olivLaw · European equity research
Vestas Wind Systems A/S VWS.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061539921 · Vertical: Listed companies from Denmark
Vestas Wind Systems is a Danish manufacturer of wind turbines with power and service divisions, now in a phase of higher deliveries and improving margins. In the first half of 2026 the company reported revenue of 8689 mEUR, and for 2026 it raised its EBIT margin target before special items to 7-9 percent, making it relevant to the energy transition in Europe and the Americas.
At the close of 05 Nov 2026, Vestas Wind Systems A/S (VWS.CO) stock was 205.20 DKK (+1.03% on the day), with beta 0.74, 52-week range 148.15–219.10 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 63.4
- strong (55–70)
- Bollinger (20, 2)
- 179.65 – 201.41
- above the upper band · %B 1.17 · band width 11.4%
- SMA 50 / 200
- 199.33 / 184.78
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.82 / -1.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | +0.4% | +4.7 pp | — |
| 3 months | +16.5% | −3.3% | +19.8 pp | — |
| 6 months | +6.0% | +4.0% | +2.0 pp | — |
| Year to date | +18.3% | +8.1% | +10.2 pp | — |
| 1 year | +36.8% | +10.7% | +26.1 pp | −6.5% |
| 3 years | +26.0% | +50.1% | −24.0 pp | +1.4% |
| 5 years | −2.3% | +43.6% | −45.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.8 bn | 4.4 bn | 3.5 bn | esef· 02 Sept 2026verified |
| Inventories | — | 5.7 bn | 6.2 bn | esef· 02 Sept 2026verified |
| Current assets | — | 16.8 bn | 17.4 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 2.8 bn | 3.1 bn | esef· 02 Sept 2026verified |
| Goodwill | — | 1.5 bn | 1.6 bn | esef· 02 Sept 2026verified |
| Total assets | — | 25.7 bn | 26.7 bn | esef· 02 Sept 2026verified |
| Long-term debt | — | 2.6 bn | 3.2 bn | esef· 02 Sept 2026verified |
| Current liabilities | — | 16.8 bn | 17.0 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 21.9 bn | 22.8 bn | esef· 02 Sept 2026verified |
| Equity | 3.5 bn | 3.9 bn | 4.0 bn | esef· 02 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial19/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VESTAS WIND SYSTEMS A/S (VWS.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for VWS.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vestas Wind Systems is a Danish manufacturer of wind turbines with power and service divisions, now in a phase of higher deliveries and improving margins. In the first half of 2026 the company reported revenue of 8689 mEUR, and for 2026 it raised its EBIT margin target before special items to 7-9 percent, making it relevant to the energy transition in Europe and the Americas.
SWOT
Strengths
- The company has global scale, a large installed base and an order backlog that gives visibility on future revenue.
- The financial position is solid, with low net debt against EBITDA and the ability to fund investment from cash flow.
- The turbine and service divisions complement each other, allowing recurring revenue from maintaining existing installations.
Weaknesses
- Margins were below desired levels for a long time, and their recovery depends on project execution and cost discipline.
- The Service segment saw lower contract activity, indicating pressure on recurring revenue.
- Free cash flow stayed negative in the first half, due to production investment and working capital.
Opportunities
- Rising demand for wind energy in Europe and the Americas could support new orders over the medium term.
- A large development pipeline, concentrated in Asia Pacific and the Americas, provides a base for future orders.
- Acquiring blade manufacturing activities in several countries could lower costs and bring production closer to key markets.
Threats
- Trade tariffs and geopolitical instability can raise costs and delay projects.
- Competition from lower-cost Asian manufacturers could reduce price per MW in onshore projects.
- Delays in grid connection and missing permits can postpone deliveries and related revenue.
Risks
- Offshore project executionhigh
Offshore projects are complex, and cost overruns or delays could affect the margin of the Power Solutions segment.
- Price pressure in the Americasmedium
Orders with low scope have reduced the average price per MW, which could limit margin if the trend continues.
- Service segment activitymedium
Fewer contracts in Europe and the Americas can reduce recurring revenue and prolong the segment's recovery period.
- Currency and tariff riskmedium
Currency movements and trade tariffs can affect reported revenue and the cost of imported components.
- Warranty and service costslow
Warranty costs could rise if manufacturing defects appear at scale, which would affect profitability.
Investment thesis
What would need to be true (bull case)
- If project execution holds and cost savings materialise, the EBIT margin could exceed the updated target for 2026.
- Rising orders and a large development pipeline could support revenue in the coming years.
- The solid financial position allows investment in production and share buy-back programmes without straining the balance sheet.
What would break the thesis
- If price pressure in the Americas continues, margins could stay below expectations even with higher volumes.
- Negative free cash flow in the first half could signal reliance on external funding if investment stays high.
- A decline in Service activity could signal weaker recurring revenue, with long-term effects on profitability.
What to watch
- Delivery of the 7-9 percent EBIT margin target before special items2026
- Evolution of onshore turbine orders in the Americas and the average price per MWQ3 2026
- Recovery of Service segment activity and implementation of its recovery plan2026
- Free cash flow and total investment against the approximately 1.2bn EUR estimate2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vestas designs, manufactures, delivers and services wind turbines for onshore and offshore parks, from Denmark and with factories in several regions. Activity is split between the Power Solutions division, which delivers turbines and projects, and the Service division, which maintains installations already in operation. The second quarter 2026 report shows revenue of 4723 mEUR in the quarter and a total installed capacity of 207 GW in 88 countries 1.
The company works with long-term contracts, and revenue is recognised as control passes to the customer, either at a point in time or over time. The turbine order backlog and the service backlog give visibility on future revenue 1.
The capital structure is solid, with a net interest-bearing position close to neutral against EBITDA, so net debt does not stress the balance sheet. The company issued a Eurobond in March 2026 and announced a new share buy-back programme 1.
Segments
Service
The Service segment maintains and repairs existing installations and has a higher EBIT margin before special items than the turbine segment. In the second quarter of 2026 revenue fell slightly, which the company attributes to lower contract activity while its service recovery plan progresses 1.
Market context
The wind market depends on orders for new parks, grid transmission capacity and national energy policy. Onshore turbine orders were concentrated in the Americas in the second quarter, while offshore projects remained limited to contracts already signed, showing that the market reacts unevenly across regions 1.
Deliveries in the second quarter were largest in Germany, France and the United Kingdom, and the United States remained important. The development pipeline, led by Asia Pacific and the Americas, suggests medium-term demand could stay high, provided grids and permits keep pace 1.
Trends
- Margin recovery in manufacturingtailwind
Better project execution and progress in ramping up production of the V236-15.0 MW platform supported stronger gross margins. If this trend holds, margins could remain above earlier levels.
- Geopolitical and tariff uncertaintyheadwind
The company warns that geopolitical risks and tariffs may create uncertainty for business, and its forecast assumes the global environment will not change significantly. Such conditions could delay projects or raise supply chain costs.
- Growth in onshore orders in the Americasmixed
Onshore orders in the Americas rose strongly in the second quarter, but at a lower average price per MW because of low-scope projects. Higher volume can support revenue, while price pressure could limit margin.
- Operating model reset programmemixed
The Operating Model Reset programme produced special items in the second quarter, and cost savings aim to reduce distribution and administration expenses. If the savings materialise they could support medium-term profitability, though restructuring costs weigh in the short term.
Competitive position
The wind turbine market has a few large global manufacturers, and competition is fought on price, technology, production capacity and maintenance quality. Competitive pressure is felt mostly in onshore projects, where price per MW matters a great deal to customers.
The company differentiates itself through global scale, a large installed base and its service portfolio, which can keep customers after commissioning. For offshore projects, execution capacity and logistics experience are decisive criteria, which favours established players 1.
- Siemens Gamesa
Competing turbine manufacturer for onshore and offshore projects, with major activity in Europe and Asia, competing directly in project tenders.
- GE VernovaGEV
Wind division with a strong presence in the United States, competing for onshore orders and in the service segment.
- Nordex
German onshore turbine manufacturer competing mainly in European markets on price and delivery timing.
- Goldwind
Chinese manufacturer with high delivery volumes, competing especially in Asian markets and on lower-cost projects.
News & filings
In the press
- Acta Marine Christens Vestas - Chartered CSOV NewbuildSurge — GDELT DOC · 02 Oct 2026 · RO
- Vestas CEO Says EU Prevents Mergers Needed to Compete GloballyBloomberg Markets · 12 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Vestas Wind Systems A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.