Cadeler A/s key statistics and ratios

In fiscal 2025, Cadeler A/s had return on equity of 20.8%, an operating margin of 51.2%, debt equal to 112.8% of equity and a current ratio of 1.11. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Cadeler A/s: financial ratios, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	36.2%	53.5%	44.9%	50.1%	61.8%
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%
Return on equity	2.4%	7.9%	1.5%	6.0%	20.8%
Return on assets	1.8%	6.3%	1.2%	4.2%	10.5%
Asset turnover	0.15	0.19	0.11	0.16	0.23
Current ratio	0.46	5.04	2.75	1.47	1.11
Debt to equity	22.5%	21.3%	21.4%	46.3%	112.8%
Interest cover (operating income ÷ interest)	—	—	—	162.3x	—
Effective tax rate	−0.2%	—	0.0%	3.6%	2.7%
Capital spending as % of revenue	267.4%	211.0%	61.6%	247.5%	199.2%
Free cash flow ÷ net income	<−999%	−550.3%	−30.6%	−802.9%	−300.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Cadeler A/s's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cadeler A/s.