Civil Infrastructure Group Inc. CDNL

Nasdaq

Cardinal Infrastructure Group Inc (the "Cardinal Group"), a Delaware corporation, was formed on June 12, 2025. On December 11, 2025, the Cardinal Group completed an initial public offering (the "IPO") of 11,500,000 shares of its Class A Common Stock at a price to the public of $21.00 per share, and on December 12, 2025, pursuant to the exercise in full of the underwriters' option, the Cardinal Group completed the sale of an additional 1,725,000 shares of its Class A Common Stock at a price to the public of $21.00 per share. The gross proceeds from the IPO, including the exercise in full of the sale of the additional shares, were approximately $277.7 million, before deducting underwriting discounts and offering expenses.

Last close 15.55 2026-10-28
Market cap $242.5M estimated share count
52-week range 13.05 - 96.40

Valuation FY2025 figures against the last close

P/S0.5x
P/E—
P/FCF—
EV/EBITDA3.7x
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022
Revenue $456.0M$315.2M$247.9M—
SG&A $23.5M$10.7M$6.5M—
Operating income $40.4M$35.9M$29.5M—
Interest expense $6.8M$4.8M$4.0M—
Pre-tax income $33.1M$29.6M$24.3M—
Income tax $2.0M$1.4M$0—
Net income $22.7M$21.4M$20.6M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022
Receivables $61.3M$38.3M$34.1M—
Total current assets $215.7M$77.4M——
Property, plant and equipment $84.9M$49.8M——
Goodwill $23.5M$7.1M$7.1M—
Other intangibles $15.5M$0——
Total assets $394.6M$140.3M——
Accounts payable $60.6M$38.3M——
Total current liabilities $91.6M$70.5M——
Total liabilities $255.0M$117.0M——
Retained earnings $863.6K$0——
Total equity $139.5M$23.4M$7.5M-$9.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022
Operating cash flow $37.9M$42.6M$30.9M—
Depreciation and amortisation $25.2M$18.7M$13.2M—
Stock-based compensation $5.9M$0$0—
Capital expenditure $43.8M$20.8M$12.3M—
Investing cash flow -$101.5M-$21.0M-$22.4M—
Financing cash flow $139.8M-$8.0M-$2.7M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-120014.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 200M 400M 600M Revenue, FY2023: 247.9M Net income, FY2023: 20.6M Revenue, FY2024: 315.2M Net income, FY2024: 21.4M Revenue, FY2025: 456M Net income, FY2025: 22.7M FY2022 FY2023 FY2024 FY2025
Fiscal year FY2022FY2023FY2024FY2025
Revenue — $247.9M $315.2M $456.0M
Gross profit — — — —
Net income — $20.6M $21.4M $22.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.