Vestas Wind Systems A/S (VWDRY) Stock Price & How to Invest
Last updated October 2026
Short answer
VWDRY is the US over-the-counter ADR for Vestas Wind Systems, the world's largest wind turbine maker outside China. Three ADRs equal one Copenhagen share, and at ~$9.24 the company is worth ~$27.7 billion. The 2026 story is a margin recovery: guidance was raised to a 7% to 9% EBIT margin after a 9.4% second quarter, set against US policy risk and offshore execution.
VWDRY stock price
As of 2026-10-28, Vestas Wind Systems A/S (VWDRY) last closed at $9.54, up 41.3% over the past year. Over the past 52 weeks it has traded between $6.64 and $11.27.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Vestas Wind Systems A/S's investor relations page. Walnut is informational, not investment advice.
What does Vestas Wind Systems A/S (VWDRY) do?
Vestas Wind Systems, based in Aarhus, Denmark, designs, builds, installs and services wind turbines. It reports two segments. Power Solutions sells onshore and offshore turbines, and Service runs long-term maintenance contracts on a fleet of well over 180 GW installed worldwide. Vestas is the largest turbine maker outside China, with especially strong positions in Europe and the Americas. VWDRY is an American depositary receipt that trades over the counter in US dollars; three ADRs represent one ordinary share listed in Copenhagen under VWS. The company has roughly 37,000 employees.
The last two years were about repairing profitability after a painful stretch of cost inflation and quality problems. In 2025 revenue reached a record ~EUR 18.8 billion with an EBIT margin before special items of 5.7%, up from 4.9% in 2024, and order intake came to ~16.3 GW. 2026 has accelerated that recovery. First quarter revenue rose 14% to ~EUR 4.0 billion at a thin 3.2% margin, then the second quarter jumped 26% to ~EUR 4.7 billion with a 9.4% margin and earnings per share of EUR 1.11, up 46%. Q2 orders rose 67% to ~3.3 GW, and management raised the 2026 margin outlook to 7% to 9% on revenue of EUR 20 to 22 billion. The shares rose about 20% on the day. Third quarter results are expected in early November 2026.
The investment picture rests on whether that margin recovery holds. Vestas carries a combined backlog of ~EUR 76.9 billion (EUR 36.0 billion of turbine orders plus EUR 40.9 billion of contracted service revenue), which gives unusual visibility for an industrial company. It is also returning cash, with a EUR 400 million buyback running through year end on top of earlier programs. Against that, the ADR has already rallied from a 52-week low of ~$6.24 to ~$9.24, valuing Vestas at ~21x trailing earnings and ~6x book. Offshore ramp-up costs, US policy changes for wind, and Chinese competition are the main forces that could interrupt the recovery.
What's driving Vestas Wind Systems A/S (VWDRY)?
1. Margin recovery in Power Solutions
The biggest swing factor is turbine profitability. For years Vestas sold turbines at thin or negative margins as steel, logistics and component costs spiked and older contracts were priced too low. Those legacy contracts are now largely delivered, and newer orders carry higher average selling prices. That shows in the numbers: the group EBIT margin before special items went from 0.4% in Q1 2025 to 9.4% in Q2 2026, and management credited Power Solutions for most of the gain. Full-year guidance of 7% to 9% implies the second half has to hold margins well above the first quarter's 3.2%. Hitting the upper end would put Vestas near its long-held 10% target.
2. A large, sticky service business
Service is the steadier half of Vestas. The company maintains a fleet of well over 180 GW under long-term agreements that typically run 10 to 20 years, and the contracted future service revenue stood at ~EUR 40.9 billion at mid-2026, up from ~EUR 38.7 billion at the end of 2025. Service generated ~EUR 626 million of EBIT in 2025, and 2026 guidance calls for a 15.5% to 17.5% service margin. Because every turbine sold usually brings a service contract with it, today's order growth also builds tomorrow's recurring revenue. Execution has not been perfect, as 2025 service results missed longer-term targets, so steady improvement here matters.
3. Order momentum and offshore growth
Orders have picked up sharply in 2026. Q1 intake rose 44% to ~4.5 GW and Q2 rose 67% to ~3.3 GW, with growth in EMEA and the Americas and strong offshore wins in the UK. Germany, Brazil and Ukraine supported onshore demand in 2025. Offshore is the larger long-term opportunity, with the V236-15.0 MW turbine at the center of the plan and an offshore turbine backlog of ~EUR 10.1 billion at the end of 2025. Ramping new offshore factories has been costly, but management said offshore profitability improved in 2026. Europe's push for energy security and rising electricity demand from data centers both add to the long-term case for wind capacity.
4. Cash generation and shareholder returns
With margins rising, Vestas has started handing capital back. It announced a EUR 150 million buyback with 2025 results, another EUR 100 million in May 2026, and a EUR 400 million program running from August to the end of 2026, alongside a DKK 0.74 per share dividend. Cash flow is seasonal: adjusted free cash flow was negative ~EUR 533 million in Q1 2026, then positive ~EUR 94 million in Q2 as deliveries ramped, and the fourth quarter is usually the strongest. Annual investments are guided at ~EUR 1.2 billion. Sustained positive free cash flow over a full year would be a meaningful marker that the turnaround is durable rather than cyclical.
What are the risks to Vestas Wind Systems A/S (VWDRY)?
US policy is the most visible risk. The 2025 US budget law accelerated the phase-out of wind tax credits, and the current administration has halted or slowed several offshore projects, which can delay orders and push customers to rush or cancel projects. Tariffs on steel and imported components raise costs for turbines delivered into the US. Offshore wind remains a hard business: new factories, installation vessels and large 15 MW turbines carry execution risk, and a single quality problem can force large warranty provisions, as Vestas has experienced before. Chinese manufacturers such as Goldwind, Mingyang and Envision sell turbines far more cheaply and are pressing into Europe, Latin America and emerging markets. Wind projects are capital intensive, so higher interest rates and permitting delays can stall customer decisions. Results also swing quarter to quarter with delivery timing. For VWDRY holders specifically, returns are affected by the dollar against the Danish krone and euro, the ADR trades OTC with thinner volume (~270,000 ADRs a day) than the Copenhagen listing, and a depositary fee may be charged.
What is the Vestas Wind Systems A/S (VWDRY) forecast?
3 analysts publish price targets on VWDRY, averaging $10.80 against a $9.24 price as of October 2026, or +16.9%. The published targets run from $8.60 to $12.50, a moderate spread, and the ratings split 1 buy, 1 hold, 1 sell. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full VWDRY forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is VWDRY a buy or a sell?
We give no verdict on Vestas Wind Systems A/S. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Margin recovery in Power Solutions. The biggest swing factor is turbine profitability. The most optimistic published target, $12.50, assumes this works close to its best case.
The case against. US policy is the most visible risk. The most pessimistic target, $8.60, is roughly what VWDRY is worth if this bites instead.
Read the full bull and bear case on VWDRY, including what would have to change to break either one. Walnut is not an investment adviser.
How is Vestas Wind Systems A/S (VWDRY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Vestas Wind Systems A/S's investor relations page or your broker.
- Revenue (TTM): ~EUR 20.3B (~$23.5B)
- EBIT margin (Q2 2026, before special items): ~9.4%
- Market cap: ~$27.7B
- P/E (trailing): ~21x
- Combined backlog: ~EUR 76.9B
- ADR price / 52-week range: ~$9.24 / ~$6.24 to ~$11.36
Figures are as of late October 2026 and come from Vestas's 2025 annual report, its Q1 and Q2 2026 interim reports, and US market data for the ADR. Trailing revenue combines full-year 2025 with the first half of 2026. The ADR represents one third of a Copenhagen share, so the ~$9.24 price lines up with ~DKK 186 per ordinary share. At ~21x trailing earnings and ~6x book value, the market is pricing in further margin gains. Full-year 2026 guidance is EUR 20 to 22 billion of revenue at a 7% to 9% EBIT margin before special items. The dividend yield is small, at ~0.2%.
Who competes with Vestas Wind Systems A/S (VWDRY)?
Western turbine makers
Siemens Gamesa (owned by Siemens Energy), GE Vernova and Nordex are Vestas's closest rivals in Europe and the Americas. Siemens Gamesa is strong offshore but has struggled with onshore quality problems, GE Vernova leads US onshore, and Nordex competes hard in European onshore. Their troubles have helped Vestas regain pricing power.
Chinese turbine makers
Goldwind, Envision, Mingyang and Windey dominate China, the largest wind market in the world, and increasingly export to Latin America, the Middle East, Central Asia and parts of Europe. They price turbines well below Western makers, and the EU has opened inquiries into Chinese subsidies. Their expansion is the main long-term threat to Vestas's market share.
Other clean power options
Utilities choosing new capacity also weigh solar panels with batteries, gas turbines and nuclear. Solar makers such as First Solar and inverter suppliers, plus gas turbine builders like GE Vernova and Siemens Energy, compete for the same capital budgets. Wind wins where land, wind resources and grid access line up, especially offshore in northern Europe.
What stocks are similar to Vestas Wind Systems A/S (VWDRY)?
Other names that sit close to VWDRY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Vestas Wind Systems A/S (VWDRY)
There are three common ways to get VWDRY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so VWDRY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where VWDRY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Vestas Wind Systems A/S (VWDRY)
Vestas is a recovering wind turbine leader with a ~EUR 77 billion backlog and rising margins. At ~21x trailing earnings, the stock prices in continued execution while US wind policy remains a live risk.
More on Vestas Wind Systems A/S (VWDRY)
Whether VWDRY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is VWDRY a buy or a sell?, and where the stock could go from here in the VWDRY stock forecast.
For income investors, whether VWDRY pays a dividend and how the payout looks is covered in does VWDRY pay a dividend? And to weigh VWDRY against a peer, read the full side-by-side comparisons: VWDRY vs SIEGY and VWDRY vs GEV.
Wondering how VWDRY 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 Vestas Wind Systems A/S with AI
Connect the broker you already use and ask Walnut's AI how VWDRY 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 VWDRY?
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VWDRY is the US over-the-counter ticker for American depositary receipts of Vestas Wind Systems A/S, a Danish company that is the largest wind turbine maker outside China. Each ADR represents one third of an ordinary Vestas share, which trades on Nasdaq Copenhagen under the ticker VWS. The ADR is quoted in US dollars, which lets US investors hold Vestas through a regular brokerage account without buying shares in Denmark. As of late October 2026 VWDRY traded at ~$9.24, giving Vestas a market value of ~$27.7 billion. Because it trades OTC rather than on a major exchange, daily volume is lower than in Copenhagen, and its price follows the Danish shares adjusted for the dollar and krone exchange rate.
How does Vestas make money?
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Vestas earns money in two ways. Power Solutions designs, manufactures and installs onshore and offshore wind turbines, which is most of revenue but historically the lower margin side. Service then maintains those turbines under long-term contracts that often run 10 to 20 years, covering inspections, repairs, spare parts and performance guarantees. Service carries a much higher margin, guided at 15.5% to 17.5% for 2026, and provides recurring revenue that steadies the business when turbine orders fluctuate. At mid-2026 Vestas had ~EUR 36.0 billion of turbine orders in its backlog plus ~EUR 40.9 billion of contracted future service revenue, giving a combined backlog of ~EUR 76.9 billion. Every turbine sold usually adds to that service book.
What were Vestas's latest results?
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The latest reported quarter is Q2 2026, released on 12 August 2026. Revenue rose 26% year over year to ~EUR 4.7 billion, and the EBIT margin before special items reached 9.4%, compared with 1.5% a year earlier. Earnings per share were EUR 1.11, up 46%, and adjusted free cash flow was positive at ~EUR 94 million. Turbine order intake rose 67% to ~3.3 GW. Management raised the 2026 EBIT margin outlook to 7% to 9% from 6% to 8%, kept revenue guidance at EUR 20 to 22 billion, and launched a EUR 400 million buyback. The Copenhagen shares jumped about 20% that day. Third quarter 2026 results are expected in early November, which will show whether the margin improvement carried into the second half.
Is VWDRY expensive?
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It depends on the yardstick. At ~$9.24 the ADR trades at ~21x trailing earnings and ~6x book value, which is higher than many industrial companies and reflects expectations that margins keep improving. On sales, a ~$27.7 billion market value against ~EUR 20.3 billion (~$23.5 billion) of trailing revenue is roughly 1.2x, which looks modest if Vestas reaches its long-standing 10% EBIT margin target. The stock has already moved from a 52-week low of ~$6.24 to near ~$9.24, and peaked at ~$11.36 in September 2026, so much of the recovery is now in the price. Whether the valuation looks stretched or reasonable mostly comes down to whether 2026's margin gains prove durable.
Does VWDRY pay a dividend?
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Yes, but it is small. Vestas pays an annual dividend, and for 2025 the board proposed DKK 0.74 per ordinary share, paid in April 2026. Because each ADR represents one third of a share, that worked out to roughly two US cents per ADR after currency conversion, a yield of ~0.2% at current prices. Vestas has leaned more on share buybacks to return cash: EUR 150 million announced with full-year 2025 results, EUR 100 million in May 2026 and EUR 400 million running from August through the end of 2026. ADR holders may see Danish withholding tax deducted from dividends and depositary fees charged by the ADR bank, so the cash received can be lower than the headline figure.
How does US policy affect Vestas?
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The US is one of Vestas's biggest markets, and policy there has turned less supportive. The 2025 federal budget law sped up the phase-out of production and investment tax credits for wind, which pulls some projects forward to qualify and may thin orders afterward. The administration has also paused or reviewed several offshore wind projects, and tariffs raise the cost of imported steel and components. Vestas makes turbine parts in Colorado, which softens the tariff hit but does not remove it. On the other side, US electricity demand is rising quickly because of data centers and electrification, which supports demand for any cheap new generation. Order flow from the Americas still grew in Q2 2026.
Who are Vestas's main competitors?
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In Western markets the main rivals are Siemens Gamesa, part of Siemens Energy, GE Vernova and Nordex. Siemens Gamesa is a strong offshore competitor but has been working through costly onshore quality problems, GE Vernova leads US onshore, and Nordex competes for European onshore projects. Chinese makers including Goldwind, Envision and Mingyang dominate China and are exporting cheaper turbines to emerging markets and, increasingly, Europe, which is a pricing threat over time. Beyond turbine makers, wind competes with solar plus batteries, gas and nuclear for utilities' spending. Vestas's advantages are its scale, its installed fleet of well over 180 GW and the service contracts that come with it, which few rivals can match outside China.
What are the main risks of holding VWDRY?
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The key risks are execution and policy. Offshore wind is still ramping, and a quality problem on a new turbine model can trigger large warranty charges, which hurt Vestas in earlier years. US wind tax credits are being phased out faster than planned, and offshore project approvals there have become uncertain. Chinese competitors could take share with much cheaper turbines. Higher interest rates and slow permitting can delay customer orders. Quarterly results swing with delivery timing, so a single weak quarter can move the stock sharply. For US holders specifically, the ADR adds currency risk between the dollar and the krone, thinner OTC trading than Copenhagen, and possible depositary fees. Walnut is not an investment adviser, and this is a description of risks, not advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Vestas Wind Systems A/S's investor relations page or your broker before making investment decisions.