Cardinal Infrastructure Group Inc.
CDNL Nasdaq Heavy Construction Other Than Bldg Const - Contractors Financials FY2023–FY2025
What Cardinal Infrastructure Group Inc. does
No business description yet.
- Legal name
- Cardinal Infrastructure Group Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 23, 2026
- Accession · CIK
- 0001193125-26-120014
0002079999
Revenue and margins
Cardinal Infrastructure Group Inc. had $456M of revenue in fiscal 2025, up 44.7% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$5.9M in fiscal 2025, −1.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Cardinal Infrastructure Group Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
Balance sheet
Cash, debt and the ratios that show how comfortably Cardinal Infrastructure Group Inc. can carry it.
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | — | $20.9M | $97.1M |
| Interest coverage | 7.4x | 7.4x | 5.9x |
| Current ratio | — | 1.1x | 2.4x |
| Quick ratio | — | 1.1x | 2.4x |
| Total assets | — | $140M | $395M |
| Total liabilities | — | $117M | $255M |
| Shareholders' equity | $7.5M | $23.4M | $58.5M |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 3 | — / 6 |
| Accruals ratio | — | −15.2% | −5.7% |
| Altman Z'' | — | 2.25 | 3.00 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $248M | $315M | $456M |
| Operating income | $29.5M | $35.9M | $40.4M |
| Interest expense | $4.0M | $4.8M | $6.8M |
| Pretax income | $24.3M | $29.6M | $33.1M |
| Income tax | $0.0M | $1.4M | $2.0M |
| Net income | $20.6M | $21.4M | $22.7M |
| Cash flow | |||
| Cash from operations | $30.9M | $42.6M | $37.9M |
| Capital expenditure | $12.3M | $20.8M | $43.8M |
| Free cash flow | $18.6M | $21.9M | −$5.9M |
| Depreciation and amortization | $13.2M | $18.7M | $25.2M |
| Stock-based compensation | $0.0M | $0.0M | $5.9M |
| Acquisitions | $10.9M | $0.0M | $59.4M |
| Balance sheet | |||
| Cash and short-term investments | — | $20.9M | $97.1M |
| Finance lease liabilities | — | — | $8.3M |
| Current assets | — | $77.4M | $216M |
| Current liabilities | — | $70.5M | $91.6M |
| Property and equipment, net | — | $49.8M | $84.9M |
| Goodwill | $7.1M | $7.1M | $23.5M |
| Intangible assets | — | $0.0M | $15.5M |
| Total assets | — | $140M | $395M |
| Total liabilities | — | $117M | $255M |
| Shareholders' equity | $7.5M | $23.4M | $58.5M |
| Margins | |||
| Operating margin | 11.9% | 11.4% | 8.9% |
| EBITDA margin | 17.2% | 17.3% | 14.4% |
| Net margin | 8.3% | 6.8% | 5.0% |
| FCF margin | 7.5% | 6.9% | −1.3% |
| Returns | |||
| Return on capital employed | — | 51.5% | 13.3% |
| Return on equity | 275.4% | 138.6% | 55.5% |
| Return on assets | — | 15.2% | 8.5% |
| Return on tangible equity | 4,915.7% | 131.0% | 116.7% |
| Growth | |||
| Revenue growth | — | 27.1% | 44.7% |
| Net income growth | — | 3.8% | 6.2% |
| FCF growth | — | 17.5% | −127.0% |
| Financial health | |||
| Interest coverage | 7.4x | 7.4x | 5.9x |
| Current ratio | — | 1.1x | 2.4x |
| Quick ratio | — | 1.1x | 2.4x |
| Capital allocation | |||
| Capex / revenue | 4.9% | 6.6% | 9.6% |
| Stock comp / revenue | 0.0% | 0.0% | 1.3% |
| Quality scores | |||
| Altman Z'' | — | 2.3 | 3.0 |
| Accruals ratio | — | −15.2% | −5.7% |
Source: SEC EDGAR XBRL filings (CIK 0002079999). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.