Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Cardinal Infrastructure reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Valuation signals disagree.Cheaper than 88% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 88% of peers on operating cash profit, but only 0% on free cash flow.
Relative to its operating cash profit (EBITDA), Cardinal Infrastructure looks cheaper than 88% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Cardinal Infrastructure looks cheaper than 88% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 77 → 76
Share price +3.7%-2
Company's reported figures updated+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield5.7%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.64Sector median: 0.0377 · MAD: 0.0294
EBITDA yield16.9%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 2.35Sector median: 0.0695 · MAD: 0.0425
Free cash flow yield-3.6%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Cardinal Infrastructure
Is Cardinal Infrastructure getting weaker?
Its latest SEC filing (Aug 12, 2026) showed no major changes. Its overall score is unchanged at 68/100 since Oct 28, 2026.
How is Cardinal Infrastructure valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 76/100 against 2,459 industrials peers.EBITDA yield 16.9% vs a peer median of 6.9% (stronger than 88% of peers).EBITDA yield 16.9% vs peers 6.9% (stronger than 88% of peers).Free cash flow yield -3.6% vs a peer median of 3.7% (weaker than 100% of peers).Free cash flow yield -3.6% vs peers 3.7% (weaker than 100% of peers).
Is Cardinal Infrastructure growing?
Insufficient data: 0 of 3 inputs reported (at least 2 needed).
How profitable is Cardinal Infrastructure?
About as profitable as its peers. Profitability scores 43/100 against 2,459 industrials peers.Return on assets 1.8% vs a peer median of 3.1% (weaker than 64% of peers).Return on assets 1.8% vs peers 3.1% (weaker than 64% of peers).
How risky is Cardinal Infrastructure?
Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings.Current ratio 3.59× vs a peer median of 1.62× (stronger than 89% of peers).Current ratio 3.59× vs peers 1.62× (stronger than 89% of peers).Debt / equity 0.86× vs a peer median of 0.40× (weaker than 71% of peers).Debt / equity 0.86× vs peers 0.40× (weaker than 71% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 12, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
541.8M USD
662.6M USD
+22.3%
Net income (12 months)
20.6M USD
18.1M USD
−12.1%
Operating margin
8.7%
7.7%
−1.0 pts
Free cash flow (12 months)
−7.6M USD
−11.6M USD
+52.0%
Debt
208.8M USD
210.5M USD
+0.8%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Industrials · 318 companies
Valuations in Industrials are near the top of their range since 2016.
85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.
2016Shaded: most expensive fifth of its range2026
Cardinal Infrastructure looks cheaper than most of its peers on our valuation measures, while the Industrials sector as a whole is valued high by its own standards since 2016. Both can be true at once.
Shown for Industrials: too few Engineering & Construction companies have a long enough history of their own.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2023
FY 2024
FY 2025
Change
Operating margin
11.9%
11.4%
8.9%
▼ 2.5 pts
Net margin
8.3%
6.8%
5.0%
▼ 1.8 pts
Return on assets (ROA)
—
15.2%
5.7%
▼ 9.5 pts
Return on equity (ROE)
275.4%
91.5%
16.3%
▼ 75 pts
Free cash flow margin
7.5%
6.9%
-1.3%
▼ 8.2 pts
Current ratio
—
1.10×
2.35×
▲ 115%
Debt to equity
—
2.53×
0.91×
▼ 64%
Interest coverage
7.40×
7.44×
5.92×
▼ 20%
CDNL price history
Price history is added with the daily price update and will appear after the next one.