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Cadre Holdings
(NYSE:CDRE)
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Rating:67Neutral
Price Target:
$36.00
▲(16.66% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by constructive operating momentum and outlook from the earnings call (reaffirmed 2026 guidance, strong Q1 growth, and record backlog). Financial performance is supportive but tempered by recent margin pressure and higher leverage into TTM. Technicals are mixed (above short-term averages but below the 200-day), and valuation is a headwind due to a high P/E despite a modest dividend yield.
Positive Factors
Sustained multi-year revenue growth
Cadre's steady revenue expansion over multiple years demonstrates durable demand and scale across law enforcement, military, nuclear, and consumer channels. This multi-year top-line momentum supports predictable production planning, supplier relationships, and longer-term revenue visibility over the next 2–6 months.
Negative Factors
Elevated and rising leverage
Higher absolute debt and elevated net leverage reduce financial flexibility and increase refinancing and covenant risk. Even with pro forma improvements, leverage near management's target range constrains capital allocation choices and raises sensitivity to cyclical slippage or slower-than-expected backlog conversion over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained multi-year revenue growth
Cadre's steady revenue expansion over multiple years demonstrates durable demand and scale across law enforcement, military, nuclear, and consumer channels. This multi-year top-line momentum supports predictable production planning, supplier relationships, and longer-term revenue visibility over the next 2–6 months.
Read all positive factors
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 (CDRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.32B
Dividend Yield1.28%
Average Volume (3M)400.96K
Price to Earnings (P/E)34.3
Beta (1Y)0.88
Revenue Growth13.54%
EPS Growth-5.10%
CountryUS
Employees2,533
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.90
Shares Outstanding42,797,450
10 Day Avg. Volume282,139
30 Day Avg. Volume400,962
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$45.00Price Target Upside45.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.14
Revenue Forecast (FY)$737.27M
Cadre Holdings Business Overview & Revenue Model
Company Description
Cadre Holdings, Inc. specializes in manufacturing and distributing vital safety and survival gear designed to protect individuals in perilous or life-threatening environments, both within the United States and globally. The company operates throug...
How the Company Makes Money
Cadre Holdings primarily makes money by selling safety and survivability products to government and commercial customers, with revenue largely tied to demand from law enforcement agencies, military customers, and other public-safety/first-responde...
Cadre Holdings Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed multiple strong operational and financial positives — 19% Q1 revenue growth, a record backlog with clear drivers, reaffirmed full-year guidance implying 20%+ growth, active M&A execution, and a solid capital structure — while acknowledging manageable headwinds (armor/nuclear mix, distribution softness on discretionary items, and a suspended plutonium program). Management expects margins and revenue conversion to improve later in 2026 and emphasizes disciplined M&A and cash allocation. Overall, positives substantially outweigh the isolated near-term challenges.Positive Updates
Strong Quarterly Revenue Growth
Q1 net sales of $155.4M, up 19% year-over-year, driven by recurring demand across law enforcement, first responder, military, and nuclear end markets.
Negative Updates
Mix Headwinds Impacting Margins
Q1 experienced mix-related headwinds in armor and nuclear which pressured margins early in the year; management expects improvement later in 2026 as mix and scale shift.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Q1 net sales of $155.4M, up 19% year-over-year, driven by recurring demand across law enforcement, first responder, military, and nuclear end markets.
Read all positive updates
Company Guidance
Cadre reiterated full‑year 2026 guidance of net sales of $736–$758 million and adjusted EBITDA of $136–$141 million (implying ~18.5% adjusted EBITDA margin at the midpoint), with organic revenue expected to be +3% to +5% for the year; management expects Q2 revenue of ~$178 million with ~17.5% adjusted EBITDA margin, a back‑half weighting of roughly 55% of full‑year revenue, and midpoint year‑over‑year growth of ~22.4% in revenue and ~24% in adjusted EBITDA. The outlook is supported by Q1 net sales of $155.4 million (+19% YoY) and a record March‑31 backlog of $355 million (up $166 million QoQ — including $108 million organic, an $87 million blast‑attenuation seat award, and $57 million from the TIER acquisition); net leverage remained just under 3.0x (pro forma <2.5x with a full year of TIER), and management highlighted continued free‑cash‑flow generation underpinning M&A, dividends (17th consecutive), and debt reduction.Cadre Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 635.63M | 610.31M | 567.56M | 482.53M | 457.84M | 427.29M |
| Gross Profit | 255.26M | 251.72M | 233.48M | 200.73M | 175.68M | 170.69M |
| EBITDA | 87.01M | 93.11M | 78.46M | 73.19M | 31.23M | 49.34M |
| Net Income | 36.87M | 44.14M | 36.13M | 38.64M | 5.82M | 12.66M |
Balance Sheet | ||||||
| Total Assets | 879.74M | 770.03M | 652.71M | 431.18M | 391.95M | 311.80M |
| Cash, Cash Equivalents and Short-Term Investments | 41.27M | 122.90M | 124.93M | 87.69M | 45.29M | 33.86M |
| Total Debt | 388.94M | 327.83M | 238.76M | 146.83M | 158.43M | 159.69M |
| Total Liabilities | 543.62M | 452.23M | 341.20M | 234.02M | 226.06M | 223.16M |
| Stockholders Equity | 336.12M | 317.80M | 311.51M | 197.16M | 165.89M | 88.64M |
Cash Flow | ||||||
| Free Cash Flow | 60.61M | 56.85M | 26.11M | 66.48M | 41.91M | 37.26M |
| Operating Cash Flow | 68.83M | 63.70M | 31.78M | 73.21M | 46.41M | 40.09M |
| Investing Cash Flow | -251.29M | -96.37M | -147.43M | -6.52M | -59.63M | -2.83M |
| Financing Cash Flow | 92.29M | 31.59M | 152.67M | -24.72M | 24.46M | -6.60M |
Cadre Holdings Technical Analysis
Positive
30.86
Price Trends
29.61
Positive
30.20
Positive
36.12
Negative
Market Momentum
0.55
Negative
54.50
Neutral
39.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CDRE, the sentiment is Positive. The current price of 30.86 is above the 20-day moving average (MA) of 29.91, above the 50-day MA of 29.61, and below the 200-day MA of 36.12, indicating a neutral trend. The MACD of 0.55 indicates Negative momentum. The RSI at 54.50 is Neutral, neither overbought nor oversold. The STOCH value of 39.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CDRE.
Cadre Holdings Risk Analysis
Cadre Holdings disclosed 53 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.32B | 34.26 | 11.11% | 1.26% | 13.54% | -5.10% | |
65 Neutral | $593.91M | 48.40 | 4.29% | 1.02% | 7.64% | 138.23% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $248.59M | -37.94 | -1.52% | ― | ― | ― | |
56 Neutral | $650.78M | 35.44 | 5.04% | 3.55% | 10.75% | 35.88% | |
52 Neutral | $103.25M | -30.03 | -5.85% | ― | 5.15% | -124.82% | |
51 Neutral | $72.91M | -13.12 | -6.41% | ― | ― | -11379.59% |
* Industrials Sector Average
CDRE
Cadre Holdings
30.85
-3.05
-9.00%
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16.57%
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BYRN
Byrna Technologies
4.90
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PEW
GrabAGun Digital Holdings
2.57
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-61.98%
Cadre Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cadre Holdings Expands Canadian Credit Facility Agreement
Positive
Jul 29, 2026
On July 23, 2026, Cadre’s Canadian subsidiaries entered into an amended and restated loan agreement with PNC Bank Canada Branch, securing a revolving line of credit of up to CDN$20 million, including up to CDN$6 million for letters of credit...
Executive/Board ChangesShareholder Meetings
Cadre Holdings Announces Board Changes at 2026 Meeting
Neutral
Jun 3, 2026
At Cadre Holdings, Inc.’s 2026 Annual Meeting of Stockholders held on May 29, 2026, the terms of directors Gianmaria C. Delzanno and Deborah A. DeCotis expired, and they were not nominated for re-election, with the company stating the decisi...
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.