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

Canonical: https://gigainvestors.com/s/VWS.CO

Analysis as of: 2026-10-16T07:34:27.174Z. Financial observations: FY2000–FY2025.

Listing currency: DKK. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: DKK 184.00 per share; close as of 2026-10-15.

Estimated value: low DKK 52.73 per share, central DKK 59.01 per share, high DKK 64.71 per share. Buy at or below the central value DKK 59.01 per share. Valuation as of 2026-10-16T07:34:27.174Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.02×

- FY2022: -0.09×

- FY2023: 0.02×

- FY2024: 0.05×

- FY2025: 0.06×

### moat: pass

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

- ROIC, median of available years: 48.2%

- ROIC, second-lowest year: 10.2%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 12.6%

- Recent gross margin (lower of latest and 3-year median): 11.9%

- Years with nonpositive capital: 1

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 27.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 19.3%

- FY2019: >100%

- FY2020: 53.9%

- FY2021: 10.2%

- FY2022: -61.2%

- FY2023: 14.1%

- FY2024: 42.5%

- FY2025: 66.2%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 489M

- Net income, five-year total: EUR -84M

- Return on incremental invested capital: 2.1%

- Working capital / revenue, annual change: 3.2 pp

- Working capital / revenue, change between three-year averages: 23.7 pp

- Working capital / revenue, final three-year average: 38.6%

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

- FY2021: EUR 240M

- FY2022: EUR -1.3B

- FY2023: EUR 77M

- FY2024: EUR 457M

- FY2025: EUR 1.0B

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 705.6% vs 42.5%

- Per-share earnings: 0.84 to 0.49 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: EUR 9.8B

- Cumulative retained earnings: EUR 956M

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.4%

- Per-share value change: EUR -0.35

- Per-share value, starting three-year median: EUR 0.84

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

- Buybacks concentrated in cheaper years (correlation): 0.88

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 2.8B

- Cumulative net income, 10 years: EUR 3.9B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 42.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.87

- FY2017: EUR 0.84

- FY2018: EUR 0.67

- FY2019: EUR 0.70

- FY2020: EUR 0.78

- FY2021: EUR 0.13

- FY2022: EUR -1.60

- FY2023: EUR 0.08

- FY2024: EUR 0.49

- FY2025: EUR 0.77

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.94×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.89×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.2%

- FY2017: -6.7%

- FY2018: -2.8%

- FY2019: -0.8%

- FY2020: 0.1%

- FY2021: -4.4%

- FY2022: -6.9%

- FY2023: -4.2%

- FY2024: -7.4%

- FY2025: -5.9%

## Holders

## Price story

Down 34% since Oct 2021 · "Quarterly order intake fell 44% due to policy uncertainty." (finance.yahoo.com, Aug 2025) · sales +8.8%

Story as of 2026-10-16T10:00:00.652Z; price observation 2026-10-15.

Price needs cash profits to grow 22.4% a year for ten years

- 2025-10-20: Vestas Shelves Plan for Polish Wind Turbine Factory on Low European Demand ([finance.yahoo.com](https://finance.yahoo.com/m/fd956e76-4c78-30af-ba66-08cf8cef5c12/vestas-shelves-plan-for.html))

- 2025-11-05: Vestas Wind Systems Shares Rise on Better-Than-Expected Results, Surprise Buyback ([finance.yahoo.com](https://finance.yahoo.com/m/a1e3047e-302e-3bfe-b6bc-38fdbfd7e23a/vestas-wind-systems-shares.html))

- 2026-03-16: Vestas Wins Vanguard East Order And Builds Offshore Earnings Visibility ([finance.yahoo.com](https://finance.yahoo.com/news/vestas-wins-vanguard-east-order-141057130.html))

- 2026-04-28: Vestas secures 186 MW order from EDF power solutions North America ([finance.yahoo.com](https://finance.yahoo.com/m/40905af1-7b42-3528-8bfb-c71dff07f5a3/vestas-secures-186-mw-order.html))

- 2026-08-23: Is Vestas Wind Systems (CPSE:VWS) Fully Valued As Earnings Lifted Full Year Guidance? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/vestas-wind-systems-cpse-vws-031645621.html))

### Sales · FY2024–2025

sales +8.8%; source https://filings.xbrl.org/549300DYMC8BGZZC8844/2026-06-30/ESEF/DK/0/VWS-2026-06-30-1-en/reports/VWS-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: EUR 10B 

- FY2017: EUR 10.0B 

- FY2018: EUR 10B 

- FY2019: EUR 12B 

- FY2020: EUR 15B 

- FY2021: EUR 16B 

- FY2022: EUR 14B 

- FY2023: EUR 15B 

- FY2024: EUR 17B 

- FY2025: EUR 19B 

### Gross margin · FY2025

gross margin 13.3%; source https://filings.xbrl.org/549300DYMC8BGZZC8844/2026-06-30/ESEF/DK/0/VWS-2026-06-30-1-en/reports/VWS-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: 20.8% 

- FY2017: 19.7% 

- FY2018: 16.1% 

- FY2019: 14.5% 

- FY2020: 10.4% 

- FY2021: 10.0% 

- FY2022: 0.8% 

- FY2023: 8.3% 

- FY2024: 11.9% 

- 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 18.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 18822000000; grossProfit 2497000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VWS.CO: Vestas Wind Systems A/S engages in the design, manufacture, installation, and services of wind turbines the United States, Denmark, and internationally. It operates through two segments, Power Solutions and Service. The Power Solutions segment offers onshore and offshore wind power plants, wind turbines, development sites, etc. The Service segment engages in the sale of service contracts, spare parts, and related activities. Vestas Wind Systems A/S was founded in 1898 and is headquartered in Aarhus, Denmark.

### Why customers stay

Margins ranged from 8.3% to 13.3% during 2023–25; it earns 48.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,7.056119009761393],[2017,9.133663366336634],[2018,0.19255043007132144],[2019,1.120517848886338],[2020,0.5393773116605022],[2021,0.1018068414944796],[2022,-0.6123115264797507],[2023,0.1407907425265188],[2024,0.42504562724343337],[2025,0.6618224127751304]]; median 0.4822114694519678. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back EUR 282 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 84000000; upkeep 405000000; owner earnings 965000000. Growth capex / owner earnings = 0.08704663212435233.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 0; upkeep 491000000; owner earnings 824000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 25370261.99107325; upkeep 581629738.0089267; owner earnings 560370261.9910733. Growth capex / owner earnings = 0.045274104840840754.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 230000000; upkeep 546000000; owner earnings 664400000. Growth capex / owner earnings = 0.34617700180614086.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 4000000; upkeep 684000000; owner earnings 675800000. Growth capex / owner earnings = 0.005918910920390648.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 876000000; owner earnings 240000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 103000000; upkeep 789000000; owner earnings 77000000. Growth capex / owner earnings = 1.3376623376623376.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 249347664.33365536; upkeep 905652335.6663446; owner earnings 457347664.33365536. Growth capex / owner earnings = 0.545203755871256.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 819718598; owner earnings 1017281402. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,201000000],[2017,278000000],[2018,250000000],[2019,197000000],[2020,209000000],[2021,228000000],[2022,50000000],[2023,0],[2024,0],[2025,74000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: cash repurchases 282000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VWS.CO SharesStats.PercentInsiders = 0.07100000000000001 percentage points; cache date 2026-10-16.

### What could break it

The risks in 2026 remain similar in nature.

- Source: https://filings.xbrl.org/549300DYMC8BGZZC8844/2026-06-30/ESEF/DK/0/VWS-2026-06-30-1-en/reports/VWS-2026-06-30-1-en.xhtml (filed 2026-09-02); This is governed by policies, and these are addressed in the notes to the consolidated financial statements in the Annual Report 2025, note 4.1 (Financial risk management), pages 158–162. The risks in 2026 remain similar in nature. As at 30 June 2026, Vestas had EUR 3,462m of cash and cash equivalents.

### What the price says

The price assumes cash profits grow 22.4% yearly over ten years; actual growth was 5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.31343618073482016. Price 184; FX 7.470219853431046; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6199095022624435 → FY2025 1.0085205853789303. Closing-price date 2026-10-15.

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

- 2016-10: DKK 108.70 per share

- 2016-11: DKK 92.64 per share

- 2016-12: DKK 91.80 per share

- 2017-01: DKK 96.32 per share

- 2017-02: DKK 104.10 per share

- 2017-03: DKK 113.40 per share

- 2017-04: DKK 117.60 per share

- 2017-05: DKK 117.70 per share

- 2017-06: DKK 120.20 per share

- 2017-07: DKK 122.80 per share

- 2017-08: DKK 113.80 per share

- 2017-09: DKK 113.00 per share

- 2017-10: DKK 112.70 per share

- 2017-11: DKK 80.04 per share

- 2017-12: DKK 85.76 per share

- 2018-01: DKK 81.80 per share

- 2018-02: DKK 88.72 per share

- 2018-03: DKK 85.96 per share

- 2018-04: DKK 80.04 per share

- 2018-05: DKK 83.50 per share

- 2018-06: DKK 79.00 per share

- 2018-07: DKK 82.22 per share

- 2018-08: DKK 89.50 per share

- 2018-09: DKK 86.88 per share

- 2018-10: DKK 82.62 per share

- 2018-11: DKK 98.40 per share

- 2018-12: DKK 98.42 per share

- 2019-01: DKK 107.60 per share

- 2019-02: DKK 109.20 per share

- 2019-03: DKK 112.00 per share

- 2019-04: DKK 120.40 per share

- 2019-05: DKK 109.60 per share

- 2019-06: DKK 113.40 per share

- 2019-07: DKK 110.96 per share

- 2019-08: DKK 99.70 per share

- 2019-09: DKK 106.36 per share

- 2019-10: DKK 109.36 per share

- 2019-11: DKK 129.08 per share

- 2019-12: DKK 134.64 per share

- 2020-01: DKK 134.56 per share

- 2020-02: DKK 129.88 per share

- 2020-03: DKK 110.52 per share

- 2020-04: DKK 117.24 per share

- 2020-05: DKK 136.76 per share

- 2020-06: DKK 135.08 per share

- 2020-07: DKK 162.36 per share

- 2020-08: DKK 189.68 per share

- 2020-09: DKK 206.00 per share

- 2020-10: DKK 218.20 per share

- 2020-11: DKK 255.10 per share

- 2020-12: DKK 287.90 per share

- 2021-01: DKK 266.80 per share

- 2021-02: DKK 230.90 per share

- 2021-03: DKK 260.40 per share

- 2021-04: DKK 258.20 per share

- 2021-05: DKK 236.80 per share

- 2021-06: DKK 244.80 per share

- 2021-07: DKK 231.20 per share

- 2021-08: DKK 254.30 per share

- 2021-09: DKK 257.50 per share

- 2021-10: DKK 278.30 per share

- 2021-11: DKK 220.00 per share

- 2021-12: DKK 200.00 per share

- 2022-01: DKK 176.95 per share

- 2022-02: DKK 217.50 per share

- 2022-03: DKK 199.75 per share

- 2022-04: DKK 182.82 per share

- 2022-05: DKK 177.06 per share

- 2022-06: DKK 149.90 per share

- 2022-07: DKK 189.54 per share

- 2022-08: DKK 186.42 per share

- 2022-09: DKK 141.62 per share

- 2022-10: DKK 148.40 per share

- 2022-11: DKK 179.46 per share

- 2022-12: DKK 202.10 per share

- 2023-01: DKK 198.78 per share

- 2023-02: DKK 200.60 per share

- 2023-03: DKK 199.00 per share

- 2023-04: DKK 186.46 per share

- 2023-05: DKK 198.34 per share

- 2023-06: DKK 181.46 per share

- 2023-07: DKK 181.64 per share

- 2023-08: DKK 158.98 per share

- 2023-09: DKK 151.56 per share

- 2023-10: DKK 152.26 per share

- 2023-11: DKK 189.56 per share

- 2023-12: DKK 214.30 per share

- 2024-01: DKK 196.66 per share

- 2024-02: DKK 191.94 per share

- 2024-03: DKK 193.00 per share

- 2024-04: DKK 188.40 per share

- 2024-05: DKK 192.85 per share

- 2024-06: DKK 161.25 per share

- 2024-07: DKK 170.25 per share

- 2024-08: DKK 154.90 per share

- 2024-09: DKK 147.85 per share

- 2024-10: DKK 129.10 per share

- 2024-11: DKK 109.70 per share

- 2024-12: DKK 98.08 per share

- 2025-01: DKK 98.94 per share

- 2025-02: DKK 101.40 per share

- 2025-03: DKK 94.92 per share

- 2025-04: DKK 87.26 per share

- 2025-05: DKK 103.65 per share

- 2025-06: DKK 95.02 per share

- 2025-07: DKK 120.00 per share

- 2025-08: DKK 127.00 per share

- 2025-09: DKK 119.80 per share

- 2025-10: DKK 131.95 per share

- 2025-11: DKK 153.15 per share

- 2025-12: DKK 173.40 per share

- 2026-01: DKK 191.65 per share

- 2026-02: DKK 162.45 per share

- 2026-03: DKK 190.15 per share

- 2026-04: DKK 195.15 per share

- 2026-05: DKK 180.05 per share

- 2026-06: DKK 184.60 per share

- 2026-07: DKK 174.55 per share

- 2026-08: DKK 213.80 per share

- 2026-09: DKK 196.15 per share

- 2026-10: DKK 189.50 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 85.72 per share, central DKK 112.06 per share, high DKK 128.00 per share

- FY2017: low DKK 92.93 per share, central DKK 116.15 per share, high DKK 132.35 per share

- FY2018: low DKK 96.24 per share, central DKK 116.03 per share, high DKK 131.70 per share

- FY2019: low DKK 109.29 per share, central DKK 131.68 per share, high DKK 150.22 per share

- FY2020: low DKK 103.99 per share, central DKK 135.31 per share, high DKK 154.94 per share

- FY2021: low DKK 92.64 per share, central DKK 113.91 per share, high DKK 130.38 per share

- FY2022: low DKK 70.76 per share, central DKK 78.35 per share, high DKK 88.45 per share

- FY2023: low DKK 43.61 per share, central DKK 48.60 per share, high DKK 52.93 per share

- FY2024: low DKK 48.60 per share, central DKK 51.84 per share, high DKK 55.88 per share

- FY2025: low DKK 55.91 per share, central DKK 61.54 per share, high DKK 66.65 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

Prior published observations retained from 2026-10-15T06:40:12.156Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300DYMC8BGZZC8844/2026-06-30/ESEF/DK/0/VWS-2026-06-30-1-en/reports/VWS-2026-06-30-1-en.xhtml); period 2026-06-30, filed 2026-09-02.

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.