Free cash flow has been negative for ten consecutive quarters, with a cumulative deficit exceeding $1.4 billion, as capital expenditures for new vessels have consistently outpaced operating cash generation.
Cadeler A/S (CDLR) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 359.75M | 324.4M | 93.1M | 63.38M | 29.04M | 30.2M | -9.6M | -2.01M | 12.15M | 0 | 0 |
| Operating CF Margin % | - | 54.44% | 37.43% | 58.35% | 27.28% | 49.56% | -49.21% | -5.24% | 16.89% | - | - |
| Operating CF Growth % | 798.2% | 248.44% | 46.89% | 118.29% | -3.85% | 414.68% | -376.99% | -116.56% | - | - | - |
| Net Income | 201.48M | 269.13M | 65.07M | 11.5M | 35.54M | 7.45M | -27.03M | -23.76M | -6.34M | -6.38M | 7.11M |
| Depreciation & Amortization | 101.79M | 103.34M | 56.59M | 23.05M | 22.68M | 16.48M | 15.48M | 15.64M | 15.64M | 0 | 0 |
| Stock-Based Compensation | 1.17M | 0 | 1.66M | 1.13M | 352K | -321K | 156K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -157.3K | 1.23M | 1.26M | 5.77M | -13K | 158K | -1.79M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 50M | -33.37M | 1.02M | 1.76M | 923K | 4.51M | -6.57M | 9.77M | 13.03M | 6.38M | -7.11M |
| Working Capital Changes | 5.48M | -15.94M | -32.51M | 20.17M | -30.45M | 1.93M | 10.15M | -3.66M | -10.18M | 0 | 0 |
| Change in Receivables | 42.68M | -128.43M | -62.29M | 28.54M | -18.03M | -2.42M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.89M | -2.4M | 788K | -1.14M | -109K | -128K | -51K | 581K | -196K | 0 | 0 |
| Change in Payables | -20.47M | 7.81M | 380K | -16.09M | 660K | 2.45M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -718.23M | -1.21B | -615.75M | -54.73M | -225.41M | -163.38M | -256.14M | -64K | 28K | 0 | 0 |
| Capital Expenditures | -716.84M | -1.21B | -615.54M | -66.93M | -225.41M | -163.38M | -256.14M | -64K | -172K | 0 | 0 |
| CapEx % of Revenue | 97.87% | 203.76% | 247.47% | 61.62% | 211.8% | 268.1% | 1313.46% | 0.17% | 0.24% | - | - |
| Acquisitions | 0 | 0 | 0 | 10.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.4M | -121.99K | -204K | 1.8M | 0 | 0 | 0 | 0 | 200K | 0 | 0 |
| Cash from Financing | 519.16M | 983.74M | 481.99M | 70.27M | 213.07M | 71.85M | 338.81M | 2.92M | -12.58M | 0 | 0 |
| Debt Issued (Net) | 383.29M | 987.38M | 353.38M | 84.37M | 39.23M | -1.29M | 73.29M | -14.78M | 0 | 0 | 0 |
| Equity Issued (Net) | 173.42M | -1.65M | 153.67M | -7.52M | 183.25M | 79.22M | 284.38M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -604.37K | -1.65M | -1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -37.55M | -1.99M | -25.07M | -6.58M | -9.41M | -6.08M | -18.86M | 17.71M | -12.58M | 0 | 0 |
| Net Change in Cash | 151.37M | 100.09M | -38.14M | 77.6M | 16.7M | -61.33M | 62.39M | 846K | -400K | 0 | 0 |
| Free Cash Flow | -331.38M | -862.5M | -522.85M | -3.55M | -196.37M | -133.18M | -265.74M | -2.08M | 11.98M | 0 | 0 |
| FCF Margin % | -45.24% | -144.75% | -210.2% | -3.27% | -184.52% | -218.54% | -1362.67% | -5.41% | 16.65% | - | - |
| FCF Growth % | 60.82% | -64.96% | -14640.65% | 98.19% | -47.45% | 49.88% | -12700.34% | -117.33% | - | - | - |
| FCF per Share | -3.44 | -9.73 | -6.03 | -0.07 | -4.79 | -4.06 | -40.99 | -0.22 | 1.25 | - | - |
| FCF Conversion (FCF/Net Income) | -1.64x | 1.21x | 1.43x | 5.51x | 0.82x | 4.05x | 0.36x | 0.08x | 13.22x | - | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CDLR stock.
Cadeler A/S (CDLR) generated $324.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cadeler A/S (CDLR) reported negative free cash flow of $862.5M in 2025, indicating capital requirements exceeded cash from operations.
Cadeler A/S (CDLR) spent $1.21B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cadeler A/S (CDLR) spent $1.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Leverage constrains financial flexibility
Earnings Quality Masked by Working Capital Swings
The conversion of net income to operating cash flow is highly erratic, with a 10-quarter OCF/NI ratio ranging from -5.99 to 11.34, indicating that reported earnings are a poor proxy for near-term cash generation due to massive working capital volatility.
The relationship between net income and operating cash flow is dominated by large, unpredictable swings in working capital, as seen in the -$123.1M drag in Q2 2026 versus a +$120.3M source in Q3 2025. This suggests that the percentage-of-completion revenue recognition method is creating significant timing differences between when revenue is booked and when cash is collected from project milestones. Investors should monitor the working capital line closely, as it appears to be the primary driver of cash flow volatility, overshadowing the underlying operational profitability.
FCF Negative Amidst Aggressive Fleet Expansion
Free cash flow has been consistently negative for ten consecutive quarters, with a cumulative deficit exceeding $1.4 billion, as massive capital expenditures for new vessels have far outpaced the cash generated from operations.
The negative FCF trajectory is a direct result of a strategic decision to invest heavily in a next-generation fleet, with CapEx/Revenue ratios spiking to 196.1% in Q4 2025. While this investment is necessary to maintain the company's competitive moat, it has created a significant cash burn that must be funded externally. The recent improvement in operating cash flow, reaching $214.0M in Q3 2025, is a positive sign, but it remains insufficient to cover the ongoing capital intensity of the business model.
Capital Intensity Driven by Strategic Newbuilds
Capital expenditures have been extraordinarily high, with a peak of $466.2M in Q1 2025, reflecting a concentrated investment cycle in high-specification vessels that is essential for long-term competitiveness but severely strains near-term liquidity.
The CapEx profile is not indicative of maintenance spending but rather a strategic fleet renewal and expansion program. The high D&A figures relative to CapEx in some quarters (e.g., $39.1M D&A vs. $91.0M CapEx in Q1 2026) suggest that the company is investing well beyond the depreciation of its existing assets. This level of capital intensity is a defining characteristic of the business, requiring continuous access to capital markets to fund growth.
Working Capital as a Major Cash Flow Driver
Working capital changes have been the most volatile component of cash flow, swinging from a $120.3M inflow in Q3 2025 to a $123.1M outflow in Q2 2026, highlighting the project-based nature of the business and its impact on cash timing.
The erratic working capital movements are likely tied to the lumpy nature of project billing and collection cycles. A large negative swing, as seen in Q2 2026, could indicate a buildup in unbilled receivables or inventory for upcoming projects, consuming cash. Conversely, a large positive swing suggests the successful collection of milestone payments. This volatility makes it difficult to predict quarterly cash flow and underscores the importance of analyzing the balance sheet alongside the cash flow statement.
Capital Deployment Focused on Growth Over Returns
Capital deployment has been overwhelmingly directed towards growth CapEx, with virtually no cash returned to shareholders via dividends or buybacks, indicating a full reinvestment of operational cash flow into expanding the asset base.
The absence of dividends and minimal share repurchases (e.g., -$527.5K in Q2 2026) confirms that management is prioritizing fleet expansion over shareholder returns. This is consistent with a company in a high-growth phase, but it also means that investors are entirely reliant on capital appreciation. The lack of acquisition activity suggests the growth strategy is organic, focused on newbuilds rather than M&A.
Cash Flow Statement Obscures True Capital Needs
The cash flow statement may understate the true economic cost of the business by capitalizing significant vessel dry-docking and upgrade costs, which are treated as investing activities rather than operating expenses.
As noted in the company intelligence, mandatory vessel dry-docking involves significant CapEx that is capitalized. This accounting treatment smooths the income statement but can mask the true cash-burn rate required to maintain the fleet's operational readiness. Furthermore, the recent Eneti merger likely introduced purchase price accounting adjustments that could obscure the underlying organic cash generation of the combined entity in the short term.