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CDRE

Cadre Holdings, Inc.

CDRE

Cadre Holdings, Inc. • NYSE
$42.68 ▼ -0.91% (-0.39)
Market Cap $1.74 B
52w High $46.64
52w Low $27.07
Dividend Yield 0.38%
P/E 38.45
Volume 104.15K
Outstanding Shares 40.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $155.869M ▼ $44.395M ▼ $10.941M ▼ 7.019% ▼ $0.27 ▼ $22.236M ▼
Q2-2025 $157.109M ▲ $49.564M ▲ $12.211M ▲ 7.772% ▲ $0.3 ▲ $25.475M ▲
Q1-2025 $130.106M ▼ $42.579M ▼ $9.248M ▼ 7.108% ▼ $0.23 ▼ $18.695M ▼
Q4-2024 $175.984M ▲ $47.784M ▲ $12.983M ▲ 7.377% ▲ $0.32 ▲ $29.002M ▲
Q3-2024 $109.408M $34.59M $3.655M 3.341% $0.09 $10.744M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $150.875M ▲ $792.055M ▼ $451.681M ▼ $340.374M ▲
Q2-2025 $137.469M ▲ $794.437M ▲ $461.977M ▲ $332.46M ▲
Q1-2025 $133.431M ▲ $656.293M ▲ $338.731M ▼ $317.562M ▲
Q4-2024 $124.933M ▲ $652.713M ▲ $341.198M ▲ $311.515M ▲
Q3-2024 $92.989M $616.615M $316.334M $300.281M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.941M ▼ $22.476M ▲ $-849K ▲ $-7.591M ▼ $13.406M ▲ $21.627M ▲
Q2-2025 $12.211M ▲ $2.588M ▼ $-91.008M ▼ $90.755M ▲ $4.038M ▼ $1.164M ▼
Q1-2025 $9.248M ▼ $17.391M ▼ $-1.309M ▼ $-7.812M ▼ $8.498M ▼ $16.082M ▼
Q4-2024 $12.983M ▲ $23.711M ▲ $-1.306M ▼ $9.836M ▲ $31.944M ▲ $22.424M ▲
Q3-2024 $3.655M $-5.214M $-991K $-7.05M $-12.914M $-6.23M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Distribution Services
Distribution Services
 $90.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Product
Product
 $280.00M ▲$110.00M ▼$140.00M ▲$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing a business that is expanding rather than standing still. Profitability has generally improved with time: gross profit has risen along with sales, and operating profit has become healthier as the company gains scale. Net income has been positive each year, though it can be a bit choppy from period to period, likely reflecting acquisition activity, deal costs, and accounting items rather than big swings in the underlying business. Overall, this looks like a solid, steadily growing income statement with improving quality of earnings, not a boom‑and‑bust profile.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully over time. Total assets and shareholders’ equity have both built up, reflecting reinvestment and acquisitions as well as the company’s public listing. Cash on hand has improved from very low levels to a more comfortable cushion, giving Cadre more flexibility to manage cycles and fund growth. Debt is still present and has increased in absolute terms, but it now sits on top of a much larger equity base, which makes leverage look more manageable than it was a few years ago. Overall, the company has shifted from a relatively thinly capitalized profile to a sturdier, more balanced financial foundation, though it remains an acquisition‑oriented, debt‑using business rather than a zero‑debt one.

Cash Flow

Cash Flow Cadre generates consistent positive cash flow from operations, which is an important sign that reported profits are largely backed by real cash. Capital spending needs are relatively modest for an industrial company, so free cash flow has been positive every year. One recent wrinkle is that operating cash flow dipped even as earnings rose, suggesting working capital—things like inventory and receivables—absorbed more cash. That is common in growing and acquisition‑heavy businesses but worth watching. Big picture, cash generation is a clear strength: the business does not appear to depend on constant new financing just to sustain itself, and it has room to support acquisitions and debt service from internally generated cash.

Competitive Edge

Competitive Edge Cadre sits in a defensible niche: mission‑critical safety and survivability gear for law enforcement, military, first responders, and specialized industries. Its best‑known brands, particularly Safariland and Med‑Eng, carry strong reputations built over decades, which is crucial when customers’ lives are on the line. Once an agency adopts a brand and integrates it into training, procedures, and procurement systems, switching to a new supplier is risky and cumbersome, which gives Cadre sticky relationships and high switching costs. The company also benefits from a broad distribution network and a “one‑stop shop” model that bundles its own products with third‑party gear. Regulatory complexity and testing requirements create additional barriers for new entrants. The flip side is concentration in government and institutional budgets, exposure to contract cycles, and constant pressure from both large defense players and agile niche competitors, but overall the moat appears solid and multifaceted.

Innovation and R&D

Innovation and R&D Innovation is tightly woven into Cadre’s strategy, both organically and through acquisitions. On the product side, the company focuses on advanced materials for body armor, robotics and tools for explosive ordnance disposal, and specialized monitoring systems like blast exposure sensors for the military. Acquisitions such as TYR Tactical, ICOR, and Alpha Safety have extended Cadre into female‑specific armor, tactical robotics, and nuclear safety solutions, reinforcing both technology depth and market reach. The company leans on patents, proprietary designs, and long testing histories to differentiate its offerings. Looking ahead, the most important themes appear to be integrating these acquired technologies, expanding in nuclear and other specialized safety markets, and layering in more smart, sensor‑driven and data‑enabled capabilities. Innovation here is less about flashy consumer tech and more about incremental, field‑proven improvements in protection and survivability.

Summary

Cadre Holdings combines a steady, expanding income base with a meaningfully stronger balance sheet and dependable cash generation. The business is positioned in a specialized, mission‑critical corner of the defense and public safety world, where trust, reliability, and regulatory approvals form a substantial barrier to entry. Its brands, distribution reach, and tight integration into customer routines give it a durable competitive position, while targeted acquisitions have deepened its technology and broadened its markets. Key strengths include consistent revenue growth, improving margins, resilient free cash flow, and a diversified portfolio of safety solutions. Key risks center on government and agency budget exposure, the need to successfully integrate multiple acquisitions, and reliance on specialized contracts and programs. Overall, Cadre looks like a focused operator in a defensible niche, using innovation and acquisitions to gradually scale a mission‑driven business, with financials that generally support that strategic story.

NEWS

November 19, 2025 · 4:15 PM UTC

Cadre Holdings Subsidiary Is Awarded $50 Million Contract with the Department of War

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November 4, 2025 · 4:15 PM UTC

Cadre Holdings Reports Third Quarter 2025 Financial Results

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October 29, 2025 · 6:00 AM UTC

Cadre Holdings to Acquire TYR Tactical

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October 22, 2025 · 4:15 PM UTC

Cadre Holdings Announces Third Quarter 2025 Earnings and Conference Call Information

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October 21, 2025 · 4:15 PM UTC

Cadre Holdings Declares Quarterly Dividend of $0.095 Per Share

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