NDX1 Stock Analysis: Nordex SE | XETRA
Specialty Industrial Machinery | XETRA, Germany | Market Cap: 8.707m EUR | 12M Return: 89.9% | DE000A0D6554 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 15.8M
Qual. Beats: 0
Rev. Trend: 92.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Nordex SE is a Hamburg-based German manufacturer of multi-megawatt onshore wind turbines, listed on the XETRA exchange under the ticker NDX1 and classified within the Industrials sector. The company operates through two segments: Projects (turbine sales) and Services (aftermarket support), a structure common among wind turbine original equipment manufacturers (OEMs) that combines one-off equipment revenue with more predictable, recurring service income from the installed fleet. Its product range centers on the Delta4000 and Delta series turbine platforms, and it serves markets across Europe, North America, and Latin America.
In addition to turbine manufacturing, Nordex provides project development, maintenance and repair, spare parts, remote monitoring, and technical upgrades for existing wind farms. The company was founded in 1985 and runs a production facility in Izmir, Türkiye, supporting its international manufacturing footprint. As a pure-play onshore wind OEM, Nordex competes in a capital-intensive segment of the broader renewable energy equipment industry, where scale, turbine efficiency, and the size of the serviced installed base are key competitive factors.
- US IRA tax credits drive record North America order intake
- Service segment revenue grows with expanding installed turbine base
- Steel and rare earth costs pressure turbine gross margins
| Net Income: 400.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 1.65 > 1.0 |
| NWC/Revenue: 9.18% < 20% (prev 0.70%; Δ 8.49% < -1%) |
| CFO/TA 0.14 > 3% & CFO 982.9m > Net Income 400.9m |
| Net Debt (-1.25b) to EBITDA (821.7m): -1.52 < 3 |
| Current Ratio: 1.17 > 1.5 & < 3 |
| Outstanding Shares: last quarter (259.7m) vs 12m ago 9.84% < -2% |
| Gross Margin: 17.90% > 18% (prev 24.01%; Δ -6.12% > 0.5%) |
| Asset Turnover: 125.8% > 50% (prev 126.6%; Δ -0.76% > 0%) |
| Interest Coverage Ratio: 7.86 > 6 (EBIT TTM 637.4m / Interest Expense TTM 81.1m) |
| A: 0.10 (Total Current Assets 4.94b - Total Current Liabilities 4.21b) / Total Assets 7.07b |
| B: 0.06 (Retained Earnings 459.4m / Total Assets 7.07b) |
| C: 0.10 (EBIT TTM 637.4m / Avg Total Assets 6.37b) |
| D: 0.26 (Book Value of Equity 1.45b / Total Liabilities 5.61b) |
| Altman-Z'' = 1.84 = BBB |
| DSRI: 1.24 (Receivables 1.55b/1.12b, Revenue 8.01b/7.17b) |
| GMI: 1.34 (GM 24.01% / 17.90%) |
| AQI: 0.83 (AQ_t 0.23 / AQ_t-1 0.28) |
| SGI: 1.12 (Revenue 8.01b / 7.17b) |
| TATA: -0.08 (NI 400.9m - CFO 982.9m) / TA 7.07b) |
| Beneish M = -2.54 (Cap -4..+1) = A |
As of September 08, 2026, the stock is trading at EUR 40.42 with a total of 1,126,455 shares traded. Over the past week, the price has changed by +7.10%, over one month by +4.07%, over three months by -0.54% and over the past year by +89.94%.
Current recommended Stop Loss: 38.60 (which is 4.5% or 1.3 ATR below the current price).
Nordex SE has no consensus analysts rating.
P/E Trailing = 22.4146
P/E Forward = 39.8406
P/S = 1.0869
P/B = 6.0074
P/EG = 1.4987
Revenue TTM = 8.01b EUR
EBIT TTM = 637.4m EUR
EBITDA TTM = 821.7m EUR
Long Term Debt = 278.2m EUR (from longTermDebt, last quarter)
Short Term Debt = 61.3m EUR (from shortTermDebt, last quarter)
Debt = 712.0m EUR (from shortLongTermDebtTotal, last quarter) + Leases 209.7m
Net Debt = -1.25b EUR (calculated: Debt 712.0m - CCE 1.96b)
Enterprise Value = 7.46b EUR (8.71b + Debt 712.0m - CCE 1.96b)
Interest Coverage Ratio = 7.86 (Ebit TTM 637.4m / Interest Expense TTM 81.1m)
EV/FCF = 9.32x (Enterprise Value 7.46b / FCF TTM 800.9m)
FCF Yield = 10.73% (FCF TTM 800.9m / Enterprise Value 7.46b)
FCF Margin = 10.00% (FCF TTM 800.9m / Revenue TTM 8.01b)
Net Margin = 5.00% (Net Income TTM 400.9m / Revenue TTM 8.01b)
Gross Margin = 17.90% ((Revenue TTM 8.01b - Cost of Revenue TTM 6.58b) / Revenue TTM)
Gross Margin QoQ = 26.85% (prev 12.36%)
Tobins Q-Ratio = 1.06 (Enterprise Value 7.46b / Total Assets 7.07b)
Interest Expense / Debt = 11.39% (Interest Expense 81.1m / Debt 712.0m)
Taxrate = 29.29% (165.9m / 566.6m)
NOPAT = 450.7m (EBIT 637.4m * (1 - 29.29%))
Current Ratio = 1.17 (Total Current Assets 4.94b / Total Current Liabilities 4.21b)
Debt / Equity = 0.49 (Debt 712.0m / totalStockholderEquity, last quarter 1.45b)
Debt / EBITDA = -1.52 (Net Debt -1.25b / EBITDA 821.7m)
Debt / FCF = -1.56 (Net Debt -1.25b / FCF TTM 800.9m)
Total Stockholder Equity = 1.28b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.29% (Net Income 400.9m / Total Assets 7.07b)
RoE = 31.25% (Net Income TTM 400.9m / Total Stockholder Equity 1.28b)
RoCE = 40.84% (EBIT 637.4m / Capital Employed (Equity 1.28b + L.T.Debt 278.2m))
RoIC = 17.86% (NOPAT 450.7m / Invested Capital 2.52b)
WACC = 7.13% (E(8.71b)/V(9.42b) * Re(7.05%) + D(712.0m)/V(9.42b) * Rd(11.39%) * (1-Tc(0.29)))
Discount Rate = 7.05% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 71.36 | Cagr: 4.26%
[DCF] Terminal Value 77.97% ; FCFF base≈700.0m ; Y1≈802.5m ; Y5≈1.18b
[DCF] Fair Price = 80.29 (EV 17.8b - Net Debt -1.25b = Equity 19.0b / Shares 236.9m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.42 | # QB: 0
Revenue Correlation: 92.33 | Revenue CAGR: 7.11% | SUE: 0.65 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.55 | Chg30d=+7.22% | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=2.05 | Chg30d=+2.39% | Revisions=+36% | GrowthEPS=+81.3% | GrowthRev=+16.2%
EPS next Year (2027-12-31): EPS=2.48 | Chg30d=+4.73% | Revisions=+55% | GrowthEPS=+21.2% | GrowthRev=+9.3%
[Analyst] Revisions Ratio: +46% (up=16, down=5)