Cadre Holdings, Inc. (CDRE)

Price$29.76Cached quoteAs of 2026-09-05 00:45 UTC

AI: Fair-priced

Price checkReported profits look expensive, while cash generation and expected operating profit support the price.

At the observed quote, 42.8 million June shares imply equity value near $1.22 billion; adding $320 million of company-reported net debt gives enterprise value near $1.54 billion. That is about 11 times the midpoint of management’s 2026 adjusted EBITDA guidance—profit before interest, tax, depreciation and selected adjustments—and roughly 34 times trailing reported earnings per share. Trailing free cash flow, cash left after operations and equipment purchases, was about $78 million, a reasonable 6.4% equity yield. These mixed signals support Fair-priced, not a clear bargain.

Big pictureSales and cash are growing, but acquisitions obscure the underlying pace and stability.

From 2021 through 2025, revenue rose 43% to $610 million, while operating income rose 30% to $67 million; 2022’s $17 million operating profit shows results can swing. The latest four quarters produced about $686 million of sales, $36 million of net income and $78 million of free cash flow. First-half 2026 operating cash flow more than doubled to $44.7 million, but acquisitions drove nearly all first-half sales growth. Government budgets fluctuate, distribution demand fell, and even the $368 million order backlog can face appropriation or cancellation.

Business strengthEssential safety products provide resilience, but acquisition spending has weakened financial protection.

June current assets of $348 million exceeded current liabilities of $162 million, so near-term bills look covered. Yet company-reported net debt reached $320 million after the TYR purchase, versus $184 million at year-end; first-half interest expense climbed 60% to $9.3 million. Goodwill, the acquisition premium above identifiable assets, reached $234 million. Shares rose 14% from December 2023 to 42.8 million, partly from deal consideration and awards, while no buybacks appear in the supplied history. The annualized dividend costs about $17 million, leaving less cash for debt reduction.

What could change the storyDebt reduction and stronger per-share earnings would help; another leveraged deal would raise concern.

The valuation assumes management reaches its $749 million to $769 million sales and $139 million to $144 million adjusted EBITDA outlook, converts acquired earnings into cash, and begins reducing net debt. The bull case strengthens if backlog becomes sales, reported per-share earnings rise materially above the trailing $0.85, and free cash flow stays near $78 million while debt falls. The bear case strengthens if adjusted profit keeps outrunning reported profit, integration costs persist, or management adds another leveraged acquisition. With capital spending guidance of only $10 million to $14 million, weak cash conversion would be especially concerning.

AI: News

Guidance raisedQuarterly growth and a record order book prompted higher guidance, lifting expectations despite weaker reported profit.

On August 5, Cadre reported second-quarter sales of $207.1 million, up 32%, while net income slipped 7% to $11.4 million. Adjusted EBITDA increased 56% to $42.0 million, and backlog reached a record $368 million. Management raised 2026 sales guidance to $749 million to $769 million and adjusted EBITDA guidance to $139 million to $144 million. Shares closed 12.9% higher the next session, suggesting a positive reception, although timing alone cannot prove the report caused the entire move.

TYR acquisition completedThe TYR purchase expanded defense exposure while adding meaningful debt, goodwill, and new shares.

Cadre announced the completed TYR Tactical acquisition on February 2 after closing January 30. A later filing recorded $185.2 million of net consideration. Funding included cash and borrowing, while the seller and employees received about 589,000 shares; up to $25 million of further consideration depends on revenue targets. TYR adds tactical equipment and European defense exposure, but the purchase is the main reason debt and dilution now weigh more heavily in valuation.

FBI armor selectionSafariland joined an FBI armor program, though Cadre’s eventual revenue remains uncertain.

On June 2, Cadre said Safariland would supply ballistic panels for Predictive Ballistics’ Overt Armor Kit. Predictive received a five-year, $61 million indefinite-delivery contract from the FBI, and the system can also be ordered by other Justice Department agencies. The award supports Safariland’s competitive standing and creates a potential sales channel. However, $61 million is the broader contract amount, not disclosed Cadre revenue, and actual purchases under this contract structure are not guaranteed.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$610.3M	$567.6M	$482.5M	$457.8M	$427.3M	$404.6M
Gross profit	$259.6M	$233.5M	$200.7M	$175.7M	$170.7M	$152.9M
Gross margin	42.54%	41.14%	41.60%	38.37%	39.95%	37.80%
Research & development	$11.4M	$8.4M	$7.0M	$7.1M	$6.5M	$5.6M
Operating expenses	$192.3M	$166.7M	$144.2M	$159.0M	$119.0M	$103.1M
Operating income	$67.4M	$66.8M	$56.5M	$16.7M	$51.7M	$49.8M
Operating margin	11.04%	11.76%	11.71%	3.65%	12.10%	12.31%
EBITDA	$86.0M	$83.2M	$72.3M	$32.4M	$65.4M	$64.5M
EBITDA margin	14.09%	14.66%	14.97%	7.07%	15.31%	15.95%
Net income	$44.1M	$36.1M	$38.6M	$5.8M	$12.7M	$38.5M
Net profit margin	7.23%	6.37%	8.01%	1.27%	2.96%	9.50%
Basic EPSper basic share	$1.08	$0.90	$1.03	$0.16	$0.44	$1.40
Diluted EPSper diluted share	$1.02	$0.90	$1.02	$0.16	$0.44	$1.40

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

6.86%of listed shares

BlackRock, Inc.2.94M shares · Jun 30, 2026

View holders

Top 20 reported holders of CDRE
Holder	% owned
BlackRock, Inc.	6.86%2.94M shares
Greenhouse Funds LLLP	6.70%2.87M shares
REINHART PARTNERS, LLC.	6.39%2.74M shares
FMR LLC	5.78%2.48M shares
STATE STREET CORP	4.55%1.95M shares
Capital International Investors	3.79%1.62M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.09%1.32M shares
GW&K Investment Management, LLC	2.98%1.27M shares
Capital World Investors	2.81%1.21M shares
WYNNEFIELD CAPITAL INC	2.81%1.21M shares
Select Equity Group, L.P.	2.76%1.18M shares
BROWN ADVISORY INC	2.30%986.27K shares
DIMENSIONAL FUND ADVISORS LP	1.93%828.52K shares
GEODE CAPITAL MANAGEMENT, LLC	1.81%773.52K shares
MORGAN STANLEY	1.70%729.64K shares
Capital Research Global Investors	1.60%686.03K shares
BANK OF AMERICA CORP /DE/	1.56%665.87K shares
First Eagle Investment Management, LLC	1.43%612.92K shares
Catawba River Capital	1.40%597.87K shares
RAYMOND JAMES FINANCIAL INC	0.96%409.16K shares

Percentages use 42.82M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)64$136.70M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4	KANDERS WARREN BCEO AND CHAIRMAN	SellCommon Stock · indirect	50.0K	$27.43	$1.37M	9.62M
Jun 18, 2026Form 4	KANDERS WARREN BCEO AND CHAIRMAN	SellCommon Stock, par value $0.0001 per share ("Common Stock") · indirect	25.0K	$27.86	$696.5K	9.67M
Jun 17, 2026Form 4	KANDERS WARREN BCEO AND CHAIRMAN	SellCommon Stock · indirect	25.0K	$28.68	$717.0K	9.69M
Jun 16, 2026Form 4	KANDERS WARREN BCEO AND CHAIRMAN	SellCommon Stock · indirect	100.0K	$28.19	$2.82M	9.72M
Jun 15, 2026Form 4	KANDERS WARREN BCEO AND CHAIRMAN	SellCommon Stock, par value $0.0001 per share ("Common Stock") · indirect	100.0K	$30.03	$3.00M	9.82M