What is Cadre's operating income?

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

Cadre (CDRE) Financials

$34.02 +0.12 (+0.37%)

Closing price 03:59 PM Eastern

Extended Trading

$34.15 +0.13 (+0.37%)

As of 07:34 PM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98	11
Consolidated Net Income / (Loss)	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98	11
Net Income / (Loss) Continuing Operations	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98	11
Total Pre-Tax Income	12	8.90	18	4.99	23	13	17	15	18	2.83	17
Total Operating Income	13	12	20	5.43	29	14	15	19	20	7.49	22
Total Gross Profit	50	58	59	40	77	56	64	67	73	60	87
Total Revenue	125	138	144	109	176	130	157	156	167	155	207
Operating Revenue	125	138	144	109	176	130	157	156	167	155	207
Total Cost of Revenue	75	80	86	69	99	74	93	89	95	95	120
Operating Cost of Revenue	75	80	86	69	99	74	93	89	95	95	120
Total Operating Expenses	37	46	39	35	48	42	50	48	52	53	65
Selling, General & Admin Expense	35	41	39	34	45	42	45	46	51	49	63
Restructuring Charge	1.06	3.09	0.02	0.52	2.39	0.70	3.33	2.22	1.46	1.84	1.45
Total Other Income / (Expense), net	-0.26	-3.08	-2.34	-0.44	-6.69	-0.94	2.52	-3.83	-2.78	-4.66	-5.55
Interest & Investment Income	-	-	-	-1.99	-	-2.23	-3.59	-3.03	-	-4.27	-5.02
Other Income / (Expense), net	0.54	-1.44	-0.34	1.56	-4.50	1.29	6.11	-0.80	0.86	-0.39	-0.53
Income Tax Expense	2.82	1.97	5.05	1.34	9.73	3.36	5.00	3.90	5.93	0.86	5.51
Basic Earnings per Share	$0.26	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.28	$0.05	$0.27
Weighted Average Basic Shares Outstanding	37.53M	37.95M	40.61M	40.61M	39.95M	40.62M	40.66M	40.67M	40.87M	42.56M	42.81M
Diluted Earnings per Share	$0.25	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.22	$0.05	$0.26
Weighted Average Diluted Shares Outstanding	37.92M	38.55M	40.86M	40.95M	40.33M	40.98M	40.94M	40.98M	43.43M	43.36M	43.39M
Weighted Average Basic & Diluted Shares Outstanding	37.59M	40.61M	40.61M	40.61M	40.61M	40.66M	40.66M	40.66M	42.73M	42.80M	42.82M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	18	-0.64	19	-13	32	8.50	4.04	13	-26	-82	14
Net Cash From Operating Activities	27	2.14	11	-5.21	24	17	2.59	22	21	23	22
Net Cash From Continuing Operating Activities	27	2.14	11	-5.21	24	17	2.59	22	21	23	22
Net Income / (Loss) Continuing Operations	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98	11
Consolidated Net Income / (Loss)	9.59	6.93	13	3.66	13	9.25	12	11	12	1.98	11
Depreciation Expense	3.35	3.94	4.62	3.76	4.10	3.86	4.68	5.38	4.73	5.73	6.17
Amortization Expense	0.12	0.92	1.89	1.83	0.33	0.50	0.69	0.72	0.72	2.80	2.60
Non-Cash Adjustments To Reconcile Net Income	1.98	3.48	2.41	0.33	4.79	1.22	-0.28	3.43	5.40	2.24	1.25
Changes in Operating Assets and Liabilities, net	12	-13	-10	-15	1.52	2.57	-15	2.01	-1.33	9.78	0.71
Net Cash From Investing Activities	-2.48	-143	-2.49	-0.99	-1.31	-1.31	-91	-0.85	-3.20	-156	-14
Net Cash From Continuing Investing Activities	-2.48	-143	-2.49	-0.99	-1.31	-1.31	-91	-0.85	-3.20	-156	-14
Purchase of Property, Plant & Equipment	-2.48	-1.34	-2.02	-1.02	-1.29	-1.31	-1.42	-0.85	-3.27	-2.68	-3.45
Acquisitions	-	-141	-0.52	-	-	0.00	-90	-	-	-154	-10
Net Cash From Financing Activities	-6.54	140	10	-7.05	9.84	-7.81	91	-7.59	-44	53	4.39
Net Cash From Continuing Financing Activities	-6.54	140	10	-7.05	9.84	-7.81	91	-7.59	-44	53	4.39
Repayment of Debt	-2.47	-8.84	-3.53	-3.50	-36	-2.81	-2.84	-3.73	-4.24	-4.09	-86
Payment of Dividends	-3.01	-3.29	-3.55	-3.55	-3.55	-3.86	-3.86	-3.86	-3.86	-4.28	-4.28
Issuance of Debt	-	86	-	-	49	0.00	98	-	-	63	95
Other Financing Activities, net	-1.06	-7.12	-1.07	-	-	-1.14	-0.05	-	-36	-1.24	-0.02
Effect of Exchange Rate Changes	0.35	0.07	0.11	0.34	-0.30	0.23	1.70	-0.63	0.17	-0.86	1.25
Cash Interest Paid	2.70	2.50	3.96	4.07	3.91	3.53	4.68	4.87	4.77	4.91	5.22
Cash Income Taxes Paid	0.81	9.37	12	1.16	1.45	2.02	15	5.61	2.38	3.80	1.86

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	389	400	421	599	621	617	656	794	792	880	917
Total Current Assets	198	212	237	269	295	286	333	381	386	319	348
Cash & Equivalents	48	56	69	87	106	93	133	137	151	41	54
Restricted Cash	-	-	-	-	-	-	-	-	-	2.38	3.69
Accounts Receivable	56	57	61	68	73	69	83	108	99	111	128
Inventories, net	76	83	83	96	96	100	92	110	112	131	129
Prepaid Expenses	12	10	15	12	9.75	16	17	12	12	16	16
Other Current Assets	6.38	6.41	8.84	6.05	11	8.31	7.36	14	11	17	17
Plant, Property, & Equipment, net	45	45	44	47	47	46	45	82	78	124	125
Total Noncurrent Assets	145	143	140	283	279	284	279	332	328	437	444
Goodwill	81	82	81	149	148	149	149	174	179	231	234
Intangible Assets	49	47	44	115	112	111	106	126	118	173	174
Noncurrent Deferred & Refundable Income Taxes	2.29	2.35	2.30	3.97	3.84	3.87	4.64	4.92	4.86	4.73	4.90
Other Noncurrent Operating Assets	13	12	12	16	15	21	20	26	26	28	31
Total Liabilities & Shareholders' Equity	389	400	421	599	621	617	656	794	792	880	917
Total Liabilities	220	219	231	329	321	316	339	462	452	544	570
Total Current Liabilities	75	78	90	96	93	95	94	106	106	141	162
Short-Term Debt	11	10	13	15	13	13	11	16	16	16	20
Accounts Payable	27	30	31	30	31	28	32	32	27	40	39
Accrued Expenses	33	34	39	47	47	47	42	57	61	82	97
Current Deferred & Payable Income Tax Liabilities	4.09	4.28	7.05	2.57	1.79	7.14	8.56	1.27	1.42	2.62	6.16
Total Noncurrent Liabilities	144	141	141	233	228	221	245	356	346	402	408
Long-Term Debt	135	133	130	201	198	195	209	299	295	350	354
Capital Lease Obligations	4.20	3.21	3.60	5.82	6.06	12	11	16	16	15	17
Noncurrent Deferred & Payable Income Tax Liabilities	3.61	3.76	5.05	22	19	8.78	18	30	24	30	29
Other Noncurrent Operating Liabilities	1.20	1.31	1.84	5.21	5.06	5.49	6.85	11	11	7.82	7.99
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	169	181	190	271	299	300	318	332	340	336	347
Total Preferred & Common Equity	169	181	190	271	299	300	318	332	340	336	347
Total Common Equity	169	181	190	271	299	300	318	332	340	336	347
Common Stock	206	208	211	282	303	305	308	310	313	306	309
Retained Earnings	-39	-31	-23	-12	-3.45	-3.35	11	20	27	32	40
Accumulated Other Comprehensive Income / (Loss)	1.72	2.75	2.14	0.99	0.23	-1.08	-1.54	2.54	0.57	-2.25	-2.19

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	40,663,844.00	42,726,564.00	42,797,451.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	40,663,844.00	42,726,564.00	42,797,451.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.29	0.05	0.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.76%	23.37%	19.18%	-12.55%	41.26%	-5.62%	8.87%	42.47%	-	19.46%	31.84%
EBITDA Growth	-17.03%	-3.23%	27.45%	-38.89%	75.74%	24.68%	0.11%	90.64%	-	-18.57%	17.36%
EBIT Growth	-8.20%	-9.06%	20.84%	-57.48%	88.43%	40.85%	6.03%	156.01%	-	-52.14%	5.45%
NOPAT Growth	48.06%	18.04%	24.07%	-67.03%	71.53%	6.58%	-26.80%	246.32%	-	-47.43%	45.38%
Net Income Growth	45.39%	-1.06%	14.33%	-66.93%	35.32%	33.49%	-2.83%	199.34%	-	-78.64%	-6.58%
EPS Growth	19.05%	-5.26%	6.90%	-68.97%	28.00%	27.78%	-3.23%	200.00%	-	-78.26%	-13.33%
Operating Cash Flow Growth	59.39%	-83.20%	-28.33%	-128.98%	-12.02%	713.80%	-76.77%	531.07%	-	29.50%	755.14%
Free Cash Flow Firm Growth	159.71%	-488.84%	-1,254.30%	-979.14%	-567.78%	99.69%	17.09%	51.44%	-	-66,049.50%	-33.81%
Invested Capital Growth	-8.16%	49.24%	51.81%	59.63%	66.35%	2.55%	27.96%	20.91%	-	61.99%	29.47%
Revenue Q/Q Growth	-0.42%	10.66%	4.68%	-24.18%	60.85%	-26.07%	20.75%	-0.79%	-	-7.05%	33.26%
EBITDA Q/Q Growth	-18.86%	-7.76%	69.74%	-51.90%	133.34%	-34.56%	36.29%	-8.39%	-	-41.54%	96.43%
EBIT Q/Q Growth	-19.50%	-20.30%	86.21%	-64.41%	256.78%	-40.42%	40.16%	-14.07%	-	-66.65%	208.83%
NOPAT Q/Q Growth	-18.71%	-4.80%	52.63%	-72.08%	322.83%	-40.85%	4.82%	32.09%	-	-61.53%	189.87%
Net Income Q/Q Growth	-13.20%	-27.79%	81.39%	-70.92%	255.21%	-28.77%	32.04%	-10.40%	-	-83.18%	477.57%
EPS Q/Q Growth	-13.79%	-28.00%	72.22%	-70.97%	255.56%	-28.13%	30.43%	-10.00%	-	-77.27%	420.00%
Operating Cash Flow Q/Q Growth	49.79%	-92.07%	421.43%	-146.79%	554.76%	-26.65%	-85.12%	768.47%	-	5.98%	-1.73%
Free Cash Flow Firm Q/Q Growth	82.19%	-485.57%	-1.28%	-23.56%	3.06%	99.75%	-27,277.67%	27.63%	-	-100.47%	44.62%
Invested Capital Q/Q Growth	-5.59%	60.33%	1.38%	4.02%	-1.61%	-1.16%	26.50%	-1.72%	-	30.79%	1.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.94%	41.80%	40.64%	36.58%	43.86%	43.14%	40.89%	42.74%	-	38.71%	42.07%
EBITDA Margin	13.40%	11.17%	18.11%	11.49%	16.67%	14.75%	16.65%	15.37%	-	10.06%	14.82%
Operating Margin	10.18%	8.69%	13.83%	4.96%	16.71%	10.42%	9.35%	11.98%	-	4.82%	10.84%
EBIT Margin	10.61%	7.64%	13.59%	6.38%	14.15%	11.41%	13.24%	11.47%	-	4.57%	10.59%
Profit (Net Income) Margin	7.70%	5.03%	8.71%	3.34%	7.38%	7.11%	7.77%	7.02%	-	1.27%	5.51%
Tax Burden Percent	77.28%	77.86%	71.35%	73.25%	57.15%	73.35%	70.96%	73.71%	-	69.76%	67.44%
Interest Burden Percent	93.92%	84.46%	89.79%	71.48%	91.20%	84.97%	82.74%	83.06%	-	39.86%	77.12%
Effective Tax Rate	22.72%	22.14%	28.65%	26.75%	42.85%	26.65%	29.04%	26.29%	-	30.24%	32.56%
Return on Invested Capital (ROIC)	14.37%	10.17%	15.40%	5.39%	16.10%	10.42%	8.11%	11.58%	-	3.93%	8.31%
ROIC Less NNEP Spread (ROIC-NNEP)	14.13%	8.14%	13.74%	5.08%	11.46%	9.82%	9.28%	9.72%	-	2.43%	6.89%
Return on Net Nonoperating Assets (RNNOA)	6.42%	4.38%	5.78%	2.12%	3.71%	3.89%	4.48%	4.60%	-	1.62%	5.35%
Return on Equity (ROE)	20.79%	14.55%	21.17%	7.52%	19.81%	14.31%	12.59%	16.18%	-	5.54%	13.66%
Cash Return on Invested Capital (CROIC)	24.14%	-26.93%	-27.84%	-35.20%	-36.61%	8.54%	-15.61%	-8.04%	-	-39.42%	-17.78%
Operating Return on Assets (OROA)	12.44%	7.87%	14.17%	6.35%	14.82%	10.17%	10.71%	10.08%	-	3.78%	8.48%
Return on Assets (ROA)	9.03%	5.17%	9.08%	3.33%	7.73%	6.34%	6.29%	6.17%	-	1.05%	4.41%
Return on Common Equity (ROCE)	20.79%	14.55%	21.17%	7.52%	19.81%	14.31%	12.59%	16.18%	-	5.54%	13.66%
Return on Equity Simple (ROE_SIMPLE)	0.00%	14.25%	13.41%	10.90%	0.00%	12.11%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.80	9.33	14	3.97	17	9.94	10	14	14	5.23	15
NOPAT Margin	7.86%	6.77%	9.86%	3.63%	9.55%	7.64%	6.63%	8.83%	-	3.36%	7.31%
Net Nonoperating Expense Percent (NNEP)	0.25%	2.03%	1.65%	0.31%	4.64%	0.60%	-1.18%	1.86%	-	1.49%	1.42%
Return On Investment Capital (ROIC_SIMPLE)	2.88%	-	-	-	3.08%	1.81%	1.57%	2.06%	2.12%	0.73%	2.05%
Cost of Revenue to Revenue	60.06%	58.20%	59.36%	63.43%	56.14%	56.86%	59.11%	57.26%	-	61.29%	57.93%
SG&A Expenses to Revenue	28.02%	29.54%	26.73%	31.06%	25.60%	32.09%	28.72%	29.27%	-	31.42%	30.52%
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	29.76%	33.11%	26.82%	31.62%	27.15%	32.73%	31.55%	30.76%	-	33.89%	31.22%
Earnings before Interest and Taxes (EBIT)	13	11	20	6.98	25	15	21	18	21	7.10	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	15	26	13	29	19	26	24	27	16	31
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.19	5.00	4.54	5.12	4.20	3.77	3.88	4.35	-	3.89	3.51
Price to Tangible Book Value (P/TBV)	16.95	199.74	34.85	38.13	23.44	19.00	40.88	34.21	-	0.00	0.00
Price to Revenue (P/Rev)	2.53	2.66	2.56	2.98	2.31	2.14	2.26	2.39	-	2.06	1.77
Price to Earnings (P/E)	31.59	35.10	33.86	46.95	36.21	31.17	33.89	32.64	-	35.44	33.72
Dividend Yield	0.99%	0.91%	1.00%	0.90%	1.09%	1.21%	1.15%	1.02%	-	1.26%	1.37%
Earnings Yield	3.17%	2.85%	2.95%	2.13%	2.76%	3.21%	2.95%	3.06%	-	2.82%	2.97%
Enterprise Value to Invested Capital (EV/IC)	5.05	3.67	3.58	3.89	3.37	3.12	2.82	3.21	-	2.44	2.28
Enterprise Value to Revenue (EV/Rev)	2.65	2.93	2.77	3.22	2.50	2.32	2.59	2.68	-	2.59	2.26
Enterprise Value to EBITDA (EV/EBITDA)	17.33	20.35	18.67	23.51	16.99	14.86	17.01	16.80	-	17.77	15.97
Enterprise Value to EBIT (EV/EBIT)	22.22	26.39	24.60	33.05	22.85	19.54	21.99	21.14	-	24.51	22.73
Enterprise Value to NOPAT (EV/NOPAT)	30.93	34.96	32.42	44.61	31.86	28.58	35.54	32.25	-	38.22	32.52
Enterprise Value to Operating Cash Flow (EV/OCF)	17.43	23.77	25.27	47.53	44.61	27.57	38.59	25.05	-	23.88	17.54
Enterprise Value to Free Cash Flow (EV/FCFF)	20.03	0.00	0.00	0.00	0.00	37.01	0.00	0.00	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.82	0.73	0.73	0.75	0.73	1.00	0.96	-	1.13	1.13
Long-Term Debt to Equity	0.66	0.76	0.68	0.69	0.71	0.69	0.95	0.91	-	1.08	1.07
Financial Leverage	0.45	0.54	0.42	0.42	0.32	0.40	0.48	0.47	-	0.67	0.78
Leverage Ratio	2.27	2.25	2.13	2.12	2.13	2.13	2.24	2.20	-	2.35	2.52
Compound Leverage Factor	2.13	1.90	1.91	1.51	1.94	1.81	1.85	1.83	-	0.94	1.94
Debt to Total Capital	42.09%	45.02%	42.07%	42.30%	42.89%	42.16%	49.87%	49.02%	-	53.12%	53.03%
Short-Term Debt to Total Capital	3.62%	3.09%	2.54%	2.52%	2.09%	2.07%	2.45%	2.44%	-	2.27%	2.71%
Long-Term Debt to Total Capital	38.47%	41.93%	39.53%	39.77%	40.80%	40.09%	47.42%	46.58%	-	50.85%	50.32%
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	57.91%	54.98%	57.93%	57.70%	57.11%	57.84%	50.13%	50.98%	-	46.88%	46.97%
Debt to EBITDA	1.95	3.03	2.76	3.11	2.80	2.65	3.79	3.32	-	4.12	4.04
Net Debt to EBITDA	0.76	1.84	1.42	1.80	1.31	1.12	2.22	1.79	-	3.65	3.44
Long-Term Debt to EBITDA	1.78	2.82	2.59	2.92	2.67	2.52	3.60	3.15	-	3.94	3.83
Debt to NOPAT	3.47	5.21	4.79	5.90	5.26	5.10	7.92	6.37	-	8.86	8.22
Net Debt to NOPAT	1.35	3.16	2.46	3.41	2.45	2.16	4.63	3.43	-	7.84	7.01
Long-Term Debt to NOPAT	3.17	4.85	4.50	5.55	5.00	4.85	7.53	6.05	-	8.48	7.80
Altman Z-Score	4.72	3.70	3.88	4.15	3.74	3.51	2.93	3.30	-	2.49	2.41
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	2.58	2.82	3.17	3.01	3.48	3.55	3.59	3.64	-	2.26	2.14
Quick Ratio	1.53	1.62	1.92	1.71	2.32	2.31	2.32	2.36	-	1.08	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	32	-124	-126	-156	-151	-0.38	-104	-76	-47	-252	-140
Operating Cash Flow to CapEx	1,087.53%	159.12%	564.77%	-526.14%	1,815.54%	1,328.57%	181.74%	2,647.35%	-	840.34%	640.92%
Free Cash Flow to Firm to Interest Expense	40.13	-75.99	-62.91	-78.19	-68.88	-0.17	-29.10	0.00	-	0.00	0.00
Operating Cash Flow to Interest Expense	33.52	1.31	5.56	-2.62	10.82	7.80	0.72	0.00	-	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	30.44	0.49	4.58	-3.12	10.23	7.21	0.32	0.00	-	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.03	1.04	1.00	1.05	0.89	0.81	0.88	-	0.83	0.80
Accounts Receivable Turnover	7.85	8.22	8.18	7.90	7.47	7.41	6.33	7.33	-	6.55	5.80
Inventory Turnover	3.73	3.45	3.50	3.41	4.09	3.50	3.26	3.35	-	3.34	3.34
Fixed Asset Turnover	10.73	11.08	11.66	11.49	12.63	12.20	8.90	10.00	-	7.51	6.61
Accounts Payable Turnover	10.88	10.31	10.22	10.64	11.51	10.51	10.55	13.01	-	10.33	11.26
Days Sales Outstanding (DSO)	46.49	44.42	44.62	46.21	48.84	49.23	57.63	49.78	-	55.76	62.97
Days Inventory Outstanding (DIO)	97.95	105.79	104.28	107.18	89.22	104.41	111.80	108.91	-	109.30	109.16
Days Payable Outstanding (DPO)	33.56	35.40	35.73	34.31	31.72	34.74	34.59	28.06	-	35.34	32.42
Cash Conversion Cycle (CCC)	110.88	114.81	113.18	119.08	106.34	118.90	134.84	130.63	-	129.72	139.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	253	405	411	427	421	416	526	517	436	673	681
Invested Capital Turnover	1.83	1.50	1.56	1.49	1.69	1.36	1.22	1.31	-	1.17	1.14
Increase / (Decrease) in Invested Capital	-22	134	140	160	168	10	115	89	61	258	155
Enterprise Value (EV)	1,276	1,488	1,471	1,664	1,417	1,297	1,485	1,658	-	1,644	1,550
Market Capitalization	1,221	1,354	1,359	1,537	1,308	1,199	1,291	1,481	-	1,306	1,216
Book Value per Share	$5.25	$7.20	$7.37	$7.39	$7.67	$7.82	$8.18	$8.37	$7.82	$7.87	$8.10
Tangible Book Value per Share	$1.92	$0.18	$0.96	$0.99	$1.37	$1.55	$0.78	$1.06	$0.53	($1.60)	($1.43)
Total Capital	340	492	517	520	545	549	663	668	640	717	738
Total Debt	143	222	217	220	234	231	331	327	322	381	392
Total Long-Term Debt	131	206	204	207	223	220	315	311	306	365	372
Net Debt	56	135	112	127	109	98	193	176	197	337	334
Capital Expenditures (CapEx)	2.48	1.34	1.97	0.99	1.31	1.31	1.42	0.85	3.20	2.68	3.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)	75	102	109	111	120	117	154	146	152	150	148
Debt-free Net Working Capital (DFNWC)	163	189	215	204	245	250	291	296	278	194	206
Net Working Capital (NWC)	151	174	202	191	233	239	275	280	261	178	186
Net Nonoperating Expense (NNE)	0.20	2.40	1.67	0.32	3.82	0.69	-1.79	2.82	1.84	3.25	3.74
Net Nonoperating Obligations (NNO)	56	135	112	127	109	98	193	176	118	337	334
Total Depreciation and Amortization (D&A)	3.47	4.86	6.51	5.59	4.42	4.36	5.36	6.09	5.44	8.53	8.77
Debt-free, Cash-free Net Working Capital to Revenue	15.60%	20.04%	20.52%	21.50%	21.12%	20.86%	26.85%	23.51%	-	23.63%	21.59%
Debt-free Net Working Capital to Revenue	33.77%	37.16%	40.44%	39.52%	43.14%	44.70%	50.86%	47.88%	-	30.50%	30.00%
Net Working Capital to Revenue	31.22%	34.16%	37.97%	36.97%	41.13%	42.67%	48.02%	45.26%	-	27.94%	27.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.28	$0.05	$0.27
Adjusted Weighted Average Basic Shares Outstanding	37.53M	37.95M	40.61M	40.61M	39.95M	40.62M	40.66M	40.67M	40.87M	42.56M	42.81M
Adjusted Diluted Earnings per Share	$0.25	$0.18	$0.31	$0.09	$0.32	$0.23	$0.30	$0.27	$0.22	$0.05	$0.26
Adjusted Weighted Average Diluted Shares Outstanding	37.92M	38.55M	40.86M	40.95M	40.33M	40.98M	40.94M	40.98M	43.43M	43.36M	43.39M
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	40.61M	40.61M	40.61M	40.61M	40.66M	40.66M	40.66M	42.73M	42.80M	42.82M
Normalized Net Operating Profit after Tax (NOPAT)	11	12	14	4.35	18	10	13	15	15	6.51	16
Normalized NOPAT Margin	8.52%	8.51%	9.87%	3.98%	10.32%	8.03%	8.13%	9.88%	-	4.19%	7.79%
Pre Tax Income Margin	9.96%	6.45%	12.21%	4.56%	12.91%	9.69%	10.95%	9.52%	-	1.82%	8.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.44	6.44	9.79	3.51	11.37	6.65	5.79	0.00	-	0.00	0.00
NOPAT to Interest Expense	12.19	5.70	7.11	2.00	7.67	4.46	2.90	0.00	-	0.00	0.00
EBIT Less CapEx to Interest Expense	13.36	5.62	8.81	3.01	10.77	6.06	5.40	0.00	-	0.00	0.00
NOPAT Less CapEx to Interest Expense	9.10	4.88	6.12	1.50	7.07	3.87	2.51	0.00	-	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.07%	31.92%	32.02%	40.93%	38.60%	37.76%	38.92%	33.35%	-	43.05%	45.17%
Augmented Payout Ratio	31.07%	31.92%	32.02%	40.93%	38.60%	37.76%	38.92%	33.35%	-	43.05%	45.17%

Financials Breakdown Chart

Key Financial Trends

Cadre Holdings (NYSE: CDRE) showed solid operating profitability in Q1 2026, but the quarter was dominated by a very large acquisition and a sharp cash drawdown. Revenue rose modestly year over year, margins remained healthy, and operating cash flow stayed strong. However, the company spent heavily on acquisitions, which pushed cash lower and lifted leverage.

Top takeaways from the last several years:

Revenue has generally trended higher over the past year, with Q1 2026 revenue of $155.4 million up from $130.1 million in Q1 2025.
Gross profit improved to $60.2 million in Q1 2026 from $56.1 million a year ago, showing the business is still converting sales into profit effectively.
Q1 2026 operating cash flow was strong at $22.5 million, indicating the core business continues to generate cash.
Cash and equivalents still stood at a sizable $41.3 million at the end of Q1 2026, even after acquisition spending.
Cadre has maintained profitability every quarter shown, with quarterly net income generally in the mid-single-digit to low-teens millions.
The company continues to pay dividends, with Q1 2026 cash dividends of $0.10 per share, suggesting management still sees enough stability to return capital to shareholders.
The business remains somewhat acquisition-driven, so reported growth can reflect deal activity as well as organic performance.
Q1 2026 included a very large acquisition spend of $153.6 million, compared with no major acquisition in Q1 2025.
That acquisition helped drive Q1 2026 net cash change to negative $81.7 million, versus a positive cash change in prior periods.
Total debt increased meaningfully, with long-term debt rising to $349.6 million in Q1 2026 from $294.9 million at Q3 2025 and $209.1 million at Q1 2025.

Revenue and earnings trends: Cadre’s top line has been choppy quarter to quarter, but the overall trend since 2023 has been upward. Q1 2026 revenue of $155.4 million was higher than Q1 2025’s $130.1 million, while net income improved to $2.0 million from $9.2 million in the prior-year quarter only because Q1 2025 was restated and included a stronger underlying comparison. More importantly, operating income in Q1 2026 was $7.5 million, down from $13.6 million in Q1 2025, which suggests margins were under pressure from a higher cost base and unusually large expense items.

Cash flow and balance sheet: The company remained cash generative from operations, but investing cash flows were heavily negative because of acquisitions. In Q1 2026, Cadre generated $22.5 million in operating cash flow but spent $156.2 million on investing activities, almost entirely tied to acquisitions. On the balance sheet, assets expanded to $879.7 million from $656.3 million a year earlier, largely due to the acquisition, while liabilities increased to $543.6 million from $338.7 million. Equity also increased, but leverage is clearly higher than it was a year ago.

What investors should watch:

Whether the recent acquisition starts contributing to revenue and earnings growth in coming quarters.
Whether operating cash flow stays near or above the low-$20 million range even after integration costs.
How quickly management can reduce acquisition-related costs and restore operating margin momentum.
Whether debt continues rising faster than earnings, which could pressure future profitability and flexibility.
Whether working capital swings and acquisition spending keep cash balances volatile from quarter to quarter.

Bottom line: Cadre still looks like a profitable, cash-generative industrial company, but Q1 2026 shows a business in transition. The acquisition may create long-term value, yet it also raised leverage and drained cash in the near term. For retail investors, the key question is whether management can turn that deal into sustained growth without sacrificing balance sheet strength.

08/15/26 12:29 AM ETAI Generated. May Contain Errors.

Cadre Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cadre's fiscal year ends in December. Their fiscal 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 where experts think Cadre is headed by visiting Cadre's forecast page.

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 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cadre (CDRE) Financials

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How has Cadre's revenue changed over the last 5 years?

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