# Nordex SE (NDX1.XETRA)

Canonical: https://gigainvestors.com/s/NDX1.XETRA

Analysis as of: 2026-10-16T07:36:05.083Z. Financial observations: FY2005–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 34.86 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 6

- Operating margin variation: 7.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.02×

- FY2018: -0.02×

- FY2019: -0.00×

- FY2020: -0.09×

- FY2021: -0.01×

- FY2022: -0.09×

- FY2023: -0.03×

- FY2024: 0.03×

- FY2025: 0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: -6.0%

- ROIC, second-lowest year: -90.3%

- Typical minus recent gross margin: 4.8 pp

- Typical gross margin (annual median): 18.1%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 3

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: -9.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.3%

- FY2017: 9.1%

- FY2018: -16.5%

- FY2019: -0.4%

- FY2020: -90.3%

- FY2021: -30.6%

- FY2022: -154.9%

- FY2023: -11.6%

- FY2024: 8.5%

- FY2025: 21.8%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -848M

- Net income, five-year total: EUR -748M

- Return on incremental invested capital: 115.1%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -11.8 pp

- Working capital / revenue, final three-year average: 7.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -255M

- FY2022: EUR -539M

- FY2023: EUR -282M

- FY2024: EUR -13M

- FY2025: EUR 241M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.1% vs 8.5%

- Per-share earnings: 0.49 to 0.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.3%

- Ordinary dilution, 5-year annual growth: 17.3%

- Market cap gain: EUR 5.0B

- Cumulative retained earnings: EUR 61M

- Diluted shares, 10-year annual growth: 8.3%

- Diluted shares, 5-year annual growth: 17.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -27.5%

- Per-share value change: EUR -0.45

- Per-share value, starting three-year median: EUR 0.49

- Per-share value, ending three-year median: EUR 0.04

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 802M

- Cumulative net income, 10 years: EUR -938M

- ROIC, first three-year median: 9.1%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.89

- FY2017: EUR 0.00

- FY2018: EUR -0.79

- FY2019: EUR -0.68

- FY2020: EUR -1.22

- FY2021: EUR -1.44

- FY2022: EUR -2.35

- FY2023: EUR -1.28

- FY2024: EUR 0.04

- FY2025: EUR 1.16

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -8.8%

- Receivables to sales index (DSRI): 1.51×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.71×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.60×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: -3.2%

- FY2018: -6.8%

- FY2019: -2.8%

- FY2020: 5.0%

- FY2021: -8.7%

- FY2022: -3.1%

- FY2023: -8.6%

- FY2024: -7.5%

- FY2025: -8.8%

## Holders

## Price story

Down 28% since Apr 2026 · "Nordex Doubles Q2 EBITDA and Confirms 2026 Outlook on Strong Order Growth" (finance.yahoo.com, Jul 2026) · sales +3.5%

Story as of 2026-10-16T10:00:06.730Z; price observation 2026-10-15.

- 2025-07-28: Nordex Posts Strong Q2 With Robust Orders and Higher Profitability ([finance.yahoo.com](https://finance.yahoo.com/news/nordex-posts-strong-q2-robust-054817941.html))

- 2025-10-28: Nordex spikes after wind turbine maker lifts annual core income margin guidance ([finance.yahoo.com](https://finance.yahoo.com/news/nordex-spikes-wind-turbine-maker-094713392.html))

- 2026-02-25: Nordex Surges 16% on Earnings Beat, Potential U.S. Expansion ([finance.yahoo.com](https://finance.yahoo.com/m/99e3077f-51d6-3e39-9b9f-6cafb9096093/nordex-surges-16%25-on-earnings.html))

- 2026-03-10: Nordex Group receives orders from wpd totalling almost 280 MW in Germany ([finance.yahoo.com](https://finance.yahoo.com/m/d8fa6135-88a3-3853-b3f8-e48aecabe649/nordex-group-receives-orders.html))

- 2026-06-22: Nordex Group secures new US orders totalling 484 MW ([finance.yahoo.com](https://finance.yahoo.com/m/2d425d5f-25a1-366e-9b72-58e838fa822d/nordex-group-secures-new-us.html))

- 2026-09-30: Nordex Group secures 175 MW of new orders in France, Portugal, and Spain ([finance.yahoo.com](https://finance.yahoo.com/m/00b81011-c1b2-32f9-a833-428c226b884a/nordex-group-secures-175-mw.html))

### Sales · FY2024–2025

sales +3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.4B 

- FY2017: EUR 3.1B 

- FY2018: EUR 2.5B 

- FY2019: EUR 3.3B 

- FY2020: EUR 4.7B 

- FY2021: EUR 5.4B 

- FY2022: EUR 5.7B 

- FY2023: EUR 6.5B 

- FY2024: EUR 7.3B 

- FY2025: EUR 7.6B 

### Gross margin · FY2025

gross margin 13.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.6% 

- FY2017: 27.0% 

- FY2018: 26.6% 

- FY2019: 23.6% 

- FY2020: 11.8% 

- FY2021: 15.2% 

- FY2022: 8.5% 

- FY2023: 2.0% 

- FY2024: 21.0% 

- FY2025: 13.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 7.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2025: revenue 7553500000; grossProfit 1004900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NDX1.XETRA: Nordex SE, together with its subsidiaries, develops, manufactures, and distributes multi-megawatt onshore wind turbines in Europe, North America, Latin America, and internationally. It operates in Projects and Services segments. The company offers Delta4000 and Delta series turbine platforms. It also provides project development; maintenance and repair; spare parts; remote monitoring services for wind farms; upgrades; and technical and efficiency enhancements for existing turbines. Nordex SE was incorporated in 1985 and is headquartered in Hamburg, Germany with a production facility in Izmir, Türkiye.

### Why customers stay

Margins ranged from 2% to 21% during 2023–25; it lost 6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2023: grossProfit / revenue = 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2024: grossProfit / revenue = 21%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); 10-year return on capital observations [[2016,0.3028251760799039],[2017,0.09142230889450069],[2018,-0.1648272786336457],[2019,-0.003860531111689664],[2020,-0.9025624198108387],[2021,-0.3057511108565647],[2022,-1.5492505986815015],[2023,-0.11583664848756636],[2024,0.08473807246981319],[2025,0.21757520658389098]]; median -0.05984858979962801. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2016: growth capex 0; upkeep 105030000; owner earnings 107303000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2017: growth capex 0; upkeep 151097000; owner earnings 9003000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); FY2025: growth capex 0; upkeep 172146000; owner earnings 240790600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NDX1.XETRA SharesStats.PercentInsiders = 47 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.083Z); Closing price 34.86 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 31.944092024020975; price multiple 1.0912816045541802. FY2025 cash earnings/share 1.018314302630466. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 20.93 per share

- 2016-11: EUR 16.97 per share

- 2016-12: EUR 17.81 per share

- 2017-01: EUR 17.01 per share

- 2017-02: EUR 12.14 per share

- 2017-03: EUR 11.44 per share

- 2017-04: EUR 12.09 per share

- 2017-05: EUR 11.13 per share

- 2017-06: EUR 9.40 per share

- 2017-07: EUR 10.08 per share

- 2017-08: EUR 10.20 per share

- 2017-09: EUR 8.44 per share

- 2017-10: EUR 7.75 per share

- 2017-11: EUR 7.46 per share

- 2017-12: EUR 7.75 per share

- 2018-01: EUR 9.28 per share

- 2018-02: EUR 8.28 per share

- 2018-03: EUR 6.18 per share

- 2018-04: EUR 8.32 per share

- 2018-05: EUR 9.16 per share

- 2018-06: EUR 7.60 per share

- 2018-07: EUR 8.39 per share

- 2018-08: EUR 7.79 per share

- 2018-09: EUR 8.10 per share

- 2018-10: EUR 7.20 per share

- 2018-11: EUR 7.57 per share

- 2018-12: EUR 6.63 per share

- 2019-01: EUR 8.69 per share

- 2019-02: EUR 9.83 per share

- 2019-03: EUR 12.74 per share

- 2019-04: EUR 12.62 per share

- 2019-05: EUR 11.11 per share

- 2019-06: EUR 10.59 per share

- 2019-07: EUR 9.31 per share

- 2019-08: EUR 8.02 per share

- 2019-09: EUR 8.74 per share

- 2019-10: EUR 10.26 per share

- 2019-11: EUR 10.82 per share

- 2019-12: EUR 10.55 per share

- 2020-01: EUR 10.30 per share

- 2020-02: EUR 9.29 per share

- 2020-03: EUR 6.20 per share

- 2020-04: EUR 6.46 per share

- 2020-05: EUR 7.59 per share

- 2020-06: EUR 7.69 per share

- 2020-07: EUR 7.67 per share

- 2020-08: EUR 9.57 per share

- 2020-09: EUR 9.66 per share

- 2020-10: EUR 10.75 per share

- 2020-11: EUR 17.13 per share

- 2020-12: EUR 19.36 per share

- 2021-01: EUR 20.55 per share

- 2021-02: EUR 19.40 per share

- 2021-03: EUR 23.92 per share

- 2021-04: EUR 21.02 per share

- 2021-05: EUR 16.59 per share

- 2021-06: EUR 17.89 per share

- 2021-07: EUR 15.11 per share

- 2021-08: EUR 14.79 per share

- 2021-09: EUR 13.68 per share

- 2021-10: EUR 14.82 per share

- 2021-11: EUR 14.70 per share

- 2021-12: EUR 12.96 per share

- 2022-01: EUR 13.04 per share

- 2022-02: EUR 14.83 per share

- 2022-03: EUR 14.78 per share

- 2022-04: EUR 12.98 per share

- 2022-05: EUR 10.25 per share

- 2022-06: EUR 7.58 per share

- 2022-07: EUR 9.43 per share

- 2022-08: EUR 9.61 per share

- 2022-09: EUR 8.19 per share

- 2022-10: EUR 9.46 per share

- 2022-11: EUR 12.02 per share

- 2022-12: EUR 13.20 per share

- 2023-01: EUR 13.89 per share

- 2023-02: EUR 14.23 per share

- 2023-03: EUR 13.52 per share

- 2023-04: EUR 10.88 per share

- 2023-05: EUR 11.29 per share

- 2023-06: EUR 11.13 per share

- 2023-07: EUR 12.86 per share

- 2023-08: EUR 11.05 per share

- 2023-09: EUR 11.65 per share

- 2023-10: EUR 9.93 per share

- 2023-11: EUR 10.17 per share

- 2023-12: EUR 10.40 per share

- 2024-01: EUR 9.53 per share

- 2024-02: EUR 10.53 per share

- 2024-03: EUR 12.16 per share

- 2024-04: EUR 13.26 per share

- 2024-05: EUR 14.42 per share

- 2024-06: EUR 11.44 per share

- 2024-07: EUR 14.04 per share

- 2024-08: EUR 14.41 per share

- 2024-09: EUR 13.92 per share

- 2024-10: EUR 13.05 per share

- 2024-11: EUR 11.95 per share

- 2024-12: EUR 11.27 per share

- 2025-01: EUR 11.19 per share

- 2025-02: EUR 13.05 per share

- 2025-03: EUR 14.23 per share

- 2025-04: EUR 16.49 per share

- 2025-05: EUR 17.87 per share

- 2025-06: EUR 16.82 per share

- 2025-07: EUR 21.60 per share

- 2025-08: EUR 20.90 per share

- 2025-09: EUR 21.80 per share

- 2025-10: EUR 25.58 per share

- 2025-11: EUR 25.82 per share

- 2025-12: EUR 29.12 per share

- 2026-01: EUR 33.80 per share

- 2026-02: EUR 43.12 per share

- 2026-03: EUR 45.54 per share

- 2026-04: EUR 48.52 per share

- 2026-05: EUR 41.40 per share

- 2026-06: EUR 46.20 per share

- 2026-07: EUR 38.44 per share

- 2026-08: EUR 37.74 per share

- 2026-09: EUR 39.16 per share

- 2026-10: EUR 36.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 14.79 per share, central EUR 18.78 per share, high EUR 21.10 per share

- FY2017: low EUR 12.05 per share, central EUR 12.98 per share, high EUR 14.23 per share

- FY2018: low EUR 10.71 per share, central EUR 11.46 per share, high EUR 12.45 per share

- FY2019: low EUR 5.20 per share, central EUR 5.34 per share, high EUR 5.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.