Quality Investor

Cadre Holdings, Inc.

Rank #231Capital ReturnWatchlistCompare with other stocks

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.

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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

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

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • FAIL
    Balance sheet deteriorating

    Net cash collapsed with receivables or inventory outpacing revenue

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No 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 pass
GP / assets
0.28
Return on equity
12.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.65
Current ratio
2.14×
Net cash
-$320.35M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.0%

Growth

1/2 pass
Revenue growth
7.5%
Piotroski F-Score
6 / 9
Share dilution
7.7%

FCF 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.

PASS

Operating Leverage

2022202320242025
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

PASS

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).

PASS

Accruals healthy

Cash-backed earnings.

PASS

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.

PASS

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

Good
Payout ratio
35.0%4/5 Strong
FCF coverage
3.68×5/5 Strong
Dividend growth streak
3 yr2/5 Fair
Balance-sheet health
D/E 1.65 · IC N/A1/5 Weak

Capital allocation quality

Composite score

0.7 / 5

Weak
Share count trend
7.7%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency
3 yr2/5 Fair
Net debt trajectory
-11.2%0/5 Weak

Lifecycle Phase History

20202025
Capital Return

Price History

CDRE+82.7% · +13.2% CAGRSPY+74.4% · +12.1% CAGR