Cadeler A/S
CDLR · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
B79Leading offshore-wind installation vessel operator posting top-tier margins and returns, with negative free cash flow driven by fleet-expansion capex rather than distress.
Strengths
- Top-tier profitability — net margin 45%, operating margin 51%, OCF margin 64% (94th pct), ROE 18.6% (85th) and revenue +182%
- Leading position with blue-chip customers, strong backlog and interest coverage 8.5x; no covenant breaches and adequate covenant headroom
Risks
- Heavy growth capex drove FCF to -$989M and reported cash runway to ~0.7 quarters; D/E 1.13
- Capital-intensive, cyclical, weather/seasonal business with small fleet concentration and China-shipyard (COSCO) delivery/geopolitical risk
Notable findings
- Cash burnNegative free cash flow (-988.8M)
Key metrics
Gross margin
61.8%
Operating margin
51.2%
Net margin
45.2%
Return on equity
18.6%
Return on assets
8.2%
ROIC
7.8%
Revenue growth (QoQ)
181.6%
Net-income growth
386.3%
Debt / equity
1.1×
Interest coverage
8.5×
Current ratio
1.1×
Free cash flow
-$989M
Tangible book value
$1.8B
Cash & investments
$178M
Cash runway
1q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-24 | 2025-12-31 | 0001978867-26-000022 ↗ |
| 20-F | 2025-03-25 | 2024-12-31 | 0001104659-25-027667 ↗ |
| 20-F | 2024-03-26 | 2023-12-31 | 0001104659-24-038836 ↗ |