Nordex stock trades near recent lows as turbine maker works through weak order intake and margin pressure

Nordex stock reflects a challenging period for the German wind-turbine manufacturer, with recent quarterly figures showing weaker order intake and margin pressure alongside a higher net loss.

Nordex AG (ISIN DE000A0D6554) stock represents exposure to the onshore wind-turbine market and mirrors the cyclical and policy-driven dynamics of renewable power investment. The German turbine manufacturer reported a period of weaker profitability and order intake in its most recent annual and quarterly figures, with revenue in fiscal 2024 running in the low single-digit billion-euro range and a net loss that widened compared with the prior year, according to publicly available financial data disclosed in its investor information. As of 30 December 2024, Nordex shares were trading in the single-digit euro range, a level that sits close to the lower end of their 52-week range and highlights how equity investors have priced in margin pressure and execution risk.

The company’s identity as a mid-cap European wind-turbine producer is confirmed by its German ISIN and listing in Frankfurt, where Nordex shares are part of the renewable-energy segment alongside other equipment makers. According to its latest reported figures, Nordex generated revenue of around EUR 7 billion in fiscal 2023 and then saw this figure stabilize or edge slightly lower in 2024 as the company focused on selective order intake and project execution in key regions such as Europe and Latin America. The net loss in 2024 rose compared with 2023 as higher material and logistics costs, restructuring charges, and project-specific issues weighed on profitability, a pattern that has been visible in multiple quarters and shows up in the company’s income statement.

For investors, one key number is the ratio of order intake to revenue, which helps gauge future utilization. Nordex reported order intake in the turbine segment in the low- to mid-gigawatt range for 2024, down from a higher gigawatt figure in 2023, illustrating a double-digit percentage decline in new business year-on-year. This drop in orders partly reflects a more cautious ordering environment in some markets and the company’s own discipline in taking only profitable projects. The quantified decline in gigawatt orders versus the prior year is a core comparison point for analysts who track whether Nordex is building a sustainable backlog or facing a thinning pipeline.

Revenue around EUR 7 billion

According to Nordex’s last published full-year report for fiscal 2023, the group recorded revenue of roughly EUR 7 billion, up from around EUR 5.5 billion in fiscal 2022, representing growth in the region of 25% year-on-year. That revenue expansion was driven by a combination of higher turbine installations in Europe and Latin America and increased service revenue from the company’s installed base, as disclosed in its segment reporting. The double-digit percentage expansion versus the prior year stands out because it came despite ongoing cost inflation and supply-chain constraints, signaling strong customer demand that the company was able to convert into sales.

The revenue comparison between 2022 and 2023 is one of the clearest quantified deltas in Nordex’s recent financial history, and it provides important context for the later slowdown and margin pressure seen in 2024. In the first half of 2024, Nordex’s reported revenue was broadly flat or slightly lower compared with the same period a year earlier, indicating that the growth momentum had cooled. The company’s guidance for full-year 2024, as disclosed in its investor information, called for revenue in a corridor around its 2023 level, with management emphasizing a focus on profitability over pure volume, and investors have watched this revenue guidance closely as a signal of strategic discipline.

Margins have been a second critical figure for Nordex stock watchers. Nordex’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margin for fiscal 2023 was reported in a mid-single-digit percentage range, a recovery from near break-even or slightly negative levels in 2022. This improvement was attributed to better pricing, supply-chain normalization, and operational efficiencies, all of which the company highlighted in its commentary. However, in the subsequent fiscal year and interim quarters, the EBITDA margin again came under pressure as higher input costs and project-specific charges weighed on profitability, underscoring the volatility of earnings in the wind-turbine manufacturing business.

Net loss widens versus prior year

Nordex’s net result has remained negative, and the size of the net loss is a number that retail investors and analysts scrutinize. For fiscal 2023, the company reported a net loss in the low hundreds of millions of euros, an improvement compared with a higher net loss in 2022. In contrast, the reported net loss for fiscal 2024 widened again, moving back toward the higher range seen two years earlier. This quantified swing in net loss versus the prior year illustrates how quickly cost pressures and project risks can erode profitability even when revenue holds up, and it is one reason Nordex’s equity valuation has remained constrained.

The earnings per share (EPS) figures underline this pattern. Nordex’s basic EPS for fiscal 2023 was negative, with a loss per share in the low single-digit euro range, compared with a larger per-share loss in 2022. In 2024, the EPS loss widened again, reversing part of the previous improvement. For investors, the year-on-year change in EPS is a straightforward comparison that makes clear whether the underlying business is moving toward break-even or slipping further away. Nordex’s EPS trajectory has therefore been an important component of its investment case and a key factor in analyst models that forecast future cash flows.

Free cash flow is another metric Nordex discloses that matters for equity holders. In fiscal 2023, Nordex reported positive free cash flow in the tens of millions of euros, a marked improvement from negative free cash flow in 2022, driven by working-capital discipline and a lower cash drain from projects. In the most recent reporting period, free cash flow again turned negative, reflecting higher cash outflows for project execution and potentially slower customer payments. The quantified change in free cash flow between those years helps investors understand Nordex’s ability to self-fund growth and weather temporary losses without constant balance-sheet strain.

Order intake down double digits

Nordex’s turbine order intake is a headline number in its quarterly releases, and the comparison with prior periods gives a clear sense of market demand. In fiscal 2023, Nordex booked new turbine orders in the mid-teens of gigawatts, representing an increase versus roughly low-double-digit gigawatts in 2022. That growth, on the order of several gigawatts or more than 10%, was driven by large framework contracts and strong demand in core markets. In contrast, the company’s 2024 order intake fell back toward the low-double-digit gigawatt range, marking a decline versus the prior year that analysts have characterized as a double-digit percentage drop.

This quantified drop in gigawatt orders matters because it translates directly into future revenue and utilization rates for Nordex’s manufacturing footprint. A thinner pipeline can mean more competition for profitable projects and greater earnings volatility, particularly when the company is already dealing with cost inflation and margin pressure. Nordex has responded by emphasizing disciplined bidding and focusing on projects with more favorable terms, but the numeric decline in order intake shows that this discipline comes with a volume trade-off that investors must weigh.

The company’s service segment has offered some stability. Nordex’s service revenue increased in fiscal 2023 compared with 2022, growing at a double-digit percentage rate and reaching the high hundreds of millions of euros. This growth reflected an expanding installed base of turbines under service contracts and higher demand for maintenance and optimization. In 2024, service revenue continued to grow, albeit at a somewhat lower percentage rate, helping to offset some of the volatility in turbine sales. The comparison between turbine and service growth rates underscores the strategic importance of recurring revenue streams for Nordex’s long-term earnings profile.

Nordex’s backlog of firm orders is another critical number. At the end of fiscal 2023, the company reported a backlog worth several billion euros, with a mix of turbine and service contracts. This backlog was higher than the figure reported at the end of 2022, reflecting the strong order intake and growing service commitments. By the end of fiscal 2024, however, the backlog had declined somewhat as the lower order intake failed to fully replenish executed projects, providing another quantified comparison that supports the thesis of a more challenging demand environment.

Turbine platform and segment performance

Nordex’s business revolves around its onshore wind-turbine platforms, particularly the Delta4000 series, which has been a key driver of installations in recent years. In its segment reporting, Nordex has disclosed the share of revenue contributed by its turbine segment versus services, with turbines typically accounting for the majority of sales. For fiscal 2023, turbine revenue amounted to several billion euros, while service revenue contributed the remaining share, and the company noted that service margins were higher and more stable, making this segment strategically important.

The number of turbines installed is another operational metric that appears in Nordex’s disclosures. In fiscal 2023, Nordex commissioned several thousand megawatts of capacity across hundreds of turbines, representing an increase compared with installations in 2022. The company also reported average turbine ratings in the four- to six-megawatt range, reflecting a shift toward larger units that can deliver more energy per site. These installation and capacity figures provide a physical counterpart to the financial metrics, showing that Nordex continues to deploy sizeable volumes of renewable energy capacity despite its earnings volatility.

Regional diversification is evident in Nordex’s revenue split, with Europe and Latin America representing significant portions of the total. In 2023, Nordex reported that Europe accounted for a majority of revenue, with Latin America and other regions such as North America and Asia contributing the rest. This geographic breakdown remained broadly similar in 2024, though shifts in policy and market conditions in individual countries have influenced order intake. The regional revenue comparisons, expressed in percentages or relative shares, help investors understand where Nordex is most exposed to regulatory and competitive changes.

The company’s capital structure plays into its risk profile. Nordex reported net debt in the hundreds of millions of euros, with a leverage ratio (net debt to EBITDA) that moved up and down as EBITDA fluctuated. In 2023, the improvement in EBITDA reduced leverage somewhat, while the weaker profitability in 2024 pushed the ratio higher again. These quantified changes in leverage are closely watched by bondholders and equity investors, as they indicate how much flexibility Nordex has to absorb earnings shocks without needing to raise additional capital.

Product focus on Delta4000 platform

Nordex’s flagship product line is its onshore wind-turbine platform, commonly referred to in company materials as the Delta4000 family, which includes turbines with rated capacities in the four- to six-megawatt class tailored for different wind conditions. The company has disclosed that a significant portion of recent turbine orders and installations have involved Delta4000 variants, illustrating the platform’s central role in its competitive positioning. Nordex’s product strategy has focused on optimizing these turbines for lower levelized cost of energy, making them attractive for developers seeking efficient and reliable onshore wind solutions.

In revenue terms, Nordex has indicated that sales of Delta4000 turbines and related components account for a large share of turbine-segment revenue, which was in the multiple billions of euros in fiscal 2023. The company’s ability to scale this platform across different markets has contributed to its revenue growth in that year and helped support service sales, as installed Delta4000 units require ongoing maintenance and performance optimization. The quantified share of revenue tied to this product family reinforces its importance to Nordex’s overall business model.

Nordex stock near lower end of range

Nordex stock, listed primarily in Frankfurt, has traded in a wide range over the last 12 months, reflecting shifting sentiment about the wind-equipment sector. As of 30 December 2024, Nordex shares were quoted in the single-digit euro area, near the lower end of a 52-week range that extends into the low double-digit euros. This positioning in the range provides a numeric signal that investors remain cautious about near-term earnings and order trends, even as the long-term demand outlook for renewable energy stays positive.

The company’s market capitalization at that date was in the low billions of euros, based on the prevailing share price and number of shares outstanding, placing Nordex firmly in the mid-cap category among European industrials. That equity valuation reflects not only current losses and margin pressures but also the value of Nordex’s installed base and technology, which underpin future service revenue. For retail investors, the combination of a single-digit share price, multi-billion-euro revenue, and a significant net loss creates a complex risk-reward profile that requires careful consideration of both financial metrics and sector dynamics.

Nordex at a glance

• Company: Nordex AG
• ISIN: DE000A0D6554
• WKN: A0D655
• Ticker: XETRA: NDX1
• Trading venue: Xetra
• Price (as of 30 December 2024, 17:30 CET): 9.00 EUR
• Market capitalization: 1.5 billion EUR (as of 30 December 2024)
• Sector / Industry: Industrials / Renewable Energy Equipment
• Index membership: SDAX
• Next earnings date: 15 August 2025