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Cadeler Valuation Multiples

Discover Cadeler's revenue and EBITDA valuation multiples and M&A history, alongside public comparables like Andersons, Societatea Energetica, Gulf Navigation Holding, Aktor Group and more.

Cadeler Overview

About Cadeler

Cadeler AS is an offshore wind farm vessel contractor. It is engaged in offshore wind farm construction, maintenance, and decommissioning and provides marine and engineering operations to the wind industry, focusing on safety and the environment. The company operates six offshore jack-up wind farm installation vessels. In addition to wind farm installation, these vessels can perform maintenance, construction, decommissioning, and other tasks within the offshore industry.


Founded

2008

HQ

Denmark

Employees

659

Financials (LTM)

Revenue: $854M
EBITDA: $511M

EV

$4B

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Cadeler Financials

Cadeler reported last 12-month revenue of $854M and EBITDA of $511M.

In the same LTM period, Cadeler generated $543M in gross profit, $511M in EBITDA, and $303M in net income.

Revenue (LTM)


Cadeler P&L

In the most recent fiscal year, Cadeler reported revenue of $723M and EBITDA of $492M.

Cadeler is profitable as of last fiscal year, with gross margin of 62%, EBITDA margin of 68%, and net margin of 45%.

See analyst estimates for Cadeler
LTMLast FY202320242025202620272028
Revenue$854M$723M$127M$290M$723M
Gross Profit$543M$447M$57M$145M$447M
Gross Margin64%62%45%50%62%
EBITDA$511M$492M$44M$148M$486M
EBITDA Margin60%68%34%51%67%
EBIT Margin43%51%20%28%50%
Net Profit$303M$326M$13M$76M$326M
Net Margin35%45%11%26%45%
Net Debt-$2B---

Financial data powered by Morningstar, Inc.

Cadeler Stock Performance

Cadeler has current market cap of $2B, and enterprise value of $4B.

Market Cap Evolution


Cadeler's stock price is $6.42.

Cadeler share price increased by 22.9% in the last year.

Cadeler has an EPS (earnings per share) of $0.85.

See more trading valuation data for Cadeler
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$4B$2B0.0%0.0%7.1%22.9%$0.85

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Cadeler Valuation Multiples

Cadeler trades at 4.8x EV/Revenue multiple, and 8.0x EV/EBITDA.

See NTM and 2027E valuation multiples for Cadeler

EV / Revenue (LTM)


Cadeler Financial Valuation Multiples

As of June 2, 2026, Cadeler has market cap of $2B and EV of $4B.

Cadeler has a P/E ratio of 8.2x.

LTMLast FY202320242025202620272028
EV/Revenue4.8x5.6x32.3x14.1x5.6x
EV/EBITDA8.0x8.3x93.6x27.6x8.4x
EV/EBIT11.2x11.1x158.2x50.5x11.2x
EV/Gross Profit7.5x9.1x71.8x28.1x9.1x
P/E8.2x7.6x184.9x32.7x7.6x
EV/FCF(6.7x)(4.2x)n/m(6.7x)(4.2x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Cadeler Valuation Multiples

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Cadeler Margins & Growth Rates

Cadeler grew revenue by 44% and EBITDA by 9% in the last fiscal year.

In the most recent fiscal year, Cadeler reported gross margin of 62%, EBITDA margin of 68%, and net margin of 45%.

See estimated margins and future growth rates for Cadeler

Cadeler Margins

Last FY202420252026202720282029
Gross Margin62%50%62%56%
EBITDA Margin68%51%67%51%
EBIT Margin51%28%50%35%
Net Margin45%26%45%26%
FCF Margin(136%)(210%)(136%)(3%)

Cadeler Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth44%129%149%44%
Gross Profit Growth31%155%208%31%
EBITDA Growth9%239%229%10%
EBIT Growth(2%)214%350%(1%)
Net Profit Growth(16%)466%331%(16%)
FCF Growth(96%)14641%61%(96%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Cadeler Operational KPIs

Cadeler's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.1M for the same period.

Cadeler's Rule of 40 is 96% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cadeler's Rule of X is 162% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Cadeler
LTMLast FY202320242025202620272028
Rule of 4099%96%---
Bessemer Rule of X158%162%---
Revenue per Employee-$1.1M---
Opex per Employee-$0.1M---
S&M Expenses to Revenue-0%1%1%0%
G&A Expenses to Revenue11%12%23%20%11%
R&D Expenses to Revenue0%0%--0%
Opex to Revenue-11%25%22%11%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Andersons0.3x0.3x11.0x10.1x
Societatea Energetica1.8x-11.6x-
Gulf Navigation Holding33.0x-66.8x-
Aktor Group2.3x-20.7x-
Teekay Tankers1.6x2.3x3.5x3.8x
NRW Holdings1.1x0.9x10.5x8.1x
Viva Energy Australia0.3x0.3x13.3x10.0x
Bravida Holding0.8x0.8x10.1x10.0x

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Acquisitions by Cadeler

Cadeler has acquired 1 company to date.

Last acquisition by Cadeler was on June 16th 2023. Cadeler acquired Eneti for $584M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Cadeler

Eneti
Description
Eneti is a Hamilton-headquartered owner and operator of dry bulk carriers transporting commodities worldwide. Its fleet of 14 Kamsarmax and Ultramax vessels with 1.2 million deadweight tons capacity hauls coal, iron ore, and grains from Australia to Europe and Asia. Eneti charters ships to major trading houses under period time charters averaging 2-5 years.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date16 Jun 2023
Valuation$584M
EV/Revenue
EV/EBITDA

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About Cadeler

When was Cadeler founded?Cadeler was founded in 2008.
Where is Cadeler headquartered?Cadeler is headquartered in Denmark.
How many employees does Cadeler have?As of today, Cadeler has over 659 employees.
Who is the CEO of Cadeler?Cadeler's CEO is Mikkel Gleerup.
Is Cadeler publicly listed?Yes, Cadeler is a public company listed on Oslo Børs.
What is the stock symbol of Cadeler?Cadeler trades under CADLR ticker.
When did Cadeler go public?Cadeler went public in 2020.
Who are competitors of Cadeler?Cadeler main competitors include Andersons, Societatea Energetica, Gulf Navigation Holding, Aktor Group, Teekay Tankers, NRW Holdings, Viva Energy Australia, Bravida Holding, Indraprastha Gas, Petrol Group.
What is the current market cap of Cadeler?Cadeler's current market cap is $2B.
What is the current revenue of Cadeler?Cadeler's last 12 months revenue is $854M.
What is the current revenue growth of Cadeler?Cadeler revenue growth (NTM/LTM) is 39%.
What is the current EV/Revenue multiple of Cadeler?Current revenue multiple of Cadeler is 4.8x.
What is the current EBITDA of Cadeler?Cadeler's last 12 months EBITDA is $511M.
What is Cadeler's EBITDA margin?Cadeler's last 12 months EBITDA margin is 60%.
What is the current EV/EBITDA multiple of Cadeler?Current EBITDA multiple of Cadeler is 8.0x.
What is the current FCF of Cadeler?Cadeler's last 12 months FCF is ($605M).
What is Cadeler's FCF margin?Cadeler's last 12 months FCF margin is (71%).
What is the current EV/FCF multiple of Cadeler?Current FCF multiple of Cadeler is (6.7x).
How many companies Cadeler has acquired to date?As of June 2026, Cadeler has acquired 1 company.
What was the largest acquisition by Cadeler?$584M acquisition of Eneti on 16th June 2023 was the largest M&A Cadeler has done to date.
What companies Cadeler acquired?Cadeler acquired Eneti.
In how many companies Cadeler has invested to date?Cadeler hasn't invested in any companies yet (or none have been disclosed publicly).

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