CDLR vs NDAQ: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
NDAQ is the larger of the two ($52.65B market cap): the incumbent the market prices for continued execution (20.24x forward earnings, beta 1.00). CDLR is the smaller challenger ($2.26B): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
CDLR vs NDAQ: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CDLR | NDAQ | What it tells you |
|---|---|---|---|
| Market cap | $2.26B | $52.65B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Trailing P/E | 6.68 | 27.46 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.71 | 1.00 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 55% of range | 70% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.06 | 4.42 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how CDLR and NDAQ affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CDLR and NDAQ share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CDLR and NDAQ exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Cadeler A/S (CDLR) do?
Cadeler A/S owns and operates the largest fleet of jack-up offshore wind installation vessels in the industry, transporting and installing wind turbines and the XXL monopile foundations they sit on for developers such as ScottishPower Renewables. The company traces back to Swire Blue Ocean, combined with Eneti Inc. in December 2023, listed ADSs on the NYSE in early 2024, and has since pushed beyond turbine installation into full-scope foundation work and offshore wind aftermarket services under its Nexra platform. Wind Ace, the eleventh vessel and second of three A-class newbuilds, was delivered on schedule from the COSCO Shipping Offshore yard in Qidong in July 2026, with Wind Apex following in Q2 2027. In August 2026 Cadeler also bought Menck, a 150-year-old supplier of hydraulic impact hammers and noise-mitigation equipment for offshore foundations, at an agreed enterprise valuation of EUR 501 million, and signed EUR 805 million of firm contracts for two outsized T-class vessels due in 2030 and 2031. Headcount passed 1,000 during 2025.
What does Nasdaq (NDAQ) do?
Nasdaq, Inc. is a global markets-infrastructure and financial-technology company. Most people know it for the Nasdaq Stock Market, home to many large technology listings, but the exchange is now only one part of the company. Nasdaq reports across three divisions: Market Services (the trading and exchange business, tied to volumes), Capital Access Platforms (company listings, the fast-growing index and index-linked product business, and investor-relations and ESG analytics), and Financial Technology (software for anti-money-laundering and fraud detection, regulatory technology, and capital-markets trading and risk systems).
CDLR vs NDAQ: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CDLR drivers: Vessels arriving on a published schedule; Backlog and a tight vessel market.
- NDAQ drivers: Financial Technology and recurring revenue; Index business and Capital Access Platforms.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Utilisation is the first thing to watch, because a transit, a crane upgrade or a scheduled dry-docking can pull a quarter's rate below 50% even with the backlog intact, as Q1 2026 showed. For NDAQ, nasdaq's Market Services division still depends on trading volumes and volatility, so quieter markets can pressure that revenue line.
CDLR or NDAQ: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CDLR if you believe its drivers more; NDAQ if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CDLR and NDAQ guides.
CDLR vs NDAQ: the full fundamentals
CDLR. Cadeler reports in euros; USD equivalents here use a rate near $1.16 per euro in August 2026, and the trailing figures combine FY2025 with Q1 2026 in place of Q1 2025. Enterprise value adds roughly EUR 1.5 billion of net debt as of 31 December 2025, before the EUR 175 million March 2026 placement and before any debt taken on for Menck, so the multiple is a rough marker rather than a precise one. On FY2025 earnings the shares change hands near seven times trailing profit, a low headline multiple that reflects the cash still committed to newbuilds; the H1 2026 interim report is scheduled for 25 August 2026.
NDAQ. Figures are approximate and tied to the asOf date; verify live numbers before acting. Nasdaq is increasingly valued like a data-and-software company rather than a pure exchange, which supports a higher multiple but also raises the bar for growth. Because part of the model still swings with trading activity, quarter-to-quarter results can be lumpy even as recurring revenue grows. Where the stock trades relative to peers like ICE and CME is as much a judgment about the durability of its software and index growth as about any single quarter.
Headline figures (approximate, August 2026): CDLR shows revenue (ttm) ~EUR 680M (~$790M), adjusted ebitda (ttm) ~EUR 448M (~$520M), net profit (fy2025) ~EUR 280M (~$325M), EPS ~EUR 0.80, market cap ~$2.3B (each ADS = 4 ordinary shares); NDAQ shows q1 2026 net revenue ~$1.4 billion, up roughly 14% year over year, q1 2026 eps Reported in the low-$0.90s per share (approximate; verify live), financial technology growth Record pace, up roughly 18% year over year in Q1 2026, revenue mix Majority now from recurring solutions (index, data, and fintech software) rather than trading volumes.
The bottom line: CDLR vs NDAQ
CDLR and NDAQ are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CDLR and NDAQ exposure against your real portfolio. It is not an investment adviser.
Wondering how CDLR or NDAQ fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Cadeler A/S with AI
Connect the broker you already use and ask Walnut's AI how CDLR fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CDLR and NDAQ?
+
Cadeler A/S owns and operates the largest fleet of jack-up offshore wind installation vessels in the industry, transporting and installing wind turbines and the XXL monopile foundations they sit on for developers such as ScottishPower Renewables. Nasdaq, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CDLR or NDAQ the better stock?
+
Neither is universally better. NDAQ is the larger incumbent; CDLR is the smaller challenger. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CDLR or NDAQ?
+
A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CDLR and NDAQ?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CDLR vs NDAQ?
+
CDLR: Utilisation is the first thing to watch, because a transit, a crane upgrade or a scheduled dry-docking can pull a quarter's rate below 50% even with the backlog intact, as Q1 2026 showed. Capital intensity is the second: about EUR 1.70 billion of borrowings against EUR 151.7 million of cash at the end of 2025, a 44.0% equity ratio, and further commitments of roughly EUR 805 million for the T-class plus the EUR 501 million Menck valuation leave limited room if delivery slips or a customer defers. Roughly 18% to 20% of the backlog sits with counterparties that have not yet reached final investment decision, so headline backlog is not contracted cash. Currency cuts two ways for a US holder, since results are reported in euros while the ADS is priced in dollars, and newbuild instalments are payable in USD with only about 42% of that exposure hedged at year-end 2025. Cadeler disclosed no material governmental, legal or arbitration proceedings in its FY2025 Form 20-F, but it is a Danish issuer, US court judgments are not directly enforceable in Denmark, and broader offshore wind policy reversals, developer cancellations or supply chain inflation would hit order intake well before they show up in reported revenue. NDAQ: Nasdaq's Market Services division still depends on trading volumes and volatility, so quieter markets can pressure that revenue line. The stock also tends to trade at a premium multiple relative to some exchange peers, which leaves less room for error if growth slows. Integration and execution risk around large software acquisitions like Adenza is real: cross-sell targets and synergy assumptions may not fully materialize, and the balance sheet still carries acquisition-related debt. Competition is intense across every division, from ICE, CME, and Cboe in trading to S&P and others in indexes and data, and specialized software vendors in fintech. New competitive threats also emerge, such as analyst concern in 2026 about crypto-derivatives venues and event-contract platforms potentially chipping at parts of the exchange landscape. Regulation of market structure, listings, and financial software is another persistent variable outside the company's control.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CDLR or NDAQ; figures are approximate and dated (as of August 2026). Verify current data before investing.