Latest Ratios: P/E Ratio 6.8x · EV/EBITDA 8.2x · ROE 19.7%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.6B | $1.9B | $935M | — | — | — | — | — | — | — |
| Enterprise Value | $3.8B | $3.1B | $2.5B | $1.0B | — | — | — | — | — | — | — |
| P/E Ratio → | 6.80 | 6.12 | 29.38 | 80.00 | — | — | — | — | — | — | — |
| P/S Ratio | 3.06 | 2.77 | 7.79 | 8.61 | — | — | — | — | — | — | — |
| P/B Ratio | 1.22 | 1.10 | 1.57 | 0.97 | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 5.62 | 5.08 | 20.80 | 14.75 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.24 | 9.89 | 9.62 | — | — | — | — | — | — | — |
| EV / EBITDA | 8.23 | 7.80 | 19.77 | 28.28 | — | — | — | — | — | — | — |
| EV / EBIT | 11.10 | 10.51 | 35.43 | 38.48 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.3% | 61.3% | 48.8% | 48.5% | 52.7% | 36.0% | -135.6% | -16.7% | 8.9% | -11.0% | 18.2% |
| Operating Margin | 49.8% | 49.8% | 27.9% | 13.3% | 38.7% | 18.3% | -184.2% | -35.6% | 3.6% | -18.1% | 14.1% |
| Net Profit Margin | 45.2% | 45.2% | 26.2% | 10.6% | 33.4% | 12.2% | -138.6% | -61.9% | 1.3% | -14.2% | 10.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.7% | 19.7% | 5.9% | 1.5% | 8.2% | 2.6% | -23.7% | — | 6.6% | -31.5% | 30.2% |
| ROA | 10.1% | 10.1% | 4.1% | 1.2% | 6.5% | 2.0% | -8.9% | -11.8% | 0.6% | -7.1% | 24.1% |
| ROIC | 9.4% | 9.4% | 3.7% | 1.3% | 6.0% | 2.6% | -15.3% | -9.1% | 1.4% | -7.5% | 31.9% |
| ROCE | 12.2% | 12.2% | 4.6% | 1.6% | 8.0% | 3.3% | -13.1% | -7.8% | 2.2% | -11.0% | 38.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.08 | 1.08 | 0.47 | 0.22 | 0.21 | 0.23 | 0.31 | — | 10.84 | 7.29 | — |
| Debt / EBITDA | 4.06 | 4.06 | 4.68 | 5.59 | 1.83 | 2.69 | — | — | 43.87 | — | — |
| Net Debt / Equity | — | 0.98 | 0.42 | 0.11 | 0.18 | 0.22 | 0.04 | — | 10.81 | 7.24 | -0.00 |
| Net Debt / EBITDA | 3.68 | 3.68 | 4.21 | 2.98 | 1.53 | 2.61 | — | — | 43.72 | — | -0.00 |
| Debt / FCF | — | — | — | — | — | — | — | — | 9.62 | — | — |
| Interest Coverage | 12.91 | 12.91 | 24.84 | 9.44 | 26.94 | 3.24 | -8.37 | -2.41 | 0.44 | -124.50 | 11.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.53 | 2.75 | 5.04 | 0.46 | 3.26 | 0.58 | 1.14 | 0.93 | 8.57 |
| Quick Ratio | 1.10 | 1.10 | 1.52 | 2.72 | 5.00 | 0.45 | 3.25 | 0.57 | 1.10 | 0.91 | 8.35 |
| Cash Ratio | 0.43 | 0.43 | 0.47 | 1.80 | 1.61 | 0.04 | 2.48 | 0.04 | 0.02 | 0.03 | 0.00 |
| Asset Turnover | — | 0.17 | 0.13 | 0.09 | 0.16 | 0.14 | 0.06 | 0.14 | 0.53 | 0.30 | 2.41 |
| Inventory Turnover | 65.23 | 65.23 | 122.47 | 30.49 | 91.68 | 88.69 | 147.24 | 171.66 | 77.82 | 77.23 | 79.49 |
| Days Sales Outstanding | — | 135.29 | 147.61 | 133.05 | 129.07 | 122.03 | 130.10 | 141.51 | 63.88 | 25.46 | 30.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.7% | 16.4% | 3.4% | 1.3% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.1% | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $89M | $87M | $51M | $41M | $33M | $6M | $10M | $10M | $780000 | $0 |
High capital expenditure intensity
According to recent market data, Cadeler trades at a TTM P/E of 6.10 and an EV/EBITDA of 7.76, suggesting that investors are heavily discounting the company's future earnings potential due to the inherent volatility of project-based offshore wind installation revenue and the associated high fixed-cost structure.
The current valuation multiples appear to reflect a cautious market stance, likely pricing in the risk of vessel utilization gaps and the potential for margin compression as the fleet expands. Investors should monitor whether these multiples represent a value opportunity or a structural trap, given that the forward EV/EBITDA of 7.32 implies only modest near-term earnings growth expectations.
Based on reported financial figures, Cadeler's ROIC has struggled to maintain momentum, fluctuating from a peak of 5.2% in 2025Q2 to a marginal 0.2% in 2026Q1, which indicates that the company's aggressive investment in newbuild tonnage is currently failing to generate returns above its likely cost of capital.
The inability to consistently compound returns on invested capital suggests that the massive capital outlays for the X-class and F-class vessels are creating a significant drag on efficiency. Until these assets reach sustained high utilization, the company may continue to see its return metrics suppressed by the sheer scale of its asset base relative to current operational income.
As reported in quarterly filings, the company's cash conversion cycle has exhibited extreme instability, swinging from a negative 63 days in 2024Q2 to a positive 70 days in 2026Q1, reflecting the lumpy nature of milestone-based payments from offshore wind developers and the resulting pressure on internal liquidity management.
The erratic DSO and CCC trends suggest that Cadeler lacks consistent leverage over its customer payment schedules, which is common in project-based marine contracting. This variability in working capital efficiency warrants further investigation, as it directly impacts the company's ability to self-fund operations without relying on external financing during project transitions.
According to recent balance sheet data, the company's debt-to-EBITDA ratio has spiked to 33.99 in 2026Q1, a significant deterioration from 6.40 in 2025Q2, which indicates that the firm's reliance on debt to fund its fleet expansion is rapidly outpacing its ability to generate sufficient operating cash flow for service.
The sharp decline in interest coverage, which fell to 0.72 in the most recent quarter, suggests that the company's debt service capacity is becoming increasingly strained. Investors should monitor the risk of covenant breaches or the need for further dilutive financing if project delays continue to compress the cash flow available for debt repayment.
The most commonly misapplied metric for Cadeler is the standard P/E ratio, which obscures the company's true economic reality by failing to account for the massive non-cash depreciation charges and the lumpy, project-based revenue recognition that characterizes the specialized offshore wind installation business model.
Analysts should instead focus on EV/EBITDA or cash-flow-based metrics, as the P/E ratio is heavily distorted by the accounting treatment of vessel dry-docking and purchase price adjustments from recent mergers. Relying on P/E ignores the underlying capital intensity and the long-term nature of the contracted backlog, which are the true drivers of value for this infrastructure-like service provider.
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Quick answers to the most common questions about buying CDLR stock.
Cadeler A/S's current P/E ratio is 6.8x. The historical average is 38.5x. This places it at the 33th percentile of its historical range.
Cadeler A/S's current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Cadeler A/S's return on equity (ROE) is 19.7%. The historical average is 2.2%.
Based on historical data, Cadeler A/S is trading at a P/E of 6.8x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cadeler A/S has 61.3% gross margin and 49.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cadeler A/S's Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.