CDRE Industrials

Cadre Holdings, Inc.

$31.06-1.43%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Industrials
Industry: Aerospace & Defense
Country: United States
Market cap: 1.3B USD
Enterprise value: 1.4B USD
Full-time employees: 2,533

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.33 vs a peer median of 0.64) and more debt relative to equity (1.08× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.33 vs peers 0.64) and more debt vs equity (1.08× vs peers 0.40×)
About average: profitability and valuation

Ranks #1,308 of 2,308 industrials companies (bottom 44%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 15% from December 2022 to July 2026.
Cadre had 15% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Cadre had 15% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +33%, operating profit +303%.Since 2022: revenue +33%, operating profit +303%.
Since 2022, Cadre's revenue grew 33% while operating profit grew 303%: each extra dollar of sales is adding more profit.
Cash flow well above reported profit. Free cash flow is 2.2× reported profit.
Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $405M in 2020 to $610M in 2025.
Cadre's fiscal-year revenue rose in each of the five years to 2025, from $405M to $610M.

StockQuotient Score

48/ 100

Oct 5 51 → Nov 4 48 (-3)

Valuation

Is the price right?

43/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Mixed versus peers:

▲ FCF yield
▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.36Sector median: 0.0377 · MAD: 0.0294

EBITDA yield5.5%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.33Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield5.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.59Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield26.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

74/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.9%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-10.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.69Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth13.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.50Sector median: 0.0421 · MAD: 0.0625

Revenue growth19.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.00Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

55/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin10.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.46Sector median: 0.0773 · MAD: 0.0507

Return on assets3.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.34Sector median: 0.0311 · MAD: 0.0241

Return on invested capital8.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.18Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin41.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity10.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.33

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.48Sector median: 0.6440 · MAD: 0.2745

Current ratio2.14×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.98Sector median: 1.6180 · MAD: 0.5360

Debt / equity1.08×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.01Sector median: 0.4019 · MAD: 0.3378

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 Cadre

Is Cadre getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 48/100 since Oct 28, 2026.
How is Cadre valued vs its peers?: Priced about in line with its peers. Valuation scores 43/100 against 2,459 industrials peers. Free cash flow yield 5.9% vs a peer median of 3.7% (stronger than 67% of peers).Free cash flow yield 5.9% vs peers 3.7% (stronger than 67% of peers). Earnings yield 2.7% vs a peer median of 3.8% (weaker than 61% of peers).Earnings yield 2.7% vs peers 3.8% (weaker than 61% of peers).
Is Cadre growing?: Yes, faster than most of its peers. Growth scores 74/100 against 2,459 industrials peers. Revenue growth 19.7% vs a peer median of 4.4% (stronger than 86% of peers).Revenue growth 19.7% vs peers 4.4% (stronger than 86% of peers). Earnings per share growth -10.1% vs a peer median of 7.1% (weaker than 69% of peers).Earnings per share growth -10.1% vs peers 7.1% (weaker than 69% of peers).
How profitable is Cadre?: About as profitable as its peers. Profitability scores 55/100 against 2,459 industrials peers. Operating margin 10.1% vs a peer median of 7.7% (stronger than 62% of peers).Operating margin 10.1% vs peers 7.7% (stronger than 62% of peers).
How risky is Cadre?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.14× vs a peer median of 1.62× (stronger than 69% of peers).Current ratio 2.14× vs peers 1.62× (stronger than 69% of peers). Beta 1.33 vs a peer median of 0.64 (weaker than 89% of peers).Beta 1.33 vs peers 0.64 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	635.6M USD	685.6M USD	+7.9%
Net income (12 months)	36.9M USD	36.1M USD	−2.2%
Operating margin	9.6%	10.1%	+0.4 pts
Free cash flow (12 months)	60.6M USD	78.1M USD	+28.9%
Debt	365.8M USD	374.3M USD	+2.3%
Cash	41.3M USD	54.0M USD	+30.8%
Shares outstanding	42.8M	42.8M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Aerospace & Defense · 48 companies

Valuations in Aerospace & Defense are near the top of their range since 2016.

88% of months since 2016 were valued lower than now.
50% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +71% and earnings +71% (medians): prices and earnings moved broadly together.
Median price-to-sales is +41% vs the whole market, against a usual −16%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	39.9%	38.4%	41.6%	41.1%	42.5%	▲ 1.4 pts
Operating margin	12.1%	3.7%	11.7%	11.8%	11.0%	▼ 0.7 pts
Net margin	3.0%	1.3%	8.0%	6.4%	7.2%	▲ 0.9 pts
Return on assets (ROA)	4.1%	1.5%	9.0%	5.5%	5.7%	▲ 0.2 pts
Return on equity (ROE)	14.3%	3.5%	19.6%	11.6%	13.9%	▲ 2.3 pts
Free cash flow margin	8.7%	9.2%	13.8%	4.6%	9.3%	▲ 4.7 pts
Current ratio	2.14×	2.50×	2.58×	3.48×	3.50×	▲ 0.6%
Quick ratio	1.29×	1.61×	1.73×	2.61×	2.54×	▼ 2.4%
Debt to equity	1.95×	0.92×	0.72×	0.72×	0.97×	▲ 35%
Interest coverage	3.15×	2.69×	12.47×	8.54×	—	—

CDRE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.33 vs a peer median of 0.64) and more debt relative to equity (1.08× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.33 vs peers 0.64) and more debt vs equity (1.08× vs peers 0.40×)

About average: profitability and valuation

Ranks #1,308 of 2,308 industrials companies (bottom 44%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 15% from December 2022 to July 2026.

Cadre had 15% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Cadre had 15% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +33%, operating profit +303%.Since 2022: revenue +33%, operating profit +303%.

Since 2022, Cadre's revenue grew 33% while operating profit grew 303%: each extra dollar of sales is adding more profit.

Cash flow well above reported profit. Free cash flow is 2.2× reported profit.

Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $405M in 2020 to $610M in 2025.

Cadre's fiscal-year revenue rose in each of the five years to 2025, from $405M to $610M.

Questions investors ask about Cadre

Is Cadre getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 48/100 since Oct 28, 2026.

How is Cadre valued vs its peers?

Priced about in line with its peers. Valuation scores 43/100 against 2,459 industrials peers. Free cash flow yield 5.9% vs a peer median of 3.7% (stronger than 67% of peers).Free cash flow yield 5.9% vs peers 3.7% (stronger than 67% of peers). Earnings yield 2.7% vs a peer median of 3.8% (weaker than 61% of peers).Earnings yield 2.7% vs peers 3.8% (weaker than 61% of peers).

Is Cadre growing?

Yes, faster than most of its peers. Growth scores 74/100 against 2,459 industrials peers. Revenue growth 19.7% vs a peer median of 4.4% (stronger than 86% of peers).Revenue growth 19.7% vs peers 4.4% (stronger than 86% of peers). Earnings per share growth -10.1% vs a peer median of 7.1% (weaker than 69% of peers).Earnings per share growth -10.1% vs peers 7.1% (weaker than 69% of peers).

How profitable is Cadre?

About as profitable as its peers. Profitability scores 55/100 against 2,459 industrials peers. Operating margin 10.1% vs a peer median of 7.7% (stronger than 62% of peers).Operating margin 10.1% vs peers 7.7% (stronger than 62% of peers).

How risky is Cadre?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.14× vs a peer median of 1.62× (stronger than 69% of peers).Current ratio 2.14× vs peers 1.62× (stronger than 69% of peers). Beta 1.33 vs a peer median of 0.64 (weaker than 89% of peers).Beta 1.33 vs peers 0.64 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

635.6M USD

685.6M USD

+7.9%

Net income (12 months)

36.9M USD

36.1M USD

−2.2%

Operating margin

9.6%

10.1%

+0.4 pts

Free cash flow (12 months)

60.6M USD

78.1M USD

+28.9%

Debt

365.8M USD

374.3M USD

+2.3%

Cash

41.3M USD

54.0M USD

+30.8%

Shares outstanding

42.8M

42.8M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

39.9%

38.4%

41.6%

41.1%

42.5%

▲ 1.4 pts

Operating margin

12.1%

3.7%

11.7%

11.8%

11.0%

▼ 0.7 pts

Net margin

3.0%

1.3%

8.0%

6.4%

7.2%

▲ 0.9 pts

Return on assets (ROA)

4.1%

1.5%

9.0%

5.5%

5.7%

▲ 0.2 pts

Return on equity (ROE)

14.3%

3.5%

19.6%

11.6%

13.9%

▲ 2.3 pts

Free cash flow margin

8.7%

9.2%

13.8%

4.6%

9.3%

▲ 4.7 pts

Current ratio

2.14×

2.50×

2.58×

3.48×

3.50×

▲ 0.6%

Quick ratio

1.29×

1.61×

1.73×

2.61×

2.54×

▼ 2.4%

Debt to equity

1.95×

0.92×

0.72×

0.97×

▲ 35%

Interest coverage

3.15×

2.69×

12.47×

8.54×

—