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Cadre Holdings
(NYSE:CDRE)
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Rating:62Neutral
Price Target:
$33.00
▲(5.36% Upside)
Action:Reiterated
Date:05/14/26
CDRE’s score is primarily supported by solid financial performance (scaling revenue and positive, improving free cash flow) and a constructive earnings outlook (reaffirmed guidance and record backlog). The main offsets are a very stretched valuation (high P/E), increased leverage into TTM, and mixed technicals with the stock still below key longer-term moving averages.
Positive Factors
Revenue growth and backlog
Sustained top‑line growth and a record $355M backlog provide durable revenue visibility across 2026, reducing near‑term demand uncertainty. Large, multi‑year awards and recurring replacement cycles in defense, law enforcement and nuclear markets support predictable conversion and scale benefits over coming quarters.
Negative Factors
Elevated leverage
Higher leverage increases financial rigidity and raises refinancing and covenant risk if margins weaken. With net leverage near 3.0x, the company has less cushion for cyclical or contract timing shocks, making sustained deleveraging crucial to preserve investment flexibility and support future M&A or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and backlog
Sustained top‑line growth and a record $355M backlog provide durable revenue visibility across 2026, reducing near‑term demand uncertainty. Large, multi‑year awards and recurring replacement cycles in defense, law enforcement and nuclear markets support predictable conversion and scale benefits over coming quarters.
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
$1.23B
Dividend Yield0.9%
Average Volume (3M)404.19K
Price to Earnings (P/E)32.8
Beta (1Y)0.89
Revenue Growth13.54%
EPS Growth-5.10%
CountryUS
Employees2,284
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.90
Shares Outstanding42,797,450
10 Day Avg. Volume387,756
30 Day Avg. Volume404,195
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 Cap1.26
Enterprise Value/Revenue2.44
Enterprise Value/Gross Profit6.08
Enterprise Value/Ebitda17.85
Forecast
1Y Price Target
$46.25Price Target Upside47.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.24
Revenue Forecast (FY)$737.13M
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 makes money by selling safety and survivability equipment and related accessories to government and commercial customers, with a primary focus on law enforcement, first responder, and defense end markets. Revenue is generated mainly...
Cadre Holdings Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 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
31.32
Price Trends
29.56
Negative
32.54
Negative
36.81
Negative
Market Momentum
-0.16
Negative
51.99
Neutral
53.87
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 31.32 is above the 20-day moving average (MA) of 28.86, above the 50-day MA of 29.56, and below the 200-day MA of 36.81, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 51.99 is Neutral, neither overbought nor oversold. The STOCH value of 53.87 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $1.23B | 32.84 | 11.11% | 0.90% | 13.54% | -5.10% | |
58 Neutral | $613.06M | ― | -4.24% | 1.92% | 3.20% | -139.32% | |
58 Neutral | $279.95M | -43.26 | -35.04% | ― | ― | ― | |
56 Neutral | $687.46M | 37.78 | 5.04% | 5.10% | 10.75% | 35.88% | |
53 Neutral | $134.75M | -26.01 | 13.82% | ― | 5.15% | -124.82% | |
51 Neutral | $84.08M | -16.30 | -6.41% | ― | ― | -11379.59% |
* Industrials Sector Average
CDRE
Cadre Holdings
29.56
-2.85
-8.80%
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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.