Cadre (CDRE) Financials

$30.36 +0.52 (+1.74%)

Closing price 03:59 PM Eastern

Extended Trading

$30.32 -0.04 (-0.15%)

As of 04:10 PM Eastern

Annual Income Statements for Cadre

This table shows Cadre's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	38	13	5.82	39	36	44
Consolidated Net Income / (Loss)	38	13	5.82	39	36	44
Net Income / (Loss) Continuing Operations	38	13	5.82	39	36	44
Total Pre-Tax Income	28	19	9.37	53	54	62
Total Operating Income	50	52	17	57	67	67
Total Gross Profit	153	171	176	201	233	260
Total Revenue	405	427	458	483	568	610
Operating Revenue	405	427	458	483	568	610
Total Cost of Revenue	252	257	282	282	334	351
Operating Cost of Revenue	252	257	282	282	334	351
Total Operating Expenses	103	119	159	144	167	192
Selling, General & Admin Expense	107	115	153	141	158	183
Other Operating Expenses / (Income)	-9.32	0.58	1.48	1.50	2.39	1.45
Restructuring Charge	5.82	3.43	4.36	2.19	6.01	7.70
Total Other Income / (Expense), net	-22	-33	-7.34	-3.60	-13	-5.03
Interest & Investment Income	-	-	-	-4.53	-7.82	-12
Other Income / (Expense), net	2.66	-0.95	-1.14	0.94	-4.72	7.46
Income Tax Expense	-11	6.53	3.55	14	18	18
Basic Earnings per Share	$1.40	$0.44	$0.16	$1.03	$0.90	$1.08
Weighted Average Basic Shares Outstanding	27.48M	28.60M	36.11M	37.53M	39.95M	40.87M
Diluted Earnings per Share	$1.40	$0.44	$0.16	$1.02	$0.90	$1.02
Weighted Average Diluted Shares Outstanding	27.48M	28.60M	36.12M	37.92M	40.33M	43.43M
Weighted Average Basic & Diluted Shares Outstanding	-	28.60M	37.33M	37.59M	40.61M	42.73M
Cash Dividends to Common per Share	-	-	$0.08	$0.08	-	$0.38

This table shows Cadre's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	11	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98
Consolidated Net Income / (Loss)	11	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98
Net Income / (Loss) Continuing Operations	11	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98
Total Pre-Tax Income	15	12	8.90	18	4.99	23	13	17	15	18	2.83
Total Operating Income	17	13	12	20	5.43	29	14	15	19	20	7.49
Total Gross Profit	54	50	58	59	40	77	56	64	67	73	60
Total Revenue	125	125	138	144	109	176	130	157	156	167	155
Operating Revenue	125	125	138	144	109	176	130	157	156	167	155
Total Cost of Revenue	72	75	80	86	69	99	74	93	89	95	95
Operating Cost of Revenue	72	75	80	86	69	99	74	93	89	95	95
Total Operating Expenses	37	37	46	39	35	48	42	50	48	52	53
Selling, General & Admin Expense	36	35	41	39	34	45	42	45	46	51	49
Other Operating Expenses / (Income)	0.12	1.12	1.84	0.10	0.09	0.35	-	1.11	0.11	0.11	2.00
Restructuring Charge	0.44	1.06	3.09	0.02	0.52	2.39	0.70	3.33	2.22	1.46	1.84
Total Other Income / (Expense), net	-1.39	-0.26	-3.08	-2.34	-0.44	-6.69	-0.94	2.52	-3.83	-2.78	-4.66
Interest & Investment Income	-	-	-	-	-1.99	-	-2.23	-	-3.03	-	-4.27
Other Income / (Expense), net	-0.32	0.54	-1.44	-0.34	1.56	-4.50	1.29	6.11	-0.80	0.86	-0.39
Income Tax Expense	4.29	2.82	1.97	5.05	1.34	9.73	3.36	5.00	3.90	5.93	0.86
Basic Earnings per Share	$0.29	$0.26	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.28	$0.05
Weighted Average Basic Shares Outstanding	37.59M	37.53M	37.95M	40.61M	40.61M	39.95M	40.62M	40.66M	40.67M	40.87M	42.56M
Diluted Earnings per Share	$0.29	$0.25	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.22	$0.05
Weighted Average Diluted Shares Outstanding	37.93M	37.92M	38.55M	40.86M	40.95M	40.33M	40.98M	40.94M	40.98M	43.43M	43.36M
Weighted Average Basic & Diluted Shares Outstanding	37.59M	37.59M	40.61M	40.61M	40.61M	40.61M	40.66M	40.66M	40.66M	42.73M	42.80M
Cash Dividends to Common per Share	$0.08	-	$0.09	$0.09	$0.09	-	$0.10	$0.10	$0.10	-	$0.10

This table details how cash moves in and out of Cadre's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.35	31	11	42	37	0.39
Net Cash From Operating Activities	45	40	46	73	32	64
Net Cash From Continuing Operating Activities	45	40	46	73	32	64
Net Income / (Loss) Continuing Operations	38	13	5.82	39	36	44
Consolidated Net Income / (Loss)	38	13	5.82	39	36	44
Depreciation Expense	15	14	16	16	16	19
Amortization Expense	2.22	3.19	5.00	0.48	4.97	2.62
Non-Cash Adjustments To Reconcile Net Income	-15	15	34	8.83	11	9.78
Changes in Operating Assets and Liabilities, net	5.16	-4.90	-14	9.52	-37	-11
Net Cash From Investing Activities	20	-2.83	-60	-6.52	-147	-96
Net Cash From Continuing Investing Activities	20	-2.83	-60	-6.52	-147	-96
Purchase of Property, Plant & Equipment	-4.71	-2.83	-4.49	-6.73	-5.67	-6.86
Acquisitions	-	0.00	-56	0.00	-142	-90
Sale of Property, Plant & Equipment	12	0.00	0.41	0.21	0.06	0.08
Net Cash From Financing Activities	-65	-6.60	24	-25	153	32
Net Cash From Continuing Financing Activities	-65	-6.60	24	-25	153	32
Repayment of Debt	-666	-531	-53	-9.97	-52	-14
Payment of Dividends	0.00	-13	-12	-12	-14	-15
Issuance of Debt	602	457	43	0.00	135	98
Issuance of Common Equity	0.00	83	56	0.00	92	0.00
Other Financing Activities, net	-0.45	-2.89	-10	-2.75	-8.18	-37
Effect of Exchange Rate Changes	0.05	0.32	0.18	0.44	0.22	1.47
Cash Interest Paid	-	13	6.11	10	14	18
Cash Income Taxes Paid	-	1.16	1.40	8.73	24	25

This table details how cash moves in and out of Cadre's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	14	18	-0.64	19	-13	32	8.50	4.04	13	-26	-82
Net Cash From Operating Activities	18	27	2.14	11	-5.21	24	17	2.59	22	21	23
Net Cash From Continuing Operating Activities	18	27	2.14	11	-5.21	24	17	2.59	22	21	23
Net Income / (Loss) Continuing Operations	11	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98
Consolidated Net Income / (Loss)	11	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98
Depreciation Expense	4.17	3.35	3.94	4.62	3.76	4.10	3.86	4.68	5.38	4.73	5.73
Amortization Expense	-0.02	0.12	0.92	1.89	1.83	0.33	0.50	0.69	0.72	0.72	2.80
Non-Cash Adjustments To Reconcile Net Income	2.80	1.98	3.48	2.41	0.33	4.79	1.22	-0.28	3.43	5.40	2.24
Changes in Operating Assets and Liabilities, net	-0.01	12	-13	-10	-15	1.52	2.57	-15	2.01	-1.33	9.78
Net Cash From Investing Activities	-1.84	-2.48	-143	-2.49	-0.99	-1.31	-1.31	-91	-0.85	-3.20	-156
Net Cash From Continuing Investing Activities	-1.84	-2.48	-143	-2.49	-0.99	-1.31	-1.31	-91	-0.85	-3.20	-156
Purchase of Property, Plant & Equipment	-1.84	-2.48	-1.34	-2.02	-1.02	-1.29	-1.31	-1.42	-0.85	-3.27	-2.68
Acquisitions	-	-	-141	-0.52	-	-	0.00	-90	-	-	-154
Net Cash From Financing Activities	-2.28	-6.54	140	10	-7.05	9.84	-7.81	91	-7.59	-44	53
Net Cash From Continuing Financing Activities	-2.28	-6.54	140	10	-7.05	9.84	-7.81	91	-7.59	-44	53
Repayment of Debt	-2.50	-2.47	-8.84	-3.53	-3.50	-36	-2.81	-2.84	-3.73	-4.24	-4.09
Payment of Dividends	-3.01	-3.01	-3.29	-3.55	-3.55	-3.55	-3.86	-3.86	-3.86	-3.86	-4.28
Issuance of Debt	-	-	86	-	-	49	0.00	98	-	-	63
Other Financing Activities, net	3.23	-1.06	-7.12	-1.07	-	-	-1.14	-0.05	-	-36	-1.24
Effect of Exchange Rate Changes	-0.24	0.35	0.07	0.11	0.34	-0.30	0.23	1.70	-0.63	0.17	-0.86
Cash Interest Paid	2.53	2.70	2.50	3.96	4.07	3.91	3.53	4.68	4.87	4.77	4.91
Cash Income Taxes Paid	0.64	0.81	9.37	12	1.16	1.45	2.02	15	5.61	2.38	3.80

This table presents Cadre's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	283	312	392	431	653	770
Total Current Assets	117	160	197	246	328	366
Cash & Equivalents	2.87	34	45	88	125	123
Restricted Cash	-	-	-	-	0.00	2.43
Accounts Receivable	44	48	65	58	94	111
Inventories, net	61	64	70	81	82	100
Prepaid Expenses	6.67	10	10	12	19	15
Other Current Assets	3.36	3.45	6.81	6.89	7.74	15
Plant, Property, & Equipment, net	35	33	45	45	0.00	79
Total Noncurrent Assets	130	119	150	141	280	325
Goodwill	66	66	82	82	148	181
Intangible Assets	51	42	51	43	108	115
Noncurrent Deferred & Refundable Income Taxes	13	7.06	2.26	4.00	4.55	4.82
Other Noncurrent Operating Assets	0.15	3.03	15	12	20	24
Total Liabilities & Shareholders' Equity	283	312	392	431	653	770
Total Liabilities	274	223	226	234	341	452
Total Current Liabilities	62	75	79	95	94	104
Short-Term Debt	3.50	13	12	12	11	16
Accounts Payable	22	19	23	28	30	22
Accrued Expenses	36	41	39	45	46	61
Current Deferred & Payable Income Tax Liabilities	1.01	1.26	4.58	9.94	6.69	4.84
Total Noncurrent Liabilities	212	149	147	139	247	348
Long-Term Debt	209	147	137	128	212	291
Capital Lease Obligations	-	0.00	4.97	3.19	11	15
Noncurrent Deferred & Payable Income Tax Liabilities	2.09	1.30	3.51	4.84	19	30
Other Noncurrent Operating Liabilities	0.55	0.72	1.19	2.97	5.75	12
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.85	89	166	197	312	318
Total Preferred & Common Equity	8.85	89	166	197	312	318
Total Common Equity	8.85	89	166	197	312	318
Common Stock	49	128	207	213	307	283
Retained Earnings	-37	-37	-43	-16	6.08	35
Accumulated Other Comprehensive Income / (Loss)	-2.86	-1.92	2.09	0.63	-1.39	0.46

This table presents Cadre's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	375	389	400	421	599	621	617	656	794	792	880
Total Current Assets	188	198	212	237	269	295	286	333	381	386	319
Cash & Equivalents	36	48	56	69	87	106	93	133	137	151	41
Restricted Cash	-	-	-	-	-	-	-	-	-	-	2.38
Accounts Receivable	56	56	57	61	68	73	69	83	108	99	111
Inventories, net	79	76	83	83	96	96	100	92	110	112	131
Prepaid Expenses	8.74	12	10	15	12	9.75	16	17	12	12	16
Other Current Assets	7.72	6.38	6.41	8.84	6.05	11	8.31	7.36	14	11	17
Plant, Property, & Equipment, net	46	45	45	44	47	47	46	45	82	78	124
Total Noncurrent Assets	142	145	143	140	283	279	284	279	332	328	437
Goodwill	77	81	82	81	149	148	149	149	174	179	231
Intangible Assets	52	49	47	44	115	112	111	106	126	118	173
Noncurrent Deferred & Refundable Income Taxes	5.35	2.29	2.35	2.30	3.97	3.84	3.87	4.64	4.92	4.86	4.73
Other Noncurrent Operating Assets	7.63	13	12	12	16	15	21	20	26	26	28
Total Liabilities & Shareholders' Equity	375	389	400	421	599	621	617	656	794	792	880
Total Liabilities	219	220	219	231	329	321	316	339	462	452	544
Total Current Liabilities	74	75	78	90	96	93	95	94	106	106	141
Short-Term Debt	13	11	10	13	15	13	13	11	16	16	16
Accounts Payable	25	27	30	31	30	31	28	32	32	27	40
Accrued Expenses	36	33	34	39	47	47	47	42	57	61	82
Current Deferred & Payable Income Tax Liabilities	0.96	4.09	4.28	7.05	2.57	1.79	7.14	8.56	1.27	1.42	2.62
Total Noncurrent Liabilities	144	144	141	141	233	228	221	245	356	346	402
Long-Term Debt	140	135	133	130	201	198	195	209	299	295	350
Capital Lease Obligations	-	4.20	3.21	3.60	5.82	6.06	12	11	16	16	15
Noncurrent Deferred & Payable Income Tax Liabilities	3.53	3.61	3.76	5.05	22	19	8.78	18	30	24	30
Other Noncurrent Operating Liabilities	0.90	1.20	1.31	1.84	5.21	5.06	5.49	6.85	11	11	7.82
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	157	169	181	190	271	299	300	318	332	340	336
Total Preferred & Common Equity	157	169	181	190	271	299	300	318	332	340	336
Total Common Equity	157	169	181	190	271	299	300	318	332	340	336
Common Stock	204	206	208	211	282	303	305	308	310	313	306
Retained Earnings	-46	-39	-31	-23	-12	-3.45	-3.35	11	20	27	32
Accumulated Other Comprehensive Income / (Loss)	-0.85	1.72	2.75	2.14	0.99	0.23	-1.08	-1.54	2.54	0.57	-2.25

This table displays calculated financial ratios and metrics derived from Cadre's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	40,663,844.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	40,663,844.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	1.09
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	69	34	10	41	44	48
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.24%	12.12%	8.16%	7.45%
Earnings before Interest and Taxes (EBIT)	52	51	16	57	62	75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	69	68	36	74	83	96
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	38	-50	64	-123	-13
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	219	215	275	253	421	436
Increase / (Decrease) in Invested Capital	0.00	-4.18	61	-22	168	61
Book Value per Share	$0.32	$2.58	$4.44	$5.25	$7.67	$7.82
Tangible Book Value per Share	($3.95)	($0.58)	$0.90	$1.92	$1.37	$0.53
Total Capital	222	248	321	340	545	640
Total Debt	213	160	155	143	234	322
Total Long-Term Debt	209	147	142	131	223	306
Net Debt	210	126	109	56	109	197
Capital Expenditures (CapEx)	-7.70	2.83	4.08	6.52	5.61	6.78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	56	65	85	75	120	152
Debt-free Net Working Capital (DFNWC)	58	99	130	163	245	278
Net Working Capital (NWC)	55	85	118	151	233	261
Net Nonoperating Expense (NNE)	30	21	4.56	2.62	8.36	3.56
Net Nonoperating Obligations (NNO)	210	126	109	56	109	118
Total Depreciation and Amortization (D&A)	17	17	21	16	21	21
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.44	$0.16	$1.03	$0.90	$1.08
Adjusted Weighted Average Basic Shares Outstanding	0.00	28.60M	36.11M	37.53M	39.95M	40.87M
Adjusted Diluted Earnings per Share	$0.00	$0.44	$0.16	$1.02	$0.90	$1.02
Adjusted Weighted Average Diluted Shares Outstanding	0.00	28.60M	36.12M	37.92M	40.33M	43.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	28.60M	37.33M	37.59M	40.61M	42.73M
Normalized Net Operating Profit after Tax (NOPAT)	39	36	13	43	48	53
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Cadre's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	40,663,844.00	42,726,564.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	40,663,844.00	42,726,564.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.29	0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.16%	0.76%	23.37%	19.18%	-12.55%	41.26%	-5.62%	8.87%	42.47%	-	19.46%
EBITDA Growth	43.80%	-17.03%	-3.23%	27.45%	-38.89%	75.74%	24.68%	0.11%	90.64%	-	-18.57%
EBIT Growth	93.92%	-8.20%	-9.06%	20.84%	-57.48%	88.43%	40.85%	6.03%	156.01%	-	-52.14%
NOPAT Growth	63.13%	48.06%	18.04%	24.07%	-67.03%	71.53%	6.58%	-26.80%	246.32%	-	-47.43%
Net Income Growth	123.70%	45.39%	-1.06%	14.33%	-66.93%	35.32%	33.49%	-2.83%	199.34%	-	-78.64%
EPS Growth	123.08%	19.05%	-5.26%	6.90%	-68.97%	28.00%	27.78%	-3.23%	200.00%	-	-78.26%
Operating Cash Flow Growth	301.32%	59.39%	-83.20%	-28.33%	-128.98%	-12.02%	713.80%	-76.77%	531.07%	-	29.50%
Free Cash Flow Firm Growth	153.94%	159.71%	-488.84%	-1,254.30%	-979.14%	-567.78%	99.69%	17.09%	51.44%	-	-66,049.50%
Invested Capital Growth	-2.07%	-8.16%	49.24%	51.81%	59.63%	66.35%	2.55%	27.96%	20.91%	-	61.99%
Revenue Q/Q Growth	3.33%	-0.42%	10.66%	4.68%	-24.18%	60.85%	-26.07%	20.75%	-0.79%	-	-7.05%
EBITDA Q/Q Growth	0.32%	-18.86%	-7.76%	69.74%	-51.90%	133.34%	-34.56%	36.29%	-8.39%	-	-41.54%
EBIT Q/Q Growth	1.14%	-19.50%	-20.30%	86.21%	-64.41%	256.78%	-40.42%	40.16%	-14.07%	-	-66.65%
NOPAT Q/Q Growth	5.05%	-18.71%	-4.80%	52.63%	-72.08%	322.83%	-40.85%	4.82%	32.09%	-	-61.53%
Net Income Q/Q Growth	0.55%	-13.20%	-27.79%	81.39%	-70.92%	255.21%	-28.77%	32.04%	-10.40%	-	-83.18%
EPS Q/Q Growth	0.00%	-13.79%	-28.00%	72.22%	-70.97%	255.56%	-28.13%	30.43%	-10.00%	-	-77.27%
Operating Cash Flow Q/Q Growth	15.72%	49.79%	-92.07%	421.43%	-146.79%	554.76%	-26.65%	-85.12%	768.47%	-	5.98%
Free Cash Flow Firm Q/Q Growth	62.23%	82.19%	-485.57%	-1.28%	-23.56%	3.06%	99.75%	-27,277.67%	27.63%	-	-100.47%
Invested Capital Q/Q Growth	-1.08%	-5.59%	60.33%	1.38%	4.02%	-1.61%	-1.16%	26.50%	-1.72%	-	30.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.84%	39.94%	41.80%	40.64%	36.58%	43.86%	43.14%	40.89%	42.74%	-	38.71%
EBITDA Margin	16.44%	13.40%	11.17%	18.11%	11.49%	16.67%	14.75%	16.65%	15.37%	-	10.06%
Operating Margin	13.38%	10.18%	8.69%	13.83%	4.96%	16.71%	10.42%	9.35%	11.98%	-	4.82%
EBIT Margin	13.12%	10.61%	7.64%	13.59%	6.38%	14.15%	11.41%	13.24%	11.47%	-	4.57%
Profit (Net Income) Margin	8.83%	7.70%	5.03%	8.71%	3.34%	7.38%	7.11%	7.77%	7.02%	-	1.27%
Tax Burden Percent	72.03%	77.28%	77.86%	71.35%	73.25%	57.15%	73.35%	70.96%	73.71%	-	69.76%
Interest Burden Percent	93.46%	93.92%	84.46%	89.79%	71.48%	91.20%	84.97%	82.74%	83.06%	-	39.86%
Effective Tax Rate	27.97%	22.72%	22.14%	28.65%	26.75%	42.85%	26.65%	29.04%	26.29%	-	30.24%
Return on Invested Capital (ROIC)	17.15%	14.37%	10.17%	15.40%	5.39%	16.10%	10.42%	8.11%	11.58%	-	3.93%
ROIC Less NNEP Spread (ROIC-NNEP)	16.12%	14.13%	8.14%	13.74%	5.08%	11.46%	9.82%	9.28%	9.72%	-	2.43%
Return on Net Nonoperating Assets (RNNOA)	9.05%	6.42%	4.38%	5.78%	2.12%	3.71%	3.89%	4.48%	4.60%	-	1.62%
Return on Equity (ROE)	26.20%	20.79%	14.55%	21.17%	7.52%	19.81%	14.31%	12.59%	16.18%	-	5.54%
Cash Return on Invested Capital (CROIC)	16.10%	24.14%	-26.93%	-27.84%	-35.20%	-36.61%	8.54%	-15.61%	-8.04%	-	-39.42%
Operating Return on Assets (OROA)	15.89%	12.44%	7.87%	14.17%	6.35%	14.82%	10.17%	10.71%	10.08%	-	3.78%
Return on Assets (ROA)	10.69%	9.03%	5.17%	9.08%	3.33%	7.73%	6.34%	6.29%	6.17%	-	1.05%
Return on Common Equity (ROCE)	26.20%	20.79%	14.55%	21.17%	7.52%	19.81%	14.31%	12.59%	16.18%	-	5.54%
Return on Equity Simple (ROE_SIMPLE)	18.76%	0.00%	14.25%	13.41%	10.90%	0.00%	12.11%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	12	9.80	9.33	14	3.97	17	9.94	10	14	14	5.23
NOPAT Margin	9.63%	7.86%	6.77%	9.86%	3.63%	9.55%	7.64%	6.63%	8.83%	-	3.36%
Net Nonoperating Expense Percent (NNEP)	1.03%	0.25%	2.03%	1.65%	0.31%	4.64%	0.60%	-1.18%	1.86%	-	1.49%
Return On Investment Capital (ROIC_SIMPLE)	-	2.88%	-	-	-	3.08%	1.81%	1.57%	2.06%	2.12%	0.73%
Cost of Revenue to Revenue	57.16%	60.06%	58.20%	59.36%	63.43%	56.14%	56.86%	59.11%	57.26%	-	61.29%
SG&A Expenses to Revenue	29.02%	28.02%	29.54%	26.73%	31.06%	25.60%	32.09%	28.72%	29.27%	-	31.42%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	29.47%	29.76%	33.11%	26.82%	31.62%	27.15%	32.73%	31.55%	30.76%	-	33.89%
Earnings before Interest and Taxes (EBIT)	16	13	11	20	6.98	25	15	21	18	21	7.10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	17	15	26	13	29	19	26	24	27	16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.20	6.19	5.00	4.54	5.12	4.20	3.77	3.88	4.35	-	3.89
Price to Tangible Book Value (P/TBV)	15.34	16.95	199.74	34.85	38.13	23.44	19.00	40.88	34.21	-	0.00
Price to Revenue (P/Rev)	2.05	2.53	2.66	2.56	2.98	2.31	2.14	2.26	2.39	-	2.06
Price to Earnings (P/E)	27.74	31.59	35.10	33.86	46.95	36.21	31.17	33.89	32.64	-	35.44
Dividend Yield	1.22%	0.99%	0.91%	1.00%	0.90%	1.09%	1.21%	1.15%	1.02%	-	1.26%
Earnings Yield	3.61%	3.17%	2.85%	2.95%	2.13%	2.76%	3.21%	2.95%	3.06%	-	2.82%
Enterprise Value to Invested Capital (EV/IC)	3.98	5.05	3.67	3.58	3.89	3.37	3.12	2.82	3.21	-	2.44
Enterprise Value to Revenue (EV/Rev)	2.21	2.65	2.93	2.77	3.22	2.50	2.32	2.59	2.68	-	2.59
Enterprise Value to EBITDA (EV/EBITDA)	13.83	17.33	20.35	18.67	23.51	16.99	14.86	17.01	16.80	-	17.77
Enterprise Value to EBIT (EV/EBIT)	18.19	22.22	26.39	24.60	33.05	22.85	19.54	21.99	21.14	-	24.51
Enterprise Value to NOPAT (EV/NOPAT)	28.14	30.93	34.96	32.42	44.61	31.86	28.58	35.54	32.25	-	38.22
Enterprise Value to Operating Cash Flow (EV/OCF)	16.88	17.43	23.77	25.27	47.53	44.61	27.57	38.59	25.05	-	23.88
Enterprise Value to Free Cash Flow (EV/FCFF)	24.49	20.03	0.00	0.00	0.00	0.00	37.01	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.77	0.73	0.82	0.73	0.73	0.75	0.73	1.00	0.96	-	1.13
Long-Term Debt to Equity	0.70	0.66	0.76	0.68	0.69	0.71	0.69	0.95	0.91	-	1.08
Financial Leverage	0.56	0.45	0.54	0.42	0.42	0.32	0.40	0.48	0.47	-	0.67
Leverage Ratio	2.30	2.27	2.25	2.13	2.12	2.13	2.13	2.24	2.20	-	2.35
Compound Leverage Factor	2.15	2.13	1.90	1.91	1.51	1.94	1.81	1.85	1.83	-	0.94
Debt to Total Capital	43.65%	42.09%	45.02%	42.07%	42.30%	42.89%	42.16%	49.87%	49.02%	-	53.12%
Short-Term Debt to Total Capital	3.93%	3.62%	3.09%	2.54%	2.52%	2.09%	2.07%	2.45%	2.44%	-	2.27%
Long-Term Debt to Total Capital	39.72%	38.47%	41.93%	39.53%	39.77%	40.80%	40.09%	47.42%	46.58%	-	50.85%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	56.35%	57.91%	54.98%	57.93%	57.70%	57.11%	57.84%	50.13%	50.98%	-	46.88%
Debt to EBITDA	1.91	1.95	3.03	2.76	3.11	2.80	2.65	3.79	3.32	-	4.12
Net Debt to EBITDA	1.01	0.76	1.84	1.42	1.80	1.31	1.12	2.22	1.79	-	3.65
Long-Term Debt to EBITDA	1.74	1.78	2.82	2.59	2.92	2.67	2.52	3.60	3.15	-	3.94
Debt to NOPAT	3.88	3.47	5.21	4.79	5.90	5.26	5.10	7.92	6.37	-	8.86
Net Debt to NOPAT	2.05	1.35	3.16	2.46	3.41	2.45	2.16	4.63	3.43	-	7.84
Long-Term Debt to NOPAT	3.53	3.17	4.85	4.50	5.55	5.00	4.85	7.53	6.05	-	8.48
Altman Z-Score	4.19	4.72	3.70	3.88	4.15	3.74	3.51	2.93	3.30	-	2.49
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.64	2.58	2.82	3.17	3.01	3.48	3.55	3.59	3.64	-	2.26
Quick Ratio	1.46	1.53	1.62	1.92	1.71	2.32	2.31	2.32	2.36	-	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	18	32	-124	-126	-156	-151	-0.38	-104	-76	-47	-252
Operating Cash Flow to CapEx	975.65%	1,087.53%	159.12%	564.77%	-526.14%	1,815.54%	1,328.57%	181.74%	2,647.35%	-	840.34%
Free Cash Flow to Firm to Interest Expense	16.50	40.13	-75.99	-62.91	-78.19	-68.88	-0.17	-29.10	0.00	-	0.00
Operating Cash Flow to Interest Expense	16.77	33.52	1.31	5.56	-2.62	10.82	7.80	0.72	0.00	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	15.05	30.44	0.49	4.58	-3.12	10.23	7.21	0.32	0.00	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.21	1.17	1.03	1.04	1.00	1.05	0.89	0.81	0.88	-	0.83
Accounts Receivable Turnover	8.23	7.85	8.22	8.18	7.90	7.47	7.41	6.33	7.33	-	6.55
Inventory Turnover	3.49	3.73	3.45	3.50	3.41	4.09	3.50	3.26	3.35	-	3.34
Fixed Asset Turnover	10.78	10.73	11.08	11.66	11.49	12.63	12.20	8.90	10.00	-	7.51
Accounts Payable Turnover	10.21	10.88	10.31	10.22	10.64	11.51	10.51	10.55	13.01	-	10.33
Days Sales Outstanding (DSO)	44.34	46.49	44.42	44.62	46.21	48.84	49.23	57.63	49.78	-	55.76
Days Inventory Outstanding (DIO)	104.67	97.95	105.79	104.28	107.18	89.22	104.41	111.80	108.91	-	109.30
Days Payable Outstanding (DPO)	35.75	33.56	35.40	35.73	34.31	31.72	34.74	34.59	28.06	-	35.34
Cash Conversion Cycle (CCC)	113.27	110.88	114.81	113.18	119.08	106.34	118.90	134.84	130.63	-	129.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	268	253	405	411	427	421	416	526	517	436	673
Invested Capital Turnover	1.78	1.83	1.50	1.56	1.49	1.69	1.36	1.22	1.31	-	1.17
Increase / (Decrease) in Invested Capital	-5.66	-22	134	140	160	168	10	115	89	61	258
Enterprise Value (EV)	1,067	1,276	1,488	1,471	1,664	1,417	1,297	1,485	1,658	-	1,644
Market Capitalization	989	1,221	1,354	1,359	1,537	1,308	1,199	1,291	1,481	-	1,306
Book Value per Share	$5.06	$5.25	$7.20	$7.37	$7.39	$7.67	$7.82	$8.18	$8.37	$7.82	$7.87
Tangible Book Value per Share	$1.71	$1.92	$0.18	$0.96	$0.99	$1.37	$1.55	$0.78	$1.06	$0.53	($1.60)
Total Capital	337	340	492	517	520	545	549	663	668	640	717
Total Debt	147	143	222	217	220	234	231	331	327	322	381
Total Long-Term Debt	134	131	206	204	207	223	220	315	311	306	365
Net Debt	78	56	135	112	127	109	98	193	176	197	337
Capital Expenditures (CapEx)	1.84	2.48	1.34	1.97	0.99	1.31	1.31	1.42	0.85	3.20	2.68
Debt-free, Cash-free Net Working Capital (DFCFNWC)	91	75	102	109	111	120	117	154	146	152	150
Debt-free Net Working Capital (DFNWC)	160	163	189	215	204	245	250	291	296	278	194
Net Working Capital (NWC)	147	151	174	202	191	233	239	275	280	261	178
Net Nonoperating Expense (NNE)	1.00	0.20	2.40	1.67	0.32	3.82	0.69	-1.79	2.82	1.84	3.25
Net Nonoperating Obligations (NNO)	78	56	135	112	127	109	98	193	176	118	337
Total Depreciation and Amortization (D&A)	4.15	3.47	4.86	6.51	5.59	4.42	4.36	5.36	6.09	5.44	8.53
Debt-free, Cash-free Net Working Capital to Revenue	18.87%	15.60%	20.04%	20.52%	21.50%	21.12%	20.86%	26.85%	23.51%	-	23.63%
Debt-free Net Working Capital to Revenue	33.28%	33.77%	37.16%	40.44%	39.52%	43.14%	44.70%	50.86%	47.88%	-	30.50%
Net Working Capital to Revenue	30.53%	31.22%	34.16%	37.97%	36.97%	41.13%	42.67%	48.02%	45.26%	-	27.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	$0.26	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.28	$0.05
Adjusted Weighted Average Basic Shares Outstanding	37.59M	37.53M	37.95M	40.61M	40.61M	39.95M	40.62M	40.66M	40.67M	40.87M	42.56M
Adjusted Diluted Earnings per Share	$0.29	$0.25	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.22	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	37.93M	37.92M	38.55M	40.86M	40.95M	40.33M	40.98M	40.94M	40.98M	43.43M	43.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.59M	37.59M	40.61M	40.61M	40.61M	40.61M	40.66M	40.66M	40.66M	42.73M	42.80M
Normalized Net Operating Profit after Tax (NOPAT)	12	11	12	14	4.35	18	10	13	15	15	6.51
Normalized NOPAT Margin	9.89%	8.52%	8.51%	9.87%	3.98%	10.32%	8.03%	8.13%	9.88%	-	4.19%
Pre Tax Income Margin	12.27%	9.96%	6.45%	12.21%	4.56%	12.91%	9.69%	10.95%	9.52%	-	1.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.30	16.44	6.44	9.79	3.51	11.37	6.65	5.79	0.00	-	0.00
NOPAT to Interest Expense	11.23	12.19	5.70	7.11	2.00	7.67	4.46	2.90	0.00	-	0.00
EBIT Less CapEx to Interest Expense	13.58	13.36	5.62	8.81	3.01	10.77	6.06	5.40	0.00	-	0.00
NOPAT Less CapEx to Interest Expense	9.51	9.10	4.88	6.12	1.50	7.07	3.87	2.51	0.00	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.63%	31.07%	31.92%	32.02%	40.93%	38.60%	37.76%	38.92%	33.35%	-	43.05%
Augmented Payout Ratio	33.63%	31.07%	31.92%	32.02%	40.93%	38.60%	37.76%	38.92%	33.35%	-	43.05%

Financials Breakdown Chart

Key Financial Trends

Cadre Holdings, Inc. (CDRE) has shown meaningful top-line growth and balance-sheet expansion over the last four years, driven in part by acquisitions and an active financing strategy. Here are the 10 most important takeaways for retail investors, with positives listed first, followed by neutrals, then negatives.

Top-line growth: Cadre’s 2024 revenue jumped versus 2023 (Q4 2024 revenue about $175.98M vs $124.58M in Q4 2023), and 2025 quarters have ranged roughly from $130M to $167M, signaling sustained revenue scale improvements.
Consistent net income in 2025: Quarterly net income remained positive (Q1 2025: $9.24M; Q2: $12.22M; Q3: $10.94M; Q4: $11.74M), indicating earnings generation alongside growth initiatives.
Solid liquidity position: Cash and equivalents were about $150.9M at 9/30/2025, providing a meaningful cash cushion for operations and potential opportunities.
Positive operating cash flow across 2025: Net cash from continuing operating activities was positive in each quarter (approx. $17.39M in Q1, $2.59M in Q2, $22.48M in Q3, $21.25M in Q4), underscoring cash-generation capability.
Debt financing enhanced liquidity in 2025: Cadre issued about $146.7M in new debt in 2025 (Q2: $97.5M; Q3: $49.22M), helping fund growth and balance-sheet needs.
Material asset growth from acquisitions: Total assets rose from roughly $389.0M at end-2024 to about $792.1M by 9/30/2025, driven by goodwill and intangible assets, reflecting scale-up via acquisitions.
Healthy equity base: Total equity was around $340.37M by 9/30/2025, indicating a solid capitalization base to support growth and financing activities.
Gross margin relatively stable: Gross profit margin has hovered in the low-to-mid 40% range across 2022–2025, reflecting consistency in profitability on revenue despite growth and cost dynamics.
Acquisition-related balance-sheet growth: The 2025 rise in assets is accompanied by higher goodwill and intangible assets, a neutral indicator of growth strategies but with potential impairment risk to monitor over time.
Earnings softening in late 2025: Q4 2025 net income declined to $11.74M (EPS $0.22) from Q4 2024’s $12.98M (EPS $0.32), signaling earnings headwinds despite revenue growth and ongoing investment activity.

05/22/26 11:37 PM ETAI Generated. May Contain Errors.

Cadre Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cadre's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Cadre's net income appears to be on an upward trend, with a most recent value of $44.14 million in 2025, rising from $38.45 million in 2020. The previous period was $36.13 million in 2024. See Cadre's forecast for analyst expectations on what's next for the company.

Cadre's total operating income in 2025 was $67.35 million, based on the following breakdown:

Total Gross Profit: $259.63 million
Total Operating Expenses: $192.28 million

Over the last 5 years, Cadre's total revenue changed from $404.64 million in 2020 to $610.31 million in 2025, a change of 50.8%.

Cadre's total liabilities were at $452.23 million at the end of 2025, a 32.5% increase from 2024, and a 64.8% increase since 2020.

In the past 5 years, Cadre's cash and equivalents has ranged from $2.87 million in 2020 to $124.93 million in 2024, and is currently $122.90 million as of their latest financial filing in 2025.

Over the last 5 years, Cadre's book value per share changed from 0.32 in 2020 to 7.82 in 2025, a change of 2,327.1%.

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Financial statements for NYSE:CDRE last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cadre (CDRE) Financials

Annual Income Statements for Cadre

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