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Cadeler A/s (CDLR) stock

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NYSE: CDLR NYSE Construction & Engineering

B Fundamentals grade

Cadeler A/s is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$13

Valuation models combined (2)

Base case. Range ~$12–$13. Weighted average of 2 models (residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Cadeler A/s valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds36 adding, 24 cuttingOf 10 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cadeler A/s files

Where Cadeler A/s stands after its latest Filing

Revenue for the twelve months was $701m, up 160.6% on a year earlier, faster than the 129.1% growth a quarter earlier. That growth ranks 2 of 43 among the construction & engineering companies we cover. Free-cash-flow margin rose to -135.6% from -217.8% a year earlier. Operating margin widened to 51.2% from 18.3%. The diluted share count is up 2.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks. Our valuation models combined value is $13.63 a share, against a share price of $28.76.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Cadeler A/s's trailing-twelve-month revenue grew 160.6% year on year, with a free-cash-flow margin of -135.6%. Where it stands out: gross margin of 61.8% ranks 1 of 39 construction & engineering companies we cover. Where it lags: free-cash-flow margin of -135.6% ranks 43 of 43 construction & engineering companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 68.3% while net income grew 349.9%: a 418pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 160.6% over the last 12 months, against a median of 21.2% for construction & engineering companies we cover.
  • Growth speeding up. The growth rate is 31.5 points higher than a quarter earlier.
  • High operating margin. 51.2% of revenue is left as operating profit, against a median of 4.1% for construction & engineering companies we cover.
  • Margins widening. Operating margin is up 23.3 points on a year ago.

Things to watch

  • Burning cash. Free cash flow was -135.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.2% in a year.
  • High debt. Long-term debt exceeds cash by $1.6bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -300% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 43.7% ranks 33 of 35 construction & engineering companies we cover (median 16.2%).
  • Below peers: days sales outstanding. Days sales outstanding of 85 days ranks 21 of 27 construction & engineering companies we cover (median 67 days).

Price chart

  • 1 day-4.4%
  • 1 week+12.4%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$701M
Operating margin
51.2%
Net margin
45.2%
EPS (TTM, diluted)
$3.57

Growth

Revenue growth
+160.6%
Change in growth rate
+31.5 pts
Share count change
+2.2%

Cash

Free cash flow (TTM)
-$951M
FCF margin
-135.6%
Stock pay % of revenue
0.3%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for CDLR from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cadeler A/s valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Cadeler A/s as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$77 ~$70–$120 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$13 ~$9.1–$20 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$12 ~$11–$14 Included
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: earnings are positive: price-to-earnings is the better measure
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$13 ~$12–$13 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cadeler A/s with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Cadeler A/s: too few analysts cover it.

Analyst recommendations

1 analysts, Nov 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202611

Counts of recommendations published by analysts covering Cadeler A/s, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.5%
of tradable shares
Days to cover
12.71
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
4%
of shares
Held by insiders
0.0%
of shares
Employees
1,126
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Cadeler A/s in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cadeler A/s
$0 $200M $400M $600M $800M FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY21 Q4: $72.1M Revenue (TTM), FY22 Q4: $112.1M Revenue (TTM), FY23 Q4: $117.5M Revenue (TTM), FY24 Q4: $269.1M Revenue (TTM), FY25 Q4: $701.4M $701.4M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY21 Q4 $72.1M
FY22 Q4 $112.1M
FY23 Q4 $117.5M
FY24 Q4 $269.1M
FY25 Q4 $701.4M
Revenue growth, TTM YoY Cadeler A/s
0% 50% 100% 150% 200% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY22 Q4: 55.5% Revenue growth, TTM YoY, FY23 Q4: 4.8% Revenue growth, TTM YoY, FY24 Q4: 129.1% Revenue growth, TTM YoY, FY25 Q4: 160.6% 160.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY22 Q4 55.5%
FY23 Q4 4.8%
FY24 Q4 129.1%
FY25 Q4 160.6%
Operating margin (TTM) Cadeler A/s
0% 20% 40% 60% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY21 Q4: 18.3% Operating margin (TTM), FY22 Q4: 38.7% Operating margin (TTM), FY23 Q4: 13.3% Operating margin (TTM), FY24 Q4: 27.9% Operating margin (TTM), FY25 Q4: 51.2% 51.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q4 18.3%
FY22 Q4 38.7%
FY23 Q4 13.3%
FY24 Q4 27.9%
FY25 Q4 51.2%
FCF margin (TTM) Cadeler A/s
-300% -200% -100% 0% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY21 Q4: -217.8% FCF margin (TTM), FY22 Q4: -183.8% FCF margin (TTM), FY23 Q4: -3.2% FCF margin (TTM), FY24 Q4: -210.0% FCF margin (TTM), FY25 Q4: -135.6% -135.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q4 -217.8%
FY22 Q4 -183.8%
FY23 Q4 -3.2%
FY24 Q4 -210.0%
FY25 Q4 -135.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 72 112 117 269 701
Gross profit 26 60 53 135 434
EBITDA 14 44 16 78 363
Operating income 13 43 16 75 359
Net income 9 37 12 70 317
Diluted EPS $0.28 $0.93 $0.26 $0.82 $3.57
Growth (year on year)
Revenue — +55.5% +4.8% +129.1% +160.6%
EBITDA — +225.5% −63.6% +380.7% +366.5%
Operating income — +229.4% −64.0% +381.0% +378.1%
Net income — +324.7% −66.8% +466.1% +349.9%
Diluted EPS — +226.5% −72.0% +216.8% +334.5%
Margins
Gross margin 36.2% 53.5% 44.9% 50.1% 61.8%
EBITDA margin 19.0% 39.7% 13.8% 28.9% 51.8%
Operating margin 18.3% 38.7% 13.3% 27.9% 51.2%
Net margin 12.2% 33.4% 10.6% 26.2% 45.2%
Free-cash-flow margin −217.8% −183.8% −3.2% −210.0% −135.6%
Cash flow
Cash from operations 36 31 69 101 446
Capital spending 193 237 72 666 1,397
Free cash flow −157 −206 −4 −565 −951
Stock-based pay −0 0 1 2 2
Free cash flow after stock pay −157 −206 −5 −567 −954
Balance sheet
Cash 3 20 107 53 178
Total debt 83 123 227 591 1,990
Net debt (negative = net cash) 80 103 121 538 1,812
Diluted shares 33m 41m 51m 87m 89m
Returned to shareholders
Buybacks — — 0 1 2
Total returned — — 0 1 2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · December 31, 2025
What it owns · $4.0bn
Short-term assets $458mLonger-term assets $3.6bn
What it owes, and who funded it · $4.0bn
Short-term liabilities $412mLonger-term liabilities $1.8bnShareholders' equity $1.8bn
  • Short-term assets cover short-term liabilities $458m of assets due within a year against $412m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $458m short-term assets against $1.8bn of longer-dated liabilities.
  • More cash than debt $178m of cash against $1.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 107% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $446m of operating cash flow against $1.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $359m against $843,444 of interest.

From Cadeler A/s's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$1.9M
Returned to shareholders
-0%
of free cash flow
Buybacks, last 3 fiscal years
$3.3M
Diluted share count
+2.2%
year over year
Total shareholder yield
0.1%
dividends 0.0% + buybacks 0.1% of market value
Days sales outstanding
85 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated CDLR LMB SLND MTRX ORN ESOA Median
Revenue, last 12 months $701m $684m $603m $874m $928m $467m $1.5bn
Revenue growth, last 12 months 160.6% 23.7% −32.7% 13.6% 11.0% 21.2% 21.2%
Revenue growth, 3-year average — 10.1% −19.6% 3.2% 9.5% 20.4% 11.3%
Revenue growth, latest quarter — 21.9% −47.4% 13.0% 13.8% 25.5% 26.9%
Gross margin 61.8% 23.6% −44.1% 7.3% 11.8% 11.8% 13.0%
Operating margin 51.2% 5.7% −54.6% −1.1% 1.2% 3.9% 4.1%
Operating margin, 3-year average — 6.5% −21.9% −3.3% 1.2% 3.6% 5.4%
Net margin 45.2% 4.4% −67.0% −0.3% 0.6% 1.9% 1.9%
Cash from operations / revenue 63.5% 7.7% −25.9% 0.8% 0.3% 2.2% 4.4%
Free-cash-flow margin −135.6% 7.4% −26.1% 0.2% −4.1% 1.2% 2.3%
Free-cash-flow margin, 3-year average — 6.3% −9.3% 7.8% −0.1% 2.5% 5.5%
Stock pay / revenue 0.3% 1.1% — 0.8% 0.7% 0.0% 0.7%
Change in share count 2.2% −0.3% 6.0% 1.9% 2.2% 4.5% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 160.6% 21.2% 2 of 43
Change in growth rate Growth +31.5pp +3.2pp 6 of 43
Gross margin Profitability 61.8% 11.8% 1 of 39
Operating margin Profitability 51.2% 4.1% 1 of 39
Net margin Profitability 45.2% 2.1% 1 of 42
Free-cash-flow margin Cash generation -135.6% 2.3% 43 of 43
Stock pay as % of revenue Cash generation 0.3% 0.7% 9 of 33
Long-term debt as % of assets Balance sheet 43.7% 16.2% 33 of 35
Change in share count Balance sheet 2.2% 1.9% 26 of 40
Days sales outstanding Balance sheet 85 days 67 days 21 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$68M
Institutions reporting
60
Shares held vs prior quarter
▼ 7.1%
Positions opened / closed
15 / 11

Top buyers and sellers, Q2 2026: 36 institutions bought and 24 sold ; the biggest buyer was Renaissance Technologies LLC (+47K shares) and the biggest seller Condire Management, LP (−84K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Condire Management, LP $11.8M 540K 17.4% ▼ 13.5%
Valueworks LLC $11M 504K 16.2% ▲ 0.2%
Storebrand Asset Management As $8.3M 381K 12.3% 0.0%
Invesco Ltd. $7.3M 333K 10.7% ▲ 14.2%
Franklin Resources Inc $4.1M 185K 6.0% ▲ 1.3%
Susquehanna International Group, LLP $3.2M 146K 4.7% ▲ 0.1%
Qube Research & Technologies Ltd $2.4M 110K 3.5% ▲ 40.0%
Yaupon Capital Management LP $2.2M 101K 3.3% ▲ 5.4%
Dimensional Fund Advisors LP $2.1M 95K 3.1% ▼ 36.6%
DNB Asset Management As $1.7M 77K 2.5% 0.0%
Renaissance Technologies LLC $1.3M 59K 1.9% ▲ 408.6%
Citadel Advisors LLC $974,184 44K 1.4% ▼ 62.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cadeler A/s's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Cadeler A/s was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cadeler A/s in brief

What does Cadeler A/s do?
Cadeler A/s is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Cadeler A/s's stock ticker?
Cadeler A/s trades under the ticker CDLR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cadeler A/s's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cadeler A/s reported revenue of $701M, 160.6% higher than a year earlier, according to its SEC filings.
What is Cadeler A/s's free cash flow?
Cadeler A/s's free-cash-flow margin is -135.6% of revenue over the trailing twelve months, ranking 43 of the 43 construction & engineering companies we cover.
Who are Cadeler A/s's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Condire Management, LP, Valueworks LLC and Storebrand Asset Management As. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cadeler A/s buying back stock, and does it pay a dividend?
Cadeler A/s spent $1.9M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.2% over the year.
How much debt does Cadeler A/s have?
Cadeler A/s's debt-to-equity ratio is 107.1%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Cadeler A/s's competitors?
In our Construction & Engineering peer group, the companies closest to Cadeler A/s are Limbach Holdings, Inc., Southland Holdings, Inc., Matrix Service Co, Orion Group Holdings Inc and Energy Services Of America Corp. The side-by-side comparison below sets their revenue, margins and growth against Cadeler A/s's.