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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
Employees
659
Website
Financials (LTM)
EV
$4B
Cadeler Financials
Cadeler reported last 12-month revenue of $823M and EBITDA of $513M.
In the same LTM period, Cadeler generated $536M in gross profit, $513M in EBITDA, and $317M in net income.
Revenue (LTM)
Cadeler P&L
In the most recent fiscal year, Cadeler reported revenue of $293M and EBITDA of $149M.
Cadeler expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $823M | XXX | $293M | XXX | XXX | XXX |
| Gross Profit | $536M | XXX | $147M | XXX | XXX | XXX |
| Gross Margin | 65% | XXX | 50% | XXX | XXX | XXX |
| EBITDA | $513M | XXX | $149M | XXX | XXX | XXX |
| EBITDA Margin | 62% | XXX | 51% | XXX | XXX | XXX |
| EBIT Margin | 44% | XXX | 28% | XXX | XXX | XXX |
| Net Profit | $317M | XXX | $77M | XXX | XXX | XXX |
| Net Margin | 39% | XXX | 26% | XXX | XXX | XXX |
| Net Debt | — | — | $603M | XXX | XXX | XXX |
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 $6.30.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $4B | $2B | -0.1% | XXX | XXX | XXX | $0.20 |
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Start Free TrialCadeler Valuation Multiples
Cadeler trades at 5.1x EV/Revenue multiple, and 8.1x EV/EBITDA.
EV / Revenue (LTM)
Cadeler Financial Valuation Multiples
As of April 19, 2026, Cadeler has market cap of $2B and EV of $4B.
Equity research analysts estimate Cadeler's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Cadeler has a P/E ratio of 7.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV (current) | $4B | XXX | $4B | XXX | XXX | XXX |
| EV/Revenue | 5.1x | XXX | 14.2x | XXX | XXX | XXX |
| EV/EBITDA | 8.1x | XXX | 27.9x | XXX | XXX | XXX |
| EV/EBIT | 11.6x | XXX | 51.0x | XXX | XXX | XXX |
| EV/Gross Profit | 7.8x | XXX | 28.4x | XXX | XXX | XXX |
| P/E | 7.7x | XXX | 31.7x | XXX | XXX | XXX |
| EV/FCF | (6.0x) | XXX | (6.8x) | XXX | XXX | XXX |
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Verified Cadeler Valuation Multiples
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Cadeler Margins & Growth Rates
Cadeler's revenue in the last 12 month grew by 42%.
Cadeler's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.
Cadeler's rule of 40 is 101% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Cadeler's rule of X is 175% (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).
Cadeler Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 42% | XXX | 145% | XXX | XXX | XXX |
| EBITDA Margin | 62% | XXX | 51% | XXX | XXX | XXX |
| EBITDA Growth | 24% | XXX | 229% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 101% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 175% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 20% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 0% | XXX | — | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 22% | XXX | XXX | XXX |
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Cadeler Public Comps
See public comps and valuation multiples for other Energy Services and Renewable Energy comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Cadeler | XXX | XXX | XXX | XXX | XXX | XXX |
| Bekaert | XXX | XXX | XXX | XXX | XXX | XXX |
| NCC | XXX | XXX | XXX | XXX | XXX | XXX |
| Andersons | XXX | XXX | XXX | XXX | XXX | XXX |
| Electra | XXX | XXX | XXX | XXX | XXX | XXX |
| Per Aarsleff Holding | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Cadeler M&A Activity
Cadeler acquired XXX companies to date.
Last acquisition by Cadeler was on XXXXXXXX, XXXXX. Cadeler acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Cadeler
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialCadeler Investment Activity
Cadeler invested in XXX companies to date.
Cadeler made its latest investment on XXXXXXXX, XXXXX. Cadeler invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Cadeler
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout 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 are Bekaert, NCC, Andersons, Electra. |
| 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 $823M. |
| What is the current revenue growth of Cadeler? | Cadeler revenue growth (NTM/LTM) is 42%. |
| What is the current EV/Revenue multiple of Cadeler? | Current revenue multiple of Cadeler is 5.1x. |
| Is Cadeler profitable? | Yes, Cadeler is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Cadeler? | Cadeler's last 12 months EBITDA is $513M. |
| What is Cadeler's EBITDA margin? | Cadeler's last 12 months EBITDA margin is 62%. |
| What is the current EV/EBITDA multiple of Cadeler? | Current EBITDA multiple of Cadeler is 8.1x. |
| What is the current FCF of Cadeler? | Cadeler's last 12 months FCF is ($692M). |
| What is Cadeler's FCF margin? | Cadeler's last 12 months FCF margin is (84%). |
| What is the current EV/FCF multiple of Cadeler? | Current FCF multiple of Cadeler is (6.0x). |
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