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Nordex SE

NDX1.DE
73
Industrial - Machinery · Industrials
Exchange
Frankfurt Stock Exchange
Winston Score
73
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Exceptional
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong
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Winston Score History

The full picture

Nordex SE is a German company that designs and builds wind turbines. It sells large turbines used to generate electricity from wind, mainly to energy companies, utilities, and independent power producers. Nordex is one of the larger wind turbine manufacturers in Europe and competes globally in the onshore wind energy market.

Nordex makes money by selling turbines and also by providing long-term service and maintenance contracts for the turbines it installs. The company operates across Europe, Latin America, Africa, and parts of Asia, with most of its revenue coming from Europe. Its service business provides steady, recurring income that helps offset the lumpy nature of turbine orders. The main risk Nordex faces is pressure on profit margins from rising raw material costs and intense competition from larger rivals like Vestas and Siemens Gamesa, which have greater scale and resources.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+261.5% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

50.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€2.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Nordex SE is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
26.9%
Modest — 26.9% gross margin
Profit after running costs
Operating Margin
10.4%
Modest — 10.4% operating margin
Return on the money invested
ROCE
39.6%
Exceptional — 39.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+11.7%
Steady sales growth (+11.7% YoY)
Profit growth
EPS YoY
+569.0%
Earnings growing fast (+569.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
245%
Turns 245% of profit into real cash
Spare cash per sale
FCF Margin
10.0%
Modest free cash flow (10.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.20
Conservative — low debt load (0.20)
Covers its interest
Interest Cover
8.53x
Comfortably covers interest (8.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.0x
no trend
Growth-priced — P/E 23.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.0 → 14.1)

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Dividends

Not applicable for this business.
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