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One of the world's largest offshore wind turbine installation vessel operators, serving major offshore wind farm developers.
One of the world's largest offshore wind turbine installation vessel operators, serving major offshore wind farm developers.
Hires out each vessel on charter at a daily rate, often for a project lasting a year or more, so income follows how many vessels are contracted and for how long. The 2024 merger with Eneti added that company's vessels and a newbuild programme.
In one line: One of the world's largest offshore wind turbine installation vessel operators.
Moat: narrow (installed base, scale). Specialized, capital-intensive fleet of large jack-up installation vessels with long build lead times.
Headquarters: Copenhagen, Denmark · Founded: 2013 · Employees: 1,073
Size Cadeler A/S (CADLR.OL) is a Norway Industrials company (Trucks/Construction/Farm Machinery) with a market value of $2.41B, the 39th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 58.05 on 6 Nov 2026.
Performance Over six months the shares fell 13.9%, against -10.8% for the median peer and +2.7% for the Norway market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 52.7% over the last twelve months (peer median +12.7%); the operating margin is 36.3% (peer median 6.5%).
Valuation It trades at 9.4× forward earnings against a peer median of 10.9× (5th cheapest of 19).
Capital Return on invested capital runs 0.9 points above its cost of capital (5.6% WACC).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 8.31B | NOK 7.27B | NOK 2.89B | NOK 1.24B | NOK 1.08B |
| Revenue growth | — | +151% | +133% | +15% | — |
| Gross profit | NOK 3.96B | NOK 4.45B | NOK 1.42B | NOK 608M | NOK 565M |
| EBITDA | NOK 4.72B | NOK 4.88B | NOK 1.44B | NOK 484M | NOK 646M |
| Net income | NOK 2.29B | NOK 3.28B | NOK 757M | NOK 131M | NOK 359M |
| Free cash flow | -NOK 4.29B | -NOK 10.5B | -NOK 6.31B | -NOK 122M | -NOK 2.04B |
| Capital expenditure | NOK 8.43B | NOK 14.8B | NOK 7.17B | NOK 765M | NOK 2.28B |
| Total debt | NOK 18.2B | NOK 19.2B | NOK 6.84B | NOK 2.32B | NOK 1.21B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cadeler A/S CADLR.OL | $2.41B | -14% | +53% | 36% | 9.4× | n/a |
| Bonheur BONHR.OL | $1.20B | +1% | +4% | 7% | 10.0× | 3.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CADLR.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | +1.3% | 4th highest of 21 |
| 6-month return | -13.9% | -10.8% | 10th lowest of 21 |
| Distance from 52-week high | -16.0% | -33.1% | 6th highest of 21 |
| Revenue growth (TTM) | +52.7% | +12.7% | 2nd highest of 21 |
| Operating margin | 36.3% | 6.5% | highest of 21 |
| Forward P/E | 9.4× | 10.9× | 5th cheapest of 19 |
| ROIC minus cost of capital | +0.9 pp | +1.0 pp | 10th lowest of 20 |
| EV / EBITDA | 8.1× | 7.4× | 4th most expensive of 10 |
| Net debt / EBITDA | 3.4× | 0.8× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% | -11.3% |
| First Tractor 601038.SS | China | $1.95B | +2% | +12% | 6% | 17.5× | -1.6% | +7.5% |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | n/a | n/a | n/a |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% | +1.9% |