CDLRNYSEDeep Sea Foreign Transportation of FreightFiscal year ends December 31
Cadeler A/S
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 24, 2026
$21.94+0.21 (+0.97%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2020 to 2025
Gross margin
61.8%
Operating margin
51.2%
Net margin
45.2%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +149.4% | +80.0% | – | – | |
| Gross profit | +208.1% | +88.9% | – | – | |
| Operating income | +357.6% | +97.6% | – | – | |
| Net income | +330.6% | +99.0% | – | – | |
| EPS, diluted | +315.8% | +53.1% | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 20.5% | |
| Return on assets | – | – | 10.5% | |
| Current ratio | – | – | 1.11 | |
| Debt to equity | – | – | 1.07 | |
| Net debt to EBITDA | – | – | 3.43× | |
| Interest coverage | – | – | 8.5× | |
| Inventory turnover | – | – | 103.4× | |
| Capex to revenue | – | – | 199.2% | |
| Diluted shares | – | – | 355M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cadeler A/S generated €609.92M from operations and spent €2.31B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
€609.92M
Used
€2.31B
Capital expenditure€2.31B100%Dividends€00%Share buybacks€3.00M0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin45.2%
×Asset turnover0.23×
×Equity multiplier1.96×
=Return on equity, FY202520.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 45.2% | 0.23× | 1.96× | 20.5% |
| FY2024 | 26.2% | 0.16× | 1.45× | 5.9% |
| FY2023 | 10.6% | 0.11× | 1.28× | 1.5% |
| FY2022 | 33.4% | 0.19× | 1.26× | 8.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero€280.18M
- Cash generatingOperating cash flow above zero€394.20M
- Return on assets improvedROA up on the prior year5.2% → 14.5%
- Earnings backed by cashOperating cash flow above net income€394.20M vs €280.18M
- Less leverageLong-term debt to assets fell27.9% → 43.7%
- Better liquidityCurrent ratio rose1.47 → 1.11
- No dilutionShare count did not rise347M → 355M
- Gross margin improvedGross margin up on the prior year50.06% → 61.84%
- More efficientAsset turnover rose0.20 → 0.32