Latest Ratios: P/E Ratio 6.5x · EV/EBITDA 8.4x · ROE 19.7%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.6B | $1.9B | $935M | — | — | — | — | — | — | — |
| Enterprise Value | $3.8B | $3.1B | $2.5B | $1.0B | — | — | — | — | — | — | — |
| P/E Ratio → | 6.48 | 6.12 | 29.38 | 80.00 | — | — | — | — | — | — | — |
| P/S Ratio | 3.19 | 2.77 | 7.79 | 8.61 | — | — | — | — | — | — | — |
| P/B Ratio | 1.16 | 1.10 | 1.57 | 0.97 | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 5.86 | 5.08 | 20.80 | 14.75 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.24 | 9.89 | 9.62 | — | — | — | — | — | — | — |
| EV / EBITDA | 8.43 | 7.80 | 19.77 | 28.28 | — | — | — | — | — | — | — |
| EV / EBIT | 11.37 | 10.51 | 35.43 | 38.48 | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.3% | 61.3% | 48.8% | 48.5% | 52.7% | 36.0% | -135.6% | -16.7% | 8.9% | -11.0% | 18.2% |
| Operating Margin | 49.8% | 49.8% | 27.9% | 13.3% | 38.7% | 18.3% | -184.2% | -35.6% | 3.6% | -18.1% | 14.1% |
| Net Profit Margin | 45.2% | 45.2% | 26.2% | 10.6% | 33.4% | 12.2% | -138.6% | -61.9% | 1.3% | -14.2% | 10.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.7% | 19.7% | 5.9% | 1.5% | 8.2% | 2.6% | -23.7% | — | 6.6% | -31.5% | 30.2% |
| ROA | 10.1% | 10.1% | 4.1% | 1.2% | 6.5% | 2.0% | -8.9% | -11.8% | 0.6% | -7.1% | 24.1% |
| ROIC | 9.4% | 9.4% | 3.7% | 1.3% | 6.0% | 2.6% | -15.3% | -9.1% | 1.4% | -7.5% | 31.9% |
| ROCE | 12.2% | 12.2% | 4.6% | 1.6% | 8.0% | 3.3% | -13.1% | -7.8% | 2.2% | -11.0% | 38.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.08 | 1.08 | 0.47 | 0.22 | 0.21 | 0.23 | 0.31 | — | 10.84 | 7.29 | — |
| Debt / EBITDA | 4.06 | 4.06 | 4.68 | 5.59 | 1.83 | 2.69 | — | — | 43.87 | — | — |
| Net Debt / Equity | — | 0.98 | 0.42 | 0.11 | 0.18 | 0.22 | 0.04 | — | 10.81 | 7.24 | -0.00 |
| Net Debt / EBITDA | 3.68 | 3.68 | 4.21 | 2.98 | 1.53 | 2.61 | — | — | 43.72 | — | -0.00 |
| Debt / FCF | — | — | — | — | — | — | — | — | 9.62 | — | — |
| Interest Coverage | 12.91 | 12.91 | 24.84 | 9.44 | 26.94 | 3.24 | -8.37 | -2.41 | 0.44 | -124.50 | 11.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.53 | 2.75 | 5.04 | 0.46 | 3.26 | 0.58 | 1.14 | 0.93 | 8.57 |
| Quick Ratio | 1.10 | 1.10 | 1.52 | 2.72 | 5.00 | 0.45 | 3.25 | 0.57 | 1.10 | 0.91 | 8.35 |
| Cash Ratio | 0.43 | 0.43 | 0.47 | 1.80 | 1.61 | 0.04 | 2.48 | 0.04 | 0.02 | 0.03 | 0.00 |
| Asset Turnover | — | 0.17 | 0.13 | 0.09 | 0.16 | 0.14 | 0.06 | 0.14 | 0.53 | 0.30 | 2.41 |
| Inventory Turnover | 65.23 | 65.23 | 122.47 | 30.49 | 91.68 | 88.69 | 147.24 | 171.66 | 77.82 | 77.23 | 79.49 |
| Days Sales Outstanding | — | 135.29 | 147.61 | 133.05 | 129.07 | 122.03 | 130.10 | 141.51 | 63.88 | 25.46 | 30.41 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.4% | 16.4% | 3.4% | 1.3% | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.1% | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $89M | $87M | $51M | $41M | $33M | $6M | $10M | $10M | $780000 | $0 |
Includes 30+ ratios · 10 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CDLR stock.
Cadeler A/S's current P/E ratio is 6.5x. The historical average is 38.5x. This places it at the 33th percentile of its historical range.
Cadeler A/S's current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Cadeler A/S's return on equity (ROE) is 19.7%. The historical average is 2.2%.
Based on historical data, Cadeler A/S is trading at a P/E of 6.5x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cadeler A/S has 61.3% gross margin and 49.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cadeler A/S's Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage constrains financial flexibility
High-Utilization Drives Exceptional Margins
Cadeler's gross margin expanded to 47.5% in Q2 2026, a dramatic recovery from negative levels in early 2024, indicating that full vessel utilization on high-spec projects leverages the fixed-cost base to generate industry-leading profitability.
The volatility in margins, from a -41.5% gross margin in Q1 2024 to 76.1% in Q2 2025, underscores the project-based nature of the business where profitability is binary based on vessel deployment. The current operating margin of 40.1% in Q2 2026 is nearly triple the peer average for Great Lakes Dredge, suggesting a significant competitive advantage in day rates for its specialized fleet. However, this peak profitability is highly sensitive to utilization; even a minor scheduling gap could cause a sharp reversion in margins given the high fixed-cost structure.
Returns Recovering but Lagging Asset Growth
ROIC recovered to 2.8% in Q2 2026 from negative levels, but remains well below the 5.2% peak in Q2 2025, suggesting the massive capital invested in the newbuild program has not yet been fully deployed to generate commensurate returns.
The trend shows ROIC is highly correlated with utilization cycles, peaking when vessels are fully contracted and dropping sharply during transition periods. The current ROIC of 2.8% is significantly below the company's historical peak, indicating that the recent doubling of the asset base via debt-funded newbuilds is diluting returns in the near term. Investors should monitor whether the contracted backlog translates into sustained high utilization to drive ROIC back towards levels that justify the capital intensity.
Leverage Surge Funds Fleet Expansion
The debt-to-equity ratio surged to 0.90 in Q2 2026 from 0.24 in Q1 2024, indicating the aggressive newbuild program is heavily debt-financed and has materially increased the company's financial risk profile.
The leverage increase is a direct result of the strategic decision to invest in next-generation vessels, but it has compressed interest coverage to 6.18x in Q2 2026 from a peak of 22.61x in Q4 2024. While coverage remains adequate, the trajectory warrants monitoring, especially if project delays or a downturn in day rates occur. The balance sheet has shifted from a fortress position to a strained one, limiting financial flexibility for further opportunistic investments or weathering a cyclical downturn.
Working Capital Volatility Masks Cash Conversion
The cash conversion cycle has been highly erratic, swinging from -63 days in Q2 2024 to 115 days in Q1 2025, reflecting the lumpy nature of project-based cash flows and the significant impact of mobilization fees on working capital.
The volatility in Days Sales Outstanding (DSO), from 69 to 185 days, highlights the uneven timing of cash receipts relative to revenue recognition under the percentage-of-completion method. The company's ability to extend Days Payable Outstanding (DPO) to 137 days in Q2 2024 provided a temporary cash buffer, but this has since normalized. The erratic CCC underscores that reported earnings are a poor proxy for near-term cash generation, and investors should focus on the underlying contracted backlog and vessel schedule for a clearer view of operational efficiency.
The Misleading Nature of P/E in a Cyclical Peak
The current P/E ratio of 7.11 appears exceptionally low but is likely misleading, as it is based on peak earnings from a period of near-perfect utilization that may not be sustainable through the cycle.
For a cyclical, asset-heavy business like offshore wind installation, the P/E ratio is most commonly misapplied because it uses a peak-cycle earnings figure as the denominator. The more appropriate metric is EV/EBITDA, which at 8.89x is more reflective of the asset base's earning power and is less distorted by the high depreciation charges on the new fleet. Furthermore, the P/E ratio obscures the significant negative free cash flow and the capital-intensive nature of the business, which require constant reinvestment to maintain competitive positioning. Analysts should instead focus on the EV/EBITDA relative to the contracted backlog and vessel utilization to assess true valuation.