Cadeler AS

Research Cadeler AS (CDLR) on Bullrun: valuation model: 85.8% undervalued, market cap USD 2.51B, P/E 7.5. Explore financials, valuation history, model signals, and stock context.

Key Metrics

TickerCDLR
ExchangeNYSE
CountryDenmark
SectorIndustrials
IndustryEngineering & Construction
CurrencyUSD
Valuation signal85.8% undervalued
Market capUSD 2.51B
P/E7.5
Financial periodQ1 2026
RevenueEUR 124.73M
Net income-EUR 7.05M
Free cash flow-EUR 48.96M
Gross margin21.5%

Valuation Snapshot

Bullrun's latest valuation model marks Cadeler AS as 85.8% undervalued; latest market cap is USD 2.51B; P/E is 7.5.

Peer valuation comparison

Latest P/E is 7.46x versus a Industrials sector median of 20.76x (64.1% below).

Latest P/E is 7.46x versus a Denmark median of 19.06x (60.8% below).

Five-year financial history

Year	Revenue	Net income	Free cash flow	Gross margin	Diluted EPS	Cash	Total debt	Equity
FY2025	EUR 620.35M	EUR 280.18M	-EUR 842.98M	61.8%	8.92	EUR 151.68M	EUR 1.62B	EUR 1.50B
FY2024	EUR 248.74M	EUR 65.07M	-EUR 522.85M	50.1%	0.12	EUR 58.46M	EUR 581.99M	EUR 1.23B
FY2023	EUR 108.62M	EUR 11.50M	-EUR 3.55M	44.9%	n/a	EUR 96.61M	EUR 206.57M	EUR 959.04M

Valuation history

Year	Snapshot date	Market cap	P/E	Dividend yield	Annual dividend/share
2026	2026-08-25	USD 2.51B	7.5	n/a	n/a
2025	2025-12-31	USD 1.63B	5.2	n/a	n/a
2024	2024-12-31	USD 1.96B	27.9	n/a	n/a
2023	2023-12-29	USD 1.43B	n/a	n/a	n/a

Company Brief

Cadeler recently completed the installation of 100 turbines at Sofia Wind Farm and continues its strategic expansion with strong revenue growth highlighted in Q1 2026 earnings. Recent analyst commentary indicates a shifting narrative regarding fair value as investor views on the company diverge.

The company reported exceptional year-over-year performance with revenue up 318.3% and net income surging 527.1%, supported by an improved gross margin of 60.9%. Cadeler remains profitable across its operations in offshore wind installation, maintenance, and decommissioning.

Investors should monitor the company's ability to sustain high growth rates given recent analyst skepticism about fair value estimates. Continued execution on major projects like Sofia Wind Farm will be critical as market views shift.

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Frequently asked questions

Is Cadeler AS overvalued or undervalued?

Bullrun's valuation model currently marks Cadeler AS as 85.8% undervalued.

What is Cadeler AS's market cap?

Cadeler AS's market capitalization is USD 2.51B.

What is Cadeler AS's P/E ratio?

Cadeler AS's price-to-earnings (P/E) ratio is 7.5.

What does Cadeler AS do?

Cadeler A/S, together with its subsidiaries, operates as an offshore wind installation vessel contractor in Denmark, the United Kingdom, Germany, Poland, rest of Europe, the United States, and Taiwan. The company engages in the transport and installation of offshore wind turbine generators, foundations, and topsides and substations; maintenance of offshore wind turbine generators, and offshore structures and platforms; and offshore construction within the renewable space.