NYSE : CDLR
Cadeler A/S — Financial statements
Industrials · Engineering & Construction · Denmark
Last price 28.76 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.71B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Cadeler A/S (CDLR) reported revenue of 729.35M EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 729.35M | 620.35M | 248.74M | 108.62M | 106.42M | 60.94M |
| Cost of Revenue | 386.36M | 240.12M | 127.25M | 55.98M | 50.33M | 39.02M |
| Gross Profit | 342.99M | 380.23M | 121.49M | 52.64M | 56.09M | 21.91M |
| Selling, General & Admin | 75.11M | 67.63M | 51.56M | 25.09M | 13.88M | 10.35M |
| Other Operating Expenses | -6.77M | -8.69M | -2.04M | -137.00K | 17.00K | |
| Operating Expenses | 71.89M | 62.49M | 52.05M | 25.49M | 14.90M | 10.78M |
| Operating Income | 271.10M | 317.74M | 69.44M | 27.15M | 41.19M | 11.13M |
| Interest Expense | -62.91M | -21.95M | -2.80M | -2.88M | -1.53M | -3.44M |
| Interest & Investment Income | 5.01M | 1.71M | 3.29M | 1.43M | 244.00K | |
| Currency Exchange Gain (Loss) | -5.09M | -5.09M | -1.81M | -280.00K | -4.41M | 103.00K |
| Other Non Operating Income (Expenses) | -4.54M | -4.54M | -654.00K | -1.22M | 45.00K | -358.00K |
| EBT Excluding Unusual Items | 203.56M | 287.86M | 67.48M | 24.20M | 35.54M | 7.44M |
| Merger & Restructuring Charges | -7.71M | |||||
| Asset Writedown | -5.00M | |||||
| Pretax Income | 203.56M | 287.86M | 67.48M | 11.50M | 35.54M | 7.44M |
| Income Tax Expense | 3.21M | 7.68M | 2.41M | -13.00K | ||
| Net Income to Company | 280.18M | 65.07M | 11.50M | 35.54M | 7.45M | |
| Net Income | 200.35M | 280.18M | 65.07M | 11.50M | 35.54M | 7.45M |
| Net Income to Common | 200.35M | 280.18M | 65.07M | 11.50M | 35.54M | 7.45M |
| Shares Outstanding (Basic) | 360.01M | 350.51M | 345.98M | 201.36M | 163.22M | 131.16M |
| Shares Outstanding (Diluted) | 366.34M | 354.69M | 346.96M | 203.22M | 163.90M | 131.16M |
| EPS (Basic) | 0.56 | 0.80 | 0.19 | 0.06 | 0.22 | 0.06 |
| EPS (Diluted) | 0.54 | 0.79 | 0.19 | 0.06 | 0.22 | 0.06 |
| Free Cash Flow | -293.76M | -841.47M | -522.44M | -3.52M | -195.57M | -132.74M |
| Free Cash Flow Per Share | -0.80 | -2.37 | -1.51 | -0.02 | -1.19 | -1.01 |
| Gross Margin | 47.03% | 61.29% | 48.84% | 48.46% | 52.70% | 35.96% |
| Operating Margin | 37.17% | 51.22% | 27.92% | 25.00% | 38.70% | 18.27% |
| Profit Margin | 27.47% | 45.16% | 26.16% | 10.59% | 33.40% | 12.23% |
| Free Cash Flow Margin | -40.28% | -135.64% | -210.04% | -3.24% | -183.76% | -217.83% |
| EBITDA | 418.08M | 423.14M | 124.47M | 49.65M | 62.91M | 27.30M |
| EBITDA Margin | 57.32% | 68.21% | 50.04% | 45.71% | 59.12% | 44.81% |
| D&A For EBITDA | 146.98M | 105.39M | 55.03M | 22.50M | 21.72M | 16.17M |
| EBIT | 271.10M | 317.74M | 69.44M | 27.15M | 41.19M | 11.13M |
| EBIT Margin | 37.17% | 51.22% | 27.92% | 25.00% | 38.70% | 18.27% |
| Effective Tax Rate | 1.58% | 2.67% | 3.57% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 206.19M | 151.68M | 51.25M | 96.61M | 19.01M | 2.31M |
| Cash & Short-Term Investments | 206.19M | 151.68M | 51.25M | 96.61M | 19.01M | 2.31M |
| Accounts Receivable | 217.56M | 199.66M | 89.29M | 36.27M | 37.63M | 19.27M |
| Other Receivables | 21.30M | 11.30M | 3.17M | 612.00K | 1.11M | |
| Receivables | 217.56M | 220.95M | 100.59M | 39.44M | 38.25M | 20.37M |
| Inventory | 4.16M | 3.54M | 1.04M | 1.84M | 549.00K | 440.00K |
| Prepaid Expenses | 17.93M | 13.52M | 16.64M | 9.56M | 1.70M | 1.50M |
| Other Current Assets | 4.13M | 263.00K | 11.88M | |||
| Total Current Assets | 449.98M | 389.96M | 181.41M | 147.45M | 59.51M | 24.62M |
| Property, Plant & Equipment | 3.02B | 2.95B | 1.72B | 1.09B | 606.49M | 399.55M |
| Long-Term Investments | 3.02M | 338.00K | 3.01M | |||
| Goodwill | 17.76M | 17.76M | 16.71M | |||
| Other Intangible Assets | 19.34M | 1.67M | 427.00K | 240.00K | 419.00K | 402.00K |
| Other Long-Term Assets | 53.97M | 57.63M | 14.82M | 1.22M | 601.00K | 195.00K |
| Total Assets | 3.54B | 3.42B | 1.94B | 1.25B | 670.03M | 424.77M |
| Accounts Payable | 69.41M | 22.39M | 11.58M | 8.40M | 3.98M | 2.79M |
| Current Portion of Long-Term Debt | 133.36M | 116.13M | 31.16M | 799.00K | 772.00K | 28.60M |
| Current Portion of Leases | 1.90M | 1.06M | 1.27M | 601.00K | 279.00K | 298.00K |
| Current Income Taxes Payable | 386.00K | 3.64M | 752.00K | 1.22M | 5.00K | 6.00K |
| Current Unearned Revenue | 71.78M | 128.72M | 45.59M | 12.10M | 1.83M | 15.19M |
| Other Current Liabilities | 443.00K | 79.15M | 33.29M | 30.49M | 4.93M | 6.97M |
| Total Current Liabilities | 277.28M | 351.08M | 123.65M | 53.62M | 11.80M | 53.86M |
| Long-Term Debt | 1.46B | 1.49B | 539.85M | 204.77M | 114.52M | 44.48M |
| Long-Term Leases | 10.80M | 12.48M | 9.70M | 392.00K | 209.00K | |
| Long-Term Unearned Revenue | 5.04M | 30.90M | 1.75M | 1.78M | 1.33M | 969.00K |
| Long-Term Deferred Tax Liabilities | 12.57M | 13.26M | 11.97M | 10.19M | ||
| Other Long-Term Liabilities | 10.65M | 16.20M | 22.77M | 1.82M | ||
| Total Liabilities | 1.77B | 1.91B | 703.12M | 293.52M | 129.46M | 99.51M |
| Common Stock | 51.84M | 47.14M | 47.14M | 41.84M | 26.57M | 18.64M |
| Additional Paid-In Capital | 1.27B | 1.10B | 1.10B | 952.86M | 509.54M | 339.40M |
| Retained Earnings | 430.92M | 341.61M | 59.36M | -7.37M | 3.11M | -32.78M |
| Treasury Stock | -3.52M | -3.00M | -1.28M | |||
| Comprehensive Income & Other | 29.22M | 18.42M | 29.18M | -28.28M | 1.34M | |
| Shareholders' Equity | 1.77B | 1.50B | 1.23B | 959.04M | 540.57M | 325.26M |
| Total Liabilities & Equity | 3.54B | 3.42B | 1.94B | 1.25B | 670.03M | 424.77M |
| Total Debt | 1.61B | 1.62B | 581.99M | 206.56M | 115.57M | 73.58M |
| Net Cash (Debt) | -1.40B | -1.47B | -530.74M | -109.96M | -96.56M | -71.27M |
| Net Cash Per Share | -3.83 | -4.15 | -1.53 | -0.54 | -0.59 | -0.54 |
| Filing Date Shares Outstanding | 385.88M | 350.87M | 350.74M | 311.41M | 197.60M | 138.57M |
| Total Common Shares Outstanding | 385.88M | 350.87M | 350.74M | 311.41M | 197.60M | 138.57M |
| Working Capital | 172.70M | 38.87M | 57.76M | 93.83M | 47.71M | -29.24M |
| Book Value Per Share | 4.60 | 4.29 | 3.52 | 3.08 | 2.74 | 2.35 |
| Tangible Book Value | 1.75B | 1.48B | 1.22B | 942.09M | 540.15M | 324.85M |
| Tangible Book Value Per Share | 4.55 | 4.23 | 3.47 | 3.03 | 2.73 | 2.34 |
| Machinery | 2.96B | 2.55B | 1.09B | 576.47M | 292.08M | 260.67M |
| Construction In Progress | 352.89M | 600.08M | 736.61M | 571.75M | 356.16M | 158.73M |
| Order Backlog | 2.77B | 2.34B | 1.74B | 905.00M | 409.00M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 200.35M | 280.18M | 65.07M | 11.50M | 35.54M | 7.45M |
| Depreciation & Amortization | 149.02M | 107.26M | 56.41M | 22.84M | 22.47M | 16.45M |
| Other Amortization | 264.00K | 264.00K | 189.00K | 210.00K | 211.00K | 32.00K |
| Loss (Gain) From Sale of Assets | 1.00K | 1.00K | 183.00K | |||
| Asset Writedown & Restructuring Costs | 5.00M | |||||
| Loss (Gain) From Sale of Investments | 1.53M | 630.00K | -427.00K | 766.00K | ||
| Stock-Based Compensation | 2.38M | 2.07M | 1.66M | 1.13M | 352.00K | -321.00K |
| Other Operating Activities | 41.76M | 20.39M | 3.67M | 1.76M | 910.00K | 4.66M |
| Change in Accounts Receivable | 40.98M | -133.70M | -62.71M | 28.54M | -18.03M | -9.88M |
| Change in Inventory | -1.89M | -2.50M | 788.00K | -1.14M | -109.00K | -128.00K |
| Change in Accounts Payable | -19.63M | 8.13M | 380.00K | -16.09M | 660.00K | 2.45M |
| Change in Unearned Revenue | -11.51M | 112.28M | 33.48M | 8.79M | -13.00M | 7.35M |
| Change in Other Net Operating Assets | -1.04M | -792.00K | -5.59M | 73.00K | 26.00K | 2.14M |
| Operating Cash Flow | 402.20M | 394.20M | 93.10M | 63.38M | 29.04M | 30.20M |
| Capital Expenditures | -695.95M | -1.24B | -615.54M | -66.90M | -224.61M | -162.94M |
| Sale of Property, Plant & Equipment | 1.80M | |||||
| Cash Acquisitions | 10.40M | |||||
| Sale (Purchase) of Intangibles | -679.00K | -1.51M | -410.00K | -31.00K | -228.00K | -434.00K |
| Other Investing Activities | -20.99M | -26.98M | -7.00M | -574.00K | ||
| Investing Cash Flow | -717.62M | -1.26B | -622.96M | -54.73M | -225.41M | -163.38M |
| Short-Term Debt Issued | 16.07M | 9.00M | ||||
| Long-Term Debt Issued | 1.31B | 365.98M | 199.94M | 113.46M | ||
| Total Debt Issued | 743.14M | 1.31B | 365.98M | 199.94M | 129.53M | 9.00M |
| Short-Term Debt Repaid | -25.07M | |||||
| Long-Term Debt Repaid | -281.35M | -12.59M | -115.57M | -65.23M | -10.29M | |
| Lease Payments | -2.37M | -2.07M | -1.96M | -569.00K | -228.00K | -285.00K |
| Total Debt Repaid | -356.69M | -281.35M | -12.59M | -115.57M | -90.29M | -10.29M |
| Net Debt Issued (Repaid) | 386.44M | 1.03B | 353.38M | 84.37M | 39.23M | -1.29M |
| Issuance of Common Stock | 174.20M | 154.96M | 183.25M | 79.22M | ||
| Repurchase of Common Stock | -516.00K | -1.72M | -1.28M | |||
| Other Financing Activities | -79.87M | -58.45M | -25.07M | -14.10M | -9.41M | -6.08M |
| Financing Cash Flow | 480.26M | 967.69M | 481.99M | 70.27M | 213.07M | 71.85M |
| Foreign Exchange Rate Adjustments | 2.34M | 2.70M | 2.52M | -1.33M | ||
| Net Cash Flow | 167.17M | 100.43M | -45.35M | 77.60M | 16.70M | -61.33M |
| Free Cash Flow | -293.76M | -841.47M | -522.44M | -3.52M | -195.57M | -132.74M |
| Free Cash Flow Margin | -40.28% | -135.64% | -210.04% | -3.24% | -183.76% | -217.83% |
| Free Cash Flow Per Share | -0.80 | -2.37 | -1.51 | -0.02 | -1.19 | -1.01 |
| Levered Free Cash Flow | -368.32M | -908.16M | -556.36M | 3.54M | -209.41M | -135.57M |
| Unlevered Free Cash Flow | -329.00M | -894.44M | -554.61M | 5.34M | -208.45M | -133.42M |
| Free Cash Flow After Leases | -296.12M | -843.55M | -524.40M | -4.08M | -195.80M | -133.03M |
| Cash Interest Paid | 72.86M | 56.47M | 19.69M | 7.14M | 4.23M | 3.93M |
| Cash Income Tax Paid | 5.76M | 3.51M | 1.75M | -2.00K | 13.00K | -158.00K |
| Change in Working Capital | 6.90M | -16.59M | -33.65M | 20.17M | -30.45M | 1.93M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.54B | 1.67B | 1.97B | 1.44B | 770.18M | 573.80M |
| Enterprise Value | 4.25B | 3.08B | 2.48B | 1.55B | 853.67M | 494.73M |
| Last Close Price | 27.50 | 18.59 | 22.33 | 18.40 | ||
| PE Ratio | 10.43 | 5.08 | 29.19 | 113.38 | 20.28 | 67.72 |
| PS Ratio | 3.05 | 2.29 | 7.64 | 12.00 | 6.77 | 8.28 |
| PB Ratio | 1.25 | 0.95 | 1.54 | 1.36 | 1.33 | 1.55 |
| P/TBV Ratio | 1.27 | 0.96 | 1.56 | 1.38 | 1.33 | 1.55 |
| P/OCF Ratio | 5.63 | 3.61 | 20.40 | 20.57 | 24.82 | 16.71 |
| EV/Sales Ratio | 5.10 | 4.23 | 9.64 | 12.93 | 7.51 | 7.14 |
| EV/EBITDA Ratio | 8.90 | 6.21 | 19.26 | 28.28 | 12.70 | 15.93 |
| EV/EBIT Ratio | 13.73 | 8.26 | 34.52 | 51.72 | 19.39 | 39.07 |
| Debt / Equity Ratio | 0.91 | 1.08 | 0.47 | 0.21 | 0.21 | 0.23 |
| Debt / EBITDA Ratio | 3.83 | 3.82 | 4.62 | 4.13 | 1.82 | 2.67 |
| Net Debt / Equity Ratio | 0.79 | 0.98 | 0.43 | 0.12 | 0.18 | 0.22 |
| Net Debt / EBITDA Ratio | 3.36 | 3.48 | 4.26 | 2.21 | 1.53 | 2.61 |
| Net Debt / FCF Ratio | -4.78 | -1.75 | -1.02 | -31.27 | -0.49 | -0.54 |
| Asset Turnover | 0.23 | 0.23 | 0.16 | 0.11 | 0.19 | 0.16 |
| Inventory Turnover | 120.14 | 104.88 | 88.52 | 46.94 | 101.79 | 103.78 |
| Quick Ratio | 1.53 | 1.06 | 1.23 | 2.54 | 4.85 | 0.42 |
| Current Ratio | 1.62 | 1.11 | 1.47 | 2.75 | 5.04 | 0.46 |
| Return on Equity (ROE) | 12.74% | 20.47% | 5.93% | 1.53% | 8.21% | 2.63% |
| Return on Assets (ROA) | 5.37% | 7.42% | 2.72% | 1.76% | 4.70% | 1.83% |
| Return on Invested Capital (ROIC) | 8.56% | 13.05% | 4.73% | 3.18% | 7.97% | 3.44% |
| Return on Capital Employed (ROCE) | 8.30% | 10.40% | 3.80% | 2.30% | 6.30% | 3.00% |
| Earnings Yield | 9.58% | 19.70% | 3.43% | 0.88% | 4.93% | 1.48% |
| FCF Yield | -12.96% | -59.15% | -27.50% | -0.27% | -27.14% | -26.31% |
| Buyback Yield / Dilution | -4.05% | -2.23% | -70.73% | -24.00% | -24.96% | -405.75% |