
26.17
Negative
25.10
Negative
22.27
Positive
Market Momentum
-0.33
Positive
37.54
Neutral
15.14
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDLR, the sentiment is Negative. The current price of 17.63 is below the 20-day moving average (MA) of 27.66, below the 50-day MA of 26.17, and below the 200-day MA of 22.27, indicating a neutral trend. The MACD of -0.33 indicates Positive momentum. The RSI at 37.54 is Neutral, neither overbought nor oversold. The STOCH value of 15.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $2.06B | 6.01 | 10.67% | 0.39% | 5.87% | 8.14% | |
80 Outperform | $2.34B | 4.50 | 13.85% | 3.64% | 2.95% | 15.92% | |
72 Outperform | $3.12B | 21.26 | 5.87% | 1.59% | -11.62% | -37.75% | |
71 Outperform | $2.39B | 6.92 | 18.06% | ― | 147.68% | 229.27% | |
65 Neutral | $1.88B | 5.40 | 16.80% | 2.94% | -59.07% | 10.43% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $3.04B | 30.15 | 2.48% | 20.35% | -29.06% | -95.84% |
* Industrials Sector Average
CDLR
Cadeler A/S Sponsored ADR
24.64
3.98
19.26%
CMRE
Costamare
15.44
7.09
84.87%
DAC
Danaos
128.37
45.71
55.29%
NMM
Navios Maritime Partners
71.41
32.08
81.57%
SBLK
Star Bulk Carriers
27.17
11.42
72.50%
ZIM
ZIM
24.50
8.81
56.18%
Cadeler A/S Sponsored ADR Corporate Events
Cadeler Highlights EUR 2.7 Billion Backlog and Project Milestones in Q1 2026 Update
May 20, 2026
On May 20, 2026, Cadeler’s management released its first-quarter 2026 results and investor presentation, reporting financial performance in line with expectations and highlighting a robust contract backlog of EUR 2.7 billion that underpins f...
Cadeler Posts Strong Q1 2026 Results and Raises Capital for Future Offshore Wind Fleet
May 20, 2026
Cadeler reported a sharp rise in first-quarter 2026 revenue to EUR 125 million from EUR 65 million a year earlier, as the expansion of its operating fleet drove higher contracted activity despite lower utilisation of 47.6% across ten vessels. EBIT...
Cadeler Q1 2026 Results Show Strong Growth, Capital Raise and Extended Credit Line
May 20, 2026
Cadeler reported that in the first quarter of 2026, covering the period from 1 January to 31 March, revenue nearly doubled to about EUR 125 million versus a year earlier, driven by fleet expansion to ten operating vessels and a sharp increase in c...
Cadeler Sets May 20 Date for Q1 2026 Earnings Release and Investor Webcast
May 5, 2026
Cadeler A/S, a global leader in offshore wind installation and maintenance services, operates a large fleet of jack-up vessels focused solely on the offshore wind sector and is listed on both the New York and Oslo stock exchanges. The company play...
Cadeler Shareholders Approve 2025 Accounts and Capital Authorities at April 2026 AGM
Apr 21, 2026
Cadeler A/S, a pure-play offshore wind installation and services provider listed in New York and Oslo, has built a leading position by deploying one of the largest fleets of jack-up vessels to support large-scale renewable energy projects worldwid...
Cadeler Flags Dilution of Major Shareholder After March 2026 Private Placement
Apr 1, 2026
On April 1, 2026, Cadeler A/S reported a change in a major shareholding following a recent capital increase tied to a private placement of 35,095,758 new shares. Norway’s Folketrygdfondet, which manages the Government Pension Fund Norway, ke...
Cadeler Discloses Major Insider-Related Share Dealings Linked to Board Chairman
Mar 31, 2026
Cadeler A/S, a specialist in offshore wind installation and maintenance, reported insider-related share dealings involving a major shareholder closely linked to its board leadership. The company, which runs a large fleet of jack-up vessels for com...
Cadeler Sees BW Altor Boost Stake to 28.24% After March Private Placement
Mar 31, 2026
Cadeler A/S reported on March 31, 2026 that BW Altor Pte. Ltd., a Singapore-based investment vehicle ultimately controlled by Andreas Sohmen-Pao, has increased its ownership stake in the offshore wind contractor. Following the completion of a priv...
Cadeler Discloses Major Insider-Linked Share Lending and NOK 679 Million Subscription in March 2026 Placement
Mar 30, 2026
On March 26, 2026, Cadeler A/S reported insider-related transactions in its shares involving BW Altor Pte. Ltd., a company closely associated with chairman of the board Andreas Sohmen-Pao. The disclosure underscores regulatory transparency around ...
Cadeler Gains Insider-Linked Support in NOK 388 Million Share Private Placement
Mar 30, 2026
Cadeler A/S reported that Scorpio Holdings Limited, a company closely associated with vice-chairman Emanuele Lauro, subscribed for 6,929,642 new Cadeler shares on March 26, 2026, at NOK 56.00 per share in a private placement totaling 35,095,758 sh...
Cadeler Discloses Temporary Shift in BW Altor Stake After March Private Placement
Mar 30, 2026
Cadeler A/S disclosed on March 26, 2026, that major shareholder BW Altor Pte. Ltd. temporarily reduced its stake in connection with a private placement of 35,095,758 new shares. BW Altor lent 22,968,883 existing shares to DNB Carnegie as settlemen...
Cadeler Discloses Scorpio Group’s Stake Rising to 12.78% After March Share Placement
Mar 30, 2026
Cadeler A/S, a leading offshore wind installation and services company, reported on March 26, 2026 that Scorpio Holdings Limited subscribed for 6,929,642 new shares in a recent private placement of 35,095,758 shares. Following completion of the re...
Cadeler Raises EUR 175 Million to Fund Offshore Wind Vessel Expansion While Protecting Dividends
Mar 26, 2026
Cadeler A/S, a leading offshore wind installation specialist, has raised about EUR 175 million in a private placement announced on March 26, 2026 to support targeted fleet expansion while maintaining scope for shareholder payouts. The capital will...
Cadeler Files 2025 Annual Investor Presentation With U.S. Regulators
Mar 24, 2026
On March 24, 2026, Cadeler A/S executive management delivered an investor presentation summarizing the company’s financial results for the twelve months ended December 31, 2025. The presentation formed part of the company’s 2025 annual...
Cadeler Convenes April 21, 2026 AGM to Renew Board Mandates and Capital Authorisations
Mar 24, 2026
Cadeler A/S has called its annual general meeting for April 21, 2026 in Copenhagen, where shareholders will review the company’s activities in 2025, approve the annual and remuneration reports, decide on profit allocation, and vote on discha...
Cadeler A/S Doubles Offshore Wind Fleet and Posts Record Backlog in 2025 Annual Report
Mar 24, 2026
Cadeler A/S has released its annual report for the year ended December 31, 2025, detailing a year in which it doubled fleet capacity and reinforced its role in the global offshore wind installation market. The company highlighted strong demand, hi...
Cadeler Doubles Offshore Wind Fleet and Posts Strong 2025 Results
Mar 24, 2026
Cadeler reported that 2025 was a transformational year, doubling its operational fleet from five to ten wind installation vessels and launching Nexra, a dedicated service platform focused on the offshore wind aftermarket. For the year ended 31 Dec...
Cadeler’s Nexra Secures New 2026 Offshore Wind O&M Contract in Taiwan
Mar 23, 2026
On March 23, 2026, Cadeler’s service platform Nexra announced it has secured an additional firm Operations Maintenance campaign in Taiwan to be executed and completed during 2026. The work will cover two offshore wind farms and will be carr...
Cadeler to Release 2025 Annual Report and Host Earnings Webcast on March 24
Mar 11, 2026
Cadeler A/S, a global leader in offshore wind installation, operations, and maintenance, focuses exclusively on the offshore wind sector and operates the industry’s largest fleet of jack-up wind installation vessels. The company plays a cent...
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.
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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.