Cadre Holdings, Inc.
CDRE NYSE Orthopedic, Prosthetic & Surgical Appliances & Supplies Financials FY2020–FY2025
Last close · Oct 23, 2026
$29.99
1.8%
Revenue
Total sales reported in the income statement.
$610M
7.5%
vs prior year
Operating margin
Operating income as a share of revenue.
11.0%
0.7 pts
Net income
Profit after all expenses, interest and tax.
$44.1M
22.2%
Free cash flow
Cash from operations minus capital spending.
$56.8M
117.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.2%
1.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
37.5x
On $0.80 EPS (TTM)
What Cadre Holdings, Inc. does
No business description yet.
- Legal name
- Cadre Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 10, 2026
- Accession · CIK
- 0001104659-26-025862
0001860543
Revenue and margins
Cadre Holdings, Inc. had $610M of revenue in fiscal 2025, up 7.5% on the year before.
FY20
Revenue $405M
FY21
Revenue $427M
FY22
Revenue $458M
FY23
Revenue $483M
FY24
Revenue $568M
FY25
Revenue $610M
Q3 '23
Revenue $125M
Q4 '23
Revenue $125M
Q1 '24
Revenue $138M
Q2 '24
Revenue $144M
Q3 '24
Revenue $109M
Q4 '24
Revenue $176M
Q1 '25
Revenue $130M
Q2 '25
Revenue $157M
Q3 '25
Revenue $156M
Q4 '25
Revenue $167M
Q1 '26
Revenue $155M
Q2 '26
Revenue $207M
FY20
Gross 37.8%
Operating 12.3%
Net 9.5%
FCF 10.1%
FY21
Gross 39.9%
Operating 12.1%
Net 3.0%
FCF 8.7%
FY22
Gross 38.4%
Operating 3.7%
Net 1.3%
FCF 9.2%
FY23
Gross 41.6%
Operating 11.7%
Net 8.0%
FCF 13.8%
FY24
Gross 41.1%
Operating 11.8%
Net 6.4%
FCF 4.6%
FY25
Gross 42.5%
Operating 11.0%
Net 7.2%
FCF 9.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 42.8%
Operating 13.4%
Net 8.8%
FCF 12.9%
Q4 '23
Gross 39.9%
Operating 10.2%
Net 7.7%
FCF 19.6%
Q1 '24
Gross 41.8%
Operating 8.7%
Net 5.0%
FCF 0.6%
Q2 '24
Gross 40.6%
Operating 13.8%
Net 8.7%
FCF 6.3%
Q3 '24
Gross 36.6%
Operating 5.0%
Net 3.3%
FCF −5.7%
Q4 '24
Gross 43.9%
Operating 16.7%
Net 7.4%
FCF 12.7%
Q1 '25
Gross 43.1%
Operating 10.4%
Net 7.1%
FCF 12.4%
Q2 '25
Gross 40.9%
Operating 9.3%
Net 7.8%
FCF 0.7%
Q3 '25
Gross 42.7%
Operating 12.0%
Net 7.0%
FCF 13.9%
Q4 '25
Gross 43.4%
Operating 12.2%
Net 7.0%
FCF 10.7%
Q1 '26
Gross 38.7%
Operating 4.8%
Net 1.3%
FCF 12.8%
Q2 '26
Gross 42.1%
Operating 10.8%
Net 5.5%
FCF 9.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew −6.1% a year. Loss periods are shown in red.
FY20
Net income $38.5M
FY21
Net income $12.7M
FY22
Net income $5.8M
FY23
Net income $38.6M
FY24
Net income $36.1M
FY25
Net income $44.1M
Q3 '23
Net income $11.1M
Q4 '23
Net income $9.6M
Q1 '24
Net income $6.9M
Q2 '24
Net income $12.6M
Q3 '24
Net income $3.7M
Q4 '24
Net income $13.0M
Q1 '25
Net income $9.2M
Q2 '25
Net income $12.2M
Q3 '25
Net income $10.9M
Q4 '25
Net income $11.7M
Q1 '26
Net income $2.0M
Q2 '26
Net income $11.4M
FY20
Diluted EPS $1.40
FY21
Diluted EPS $0.44
FY22
Diluted EPS $0.16
FY23
Diluted EPS $1.02
FY24
Diluted EPS $0.90
FY25
Diluted EPS $1.02
Q3 '23
Diluted EPS $0.29
Q4 '23
Diluted EPS $0.25
Q1 '24
Diluted EPS $0.18
Q2 '24
Diluted EPS $0.31
Q3 '24
Diluted EPS $0.09
Q4 '24
Diluted EPS $0.32
Q1 '25
Diluted EPS $0.23
Q2 '25
Diluted EPS $0.30
Q3 '25
Diluted EPS $0.27
Q4 '25
Diluted EPS $0.22
Q1 '26
Diluted EPS $0.05
Q2 '26
Diluted EPS $0.26
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital 22.4%
Return on equity 434.4%
Return on assets 13.6%
FY21
Return on capital 15.0%
Return on equity 26.0%
Return on assets 4.3%
FY22
Return on capital 4.0%
Return on equity 4.6%
Return on assets 1.7%
FY23
Return on capital 16.4%
Return on equity 21.3%
Return on assets 9.4%
FY24
Return on capital 10.9%
Return on equity 14.2%
Return on assets 6.7%
FY25
Return on capital 9.2%
Return on equity 14.0%
Return on assets 6.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $56.8M in fiscal 2025, 9.3% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow $40.7M
FY21
Free cash flow $37.3M
FY22
Free cash flow $41.9M
FY23
Free cash flow $66.5M
FY24
Free cash flow $26.1M
FY25
Free cash flow $56.8M
Q3 '23
Free cash flow $16.1M
Q4 '23
Free cash flow $24.5M
Q1 '24
Free cash flow $0.8M
Q2 '24
Free cash flow $9.1M
Q3 '24
Free cash flow −$6.2M
Q4 '24
Free cash flow $22.4M
Q1 '25
Free cash flow $16.1M
Q2 '25
Free cash flow $1.2M
Q3 '25
Free cash flow $21.6M
Q4 '25
Free cash flow $18.0M
Q1 '26
Free cash flow $19.8M
Q2 '26
Free cash flow $18.7M
FY20
Cash from operations $45.4M
Capital spending $4.7M
FY21
Cash from operations $40.1M
Capital spending $2.8M
FY22
Cash from operations $46.4M
Capital spending $4.5M
FY23
Cash from operations $73.2M
Capital spending $6.7M
FY24
Cash from operations $31.8M
Capital spending $5.7M
FY25
Cash from operations $63.7M
Capital spending $6.9M
Cash from operations
Capital spending
Q3 '23
Cash from operations $18.0M
Capital spending $1.8M
Q4 '23
Cash from operations $26.9M
Capital spending $2.5M
Q1 '24
Cash from operations $2.1M
Capital spending $1.3M
Q2 '24
Cash from operations $11.1M
Capital spending $2.0M
Q3 '24
Cash from operations −$5.2M
Capital spending $1.0M
Q4 '24
Cash from operations $23.7M
Capital spending $1.3M
Q1 '25
Cash from operations $17.4M
Capital spending $1.3M
Q2 '25
Cash from operations $2.6M
Capital spending $1.4M
Q3 '25
Cash from operations $22.5M
Capital spending $0.8M
Q4 '25
Cash from operations $21.3M
Capital spending $3.3M
Q1 '26
Cash from operations $22.5M
Capital spending $2.7M
Q2 '26
Cash from operations $22.1M
Capital spending $3.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Cadre Holdings, Inc. returned $15.4M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count rose 7.7%.
FY20
Dividends —
Buybacks —
FY21
Dividends $12.8M
Buybacks —
FY22
Dividends $11.5M
Buybacks —
FY23
Dividends $12.0M
Buybacks —
FY24
Dividends $13.9M
Buybacks —
FY25
Dividends $15.4M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $3.0M
Buybacks —
Q4 '23
Dividends $3.0M
Buybacks —
Q1 '24
Dividends $3.3M
Buybacks —
Q2 '24
Dividends $3.6M
Buybacks —
Q3 '24
Dividends $3.6M
Buybacks —
Q4 '24
Dividends $3.6M
Buybacks —
Q1 '25
Dividends $3.9M
Buybacks —
Q2 '25
Dividends $3.9M
Buybacks —
Q3 '25
Dividends $3.9M
Buybacks —
Q4 '25
Dividends $3.9M
Buybacks —
Q1 '26
Dividends $4.3M
Buybacks —
Q2 '26
Dividends $4.3M
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Cadre Holdings, Inc. can carry it.
FY20
Cash $2.9M
Debt $216M
FY21
Cash $33.9M
Debt $173M
FY22
Cash $45.3M
Debt $152M
FY23
Cash $87.7M
Debt $142M
FY24
Cash $125M
Debt $223M
FY25
Cash $123M
Debt $326M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $33.9M | $45.3M | $87.7M | $125M | $123M |
| Debt incl. finance leases | $173M | $152M | $142M | $223M | $326M |
| Net debt / EBITDA | 2.1x | 3.3x | 0.8x | 1.2x | 2.4x |
| Debt / equity | 2.0x | 0.9x | 0.7x | 0.7x | 1.0x |
| Interest coverage | 3.1x | 2.7x | 12.5x | 8.5x | — |
| Current ratio | 2.1x | 2.5x | 2.6x | 3.5x | 3.5x |
| Quick ratio | 1.3x | 1.6x | 1.7x | 2.6x | 2.5x |
| Total assets | $312M | $392M | $431M | $653M | $770M |
| Total liabilities | $223M | $226M | $234M | $341M | $452M |
| Shareholders' equity | $88.6M | $166M | $197M | $312M | $318M |
| Net debt (− = net cash) | $139M | $107M | $54.6M | $98.3M | $203M |
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 | FY20 | FY21 | FY22 | 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 | 6 / 9 | 5 / 9 | 7 / 9 | 3 / 9 | 6 / 9 |
| Accruals ratio | −2.5% | −9.2% | −11.5% | −8.4% | 0.8% | −2.8% |
| Altman Z'' | 2.06 | 2.94 | 2.68 | 3.94 | 4.02 | 3.70 |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $405M | $427M | $458M | $483M | $568M | $610M |
| Gross profit | $153M | $171M | $176M | $201M | $233M | $260M |
| Research and development | $5.6M | $6.5M | $7.1M | $7.0M | $8.4M | $11.4M |
| Operating income | $49.8M | $51.7M | $16.7M | $56.5M | $66.8M | $67.4M |
| Interest expense | $24.4M | $16.4M | $6.2M | $4.5M | $7.8M | — |
| Pretax income | $27.9M | $19.2M | $9.4M | $52.9M | $54.2M | $62.3M |
| Income tax | −$10.6M | $6.5M | $3.6M | $14.3M | $18.1M | $18.2M |
| Net income | $38.5M | $12.7M | $5.8M | $38.6M | $36.1M | $44.1M |
| Net income to common | $38.5M | $12.7M | $5.8M | $38.6M | $36.1M | $44.1M |
| Diluted EPS | $1.40 | $0.44 | $0.16 | $1.02 | $0.90 | $1.02 |
| Diluted shares | 0.03B | 0.03B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||
| Cash from operations | $45.4M | $40.1M | $46.4M | $73.2M | $31.8M | $63.7M |
| Capital expenditure | $4.7M | $2.8M | $4.5M | $6.7M | $5.7M | $6.9M |
| Free cash flow | $40.7M | $37.3M | $41.9M | $66.5M | $26.1M | $56.8M |
| Depreciation and amortization | $14.7M | $13.7M | $15.7M | $15.7M | $16.4M | $18.6M |
| Stock-based compensation | — | $0.4M | $31.9M | $9.4M | $8.4M | $12.2M |
| Acquisitions | — | — | $55.5M | — | $142M | $89.6M |
| Dividends paid | — | $12.8M | $11.5M | $12.0M | $13.9M | $15.4M |
| Dividends and buybacks | — | $12.8M | $11.5M | $12.0M | $13.9M | $15.4M |
| Balance sheet | ||||||
| Cash and short-term investments | $2.9M | $33.9M | $45.3M | $87.7M | $125M | $123M |
| Total debt | $216M | $173M | $152M | $142M | $223M | $324M |
| Finance lease liabilities | — | — | — | — | — | $2.8M |
| Deposits | $3.1M | $7.6M | $10.1M | $9.8M | $10.0M | $32.5M |
| Current assets | $117M | $160M | $197M | $246M | $328M | $366M |
| Current liabilities | $62.5M | $74.6M | $78.9M | $95.2M | $94.1M | $104M |
| Inventory | $60.9M | $64.0M | $70.3M | $81.0M | $82.4M | $100M |
| Property and equipment, net | $35.4M | $33.1M | $45.3M | $44.6M | $45.2M | $78.8M |
| Goodwill | $66.3M | $66.3M | $81.6M | $81.7M | $148M | $181M |
| Intangible assets | $51.0M | $42.4M | $50.7M | $43.5M | $108M | $115M |
| Total assets | $283M | $312M | $392M | $431M | $653M | $770M |
| Total liabilities | $274M | $223M | $226M | $234M | $341M | $452M |
| Shareholders' equity | $8.9M | $88.6M | $166M | $197M | $312M | $318M |
| Margins | ||||||
| Gross margin | 37.8% | 39.9% | 38.4% | 41.6% | 41.1% | 42.5% |
| Operating margin | 12.3% | 12.1% | 3.7% | 11.7% | 11.8% | 11.0% |
| EBITDA margin | 15.9% | 15.3% | 7.1% | 15.0% | 14.7% | 14.1% |
| Net margin | 9.5% | 3.0% | 1.3% | 8.0% | 6.4% | 7.2% |
| FCF margin | 10.1% | 8.7% | 9.2% | 13.8% | 4.6% | 9.3% |
| Returns | ||||||
| Return on capital | 22.4% | 15.0% | 4.0% | 16.4% | 10.9% | 9.2% |
| Return on capital employed | 22.6% | 21.8% | 5.3% | 16.8% | 12.0% | 10.1% |
| Return on equity | 434.4% | 26.0% | 4.6% | 21.3% | 14.2% | 14.0% |
| Return on assets | 13.6% | 4.3% | 1.7% | 9.4% | 6.7% | 6.2% |
| Return on tangible equity | — | — | 17.3% | 53.7% | 64.7% | 206.1% |
| Growth | ||||||
| Revenue growth | — | 5.6% | 7.1% | 5.4% | 17.6% | 7.5% |
| Net income growth | — | −67.1% | −54.0% | 563.9% | −6.5% | 22.2% |
| EPS growth | — | −68.6% | −63.6% | 537.5% | −11.8% | 13.3% |
| FCF growth | — | −8.5% | 12.5% | 58.6% | −60.7% | 117.7% |
| Share count change | — | 4.1% | 26.3% | 5.0% | 6.4% | 7.7% |
| Financial health | ||||||
| Net debt / EBITDA | 3.3x | 2.1x | 3.3x | 0.8x | 1.2x | 2.4x |
| Debt / equity | 24.4x | 2.0x | 0.9x | 0.7x | 0.7x | 1.0x |
| Interest coverage | 2.0x | 3.1x | 2.7x | 12.5x | 8.5x | — |
| Current ratio | 1.9x | 2.1x | 2.5x | 2.6x | 3.5x | 3.5x |
| Quick ratio | 0.9x | 1.3x | 1.6x | 1.7x | 2.6x | 2.5x |
| Capital allocation | ||||||
| Capex / revenue | 1.2% | 0.7% | 1.0% | 1.4% | 1.0% | 1.1% |
| Stock comp / revenue | — | 0.1% | 7.0% | 1.9% | 1.5% | 2.0% |
| Payouts / FCF | — | 34.2% | 27.5% | 18.1% | 53.4% | 27.2% |
| Quality scores | ||||||
| Piotroski F-score | — | 6.0 | 5.0 | 7.0 | 3.0 | 6.0 |
| Altman Z'' | 2.1 | 2.9 | 2.7 | 3.9 | 4.0 | 3.7 |
| Accruals ratio | −2.5% | −9.2% | −11.5% | −8.4% | 0.8% | −2.8% |
Source: SEC EDGAR XBRL filings (CIK 0001860543). 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.