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Nordex
(XETRA:NDX1)
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Rating:72Outperform
Price Target:
€43.00
▲(10.88% Upside)
Action:Reiterated
Date:10/17/26
The score is driven primarily by the improving financial performance (profitability recovery and strong free cash flow) and a positive earnings call with reaffirmed growth/margin guidance and strengthened liquidity. These strengths are tempered by mixed technicals (negative MACD and weaker long-term trend vs 100/200-day averages) and a valuation that is fair rather than clearly discounted (P/E ~20.5, no dividend yield provided).
Positive Factors
Large order and service base
The substantial turbine and service backlog provides meaningful revenue visibility beyond a single reporting period. A service fleet exceeding 50 GW and contracts averaging more than 14 years can support recurring cash generation and reduce dependence on new turbine orders.
Negative Factors
History of losses and earnings volatility
Nordex’s recent recovery follows several years of losses, showing that earnings remain sensitive to operating conditions and execution. If profitability weakens again, accumulated volatility could pressure equity, reduce investment flexibility, and make cash generation less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Large order and service base
The substantial turbine and service backlog provides meaningful revenue visibility beyond a single reporting period. A service fleet exceeding 50 GW and contracts averaging more than 14 years can support recurring cash generation and reduce dependence on new turbine orders.
Read all positive factors
Nordex (NDX1) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€8.75B
Dividend YieldN/A
Average Volume (3M)612.26K
Price to Earnings (P/E)21.7
Beta (1Y)0.57
Revenue Growth11.69%
EPS Growth564.05%
CountryDE
Employees11,525
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.70
Shares Outstanding236,880,550
10 Day Avg. Volume621,181
30 Day Avg. Volume612,257
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)5.39
Price to Sales (P/S)0.91
P/FCF Ratio8.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€51.98Price Target Upside34.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)2.15
Revenue Forecast (FY)€8.77B
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 de...
How the Company Makes Money
Nordex primarily makes money through (1) sales of onshore wind turbine systems and (2) services provided over the life of those turbines. Turbine-related revenue is generated when customers (typically utilities, independent power producers, and pr...
Nordex Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial improvements: double-digit revenue growth, a materially improved EBITDA margin (10.3% in Q2, +450 bps YoY), robust free cash flow (€165m) and a strengthened balance sheet and financing package (€2.5bn MGF, net cash ~€1.7bn). Order intake and the service book expanded meaningfully (3.1 GW in Q2; >50 GW under service), and management confirmed full-year guidance and midterm margin targets. Key near-term challenges are execution and timing mismatches (installations backloaded, blade delays in Turkey), elevated provisions/receivable impairments (sanitizing of books) and macro/policy uncertainties (tariffs, German grid package, geopolitical risks). Overall, the positive operational momentum and strengthened financial position substantially outweigh the manageable operational and timing risks discussed.Positive Updates
Strong Order Intake and Pipeline
Order intake of 3.1 GW in Q2, up 32% year-on-year; first half order intake close to 5 GW. Europe accounted for 74% of project order intake; average selling price ~€0.97m/MW stable versus prior year.
Negative Updates
Installations Backloaded and Q2 Decline
Installations totaled 1.2 GW in Q2, down year-on-year due to project scheduling, customer delays and blade-related postponements in Turkey; regional mix effects meant Germany increases did not fully offset declines elsewhere — timing-related shortfall expected to normalize in H2.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Order Intake and Pipeline
Order intake of 3.1 GW in Q2, up 32% year-on-year; first half order intake close to 5 GW. Europe accounted for 74% of project order intake; average selling price ~€0.97m/MW stable versus prior year.
Read all positive updates
Company Guidance
Nordex reconfirmed its 2026 guidance: top‑line growth of 9–11% year‑on‑year and an EBITDA margin range of 8–11% (with “midpoint plus” seen as most likely), while expecting another good year for free cash‑flow generation after Q2 free cash flow of EUR 165m and a net cash position of EUR 1.7bn; management also noted stable working capital (‑8.3% / ‑EUR 663m), a EUR 2.5bn five‑year multi‑guarantee facility (vs prior EUR 1.3bn/3 years), a service EBIT margin of 19.7% (approaching a >20% mid‑term target), and reiterated its mid‑term EBITDA margin objective of 10–12%, all assuming no material geopolitical disruption.Nordex Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.01B | 7.55B | 7.30B | 6.49B | 5.69B | 5.44B |
| Gross Profit | 1.43B | 1.00B | 1.53B | 127.81M | 486.05M | 826.96M |
| EBITDA | 821.68M | 705.57M | 313.32M | 13.10M | -245.22M | 60.06M |
| Net Income | 400.86M | 274.30M | 8.84M | -302.83M | -497.76M | -230.16M |
Balance Sheet | ||||||
| Total Assets | 7.07B | 8.44B | 5.63B | 5.42B | 4.76B | 4.11B |
| Cash, Cash Equivalents and Short-Term Investments | 1.96B | 1.93B | 1.17B | 925.92M | 662.06M | 792.12M |
| Total Debt | 502.32M | 488.86M | 500.56M | 475.07M | 581.89M | 487.00M |
| Total Liabilities | 5.61B | 7.16B | 4.63B | 4.44B | 3.88B | 3.05B |
| Stockholders Equity | 1.45B | 1.28B | 990.65M | 976.60M | 878.06M | 1.06B |
Cash Flow | ||||||
| Free Cash Flow | 800.90M | 844.14M | 265.56M | 28.32M | -555.46M | -42.09M |
| Operating Cash Flow | 982.88M | 1.02B | 429.75M | 161.20M | -350.09M | 127.56M |
| Investing Cash Flow | -202.21M | -153.00M | -159.08M | -139.68M | -163.81M | -152.09M |
| Financing Cash Flow | -59.98M | -43.53M | -37.88M | 285.66M | 345.53M | 62.34M |
Nordex Technical Analysis
Negative
38.78
Price Trends
38.17
Negative
39.76
Negative
40.48
Negative
Market Momentum
-0.37
Negative
47.64
Neutral
52.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NDX1, the sentiment is Negative. The current price of 38.78 is above the 20-day moving average (MA) of 37.01, above the 50-day MA of 38.17, and below the 200-day MA of 40.48, indicating a bearish trend. The MACD of -0.37 indicates Negative momentum. The RSI at 47.64 is Neutral, neither overbought nor oversold. The STOCH value of 52.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:NDX1.
Nordex Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €199.26B | 25.48 | 12.21% | 2.05% | 3.60% | -18.55% | |
72 Outperform | €8.75B | 21.72 | 31.25% | ― | 11.69% | 564.05% | |
71 Outperform | €103.56B | 39.10 | 25.04% | 0.57% | 9.00% | 175.47% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
DE:NDX1
Nordex
36.92
14.82
67.06%
DE:SIE
Siemens
261.40
19.74
8.17%
DE:ENR
Siemens Energy
123.16
20.60
20.08%
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.