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Marine shipping · Industrials · Fiscal year ends Dec 31 · Reports in EUR
Cadeler A/S reported revenue of EUR 620M in the fiscal year ended Dec 2025, up 149.4% from the year before. Operating income was EUR 318M, an operating margin of 51.2%, and net income was EUR 280M. Operating cash flow of EUR 394M less capital expenditure of EUR 1.2B left free cash flow of −EUR 841M. Net debt was EUR 1.5B.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 60.9 | 106 | 109 | 249 | 620 |
| Cost of revenue | 38.9 | 49.5 | 59.9 | 124 | 237 |
| Gross profit | 22.1 | 56.9 | 48.8 | 125 | 384 |
| Operating income | 11.1 | 41.2 | 14.4 | 69.4 | 318 |
| Interest expense | 5.5 | 1.0 | 4.5 | 7.2 | 37.4 |
| Pre-tax income | 7.4 | 35.5 | 11.5 | 67.5 | 288 |
| Income tax | −0.0 | – | 0.0 | 2.4 | 7.7 |
| Net income | 7.5 | 35.5 | 11.5 | 65.1 | 280 |
| Diluted EPS | 0.06 | 0.22 | 0.06 | 0.19 | 0.79 |
| Diluted shares | 131 | 164 | 203 | 347 | 355 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2.3 | 19.0 | 96.6 | 51.3 | 152 |
| Receivables | 19.5 | 18.2 | 30.6 | 63.0 | 139 |
| Inventory | 0.4 | 0.5 | 1.8 | 1.0 | 3.5 |
| Current assets | 24.6 | 59.5 | 147 | 181 | 390 |
| Net PP&E | 399 | 606 | 1,086 | 1,712 | 2,937 |
| Total assets | 425 | 670 | 1,253 | 1,937 | 3,417 |
| Payables | 9.7 | 8.8 | 32.6 | 43.6 | 98.2 |
| Deferred revenue | 15.2 | 1.8 | 12.1 | 45.6 | 129 |
| Current liabilities | 53.9 | 11.8 | 53.6 | 124 | 351 |
| Short-term debt | 28.6 | 0.8 | 0.8 | 31.2 | 116 |
| Long-term debt | 44.5 | 114 | 205 | 540 | 1,495 |
| Total liabilities | 99.5 | 129 | 294 | 703 | 1,913 |
| Shareholders' equity | 325 | 541 | 959 | 1,234 | 1,504 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 30.2 | 29.0 | 63.4 | 93.1 | 394 |
| Capital expenditure | 163 | 225 | 66.9 | 616 | 1,236 |
| Free cash flow | −133 | −196 | −3.5 | −522 | −841 |
| Depreciation & amortisation | 0.4 | 1.0 | 0.5 | 2.5 | 3.5 |
| Stock-based compensation | 0.4 | 0.4 | 1.1 | 1.7 | 2.1 |
| Share buybacks | – | – | 0.0 | 1.3 | 1.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 74.6% | 2.1% | 129.0% | 149.4% |
| Operating income growth (YoY) | – | 270.0% | −64.9% | 380.8% | 357.6% |
| EPS growth (YoY) | – | 266.7% | −72.7% | 216.7% | 315.8% |
| 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% |
| Return on equityBlank when equity is negative | 2.3% | 6.6% | 1.2% | 5.3% | 18.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.0% | 6.3% | 1.2% | 3.8% | 10.4% |
| Free cash flow margin | −217.8% | −183.8% | −3.2% | −210.0% | −135.6% |
| Cash conversion (CFO ÷ net income) | 4.05x | 0.82x | 5.51x | 1.43x | 1.41x |
| Receivable days | 117 | 63 | 103 | 92 | 82 |
| Inventory days | 4 | 4 | 11 | 3 | 5 |
| Payable days | 91 | 65 | 199 | 128 | 151 |
| Interest cover | 2.03x | 41.2x | 3.22x | 9.64x | 8.50x |
| Debt ÷ equity | 0.22x | 0.21x | 0.21x | 0.46x | 1.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 70.8 | 96.0 | 109 | 520 | 1,459 |
| Current ratio | 0.46x | 5.04x | 2.75x | 1.47x | 1.11x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.