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Cadre Holdings
(NYSE:CDRE)
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Rating:69Neutral
Price Target:
$36.00
▲(16.66% Upside)
Action:Downgraded
Date:08/09/26
The score is driven primarily by solid financial performance supported by strong free cash flow and consistent revenue growth, alongside a positive earnings update with raised guidance and record backlog. The main offsets are higher leverage and some recent margin compression, while technicals are only moderately supportive and valuation is less attractive due to the elevated P/E and modest yield.
Positive Factors
Strong revenue growth and backlog
Strong organic and reported growth, combined with record backlog, improves revenue visibility over the next several quarters. The raised outlook indicates sustained customer demand and supports continued operating scale across Cadre’s core safety markets.
Negative Factors
Higher leverage and debt burden
The materially larger debt load increases financial risk and makes continued cash generation important for deleveraging and acquisition flexibility. Higher interest and covenant sensitivity could constrain strategic options if operating performance weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and backlog
Strong organic and reported growth, combined with record backlog, improves revenue visibility over the next several quarters. The raised outlook indicates sustained customer demand and supports continued operating scale across Cadre’s core safety markets.
Read all positive factors
Cadre Holdings Key Performance Indicators (KPIs)
Any
Gross Profit by Segment
Reports profitability before operating expenses for each segment, showing which business lines are most margin-accretive, where cost pressure exists, and which segments underpin cash generation and valuation.
Reports profitability before operating expenses for each segment, showing which business lines are most margin-accretive, where cost pressure exists, and which segments underpin cash generation and valuation.
Data provided by:
The Fly
The FlyCadre Holdings (CDRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.34B
Dividend Yield1.25%
Average Volume (3M)400.96K
Price to Earnings (P/E)36.2
Beta (1Y)0.87
Revenue Growth19.74%
EPS Growth-7.79%
CountryUS
Employees2,533
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.87
Shares Outstanding42,820,732
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
$44.14Price Target Upside43.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1
Revenue Forecast (FY)$759.43M
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:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call was fundamentally positive: Cadre reported strong double-digit top-line and EBITDA growth, record backlog, meaningful contract wins (Med-Eng BEMO PO and FBI ballistic panel selection), improved margins and raised full-year guidance with detailed organic growth targets. Management emphasized disciplined M&A execution and reduced leverage, while noting pockets of one-time charges, FX headwinds and limited nuclear subsegment mix pressure. These negatives are described as contained and manageable relative to the breadth of operational and financial momentum.Positive Updates
Strong Top-Line Growth
Q2 net sales of $207.1M, up 32% year-over-year; 5% organic growth in Q2; full-year 2026 net sales guidance raised to $749M–$769M (implying ~24.4% year-over-year growth at the midpoint).
Negative Updates
Accounting and One-Time Charges
Q2 included $2.0M of inventory step-up amortization and $5.9M of contingent consideration expense, both of which adversely affected reported net income.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q2 net sales of $207.1M, up 32% year-over-year; 5% organic growth in Q2; full-year 2026 net sales guidance raised to $749M–$769M (implying ~24.4% year-over-year growth at the midpoint).
Read all positive updates
Company Guidance
Cadre raised its 2026 outlook to net sales of $749–$769 million and adjusted EBITDA of $139–$144 million (implying roughly an 18.6% adjusted EBITDA margin at the midpoint), which management says equates to year‑over‑year revenue and adjusted EBITDA growth of about 24.4% and 26.7% at the midpoints and is “well above 20%”; the company still expects organic revenue growth of 3–5% for the year, sees Q3 revenue around $190 million with ~18% adjusted EBITDA margins (and Q4 modeled similar to Q2), exited Q2 with a record backlog (up $13 million sequentially), reports net leverage of 2.5x, and plans at least one more acquisition in 2026.Cadre Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 685.65M | 610.31M | 567.56M | 482.53M | 457.84M | 427.29M |
| Gross Profit | 279.38M | 251.72M | 233.48M | 200.73M | 175.68M | 170.69M |
| EBITDA | 90.23M | 93.11M | 78.46M | 73.19M | 31.23M | 49.34M |
| Net Income | 36.06M | 44.14M | 36.13M | 38.64M | 5.82M | 12.66M |
Balance Sheet | ||||||
| Total Assets | 917.30M | 770.03M | 652.71M | 431.18M | 391.95M | 311.80M |
| Cash, Cash Equivalents and Short-Term Investments | 53.98M | 122.90M | 124.93M | 87.69M | 45.29M | 33.86M |
| Total Debt | 399.83M | 327.83M | 238.76M | 146.83M | 158.43M | 159.69M |
| Total Liabilities | 570.50M | 452.23M | 341.20M | 234.02M | 226.06M | 223.16M |
| Stockholders Equity | 346.80M | 317.80M | 311.51M | 197.16M | 165.89M | 88.64M |
Cash Flow | ||||||
| Free Cash Flow | 78.12M | 56.85M | 26.11M | 66.48M | 41.91M | 37.26M |
| Operating Cash Flow | 88.38M | 63.70M | 31.78M | 73.21M | 46.41M | 40.09M |
| Investing Cash Flow | -174.04M | -96.37M | -147.43M | -6.52M | -59.63M | -2.83M |
| Financing Cash Flow | 5.92M | 31.59M | 152.67M | -24.72M | 24.46M | -6.60M |
Cadre Holdings Technical Analysis
Negative
30.86
Price Trends
30.59
Positive
30.45
Positive
35.38
Negative
Market Momentum
0.54
Positive
46.23
Neutral
17.15
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 30.86 is below the 20-day moving average (MA) of 32.77, above the 50-day MA of 30.59, and below the 200-day MA of 35.38, indicating a neutral trend. The MACD of 0.54 indicates Positive momentum. The RSI at 46.23 is Neutral, neither overbought nor oversold. The STOCH value of 17.15 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 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.34B | 36.23 | 10.76% | 1.26% | 19.74% | -7.79% | |
65 Neutral | $613.41M | 49.83 | 4.29% | 1.02% | 7.64% | 138.23% | |
64 Neutral | $256.39M | 85.10 | 2.43% | ― | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $605.78M | 32.57 | 5.04% | 3.55% | 10.75% | 35.88% | |
51 Neutral | $87.09M | -24.36 | -5.85% | ― | 5.15% | -124.82% | |
48 Neutral | $69.65M | -9.42 | -6.55% | ― | ― | 98.87% |
* Industrials Sector Average
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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.