CDRE · NYSE · Industrials
Cadre Holdings, Inc. (CDRE) — Rank #231 by gross profitability (GP/assets 0.28) · ROE 12.7% · Piotroski F-Score 6 / 9.
As-of 2026-10-30 · CIK 0001860543 · all metrics point-in-time as of the filing date.
About
Cadre Holdings, Inc. manufactures and distributes safety equipment and other related products that provides protection to users in hazardous or life-threatening situations in the United States and internationally.
Show moreShow less
It operates through two segments, Product and Distribution. The company offers body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brand names; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products. It also provides third-party products, such as uniforms, optics, boots, firearms, and ammunition. In addition, the company designs, manufactures and services equipment, vessels, precision components and remote handling systems for the nuclear, defence, and oil and gas industries. It serves first responders, such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing, and wildlife enforcement and departments of corrections, as well as federal agencies, including the U.S. Department of State, U.S. Department of Defense, U.S. Department of Interior, U.S. Department of Justice, U.S. Department of Homeland Security, U.S. Department of Corrections, the Department of Energy, and various foreign government agencies. The company sells its products through its direct sales force, distribution channels and distribution partners/agents, online stores, and third-party resellers. Cadre Holdings, Inc.
was founded in 1964 and is headquartered in Jacksonville, Florida.
- Industry
- Aerospace & Defense
- Sector
- Industrials
- State
- DE
- Filer Category
- Emerging growth company
- Fiscal Year End
- December 31
- Website
- cadre-holdings.com
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
2,533
Industry
Aerospace & Defense
Exchange
NYSE
8/12
Flags passed
CDRE fails 2 critical flags
Passes 8 of 12 quality flags, 2 cautions
- FAILOperating margin declining
Operating margin lower than prior year
- FAILBalance sheet deteriorating
Net cash collapsed with receivables or inventory outpacing revenue
- CAUTIONDilution above 2%
Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
- CAUTIONDisclosure regression
A previously-disclosed line item is no longer reported — worth checking the filing for why
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSRevenue not declining
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSNo competitive retreat
- PASSSBC not compressing margin
- PASSNo valuation convergence
Strengths Deferred revenue growing · RPO outpacing revenue · Sequential beat (rev + EPS)
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passFCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Does it make money well?
Warning: Operating margin declining · GP/assets 38th percentile of 41 SIC 38 peers
Gross profitability (GP / assets)
0.28
Primary signal (Novy-Marx).
38th pctl of 41 SIC 38 peers
Return on equity
12.7%
Gross margin
42.5%
25th pctl of 41 SIC 38 peers
Revenue growth (YoY)
7.5%
RPO growth (YoY)
60.8%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
10.1%
Revenue CAGR (5Y)
8.6%
Earnings CAGR (3Y)
96.5%
FCF CAGR (3Y)
10.7%
Cash Flow Health
Is the cash real?
No warning flags · FCF 29% above net income
Free cash flow
$56.85M
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
28.8%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
2.0%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
Warning: Dilution above 2%, Balance sheet deteriorating · net debt $320.35M, F-Score 6/9
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.65
5th pctl of 40 SIC 38 peers (best = lowest)
Current ratio
2.14×
26th pctl of 40 SIC 38 peers
Quick ratio
1.12×
Net cash
-$320.35M
Cash & equivalents minus total debt.
Piotroski F-Score
6 / 9
Fundamental-strength score (0-9).
Valuation
Is the price reasonable?
No warning flags
Dividend safety
Composite score
3.0 / 5
Capital allocation quality
Composite score
0.7 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports