Cadre Holdings (CDRE)
NYSE:CDRE
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Cadre Holdings
(NYSE:CDRE)
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Rating:60Neutral
Price Target:
$34.00
▲(4.13% 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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Cadre Holdings (CDRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.40B
Dividend Yield0.9%
Average Volume (3M)453.47K
Price to Earnings (P/E)37.8
Beta (1Y)0.93
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. Volume374,057
30 Day Avg. Volume453,467
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 Cap1.14
Enterprise Value/Revenue2.61
Enterprise Value/Gross Profit6.28
Enterprise Value/Ebitda17.08
Forecast
1Y Price Target
$47.20Price Target Upside44.56% 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 Description
Cadre 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, Prod...
How the Company Makes Money
Cadre 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 internat...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
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
Neutral
32.65
Price Trends
37.94
Negative
40.04
Negative
37.46
Negative
Market Momentum
-1.62
Negative
43.71
Neutral
77.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRE, the sentiment is Neutral. The current price of 32.65 is above the 20-day moving average (MA) of 31.85, below the 50-day MA of 37.94, and below the 200-day MA of 37.46, indicating a neutral trend. The MACD of -1.62 indicates Negative momentum. The RSI at 43.71 is Neutral, neither overbought nor oversold. The STOCH value of 77.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $638.04M | 32.29 | 3.28% | 5.10% | -9.08% | -71.62% | |
62 Neutral | $653.08M | -120.73 | -1.50% | 1.92% | 3.90% | -92.10% | |
60 Neutral | $1.40B | 37.81 | 13.50% | 0.90% | 19.94% | 33.38% | |
57 Neutral | $240.44M | 22.47 | -35.04% | ― | -11.01% | -279.70% | |
53 Neutral | $128.85M | 90.42 | 13.82% | ― | 50.99% | 612.36% | |
42 Neutral | $85.58M | -23.45 | -4.66% | ― | ― | -116.40% |
* Industrials Sector Average
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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.