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

Industrials · DK · Market cap 175B DKK

VW Vestas Wind Systems A/S VWS · CO
Pricekr 204.50
Fair Valuekr 124.55
Upside-39.1%
Quality60/100
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Healthy Growth
Thin margins · 4.4% net margin
Low debt · generates free cash flow
0.06% dividend yield
Mixed vs. peers (7/15)
Moderate moat 52/100
Evidence: High Range kr 93.41 – kr 155.69 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated today

Share price +15.0% over the past month.

A solid business, but screening 39% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 155.69). 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.
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Price vs Fair Value (5 years)

kr 276.41 kr 82.56 Fair Value kr 124.55 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 82.56 – kr 276.41 · fair‑value band kr 93.41 – kr 155.69 · the kr 204.50 price screens above the kr 124.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Vestas Wind Systems A/S (VWS) currently trades at kr 204.50, while our model-based Fair Value estimate is kr 124.55, implying the stock looks roughly 39.1% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 13, 2026

Our scenario range runs from kr 93.41 (bear case) to kr 155.69 (bull case); at kr 204.50, 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 120% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at -39%, VWS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Growth DCF kr 22.23 kr 34.04 kr 53.05 80
Residual Income kr 5.35 kr 7.47 kr 38.73 76
Rev-Margin DCF kr 16.40 kr 23.50 kr 32.18 74
All 26 models by family
DCF Models
FCF DCF kr 22.13 kr 34.34 kr 54.19 38
Owner Earnings kr 16.42 kr 24.81 kr 38.43 31
5Y Revenue Exit kr 16.40 kr 23.44 kr 32.49 39
5Y EBITDA Exit kr 22.73 kr 35.85 kr 51.65 41
5Y P/E Exit kr 17.54 kr 25.66 kr 34.44 38
10Y Revenue Exit kr 17.92 kr 25.04 kr 34.90 36
10Y EBITDA Exit kr 22.35 kr 33.88 kr 50.17 37
10Y P/E Exit kr 18.98 kr 26.62 kr 36.45 35
Earnings-Based
Graham-Dodd kr 5.39 kr 20.65 kr 27.98 54
Lynch FV kr 5.03 kr 7.19 kr 9.34 50
PEG = 1.0 kr 5.03 kr 7.19 kr 9.34 46
EPV kr 11.77 kr 13.07 kr 14.22 59
Dividend Discount
Gordon GGM kr 0.6900 kr 1.44 kr 2.29 70
DDM Multi-Stage kr 0.6900 kr 1.21 kr 1.51 61
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 53
EV/EBITDA kr 25.06 kr 32.10 kr 39.15 54
EV/Revenue kr 13.82 kr 18.06 kr 22.31 43
Asset-Based
NCAV (Graham) kr 1.97 kr 2.64 kr 3.94 50
Growth DCF
Growth DCF kr 22.23 kr 34.04 kr 53.05 80
Rev-Margin DCF kr 16.40 kr 23.50 kr 32.18 74
Economic Profit
Residual Income kr 5.35 kr 7.47 kr 38.73 76
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 68

Widest divergence: DCF Models (kr 25.66) versus Dividend Discount (kr 1.21). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 19.3B DKK
Revenue growth (YoY) +14.4%
Net margin 4.4%
Return on equity 23.2%
Free cash flow 1.5B DKK FY2025
P/E ratio 32.3
More key figures
Operating margin 3.2%
EPS (TTM) kr 6.34
Dividend yield 0.1%
EPS growth (YoY) +1,516%
Net cash 996M DKK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 74

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 49
Calm price path (market factor)
Momentum 76
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.

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 kr 18.8B in FY2025 versus kr 15.6B in FY2021, a compound +4.8%/yr. Reported net income was kr 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. 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. 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. 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%
Revenue +4.8%/yr
FY21 kr 15.6B
FY22 kr 14.5B
FY23 kr 15.4B
FY24 kr 17.3B
FY25 kr 18.8B
Net income +55.2%/yr
FY21 kr 134M
FY22 −kr 1.6B
FY23 kr 77.0M
FY24 kr 499M
FY25 kr 778M
Character of growth · EPS growth decomposed (2014-2025) −3.5 % p.a.
Revenue per share +9.2 pp

of which total revenue +8.1 pp · buybacks/dilution +1.1 pp

EBIT margin −10.6 pp
Tax rate −0.2 pp
Residual (interest, one-offs) −1.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

VWS screens 39% 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

Peer Group

Specialty Industrial Machinery · 807 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 −40% · Below median
Return on equity (TTM) 23% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 14% · Above median
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 32.3× · Pricier than median
P/B 6.97× · Pricier than 75% of peers
P/S (TTM) 1.40× · Cheaper than median
P/FCF 18.2× · Pricier than 75% of peers
EV/EBITDA 14.0× · Cheaper than median
PEG 0.77× · Cheaper than 75% of peers

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.

VALUE 0 · sector 0
FUTURE 72 · sector 23
PAST 93 · sector 28
HEALTH 93 · sector 96
DIVIDEND 1 · sector 24

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Atlas Copco AB ATCOA kr 210.00 kr 112.59 -46%
Sandvik AB SAND kr 358.60 kr 193.01 -46%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥39.17 ¥22.68 -42%
NARI Technology Co 600406 ¥24.06 ¥18.71 -22%
ABB India Limited ABB ₹7,700 ₹1,322 -83%
Cummins India Limited CUMMINSIND ₹5,315 ₹1,355 -75%
Bharat Heavy Electricals Limited BHEL ₹420.00 ₹96.51 -77%

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Frequently asked questions

Is Vestas Wind Systems A/S (VWS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 124.55 versus a price of kr 204.50, about −39% (overvalued).
What is the fair value of VWS?
Our model-based fair value for Vestas Wind Systems A/S is kr 124.55 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 204.50.
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 13, 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 0.06% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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