Loading…
German manufacturer of onshore wind turbines, selling and servicing turbines to wind farm developers worldwide.
German manufacturer of onshore wind turbines, selling and servicing turbines to wind farm developers worldwide.
Earns from turbine sales, booked as projects are installed, and from service contracts that run for many years on turbines it has installed, which are steadier than the sales. Acciona of Spain is the largest shareholder.
In one line: A German Vestas/GE Wind competitor.
Moat: narrow (installed base, customer qualification, process know-how). Long-term service contracts on installed turbine fleet provide recurring revenue, but turbine sales are price-competitive.
Headquarters: Hamburg, Germany · Founded: 1985 · Employees: 11,113
Size Nordex (NDX1.DE) is a Germany Industrials company (Electrical Products) with a market value of $11.4B, the 48th largest of 205 Germany companies the cockpit tracks. Shares closed at €42.98 on 6 Nov 2026.
Performance Over six months the shares fell 6.8%, against -21.4% for the median peer and +2.6% for the Germany market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +13.3%); the operating margin is 7.7% (peer median 12.7%).
Valuation It trades at 19.6× forward earnings against a peer median of 17.4× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Credit Nordex has 1 bond outstanding ($371M).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €8.01B | €7.55B | €7.30B | €6.49B | €5.69B |
| Revenue growth | — | +3% | +12% | +14% | — |
| Gross profit | €1.17B | €1.00B | €593M | €128M | -€285M |
| EBITDA | €798M | €706M | €323M | -€20.3M | -€389M |
| Net income | €401M | €274M | €8.84M | -€303M | -€498M |
| Free cash flow | €801M | €844M | €266M | €28.3M | -€555M |
| Capital expenditure | €182M | €172M | €164M | €133M | €205M |
| Total debt | €502M | €489M | €501M | €475M | €582M |
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 |
|---|---|---|---|---|---|---|
| Nordex NDX1.DE | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% |
| Vestas Wind Systems A/S VWS.CO | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
| Goldwind Science & Technology 002202.SZ | $8.58B | -45% | +11% | 6% | 16.6× | n/a |
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 | NDX1.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.9% | -15.8% | highest of 21 |
| 6-month return | -6.8% | -21.4% | 2nd highest of 20 |
| Distance from 52-week high | -16.9% | -40.2% | 4th highest of 21 |
| Revenue growth (TTM) | +11.7% | +13.3% | 9th lowest of 20 |
| Operating margin | 7.7% | 12.7% | 4th lowest of 20 |
| Forward P/E | 19.6× | 17.4× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | 8.4% | 5th least demanding of 16 |
| Growth delivered (Del g) | +10.2% | +11.8% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -6.5 pp | -0.9 pp | 5th least demanding of 15 |
| EV / EBITDA | 10.9× | 23.3× | 3rd cheapest of 12 |
| Net debt / EBITDA | -1.8× | 0.2× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| Shanghai Electric 2727.HK | Hong Kong | $12.2B | -40% | +22% | n/a | 21.7× | -2.8% | -2.3% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |
| Generac GNRC | United States | $10.4B | -34% | +6% | 13% | 14.6× | 20.1% | +11.1% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Goneo Group Co., Ltd.Class A 603195.SS | China | $10.4B | -15% | -2% | 25% | 17.4× | -2.1% | +9.8% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Dongfang Electric 600875.SS | China | $12.9B | -42% | +2% | 5% | 16.1× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
Nordex has 1 bond outstanding with $371M face value.