Vestas Wind Systems A/S
- Industry
- Power Equipment (Wind Turbines)
- Exchange
- CO
- Country
- Denmark
- Employees
- 36,808
- Website
- www.vestas.com
Composite valuation range · conservative 130–160 / fair 175–210 / optimistic 235–275. At 175.8, Within the fair intrinsic-value range.
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
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.
History
Vestas Wind Systems A/S was founded in 1898 in Lemvig, Denmark, initially making agricultural machinery and alpine touring vehicles, and built its first wind turbine (30 kW) in 1979. The company spun off its NYSE subsidiary and listed in Copenhagen via IPO in 1998, then merged with Spain's NEG Micon in 2004 to become the world's largest wind turbine manufacturer by scale. Onshore margins peaked in 2014-2015 at 11.5% with annual free cash flow of EUR 1.2 B, before the 2021-2024 supply chain and inflation crisis pushed the company to a net loss of EUR 1.6 B in 2022 (industry EBIT margin of -7.6%, the sector's first annual loss). Beginning in 2023, CEO Henrik Andersen (in the role since August 2019) launched a restructuring that cut about 5% of staff, closed the Skagen plant in Denmark and refocused on core platforms; EBIT margin returned to +4.5% with positive free cash flow in 2024. In June 2025 the company released its "Build the Future" 2030 roadmap, and by Q1 2026 results were up 14% year over year with an EBIT margin of 6.5%. Headquartered in Aarhus, the group reported 2025 revenue of EUR 18.8 B, split between Power Solutions (about 81%, onshore and offshore turbine sales and installation) and Service (about 19%, 15-25 year operations and maintenance contracts).
Industry position
Vestas is the world's largest wind turbine OEM and the leading non-China player, with cumulative installed capacity of about 192 GW in 2025, equal to roughly 23% of global wind capacity. It forms one of three global majors alongside China's Goldwind (about 26%) and Siemens Gamesa (about 14%). Its competitive position rests on installed-base scale and Service switching costs: a global service network spanning 150-plus countries with 19,000-plus engineers, a turbine operating-data pool, and customer churn below 3% because switching service providers requires retraining and spare-parts inventory changes. Its current flagship platforms are the V162-6.0 MW and V172-7.2 MW onshore and the V236-15.0 MW offshore, the latter being the largest commercialized offshore turbine with a 236-metre rotor; Vestas took about 28% of global new offshore turbine orders in 2025 (versus about 22% for Siemens Gamesa). Total order backlog reached EUR 71.9 B (EUR 33.2 B turbines plus EUR 38.7 B Service), about 3.8 times annual revenue and notably higher than Siemens Gamesa's roughly 2 times; the Service segment, with an EBIT margin of 22-25%, contributes about 60% of group EBIT. Vestas maintains a globally localized manufacturing footprint across Europe (Denmark, Italy, the United Kingdom, Poland, Germany), the United States (Colorado, Nevada), India and China (China serving only its domestic market).