Nordex (NDX1) AI Stock Analysis

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Nordex

(Six Swiss:NDX1)

Rating:―N/A

Action:N/A

Date:―

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Positive Factors

Record backlog and recurring service baseThe record turbine and service backlog provides substantial revenue visibility beyond the current quarter. The large contracted fleet also supports recurring lifecycle income, helping Nordex balance the cyclicality of new equipment orders and deepen customer relationships over the next several years.

Negative Factors

Permitting and regulatory uncertaintyPermitting bottlenecks and changing regulatory frameworks can delay project starts, postpone installations, and complicate customer investment decisions. Because Nordex depends on wind-farm deployment across major markets, prolonged uncertainty could slow backlog conversion and make medium-term planning less predictable.

Nordex (NDX1) vs. iShares MSCI Switzerland ETF (EWL)

Market Cap: CHF 9.95B
Dividend Yield: ―
Average Volume (3M): 699
Price to Earnings (P/E): 24.1
Beta (1Y): -0.38
Revenue Growth: 16.29%
EPS Growth: 354.10%
Country: Switzerland
Employees: 11,525
Sector: Industrials
Sector Strength: 63
Industry: Industrial - Machinery

Nordex Business Overview & Revenue Model

Company Description

Nordex SE is a global company that designs, produces, and sells large-scale, land-based wind energy turbines. Its operations are divided into two main areas: Projects and Services. The Projects segment focuses on the full lifecycle of wind farm devel...

Nordex Earnings Call Summary

Earnings Call Date:Nov 04, 2026(Q3-2026)|% Change Since:4.80%|Next Earnings Date:May 11, 2023

Earnings Call SentimentPositive

The call was strongly positive overall. Nordex reported robust revenue, order intake, profitability, cash flow, backlog growth, service performance, and a raised full-year margin outlook. The main challenges were lower gross margin, installations and turbine production below prior-year levels, continuing German and customer-related delays, permitting and regulatory uncertainty in the U.S. and Germany, and elevated execution provisions. Management nevertheless expressed confidence in the full-year guidance, service profitability, order momentum, and the company's trajectory.

Positive Updates

Revenue Growth and EBITDA Margin Expansion

Q3 2026 sales increased 28% year-on-year to EUR 2.2 billion, with project sales accounting for 89% of total sales and growing 30%, while services represented 11% and grew 8%. EBITDA more than doubled to EUR 278 million, and the EBITDA margin reached 12.7%, exceeding the 12% threshold and improving by almost 5% year-on-year, driven by good execution in both the project and service businesses.

Negative Updates

Lower Gross Margin

Gross margin declined to 26.7% in Q3 2026 from 28% in Q3 2025.

Company Guidance

Nordex raised full-year 2026 EBITDA margin guidance to 11.5%-12.5%, with all other guidance KPIs unchanged; it is not providing specific guidance for 2026 on order intake but continues to expect a good order momentum going into the fourth quarter. Service is expected to grow year-on-year, around about 10%, with minor profitability improvements, remain above the 20% threshold, and eventually have long-term potential to slightly improve; EBIT margins of 20% for the full year next year are expected. Q4 is expected to have a high level of installations, with no substantial LDs if ambitions are achieved, while the company remains comfortable with the guidance, with the midterm of the guidance. The midterm margin range remains 10%-12%, and capital allocation guidance includes a minimum of a shareholder return of EUR 50 million, with an update planned at the end of February alongside full-year results and new guidance.

Nordex Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

CH:NDX1 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:SIE	74Outperform	EUR 210.12B	26.63	12.21%	1.96%	3.60%	-18.55%
DE:ENR	71Outperform	EUR 100.44B	36.14	25.04%	0.61%	9.00%	175.47%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

* Industrials Sector Average

Performance Comparison

CH:NDX1 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
CH:NDX1	NORDEX AG	36.68	12.52	51.82%
DE:SIE	Siemens Ag (UK)	263.65	23.06	9.59%
DE:ENR	Siemens Energy Ag	118.10	12.05	11.37%

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.

Nordex AI Stock Analysis