Cadre Holdings, Inc. CDRE
We are a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets. Our equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, containers for the storage of radioactive materials, and ventilation and containment solutions through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms, and ammunition. A substantial portion of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance, and regulatory compliance.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $610.3M | $567.6M | $482.5M | $457.8M | $427.3M | $404.6M | — |
| Cost of revenue | $350.7M | $334.1M | $281.8M | $282.2M | $256.6M | $251.7M | — |
| Gross profit | $259.6M | $233.5M | $200.7M | $175.7M | $170.7M | $152.9M | — |
| R&D | $11.4M | $8.4M | $7.0M | $7.1M | $6.5M | $5.6M | — |
| SG&A | $183.1M | $158.3M | $140.5M | $153.1M | $115.0M | $106.6M | — |
| Total 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 | — |
| Interest expense | — | $7.8M | $4.5M | $6.2M | $16.4M | $24.4M | — |
| Pre-tax income | $62.3M | $54.2M | $52.9M | $9.4M | $19.2M | $27.9M | — |
| Income tax | $18.2M | $18.1M | $14.3M | $3.6M | $6.5M | $10.6M | — |
| Net income | $44.1M | $36.1M | $38.6M | $5.8M | $12.7M | $38.5M | — |
| EPS, basic | 1.08 | 0.90 | 1.03 | 0.16 | 0.44 | 1.40 | — |
| EPS, diluted | 1.02 | 0.90 | 1.02 | 0.16 | 0.44 | 1.40 | — |
| Shares, diluted (wtd. avg.) | $43.4M | $40.3M | $37.9M | $36.1M | $28.6M | $27.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $122.9M | $124.9M | $87.7M | $45.3M | $33.9M | $2.9M | $2.5M |
| Receivables | $110.6M | $93.5M | $58.4M | $64.6M | $48.3M | $43.6M | — |
| Inventory | $100.3M | $82.4M | $81.0M | $70.3M | $64.0M | $60.9M | — |
| Total current assets | $365.9M | $327.6M | $245.8M | $197.0M | $160.0M | $117.5M | — |
| Property, plant and equipment | — | $45.2M | $44.6M | $45.3M | $33.1M | $35.4M | — |
| Goodwill | $181.4M | $148.2M | $81.7M | $81.6M | $66.3M | $66.3M | $66.2M |
| Other intangibles | $115.0M | $107.5M | $43.5M | $50.7M | $42.4M | $51.0M | — |
| Total assets | $770.0M | $652.7M | $431.2M | $392.0M | $311.8M | $283.3M | — |
| Accounts payable | $22.3M | $29.6M | $28.4M | $23.4M | $19.3M | $22.0M | — |
| Short-term debt | $16.3M | $11.4M | $12.3M | $12.2M | $13.2M | $3.5M | — |
| Total current liabilities | $104.5M | $94.1M | $95.2M | $78.9M | $74.6M | $62.5M | — |
| Long-term debt | $291.0M | $211.8M | $127.8M | $137.5M | $146.5M | $209.3M | — |
| Total liabilities | $452.2M | $341.2M | $234.0M | $226.1M | $223.2M | $274.4M | — |
| Retained earnings | $34.8M | $6.1M | -$16.1M | -$42.7M | -$37.1M | -$37.0M | — |
| Total equity | $317.8M | $311.5M | $197.2M | $165.9M | $88.6M | $8.9M | -$30.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $63.7M | $31.8M | $73.2M | $46.4M | $40.1M | $45.4M | — |
| Depreciation and amortisation | $18.6M | $16.4M | $15.7M | $15.7M | $13.7M | $14.7M | — |
| Stock-based compensation | $12.2M | $8.4M | $9.4M | $31.9M | $355.0K | — | — |
| Capital expenditure | $6.9M | $5.7M | $6.7M | $4.5M | $2.8M | $4.7M | — |
| Investing cash flow | -$96.4M | -$147.4M | -$6.5M | -$59.6M | -$2.8M | $19.8M | — |
| Financing cash flow | $31.6M | $152.7M | -$24.7M | $24.5M | -$6.6M | -$64.9M | — |
| Dividends paid | $15.4M | $13.9M | $12.0M | $11.5M | $12.8M | — | — |
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 0001104659-26-025862.
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