Vestas Wind Systems A/S (VWS.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-109.3%

-DKK 17.88

vs DKK 192.55 price

Levered DCF

DKK 66.80

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.84

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.74×	26.28×	375.43×	-16.97×	206.69×	49.56×	25.24×	19.75×
P/B	5.99×	3.75×	9.55×	8.74×	5.69×	8.14×	5.37×	4.36×
P/S	1.23×	0.76×	1.88×	1.84×	1.73×	2.56×	1.46×	1.33×
EV / EBITDA	9.88×	7.19×	25.73×	-48.97×	20.71×	21.83×	10.41×	7.98×
Gross margin	13.3%	11.9%	8.3%	0.8%	10.0%	10.4%	14.5%	16.1%
Operating margin	5.7%	4.6%	1.9%	-8.6%	2.1%	7.0%	8.3%	9.1%
Net margin	4.1%	2.9%	0.5%	-10.9%	0.9%	5.2%	5.8%	6.7%
Current ratio	1×	1.04×	1.06×	1.01×	1.01×	1.09×	1.12×	1.16×
Debt / equity	0.87×	0.93×	1.12×	0.8×	0.3×	0.29×	0.25×	0.16×
Interest coverage	7.36×	4.09×	1.24×	-19.75×	6.19×	25.88×	21.36×	41.86×
Dividend yield	0.3%	0.0%	0.0%	0.2%	0.8%	0.6%	1.1%	1.9%
Payout ratio	9.5%	0.0%	0.0%	-3.2%	170.1%	27.3%	28.0%	36.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.1%	14.2%	2.5%	-51.6%	2.8%	16.4%	21.4%	22.1%
Return on invested capital	8.3%	5.9%	2.6%	-16.9%	1.8%	11.5%	15.0%	15.4%
Return on assets	3.0%	2.0%	0.3%	-7.8%	0.7%	4.2%	4.9%	5.7%
Free cash flow yield	6.4%	8.9%	0.5%	-3.8%	0.4%	0.1%	0.3%	3.1%
Earnings yield	3.4%	3.8%	0.3%	-5.9%	0.5%	2.0%	4.0%	5.1%
Enterprise value	DKK 22.2B	DKK 12.7B	DKK 29B	DKK 26.7B	DKK 26B	DKK 36.2B	DKK 15.6B	DKK 11.1B
Net debt / EBITDA	-0.44×	-0.31×	0.06×	-0.14×	-0.76×	-1.02×	-1.36×	-1.72×
Cash conversion cycle (days)	133	158	145	126	101	103	94	71