Income Statement Vestas Wind Systems A/S

Equities

VWS

DK0061539921

Renewable Energy Equipment & Services

Market Closed - Nasdaq Copenhagen Other stock markets 00:20:00 14/03/2026 HKT			5-day change	1st Jan Change
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03-11	Alfred Berg Gambak Nordic rose 1.22 percent in February - increased exposure to Ericsson and Sandvik	FW
03-11	VESTAS WIND SYSTEMS : Receives a Buy rating from JP Morgan	ZD

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Published financial data: VESTAS WIND SYSTEMS A/S

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	15.59B	14.49B	15.38B	17.3B	18.82B
Total Revenues	15.59B	14.49B	15.38B	17.3B	18.82B
Cost of Goods Sold, Total	14.03B	14.29B	14.1B	15.24B	16.32B
Gross Profit	1.56B	192M	1.28B	2.06B	2.5B
Selling General & Admin Expenses, Total	735M	791M	876M	938M	1.01B
R&D Expenses	364M	363M	371M	380M	424M
Other Operating Expenses, Total	1.1B	1.15B	1.25B	1.32B	1.43B
Operating Income	461M	-962M	36M	739M	1.07B
Interest Expense, Total	-52M	-63M	-235M	-194M	-145M
Interest And Investment Income	19M	37M	205M	157M	195M
Net Interest Expenses	-33M	-26M	-30M	-37M	50M
Income (Loss) On Equity Invest.	36M	10M	22M	-1M	7M
Currency Exchange Gains (Loss)	-45M	-70M	-99M	-20M	15M
Other Non Operating Income (Expenses)	-23M	-14M	-37M	-29M	-48M
EBT, Excl. Unusual Items	396M	-1.06B	-108M	652M	1.09B
Restructuring Charges	-139M	-444M	61M	53M	-52M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	147M	-	-
Asset Writedown	-	-190M	-	-	-
EBT, Incl. Unusual Items	257M	-1.7B	100M	705M	1.04B
Income Tax Expense	81M	-124M	24M	211M	259M
Earnings From Continuing Operations	176M	-1.57B	76M	494M	780M
Net Income to Company	176M	-1.57B	76M	494M	780M
Minority Interest	-9M	-	1M	5M	-2M
Net Income - (IS)	167M	-1.57B	77M	499M	778M
Net Income to Common Incl Extra Items	167M	-1.57B	77M	499M	778M
Net Income to Common Excl. Extra Items	167M	-1.57B	77M	499M	778M
Per Share Items
Net EPS - Basic	0.17	-1.56	0.08	0.5	0.78
Basic EPS - Continuing Operations	0.17	-1.56	0.08	0.5	0.78
Basic Weighted Average Shares Outstanding	1.01B	1.01B	1.01B	1.01B	999M
Net EPS - Diluted	0.17	-1.56	0.08	0.49	0.77
Diluted EPS - Continuing Operations	0.17	-1.56	0.08	0.49	0.77
Diluted Weighted Average Shares Outstanding	1.01B	1.01B	1.01B	1.01B	1B
Normalized Basic EPS	0.24	-0.66	-0.07	0.41	0.68
Normalized Diluted EPS	0.24	-0.66	-0.07	0.41	0.68
Dividend Per Share	0.05	-	-	0.07	0.1
Payout Ratio	136.53	-3.18	-	-	9.51
American Depositary Receipts Ratio (ADR)	0.33	0.33	0.33	0.33	0.33
Supplemental Items
EBITDA	920M	-666M	427M	1.14B	1.5B
EBITA	533M	-913M	71M	765M	1.08B
EBIT	461M	-962M	36M	739M	1.07B
EBITDAR	952M	-615M	496M	1.2B	1.52B
Effective Tax Rate - (Ratio)	31.52	7.31	24	29.93	24.93
Total Current Taxes	-60M	134M	-54M	87M	318M
Total Deferred Taxes	123M	-317M	97M	106M	-66M
Normalized Net Income	238M	-664M	-66.5M	412M	680M
Interest Capitalized	-	-	-	8.5M	10M
Interest on Long-Term Debt	13M	12M	16M	26M	30M
Supplemental Operating Expense Items
Selling and Marketing Expenses	367M	443M	452M	535M	545M
General and Administrative Expenses	368M	348M	424M	403M	461M
Research And Development Expense From Footnotes	364M	584M	371M	608M	734M
Net Rental Expense, Total	32M	51M	69M	66M	23M
Imputed Operating Lease Interest Expense	9.54M	13.31M	44.62M	32.12M	8.58M
Imputed Operating Lease Depreciation	22.46M	37.69M	24.38M	33.88M	14.42M
Stock-Based Comp., Other (Total)	13M	7M	34M	28M	41M
Total Stock-Based Compensation	13M	7M	34M	28M	41M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.42B	2.38B	3.32B	3.82B	4.38B
Short Term Investments	116M	-	3M	160M	164M
Total Cash And Short Term Investments	2.54B	2.38B	3.32B	3.98B	4.55B
Accounts Receivable, Total	2.76B	2.68B	3.08B	3.85B	4.22B
Other Receivables	1.21B	1.27B	1.48B	1.73B	1.78B
Total Receivables	3.96B	3.95B	4.56B	5.58B	6B
Inventory	5.67B	6.37B	6.53B	6.01B	5.72B
Other Current Assets, Total	690M	926M	505M	526M	566M
Total Current Assets	12.86B	13.63B	14.92B	16.09B	16.84B
Gross Property Plant And Equipment	4.96B	4.96B	5.44B	6.28B	6.85B
Accumulated Depreciation	-2.87B	-3.21B	-3.53B	-3.92B	-4.06B
Net Property Plant And Equipment	2.09B	1.75B	1.91B	2.35B	2.79B
Long-term Investments	790M	829M	790M	841M	739M
Goodwill	1.51B	1.51B	1.51B	1.51B	1.5B
Other Intangibles, Total	1.62B	1.55B	1.7B	1.87B	1.94B
Deferred Tax Assets Long-Term	374M	497M	795M	722M	883M
Other Long-Term Assets, Total	463M	319M	894M	1.25B	1.05B
Total Assets	19.71B	20.09B	22.51B	24.64B	25.73B
Liabilities
Accounts Payable, Total	4.29B	4.09B	3.74B	4.13B	4.77B
Current Portion of Long-Term Debt	560M	106M	9M	4M	528M
Current Portion of Leases	144M	142M	154M	196M	254M
Current Income Taxes Payable	75M	58M	176M	141M	115M
Unearned Revenue Current, Total	6.18B	6.94B	8B	9B	9.27B
Other Current Liabilities	1.46B	2.18B	1.95B	2.01B	1.91B
Total Current Liabilities	12.7B	13.51B	14.02B	15.48B	16.85B
Long-Term Debt	331M	1.83B	2.82B	2.2B	1.72B
Long-Term Leases	401M	351M	402M	866M	871M
Deferred Tax Liability Non Current	362M	158M	164M	179M	225M
Other Non Current Liabilities	1.16B	1.18B	2.06B	2.37B	2.19B
Total Liabilities	14.95B	17.03B	19.47B	21.1B	21.85B
Common Stock, Total	27M	27M	27M	27M	27M
Retained Earnings	4.7B	3B	3.1B	3.58B	4.06B
Comprehensive Income and Other	22M	15M	-102M	-78M	-215M
Total Common Equity	4.75B	3.04B	3.03B	3.53B	3.87B
Minority Interest	13M	16M	15M	13M	14M
Total Equity	4.76B	3.06B	3.04B	3.54B	3.88B
Total Liabilities And Equity	19.71B	20.09B	22.51B	24.64B	25.73B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.01B	1.01B	1.01B	1.01B	990M
ECS Total Common Shares Outstanding	1.01B	1.01B	1.01B	1.01B	990M
Book Value / Share	4.72	3.03	3.01	3.51	3.9
Tangible Book Value	1.62B	-21M	-176M	144M	431M
Tangible Book Value Per Share	1.61	-0.02	-0.17	0.14	0.44
Total Debt	1.44B	2.43B	3.39B	3.27B	3.37B
Net Debt	-1.1B	49M	66M	-706M	-1.17B
Debt Equivalent Oper. Leases	256M	408M	552M	528M	184M
Minority Interest, Total (Incl. Fin. Div)	13M	16M	15M	13M	14M
Equity Method Investments, Total	609M	646M	593M	577M	568M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	742M	666M	646M	903M	1.02B
Inventories - Work In Process, Total	301M	242M	342M	529M	609M
Inventories - Finished Goods, Total	3.75B	4.49B	4.49B	3.52B	2.98B
Inventories - Others	877M	978M	1.05B	1.06B	1.11B
Land - (BS)	1.14B	1.14B	1.06B	1.09B	1.15B
Machinery, Total	2.88B	2.88B	3.06B	3.4B	3.9B
Full Time Employees	29.43K	28.44K	30.59K	35.1K	36.86K
Part Time Employees	-	-	-	-	109
Accumulated Allowance for Doubtful Accounts (Supple)	36M	32M	26M	44M	36M
Order Backlog	47.3B	49.5B	60.1B	68.4B	71.9B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	167M	-1.57B	77M	499M	778M
Depreciation & Amortization - CF	533M	399M	517M	558M	654M
Amortization of Goodwill and Intangible Assets - (CF)	72M	49M	35M	26M	15M
Depreciation & Amortization, Total	605M	448M	552M	584M	669M
Amortization of Deferred Charges, Total - (CF)	316M	380M	237M	272M	369M
(Gain) Loss From Sale Of Asset	6M	-8M	-	-13M	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	68M	260M	-3M	10M	21M
(Income) Loss On Equity Investments - (CF)	-36M	-11M	-22M	2M	-7M
Stock-Based Compensation (CF)	13M	7M	34M	28M	41M
Provision and Write-off of Bad Debts	-	-	-	-	-8M
Other Operating Activities, Total	-152M	493M	119M	195M	-157M
Change In Accounts Receivable	122M	836M	655M	238M	-104M
Change In Inventories	-705M	-763M	91M	501M	247M
Change In Accounts Payable	678M	-197M	-351M	391M	637M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	-86M	-68M	-362M	-375M	-200M
Cash from Operations	996M	-195M	1.03B	2.33B	2.29B
Capital Expenditure	-476M	-371M	-456M	-670M	-821M
Sale of Property, Plant, and Equipment	3M	48M	55M	13M	2M
Cash Acquisitions	-	-	-	-	-19M
Divestitures	95M	-	-8M	-	-
Sale (Purchase) of Intangible assets	-400M	-448M	-434M	-485M	-457M
Investment in Marketable and Equity Securities, Total	-221M	79M	49M	-204M	87M
Other Investing Activities, Total	60M	13M	12M	5M	44M
Cash from Investing	-939M	-679M	-782M	-1.34B	-1.16B
Long-Term Debt Issued, Total	642M	1.76B	1.14B	84M	150M
Total Debt Issued	642M	1.76B	1.14B	84M	150M
Long-Term Debt Repaid, Total	-1.1B	-860M	-383M	-522M	-338M
Total Debt Repaid	-1.1B	-860M	-383M	-522M	-338M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-12M	-	-11M	-40M	-282M
Common Dividends Paid	-228M	-50M	-	-	-74M
Common & Preferred Stock Dividends Paid	-228M	-50M	-	-	-74M
Other Financing Activities, Total	-22M	-	-	-	-
Cash from Financing	-715M	846M	743M	-478M	-544M
Foreign Exchange Rate Adjustments	15M	-14M	-48M	-14M	-11M
Net Change in Cash	-643M	-42M	940M	499M	567M
Supplemental Items
Cash Interest Paid	39M	37M	205M	124M	117M
Cash Income Tax Paid (Refund)	174M	144M	261M	245M	275M
Levered Free Cash Flow	310M	-278M	50.62M	981M	986M
Unlevered Free Cash Flow	342M	-238M	198M	1.1B	1.08B
Change In Net Working Capital	4M	-347M	-242M	-911M	-609M
Net Debt Issued / Repaid	-453M	896M	754M	-438M	-188M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.52	-3.03	0.11	1.96	2.65
Return on Total Capital	4.7	-10.35	0.38	6.98	9.48
Return On Equity %	3.72	-40.53	2.49	15.01	21.02
Return on Common Equity	3.55	-40.68	2.54	15.22	21.04
Margin Analysis
Gross Profit Margin %	10.01	1.33	8.34	11.89	13.27
SG&A Margin	4.72	5.46	5.69	5.42	5.34
EBITDA Margin %	5.9	-4.6	2.78	6.57	7.97
EBITA Margin %	3.42	-6.3	0.46	4.42	5.75
EBIT Margin %	2.96	-6.64	0.23	4.27	5.67
Income From Continuing Operations Margin %	1.13	-10.85	0.49	2.86	4.14
Net Income Margin %	1.07	-10.85	0.5	2.89	4.13
Net Avail. For Common Margin %	1.07	-10.85	0.5	2.89	4.13
Normalized Net Income Margin	1.53	-4.58	-0.43	2.38	3.61
Levered Free Cash Flow Margin	1.99	-1.92	0.33	5.67	5.24
Unlevered Free Cash Flow Margin	2.19	-1.64	1.28	6.37	5.72
Asset Turnover
Asset Turnover	0.82	0.73	0.72	0.73	0.75
Fixed Assets Turnover	7.58	7.54	8.4	8.11	7.32
Receivables Turnover (Average Receivables)	6.15	5.33	5.34	4.99	4.67
Inventory Turnover (Average Inventory)	2.56	2.37	2.19	2.43	2.78
Short Term Liquidity
Current Ratio	1.01	1.01	1.06	1.04	1
Quick Ratio	0.51	0.47	0.56	0.62	0.63
Operating Cash Flow to Current Liabilities	0.08	-0.01	0.07	0.15	0.14
Days Sales Outstanding (Average Receivables)	59.37	68.5	68.35	73.31	78.24
Days Outstanding Inventory (Average Inventory)	142.62	153.8	167.02	150.57	131.12
Average Days Payable Outstanding	99.97	101.94	100.2	97.83	101.22
Cash Conversion Cycle (Average Days)	102.03	120.36	135.17	126.05	108.14
Long Term Solvency
Total Debt/Equity	30.16	79.31	111.34	92.35	86.94
Total Debt / Total Capital	23.17	44.23	52.68	48.01	46.51
LT Debt/Equity	15.37	71.21	105.98	86.7	66.79
Long-Term Debt / Total Capital	11.81	39.71	50.15	45.08	35.73
Total Liabilities / Total Assets	75.85	84.77	86.49	85.63	84.92
EBIT / Interest Expense	8.87	-15.27	0.15	3.81	7.36
EBITDA / Interest Expense	20.5	-8.16	2.5	6.82	11.97
(EBITDA - Capex) / Interest Expense	11.35	-14.05	0.56	3.37	6.31
Total Debt / EBITDA	1.35	-4.72	5.76	2.47	1.94
Net Debt / EBITDA	-1.03	-0.1	0.11	-0.53	-0.68
Total Debt / (EBITDA - Capex)	2.43	-2.74	25.66	5.01	3.69
Net Debt / (EBITDA - Capex)	-1.86	-0.06	0.5	-1.08	-1.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.18	-7.06	6.19	12.44	8.83
Gross Profit, 1 Yr. Growth %	0.71	-87.66	568.23	60.33	21.39
EBITDA, 1 Yr. Growth %	-14.42	-175.08	-176.8	165.42	32.6
EBITA, 1 Yr. Growth %	-30.78	-282.6	-107.78	977.46	41.44
EBIT, 1 Yr. Growth %	-39.42	-324.77	-103.74	1.95K	44.38
Earnings From Cont. Operations, 1 Yr. Growth %	-77.17	-1.2K	-104.83	533.33	57.89
Net Income, 1 Yr. Growth %	-78.17	-1.27K	-104.9	548.05	55.91
Normalized Net Income, 1 Yr. Growth %	-61.35	-404.65	-89.98	-713.38	64.82
Diluted EPS Before Extra, 1 Yr. Growth %	-78.7	-1.3K	-104.9	540.41	57.14
Accounts Receivable, 1 Yr. Growth %	19.24	-2.86	15.04	24.79	9.8
Inventory, 1 Yr. Growth %	7.26	12.34	2.46	-7.99	-4.78
Net Property, Plant and Equip., 1 Yr. Growth %	3.41	-16.21	9.08	23.13	18.66
Total Assets, 1 Yr. Growth %	8.55	2.25	12.07	9.46	4.41
Tangible Book Value, 1 Yr. Growth %	-8.38	-101.29	738.1	-181.82	199.31
Common Equity, 1 Yr. Growth %	2.02	-35.01	-0.56	16.58	9.58
Cash From Operations, 1 Yr. Growth %	34.05	-120.4	-626.67	127.07	-1.97
Capital Expenditures, 1 Yr. Growth %	25.59	-22.06	22.91	46.93	22.54
Levered Free Cash Flow, 1 Yr. Growth %	13.16	-186.22	-118.64	1.8K	0.99
Unlevered Free Cash Flow, 1 Yr. Growth %	14.57	-167.21	-185.04	455.1	-1.91
Dividend Per Share, 1 Yr. Growth %	-78.26	-	-	-	42.86
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	13.28	-1.13	-0.66	9.27	10.62
Gross Profit, 2 Yr. CAGR %	-5.88	-64.79	-9.2	227.32	39.51
EBITDA, 2 Yr. CAGR %	-15.35	-21.29	-30.62	42.94	87.27
EBITA, 2 Yr. CAGR %	-27.53	8.89	-62.32	-8.46	290.38
EBIT, 2 Yr. CAGR %	-32.24	12.43	-71	-12.35	444.42
Earnings From Cont. Operations, 2 Yr. CAGR %	-49.86	42.79	-27.1	-43.94	216.23
Net Income, 2 Yr. CAGR %	-51.3	43.35	-24.2	-43.66	217.87
Normalized Net Income, 2 Yr. CAGR %	-35.43	3.71	-44.75	-21.17	217.96
Diluted EPS Before Extra, 2 Yr. CAGR %	-51.62	41.53	-23.28	-44	217.23
Accounts Receivable, 2 Yr. CAGR %	17.78	7.62	5.71	19.82	17.06
Inventory, 2 Yr. CAGR %	17.66	9.77	7.29	-2.91	-6.4
Net Property, Plant and Equip., 2 Yr. CAGR %	11.86	-6.92	-4.4	15.89	20.87
Total Assets, 2 Yr. CAGR %	17.28	5.18	7.05	10.76	6.91
Tangible Book Value, 2 Yr. CAGR %	-11.91	-89.1	-67.06	161.86	56.49
Common Equity, 2 Yr. CAGR %	20.08	-19.13	-19.61	7.67	13.03
Cash From Operations, 2 Yr. CAGR %	10.01	-48.77	3.65	245.82	49.19
Capital Expenditures, 2 Yr. CAGR %	2.73	-1.06	-2.12	34.38	34.18
Levered Free Cash Flow, 2 Yr. CAGR %	452.99	0.73	-60.35	90.01	337.08
Unlevered Free Cash Flow, 2 Yr. CAGR %	194.3	-10.68	-25.36	117.82	132.92
Dividend Per Share, 2 Yr. CAGR %	-51.44	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.43	6.05	1.25	3.53	9.12
Gross Profit, 3 Yr. CAGR %	-1.51	-52.23	-6.09	9.75	135.16
EBITDA, 3 Yr. CAGR %	-9.1	-19.65	-26.49	8.6	39.24
EBITA, 3 Yr. CAGR %	-18.35	-3.47	-54.82	15.23	5.82
EBIT, 3 Yr. CAGR %	-21.91	-1.41	-63.83	19.97	3.51
Earnings From Cont. Operations, 3 Yr. CAGR %	-36.36	30.95	-53.81	51.17	-20.83
Net Income, 3 Yr. CAGR %	-37.5	30.71	-53.48	55	-20.9
Normalized Net Income, 3 Yr. CAGR %	-26.44	5.08	-52.41	23.71	0.8
Diluted EPS Before Extra, 3 Yr. CAGR %	-37.42	30.07	-53.88	55.63	-21.01
Accounts Receivable, 3 Yr. CAGR %	28.59	10.46	10.04	11.72	16.38
Inventory, 3 Yr. CAGR %	23.84	15.86	7.28	1.93	-3.53
Net Property, Plant and Equip., 3 Yr. CAGR %	16.63	1.59	-1.86	4.01	16.8
Total Assets, 3 Yr. CAGR %	18.32	11.92	7.43	7.84	8.6
Tangible Book Value, 3 Yr. CAGR %	-6.76	-78.4	-53.64	-55.39	173.79
Common Equity, 3 Yr. CAGR %	15.37	-2.59	-13.36	-9.01	8.3
Cash From Operations, 3 Yr. CAGR %	-0.82	-38.12	11.39	34.61	127.17
Capital Expenditures, 3 Yr. CAGR %	15.12	-6.3	6.36	12.07	30.31
Levered Free Cash Flow, 3 Yr. CAGR %	-10.46	201.55	-43.02	44.95	53.7
Unlevered Free Cash Flow, 3 Yr. CAGR %	-8.39	82.03	-12.87	45.94	66.75
Dividend Per Share, 3 Yr. CAGR %	-37	-	-	11.87	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.77	7.8	8.7	7.32	4.9
Gross Profit, 5 Yr. CAGR %	-6.11	-37.13	-4.71	3.16	10.02
EBITDA, 5 Yr. CAGR %	-11.28	-15.06	-19	-2.42	6.9
EBITA, 5 Yr. CAGR %	-18.24	-6.28	-40.83	-5.5	7.04
EBIT, 5 Yr. CAGR %	-20.47	-5.15	-48.23	-5.94	6.99
Earnings From Cont. Operations, 5 Yr. CAGR %	-28.85	11.95	-35.54	-6.73	0.23
Net Income, 5 Yr. CAGR %	-29.59	11.95	-35.39	-6.65	0.34
Normalized Net Income, 5 Yr. CAGR %	-21.92	-2.66	-35.57	-6.33	1.96
Diluted EPS Before Extra, 5 Yr. CAGR %	-28.32	13.21	-35.36	-7.15	-0.26
Accounts Receivable, 5 Yr. CAGR %	21.14	16.92	18.9	14.11	12.79
Inventory, 5 Yr. CAGR %	23.37	18.77	16.93	7.95	1.58
Net Property, Plant and Equip., 5 Yr. CAGR %	9.49	7.04	7.71	7.09	6.67
Total Assets, 5 Yr. CAGR %	14.7	13.07	13.6	11.45	7.22
Tangible Book Value, 5 Yr. CAGR %	-7.29	-60.6	-38.47	-41.41	-24.58
Common Equity, 5 Yr. CAGR %	8.28	-0.44	-0.42	1.39	-3.64
Cash From Operations, 5 Yr. CAGR %	-14.51	-34.56	0.12	23.16	25.2
Capital Expenditures, 5 Yr. CAGR %	10.65	6.72	7.89	8.24	16.72
Levered Free Cash Flow, 5 Yr. CAGR %	-26.48	-17.87	-34.85	149.59	29.23
Unlevered Free Cash Flow, 5 Yr. CAGR %	-25.16	-20.54	-15	94.58	29.24
Dividend Per Share, 5 Yr. CAGR %	-28.2	-	-	-19.88	-15.34