Loading…
Danish manufacturer, installer and servicer of onshore and offshore wind turbines.
Danish manufacturer, installer and servicer of onshore and offshore wind turbines.
Sells turbines project by project, with orders taken months or years ahead of delivery, so the order backlog shows what is coming; service contracts on turbines it has installed run for years and are steadier and more profitable. It later bought out Mitsubishi's half of its offshore venture, giving it full control of offshore turbines.
Moat: narrow (scale, installed base, brand). Largest installed base of wind turbines globally gives recurring service revenue.
Headquarters: Aarhus, Denmark · Founded: 1945 · Employees: 36,973
Size Vestas Wind Systems A/S (VWS.CO) is a Denmark Industrials company (Electrical Products) with a market value of $31.0B, the 7th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 209.90 on 6 Nov 2026.
Performance Over six months the shares gained 7.8%, against -27.3% for the median peer and +8.8% for the Denmark market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 9.7% over the last twelve months (peer median +18.8%); the operating margin is 7.3% (peer median 12.5%).
Valuation It trades at 21.3× forward earnings against a peer median of 20.2× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.9 points above its cost of capital (6.0% WACC).
Credit Vestas Wind Systems A/S has 4 bonds outstanding ($2.23B), rated Baa2 by the agencies and trading like BBB at a weighted spread of 113 bp.
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 152B | DKK 140B | DKK 129B | DKK 115B | DKK 108B |
| Revenue growth | — | +9% | +13% | +6% | — |
| Gross profit | DKK 22.2B | DKK 13.2B | DKK 10.8B | DKK 5.79B | -DKK 3.33B |
| EBITDA | DKK 19.5B | DKK 14.0B | DKK 11.3B | DKK 6.07B | -DKK 3.82B |
| Net income | DKK 8.24B | DKK 5.81B | DKK 3.72B | DKK 574M | -DKK 11.7B |
| Free cash flow | DKK 11.4B | DKK 11.1B | DKK 12.4B | DKK 4.34B | -DKK 4.11B |
| Capital expenditure | DKK 8.66B | DKK 9.54B | DKK 8.61B | DKK 6.65B | DKK 6.09B |
| Total debt | DKK 26.4B | DKK 25.2B | DKK 24.4B | DKK 25.2B | DKK 18.0B |
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 |
|---|---|---|---|---|---|---|
| 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 |
| Nordex NDX1.DE | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% |
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 | VWS.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.3% | -11.5% | highest of 21 |
| 6-month return | +7.8% | -27.3% | highest of 21 |
| Distance from 52-week high | -4.7% | -35.9% | highest of 21 |
| Revenue growth (TTM) | +9.7% | +18.8% | 4th lowest of 21 |
| Operating margin | 7.3% | 12.5% | 5th lowest of 21 |
| Forward P/E | 21.3× | 20.2× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | 15.7% | least demanding of 16 |
| Growth delivered (Del g) | +4.9% | +12.9% | lowest of 16 |
| Hurdle (Req g minus delivered) | -4.4 pp | +6.1 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | +23.9 pp | +3.6 pp | 3rd highest of 21 |
| EV / EBITDA | 10.6× | 18.4× | 2nd cheapest of 10 |
| Net debt / EBITDA | -0.0× | -0.3× | 5th most indebted of 10 |
| Bond spread | 113 bp | 73 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| Hubbell HUBB | United States | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% | +9.7% |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| LG Energy Solution 373220.KS | South Korea | $58.2B | -27% | +25% | 1% | n/a | n/a | n/a |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| Mitsubishi Heavy Industries 7011.T | Japan | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% | +6.1% |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
Vestas Wind Systems A/S has 4 bonds outstanding with $2.23B face value. The agencies rate it Baa2; its bonds trade like BBB. Weighted yield 4.23%, a spread of 113 bp over government bonds.