Rankings Grid & electrical equipment Vestas
Vestas
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- US politics and tariffs−5
- Margin−4
- Multiples vs own history−4
Strengths
- Raised guidance+2
- Buybacks+1
- Order book+1
How the score is built
From 100 to 86, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 194.15 DKK
- Median analyst target
- 234.96 DKK
- Upside to median
- +21.0%
- Analysts
- 25
- Target range
- 89.98 – 294.78 DKK
- 52-week change
- +45%
- P/E (trailing)
- 24.4
- Forward P/E
- 17.7
- PEG
- 0.48
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−11 of −30
- −4MarginOperating margin 7.7% and net margin 5.4% (TTM); gross margin only 14.7%. Guidance of 7–9% EBIT margin for 2026 is still below the over-10% level of 2016–2018, and the margin was −6.6% as recently as 2022.
- −2Quality of growthGrowth comes from Power Solutions (turbines), while the high-margin Service business fell 5% y/y in Q2 to EUR 896m; revenue has only grown from EUR 15.6bn to 20.3bn since 2021 (about 6% a year).
- −3Future segmentOffshore – the segment meant to carry growth – remains loss-making throughout 2026, with profit in 2027 at the earliest, and there were no offshore orders in Q2.
- −2MoatChinese manufacturers sell turbines at about USD 400,000/MW vs about EUR 1m/MW at Vestas; Goldwind, Envision, Windey and Mingyang each install more than Vestas globally. Vestas' average price fell to EUR 1.0m/MW from 1.11 a year earlier.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −4Multiples vs own historyP/E 24.9 (TTM) and forward P/E 18 vs 13.4–23.9 forward in 2024–2025; EV/EBITDA 11.1 vs 12.6–15.1; P/B 6.6 and P/TBV 59. Mid-range recently, but on a margin still below its historical level, and after +66% in a year.
- −3FCF yieldHistorical FCF yield 5.8%, but analysts expect FCF of only about EUR 0.99bn in 2026 (vs 1.47bn in 2025), about 3.8% of the DKK 194bn market value.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−12 of −35
- −5US politics and tariffsThe US tax credits require construction to start before July 2026, which could slow US orders from 2027; wind turbines are covered by the Section 232 tariff of 50% on steel and aluminium content, and a separate Section 232 investigation of wind turbines is under way.
- −2CompetitionChinese turbine makers are looking for European partners to enter the European market (Sept 2026), which could push prices down further, even though the UK has blocked Mingyang.
- −2Warranty provisionsWarranty costs of EUR 141m in Q2, 3% of revenue – still a noticeable drag on the margin.
- −2One-off itemsThe Q2 margin was helped by one-off benefits in project execution that are not expected to repeat in H2; adjusted EBIT of EUR 446m was more than double consensus, so the quarter overstates the underlying level.
- −1
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Raised guidanceEBIT margin before special items for 2026 raised to 7–9% from 6–8% after Q2; revenue guidance of EUR 20–22bn maintained.
- +1BuybacksNew buyback programme of EUR 400m (13 Aug to year-end); the share count has fallen from 1,006m to 983m since 2023.
- +1Order bookTotal order book of EUR 76.9bn (about 3.8 years of revenue) and order intake of 3.3 GW in Q2, +67% y/y.
Caveats
What the score does not capture, or where the data is weak.
Accounts in EUR, price in DKK. The Q2 margin of 9.4% was lifted by one-offs that management itself says will not recur in H2. stockanalysis shows +5% in share count, but the balance sheet shows a fall from 1,006 to 983m shares (buybacks) – no deduction has been made for dilution.
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