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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $404.6M | $427.3M | $457.8M | $482.5M | $567.6M | $610.3M |
| Gross profit | — | $152.9M | $170.7M | $175.7M | $200.7M | $233.5M | $259.6M |
| Net income | — | $38.5M | $12.7M | $5.8M | $38.6M | $36.1M | $44.1M |
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
- Results announced Item 2.02
- 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
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- 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
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- 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
- Material agreement signed Item 1.01
- Results announced Item 2.02
- Material agreement signed Item 1.01
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.
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