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Vestas Wind Systems A/S (VWS) Fair Value & Analysis

Industrials · DK · Market cap 175B DKK (≈ $27.1B) · ISIN DK0061539921

What is Vestas Wind Systems A/S really worth?

VW Vestas Wind Systems A/S VWS · CO
Pricekr 213.80
Fair Valuekr 124.53
Upside−41.8%
Quality60/100

A solid business, but trading 72% above our fair value of kr 124.53.

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Strengths

Healthy Growth (revenue 5y +4.9 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 4.4% net margin
!Mixed vs. peers (6/15)
!Moderate moat 52/100
!Weak on dividend: 7 out of 100

For context

·0.35% dividend yield
Evidence: High Range kr 93.39 – kr 155.66

Fair value as of: Aug 30, 2026

From 26 valuation models · updated 2 days ago

Share price +22.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 155.66). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

kr 276.41 kr 82.56 Fair Value kr 124.53 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range kr 82.56 – kr 276.41 · fair‑value band kr 93.39 – kr 155.66 · the kr 213.80 price screens above the kr 124.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

Vestas Wind Systems A/S (VWS) currently trades at kr 213.80, while our model-based Fair Value estimate is kr 124.53, implying the stock looks roughly 71.7% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of kr 25.66 per share, and 0 of the 26 models we run sit above the kr 213.80 price. Bear case: the Growth Earnings group reads lowest at kr 13.05, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Vestas Wind Systems A/S generated revenue of 19.3B DKK at a net margin of 4.4%. Revenue grew 14.4% year over year. It earns a return on equity of 23.2%. The balance sheet holds a net cash position of 996M DKK. Fundamentals as of Aug 30, 2026

Our scenario range runs from kr 93.39 (bear case) to kr 155.66 (bull case); at kr 213.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades near its 52-week high and 130% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −42%, VWS screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 3.76 per share, which is 3.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 1.21 to kr 35.85). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence kr 22.13 kr 34.34 kr 54.19 79
Growth DCF kr 22.23 kr 34.04 kr 53.05 77
Owner Earnings kr 16.42 kr 24.81 kr 38.43 76
All 26 models by family
DCF Models
FCF DCF best evidence kr 22.13 kr 34.34 kr 54.19 79
Owner Earnings kr 16.42 kr 24.81 kr 38.43 76
5Y Revenue Exit kr 16.40 kr 23.44 kr 32.49 73
5Y EBITDA Exit kr 22.73 kr 35.85 kr 51.65 75
5Y P/E Exit kr 17.54 kr 25.66 kr 34.44 71
10Y Revenue Exit kr 17.92 kr 25.04 kr 34.90 67
10Y EBITDA Exit kr 22.35 kr 33.88 kr 50.17 68
10Y P/E Exit kr 18.98 kr 26.62 kr 36.45 64
Earnings-Based
Graham-Dodd kr 5.39 kr 20.65 kr 27.98 64
Lynch FV kr 5.03 kr 7.19 kr 9.34 61
PEG = 1.0 kr 5.03 kr 7.19 kr 9.34 57
EPV kr 11.77 kr 13.07 kr 14.22 74
Dividend Discount
Gordon GGM kr 0.6900 kr 1.44 kr 2.29 66
DDM Multi-Stage kr 0.6900 kr 1.21 kr 1.51 66
Multiples
P/E Multiple kr 12.50 kr 16.66 kr 20.83 63
P/S Multiple kr 10.12 kr 13.49 kr 16.86 58
P/B Multiple kr 10.12 kr 13.49 kr 16.86 55
EV/EBIT kr 17.79 kr 22.42 kr 27.04 66
EV/EBITDA kr 25.06 kr 32.10 kr 39.15 67
EV/Revenue kr 13.82 kr 18.06 kr 22.31 54
Asset-Based
NCAV (Graham) kr 1.97 kr 2.64 kr 3.94 54
Growth DCF
Growth DCF kr 22.23 kr 34.04 kr 53.05 77
Rev-Margin DCF kr 16.40 kr 23.50 kr 32.18 73
Economic Profit
Residual Income kr 5.35 kr 7.47 kr 38.73 64
ROIC Compounder kr 11.78 kr 13.10 kr 14.26 72
Growth Earnings
Growth-Adj P/E kr 9.13 kr 13.05 kr 16.96 67

Widest divergence: DCF Models (kr 25.66) versus Dividend Discount (kr 1.21). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 33.7
P/S ratio 1.39 P/E × margin
EPS (TTM) kr 6.34 price ÷ EPS = P/E 33.7
Dividend yield 0.3% payout 11.7%
Net margin 4.1% FY2025
Return on equity 23.2% TTM
More key figures
Profitability
Return on assets (EBIT) 0.8% avg 5y
Operating margin 3.2% TTM
Growth
Revenue (TTM) 19.3B DKK TTM
Revenue growth (YoY) +14.4% 3y avg +9.1%
EPS growth (YoY) +15.2%
Balance sheet & cash flow
Free cash flow 1.5B DKK FY2025
Net cash 996M DKK FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 76

Profitability 39
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 51
Calm price path (market factor)
Momentum 78
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vestas Wind Systems A/S reported revenue of €18.8B in FY2025 versus €15.6B in FY2021, a compound +4.8%/yr. Reported net income was €778M in FY2025, compounding +55.2%/yr from FY2021.

Growth Quality 69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
18.8B DKK
Latest YoY
+8.8%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.9%
Avg. revenue growth/yr (25Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+2.1% (1.8 + 0.3)
Revenue +4.8%/yr
FY21 €15.6B
FY22 €14.5B
FY23 €15.4B
FY24 €17.3B
FY25 €18.8B
Net income +55.2%/yr
FY21 €134M
FY22 −€1.6B
FY23 €77.0M
FY24 €499M
FY25 €778M
Character of growth · EPS growth decomposed (2014-2025) −3.5 % p.a.
Revenue per share +9.2 %

of which total revenue +8.1 % · buybacks/dilution +1.0 %

EBIT margin −10.6 %
Tax rate −0.2 %
Residual (interest, one-offs) −0.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

VWS screens 72% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "Vestas Wind Systems A/S Fair Value". https://www.fairvalue-calculator.com/stock/VWS

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Specialty Industrial Machinery · 810 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside −42% · Below median
Return on equity (TTM) 23% · Top 25%
Return on assets 3% · Below median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 14% · Above median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 33.7× · Pricier than median
P/B 7.02× · Pricier than 75% of peers
P/S (TTM) 1.41× · Cheaper than median
P/FCF 18.3× · Pricier than 75% of peers
EV/EBITDA 14.1× · Cheaper than median
PEG 0.77× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE72 · sector 21
PAST93 · sector 28
HEALTH93 · sector 96
DIVIDEND7 · sector 27

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc GEV $953.09 $131.95 −86%
SIE SIE €289.85 €139.77 −52%
Eaton Corporation ETN $402.78 $168.65 −58%
Parker-Hannifin Corporation PH $995.02 $398.69 −60%
Atlas Copco AB ATCOA kr 206.60 kr 112.59 −46%
Cummins Inc CMI $578.14 $348.94 −40%
Illinois Tool Works Inc ITW $281.67 $145.84 −48%
Emerson Electric Co EMR $155.18 $58.44 −62%
AMETEK, Inc AME $236.25 $125.80 −47%
Rockwell Automation, Inc ROK $431.75 $125.76 −71%

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Frequently asked questions

Is Vestas Wind Systems A/S (VWS) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of kr 124.53 versus a price of kr 213.80, about −42% upside (overvalued).
What is the fair value of VWS?
Our model-based fair value for Vestas Wind Systems A/S is kr 124.53 (as of Aug 30, 2026), built from audited fundamentals. The current price: kr 213.80.
What is the quality score of VWS?
Vestas Wind Systems A/S has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Vestas Wind Systems A/S (VWS)?
Vestas Wind Systems A/S reported trailing-twelve-month revenue of about 19.3B DKK (latest available figure, as of Aug 30, 2026).
What is the net profit margin of VWS?
The net profit margin of Vestas Wind Systems A/S is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.
Does Vestas Wind Systems A/S pay a dividend?
Vestas Wind Systems A/S currently shows a dividend yield of about 0.35% relative to its recent price (as of Aug 30, 2026).
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