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Vestas Wind Systems A/S


2019 Vault Rankings

At a Glance


The largest provider and manufacturer of wind turbines worldwide

Competitive salaries and comprehensive benefits package


Lack of demand and failure to meet sales targets has resulted in thousands of layoffs

Some insiders believe the company is disorganized with poor leadership from management

The Bottom Line

Denmark-based Vestas Wind Systems is the largest international developer, provider and manufacturer of wind turbines with a goal of working toward providing the world with wind-generated energy; however, it has failed to reach shorter term financial goals which has resulted in repeat layoffs in the tens to the thousands.

About Vestas Wind Systems A/S

Vestas Wind Systems and its subsidiaries manufacture and sell land-based wind turbines used to produce electricity. In all, Vestas has installed about 59,000 wind turbines in more than 70 countries. Besides installation, Vestas is the world's largest servicer of wind turbines and maintains more than 42,000 turbines with a combined capacity of 87,000 GW. Offshore turbines are offered through MHI Vestas Offshore Wind – a 50:50 joint venture with Mitsubishi Heavy Industries. The company's data analytics offerings help customers improve predictability and efficiency and better integrate with energy grids. Vestas generates about 45% of its sales in the Americas.

Financial Performance

Note: Growth rates may differ after conversion to US Dollars.

Except for a slight dip in 2017, Vestas' revenue has grown steadily the last five years, rising more than 46% between 2014 and 2018. Strong demand for wind power globally and a healthy backlog have driven the company's growth.

Sales in 2018 increased nearly 2% to €10.1 billion compared to €9.9 billion in 2017. Growth in 2018 was fueled by Vestas' onshore service business, which saw sales increase 10% over 2017 as the company's growing fleet of installed wind turbines generated more revenue. Wind turbine sales in 2018 improved slightly over 2017 levels. Stronger turbine sales were offset somewhat by downward pressure on pricing.  

Profit for 2018 fell 23% to €684 million in 2018 compared to 2017, primarily due to lower margins on turbine sales that were driven by increased competition and lower prices as well as ramp-up costs associated with new products. These effects were partially offset by improved profits in the service segment.   

Cash at the end of 2018 was €2.9 billion, a decrease of €735 million from the prior year. Cash from operations contributed €1 billion to the coffers, while investing activities used €603 million, mainly for capital expenditures. Financing activities used €639 million, primarily for the purchase of treasury shares and dividend payments.   



The combined pressures of climate change, rising global population, and increasing energy consumption add up to opportunity for Vestas Wind Systems. The company is the global leader for its number of onshore turbines and onshore service and is the number two player in offshore turbines through its 50% stake in MHI Vestas Offshore Wind.

Vestas plans to maintain its leading positions by growing faster than the overall market while keeping margins up and offering customers more efficient products and services that keep energy production costs down. The company hopes to capitalize as mature energy markets decarbonize and electricity demand in emerging markets rises sharply. 

Vestas wants to increase its onshore systems' market share and global presence in the fastest-growing emerging markets. The company is also focused on more integrated onshore offerings including engineering, procurement, and construction contracts to capture more revenue in the renewable energy value chain. 

In its onshore service business, Vestas plans to better leverage its installed base of onshore turbines through artificial intelligence and automation to deliver insights that help customers improve predictability and efficiency and better integrate with energy grids.

Offshore, the company is targeting countries including Taiwan, Japan, and the US for growing its number of installed turbines while maintaining its strong position in the North Sea region. Key to this strategy is MHI Vestas' V164 offshore turbine (including the V164 -10MW – the industry's largest turbine) that the company believes will help it win more business in established and emerging markets.

Vestas Wind Systems A/S

Hedeager 42
Phone: 45 97 30 00 00

Firm Stats

Employer Type: Publicly Owned
Deputy Chairman: Lars Josefsson
Chairman: Bert Nordberg
President and CEO: Anders Runevad

Major Office Locations


Other Locations

North Palm Springs, CA
Rio Vista, CA
Brighton, CO
Windsor, CO
Walnut, IA
Eustis, ME
Lowville, NY
Rio Grande City, TX
Dayton, WA
Cambria, WI
Ahmedabad, India
Anantapur, India
Bilaspur, India
Chennai, India
Chitradurga, India
Davanagere, India
Mumbai, India
Navi Mumbai, India
Puducherry, India
Altamura, Italy
Assemini, Italy
Bisaccia, Italy
Bonorva, Italy
Buccino, Italy
Caltavuturo, Italy
Camastra, Italy
Cammarata, Italy
Candela, Italy
Castelfranco In Miscano, Italy
Castellina Marittima, Italy
Collarmele, Italy
Contursi Terme, Italy
Elmas, Italy
Foggia, Italy
Laterza, Italy
Lentini, Italy
Lequile, Italy
Lucera, Italy
Melfi, Italy
Monteroduni, Italy
Perdasdefogu, Italy
Pisticci, Italy
Raffadali, Italy
Roma, Italy
Salemi, Italy
San Gavino Monreale, Italy
Sedini, Italy
Settingiano, Italy
Taranto, Italy
Tuscania, Italy
Ururi, Italy
Aquiraz, Brazil
Brumado, Brazil
Campo Formoso, Brazil
Gravata, Brazil
Guamare, Brazil
Jardim De Angicos, Brazil
Joao Camara, Brazil
Lagoa Nova, Brazil
Morro Do Chapeu, Brazil
Parnamirim, Brazil
Pedra Preta, Brazil
Recife, Brazil
Santana Do Matos, Brazil
Sao Bento Do Norte, Brazil
Sao Francisco De Itabapoana, Brazil
Sento Se, Brazil
Sobradinho, Brazil
Xangri-La, Brazil
Lower West Pubnico, Canada
Moncton, Canada
O'Leary, Canada
Pincher Creek, Canada
Port Hardy, Canada
South Tetagouche, Canada
Tilbury, Canada
Tumbler Ridge, Canada
Puteaux, France
Bulandet, Norway
Falkenberg, Sweden
Aarhus, Denmark
Esbjerg, Denmark
Hammel, Denmark
København, Denmark
Lem, Denmark
Randers Sv, Denmark
Ringkøbing, Denmark
Tim, Denmark
Videbæk, Denmark
Warrington, England
Maia, Portugal