CDRE

MKT CAP:$1B

Cadre Holdings, Inc.

Market Cap

$1B

Industrials·Aerospace & Defense·🇺🇸 United States·NYSE

Industrials·Aerospace·🇺🇸·NYSE

Stock Price

$29.08-$12.04 (-29.28%)

Apr 23, 2026

Company Details

Cadre Holdings, Inc. manufactures and distributes safety and survivability equipment that provides protection to users in hazardous or life-threatening situations in the United States and internationally. The company operates in two segment...

CEO

Warren Kanders

IPO Date

Nov 4, 2021

Website

www.cadre-holdings.com

Key Metrics TTM

Revenue

$610M

+7.5% YoY

Net Income

$44M

EPS (Diluted)

$1.07

Free Cash Flow

$57M

Revenue / Share

$14.10

Gross Margin

41.6%

Operating Margin

11.6%

Net Margin

7.2%

FCF Margin

9.3%

P/S

2.1x

P/E

28.4x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 10, 2026

$610M+7.5%EPS $1.02

Q4 2025

Mar 10, 2026

$167M-5.0%EPS $0.27

Q3 2025

Nov 4, 2025

$156M+42.5%EPS $0.27

Q2 2025

Aug 5, 2025

$157M+8.9%EPS $0.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$104M	$40M	-$14M
Q2 22	$118M	$43M	$8M
Q3 22	$112M	$44M	$10M
Q4 22	$124M	$49M	$13M
Q1 23	$112M	$47M	$11M
Q2 23	$121M	$51M	$16M
Q3 23	$125M	$54M	$17M
Q4 23	$125M	$50M	$13M
Q1 24	$138M	$58M	$12M
Q2 24	$144M	$59M	$20M
Q3 24	$109M	$40M	$5M
Q4 24	$176M	$77M	$29M
Q1 25	$130M	$56M	$14M
Q2 25	$157M	$64M	$15M
Q3 25	$156M	$65M	$21M
Q4 25	$167M	$68M	$22M

Valuation

Quarter	P/S	P/E
Q1 22	1.9x	—
Q2 22	1.7x	—
Q3 22	2.2x	270.2x
Q4 22	1.7x	136.4x
Q1 23	1.7x	35.2x
Q2 23	1.8x	28.1x
Q3 23	2.1x	27.8x
Q4 23	2.5x	31.0x
Q1 24	2.9x	38.0x
Q2 24	2.5x	33.4x
Q3 24	3.0x	47.1x
Q4 24	2.3x	36.0x
Q1 25	2.1x	31.3x
Q2 25	2.3x	34.0x
Q3 25	2.4x	32.5x
Q4 25	2.8x	38.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$9M	$8M
Q2 22	$16M	$15M
Q3 22	$4M	$4M
Q4 22	$17M	$15M
Q1 23	$13M	$12M
Q2 23	$16M	$14M
Q3 23	$18M	$16M
Q4 23	$27M	$24M
Q1 24	$2M	$794.0K
Q2 24	$11M	$9M
Q3 24	-$5M	-$6M
Q4 24	$24M	$22M
Q1 25	$17M	$16M
Q2 25	$3M	$1M
Q3 25	$22M	$22M
Q4 25	$21M	$18M

Capital Expenditures

Quarter	CapEx
Q1 22	$950.0K
Q2 22	$2M
Q3 22	$465.0K
Q4 22	$2M
Q1 23	$781.0K
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$1M
Q2 24	$2M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q2 25	$1M
Q3 25	$849.0K
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-5.5%	+25.0%
Q2 22	+3.2%	+11.0%
Q3 22	+13.1%	+16.2%
Q4 22	+19.4%	+17.7%
Q1 23	+7.0%	-15.4%
Q2 23	+2.4%	-4.4%
Q3 23	+12.2%	+7.1%
Q4 23	+0.8%	+0.9%
Q1 24	+23.4%	+25.2%
Q2 24	+19.2%	+18.2%
Q3 24	-12.6%	-4.1%
Q4 24	+41.3%	+31.0%
Q1 25	-5.6%	-7.4%
Q2 25	+8.9%	+14.5%
Q3 25	+42.5%	+29.8%
Q4 25	-5.0%	-0.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$24M	22.6%
Q2 22	$3M	2.3%
Q3 22	$3M	2.4%
Q4 22	$3M	2.3%
Q1 23	$3M	2.5%
Q2 23	$2M	1.7%
Q3 23	$2M	1.8%
Q4 23	$2M	1.9%
Q1 24	$2M	1.5%
Q2 24	$2M	1.4%
Q3 24	$2M	1.9%
Q4 24	$2M	1.2%
Q1 25	$2M	1.5%
Q2 25	$2M	1.5%
Q3 25	$2M	1.6%
Q4 25	$5M	3.2%

OpEx Breakdown

Quarter	SG&A
Q1 22	$54M
Q2 22	$33M
Q3 22	$32M
Q4 22	$35M
Q1 23	$35M
Q2 23	$34M
Q3 23	$36M
Q4 23	$35M
Q1 24	$41M
Q2 24	$39M
Q3 24	$34M
Q4 24	$45M
Q1 25	$42M
Q2 25	$45M
Q3 25	$44M
Q4 25	$46M

Revenue Segments

Quarter	Distribution	Products	Distribution Services	Product.
Q1 22	$24M	$85M	—	—
Q3 24	—	—	$18M	$96M

Revenue by Geography

Quarter	International.	United States	Non-US
Q1 22	$27M	$77M	—
Q2 22	$30M	$89M	—
Q3 22	$18M	$93M	—
Q4 22	$32M	$92M	—
Q1 23	$20M	$91M	—
Q2 23	$23M	$98M	—
Q3 23	$26M	$99M	—
Q4 23	$28M	$97M	—
Q1 24	—	$108M	$29M
Q2 24	—	$109M	$35M
Q3 24	—	$90M	$19M
Q4 24	—	$147M	$29M
Q1 25	—	$107M	$23M
Q2 25	—	$120M	$37M
Q3 25	$41M	$115M	—
Q4 25	$49M	$119M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$10M	$0	$10M
Q2 22	$29M	$0	$29M
Q3 22	$36M	$0	$36M
Q4 22	$45M	$0	$45M
Q1 23	$48M	$0	$48M
Q2 23	$56M	$0	$56M
Q3 23	$69M	$0	$69M
Q4 23	$88M	$0	$88M
Q1 24	$87M	$0	$87M
Q2 24	$106M	$0	$106M
Q3 24	$93M	$0	$93M
Q4 24	$125M	$0	$125M
Q1 25	$133M	$0	$133M
Q2 25	$137M	$0	$137M
Q3 25	$151M	$0	$151M
Q4 25	$123M	$0	$123M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	34M	+8.0%	+2.9%
Q2 22	36M	+3.6%	+3.1%
Q3 22	38M	+5.8%	+13.5%
Q4 22	38M	+0.4%	+18.7%
Q1 23	38M	-0.7%	+9.2%
Q2 23	38M	+0.6%	+6.1%
Q3 23	38M	+0.2%	+0.5%
Q4 23	38M	+0.5%	+0.6%
Q1 24	39M	+1.1%	+2.5%
Q2 24	41M	+6.0%	+7.9%
Q3 24	41M	+0.2%	+8.0%
Q4 24	41M	+0.1%	+7.5%
Q1 25	41M	+0.0%	+6.3%
Q2 25	41M	-0.1%	+0.2%
Q3 25	41M	+0.1%	+0.1%
Q4 25	43M	+5.7%	+5.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$46.7K	2K
Q2 22	$52.9K	2K
Q3 22	$49.9K	2K
Q4 22	$54.4K	2K
Q1 23	$49.1K	2K
Q2 23	$53.2K	2K
Q3 23	$55.0K	2K
Q4 23	$54.8K	2K
Q1 24	$60.6K	2K
Q2 24	$63.5K	2K
Q3 24	$48.1K	2K
Q4 24	$77.4K	2K
Q1 25	$57.2K	2K
Q2 25	$69.1K	2K
Q3 25	$68.5K	2K
Q4 25	$73.5K	2K

Revenue / Employee