Education
About Us
Working with TipRanks
Follow Us
Cadre Holdings (CDRE)
NYSE:CDRE
Top Page
Cadre Holdings
(NYSE:CDRE)
Select Model
Select Model
Rating:60Neutral
Price Target:
$34.00
▲(3.47% Upside)
Action:ReiteratedDate:03/13/26
The score is supported primarily by improving underlying profitability and cash generation alongside constructive 2026 guidance and backlog/contract-driven visibility. It is held back by increased leverage and a sharply bearish technical setup (price well below major moving averages with weak momentum), with valuation also offering limited downside support at a high P/E.
Positive Factors
Backlog and Contract Visibility
A ~50% backlog increase provides multi-year revenue visibility and reduces near-term reliance on spot wins. Large multi-year awards (e.g., IDIQ and blast-seat contracts) smooth future cash flows, improving planning for production, staffing, and capital allocation over the next 2–6 months and beyond.
Improving Profitability and Cash Generation
Record adjusted EBITDA and margin expansion reflect structural improvements in cost control and product mix. Coupled with positive free cash flow and a history of consistent dividends, this strengthens the firm's ability to fund operations, service debt, and pursue disciplined M&A without immediate external financing.
Accretive M&A and Geographic/Product Diversification
Recent, disciplined acquisitions (CARS, TIER) broaden product lines and expand international reach (TIER largely international). This diversification spreads demand risk across customers and geographies, and adds near-term revenue and margin contribution that should bolster structural growth and resilience.
Negative Factors
Elevated Leverage Post-Acquisitions
Rising debt levels and near-term pro forma leverage reduce financial flexibility. With leverage higher than in recent years, the company faces greater sensitivity to revenue or margin shocks, limiting its capacity for opportunistic investment or aggressive buybacks without extending maturities or raising cost of capital.
Revenue Volatility and Margin Compression
A choppier revenue profile and recent margin compression weaken predictability of free cash flow and debt paydown. Cyclical timing of large contracts and mix shifts mean earnings can swing materially year-to-year, complicating capital allocation and increasing execution risk over the medium term.
Policy and Government Procurement Concentration
Significant exposure to government programs and nuclear subsegments creates structural demand risk when policy or procurement timing changes. Regulatory actions that slow programs can depress segment revenue for extended periods and magnify the impact of contract timing delays on overall results.
Cadre Holdings (CDRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.41B
Dividend Yield0.9%
Average Volume (3M)301.47K
Price to Earnings (P/E)37.8
Beta (1Y)0.89
Revenue Growth19.94%
EPS Growth33.38%
CountryUS
Employees2,284
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.27
Shares Outstanding42,726,563
10 Day Avg. Volume568,549
30 Day Avg. Volume301,472
Financial Highlights & Ratios
PEG Ratio1.89
Price to Book (P/B)5.25
Price to Sales (P/S)2.73
P/FCF Ratio29.36
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue2.53
Enterprise Value/Gross Profit6.07
Enterprise Value/Ebitda16.51
Forecast
1Y Price Target
$47.20Price Target Upside43.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)1.3
Revenue Forecast (FY)$740.29M
Cadre Holdings Business Overview & Revenue Model
Company DescriptionCadre Holdings, Inc. manufactures and distributes safety and survivability equipment that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segments, Products and Distribution. It primarily provides body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brands; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective and law enforcement equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products. The company also offers third-party products, such as uniforms, optics, boots, firearms, and ammunition. It serves first responders, such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing, and wildlife enforcement and departments of corrections, as well as federal agencies including the U.S. Department of State, U.S. Department of Defense, U.S. Department of Interior, U.S. Department of Justice, U.S. Department of Homeland Security, U.S. Department of Corrections, and various foreign government agencies. The company was founded in 1964 and is headquartered in Jacksonville, Florida.
How the Company Makes MoneyCadre Holdings primarily makes money by selling safety and survivability products and related equipment across its portfolio of brands to institutional and commercial buyers. Revenue is generated largely from (1) product sales to U.S. and international government agencies (including defense and law enforcement) through direct contracting and bid/procurement processes; (2) product sales to state/local agencies and first responder organizations via direct sales and distribution channels; and (3) commercial sales to private-sector customers that purchase protective and tactical equipment. The company’s earnings are influenced by procurement cycles, contract awards, customer budget levels (especially public-sector spending), replacement/upgrade demand for protective gear, and the breadth of its distribution network and brand portfolio. null
Cadre Holdings Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Measures gross profit for each segment to show which businesses actually produce healthy margins and cash flow, indicating whether revenue growth is translating into profitable sales or being offset by higher direct costs.
Measures gross profit for each segment to show which businesses actually produce healthy margins and cash flow, indicating whether revenue growth is translating into profitable sales or being offset by higher direct costs.
Data provided by:
The Fly
The FlyCadre Holdings Earnings Call Summary
Earnings Call Date:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong strategic progress: sizeable backlog growth (~+50%), multiyear contract awards ($50M IDIQ and $86M Med‑Eng awards), record adjusted EBITDA ($111.7M) and margin expansion, plus accretive M&A (TIER, CARS) and constructive 2026 guidance. Near‑term challenges include timing delays on large opportunities, a slowdown in a specific nuclear down‑blending subsegment driven by policy, some distribution softness, and a lighter Q1 cadence. Management conveyed confidence that delays are timing issues (not lost business) and that pipeline and backlog support growth, while acknowledging short‑term mix and timing headwinds.Q4-2025 Updates
Positive Updates
Backlog Growth
Orders backlog increased nearly 50% year-over-year, driven by 2025 order growth and the addition of CARS Engineering, improving forward visibility for multi‑year programs.
Large Contract Awards — BMO and Blast Seats
Awarded a $50,000,000 IDIQ blast exposure monitoring (BMO) contract and Med-Eng received $86,000,000 in blast attenuation seat contracts with production/deliveries running 2026–2031 and 2026–2029, respectively.
Record Adjusted EBITDA and Margin Improvement
2025 adjusted EBITDA was a record $111,700,000 (third consecutive record year). Full-year gross margins improved ~140 basis points year-over-year; public safety gross margins (ex-distribution and nuclear) rose ~188 basis points.
Completed Strategic Acquisitions and M&A Pipeline
Acquisition of CARS Engineering closed in 2025; TIER Tactical closed in February 2026. Management reports a robust M&A funnel and disciplined, accretive acquisition approach.
2026 Financial Guidance
Net sales guided to $736M–$758M and adjusted EBITDA guided to $136M–$141M (implying ~18.5% EBITDA margin). Management stated the outlook implies year-over-year revenue and adjusted EBITDA growth of ~22%–24% at midpoints.
TIER Contribution and Profile
TIER is modeled at about $100,000,000 of full-year revenue (high‑80s/low‑90s baked into 2026 guidance due to Feb close) with EBITDA margins ~20% and a largely international customer base (66% international).
Consumer Channel and International Wins
Consumer channel grew 7% for full-year 2025 and 15% in H2 2025 versus prior year. Multiple international wins across South America, Europe, UAE and parts of Asia contributed to order activity.
Capital Allocation and Shareholder Returns
Company has generated strong free cash flow, paid 17 consecutive quarterly dividends, and recently raised the dividend to an annualized $0.40 per share.
Balance Sheet and Leverage
Post‑TIER leverage just under 3x (approximately 2.5x when adjusting for TIER's EBITDA contribution), with management citing ample financial flexibility for M&A and organic investment.
Operational Execution and Integration Progress
Management reported solid progress integrating acquired businesses, initiation of TIER 100‑day integration activities, and cross‑business projects to leverage TIER capabilities.
Negative Updates
Q4 Near‑Term Weakness Versus Prior Year Q4
Fourth quarter top- and bottom-line results were down versus last year's record Q4; company cited revenue timing shifts and some distribution softness affecting Q4 performance.
Nuclear Subsegment — Alpha/Down‑blending Slowdown
An executive order slowed plutonium down‑blending programs, reducing near‑term demand for some Alpha safety products and causing a near‑term financial impact in that subsegment.
Timing Delays on Large Opportunities
Several larger, higher‑value opportunities were delayed from 2025 into 2026 (and possibly later), creating visibility and cadence uncertainty despite management confidence these opportunities are delayed, not lost.
Q1 2026 Softness and Mix Headwinds
Management expects a lighter Q1 (organically down) driven by armor project timing, armor material constraints, lower distribution revenue, and Alpha project timing; Q1 EBITDA margins expected in the low teens.
Government Shutdown and Product Timing Impacts
Government shutdown activity caused a slight impact to chemical luminescence product sales; other nuclear and EOD revenue timing shifts also weighed on recent results.
Elevated Near‑term Leverage and Purchase Accounting Impacts
Pro forma leverage is near 3x (not including TIER earnings), and the company noted inventory step‑up and amortization from the TIER acquisition that will affect near‑term reported results.
Company Guidance
Cadre guided 2026 net sales of $736–758 million and adjusted EBITDA of $136–141 million (implying ~18.5% adjusted EBITDA margin), with organic growth of 3–5% in both Public Safety and Nuclear and a targeted 1% price increase net of material inflation; CapEx is $10–14 million. Management expects Q1 revenue roughly in line with Q3 2025 (~$155.8M) with gross margins around 39% and EBITDA margins in the low‑teens (Q1 up year‑over‑year including TIER but organically down), improving through the year, and said the full‑year outlook (midpoints) implies ~22%–24% YoY revenue and adjusted EBITDA growth. Guidance includes TIER Tactical (modeled at about $100M on a full‑year basis, baked into 2026 in the high‑$80s/low‑$90s with ~20% EBITDA margin); pro forma leverage is just under 3x (≈2.5x when TIER EBITDA is included). Management also noted backlog is up nearly 50% year‑over‑year (including the $50M BMO IDIQ), 2025 adjusted EBITDA was $111.7M (a record) and 2025 gross margins improved 140 bps.Cadre Holdings Financial Statement Overview
Summary
Profitability improved versus 2022 with resilient low-40% gross margins and positive free cash flow, but 2025 showed a revenue dip and margin compression versus 2023–2024. Balance-sheet risk increased with a notable 2025 debt step-up (debt roughly ~1.0x equity) and leverage sensitivity if growth softens.Income Statement
Revenue expanded strongly from 2022–2024 (with 2024 up meaningfully), but 2025 pulled back slightly, creating a choppier near-term growth profile. Profitability improved materially versus 2022 (net margin rising from low-single-digits to ~6–7% in 2024–2025), and gross margin has been relatively steady in the low-40% range recently. A key weakness is margin compression in 2025 versus 2023–2024 (lower EBITDA margin and a softer net margin than the 2023 peak), suggesting some cost or mix pressure.72
Positive
Balance Sheet
The balance sheet is more stable than earlier years, with equity building and leverage normalizing versus 2020–2021, but debt has risen notably in 2025. Debt is now roughly in line with equity (about 1.0x), up from the mid-0.7x range in 2023–2024, which reduces flexibility if earnings soften. Returns on equity are decent in 2024–2025 but below the 2023 level, indicating profitability has not fully kept pace with the step-up in capital and leverage.58
Neutral
Cash Flow
Cash generation is solid: operating cash flow rebounded strongly in 2025 after a weak 2024, and free cash flow remains positive and fairly close to reported earnings in recent years. However, free cash flow has been volatile (sharp increase in 2023 followed by declines in 2024–2025), and cash conversion is not consistently high year-to-year, which can limit predictability for debt paydown or shareholder returns.70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 610.31M | 567.56M | 482.53M | 457.84M | 427.29M |
| Gross Profit | 251.72M | 233.48M | 200.73M | 175.68M | 170.69M |
| EBITDA | 94.00M | 78.46M | 73.19M | 31.23M | 49.34M |
| Net Income | 44.14M | 36.13M | 38.64M | 5.82M | 12.66M |
Balance Sheet | |||||
| Total Assets | 770.03M | 652.71M | 431.18M | 391.95M | 311.80M |
| Cash, Cash Equivalents and Short-Term Investments | 122.90M | 124.93M | 87.69M | 45.29M | 33.86M |
| Total Debt | 322.29M | 238.76M | 146.83M | 158.43M | 159.69M |
| Total Liabilities | 452.23M | 341.20M | 234.02M | 226.06M | 223.16M |
| Stockholders Equity | 317.80M | 311.51M | 197.16M | 165.89M | 88.64M |
Cash Flow | |||||
| Free Cash Flow | 56.85M | 26.11M | 66.48M | 41.91M | 37.26M |
| Operating Cash Flow | 63.70M | 31.78M | 73.21M | 46.41M | 40.09M |
| Investing Cash Flow | -96.37M | -147.43M | -6.52M | -59.63M | -2.83M |
| Financing Cash Flow | 31.59M | 152.67M | -24.72M | 24.46M | -6.60M |
Cadre Holdings Technical Analysis
Negative
32.86
Price Trends
41.63
Negative
41.93
Negative
37.64
Negative
Market Momentum
-2.39
Positive
28.87
Positive
7.02
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRE, the sentiment is Negative. The current price of 32.86 is below the 20-day moving average (MA) of 40.98, below the 50-day MA of 41.63, and below the 200-day MA of 37.64, indicating a bearish trend. The MACD of -2.39 indicates Positive momentum. The RSI at 28.87 is Positive, neither overbought nor oversold. The STOCH value of 7.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CDRE.
Cadre Holdings Risk Analysis
Cadre Holdings disclosed 52 risk factors in its most recent earnings report. Cadre Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cadre Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $217.87M | 42.35 | 15.76% | ― | 50.99% | 612.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $627.81M | 32.29 | 2.71% | 5.10% | -9.08% | -71.62% | |
60 Neutral | $1.41B | 37.81 | 13.50% | 0.90% | 19.94% | 33.38% | |
59 Neutral | $618.16M | -120.73 | -1.50% | 1.92% | 3.90% | -92.10% | |
57 Neutral | $242.79M | 22.47 | ― | ― | -11.01% | -279.70% | |
42 Neutral | $92.66M | -23.45 | -4.66% | ― | ― | -116.40% |
* Industrials Sector Average
CDRE
Cadre Holdings
32.98
0.97
3.02%
SWBI
Smith & Wesson Brands
14.11
4.77
51.09%
RGR
Sturm Ruger & Company
38.77
-0.79
-1.99%
POWW
AMMO
2.07
0.65
45.77%
BYRN
Byrna Technologies
9.61
-9.11
-48.66%
PEW
GrabAGun Digital Holdings
3.14
-7.53
-70.57%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.