Cardinal Infrastructure Group Inc. (CDNL) Stock Price & Analysis
Cardinal Infrastructure Group Inc. (CDNL) closed at USD 13.69 on Thursday, October 22, 2026, down 6.49% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 14.64; the Oct 22, 2026 session ranged USD 13.51–14.31 on volume of 773,463 shares. Market capitalization is $293.45M, with a 52-week range of USD 13.51–96.4 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:57 UTC.
Also available as compact Markdown for AI agents: nexqual.com/CDNL.md
Key facts (CDNL)
- Last four reported quarters (through Jun 30, 2026): revenue $582M, net income $20.7M (3.6% margin), free cash flow -$18.3M (SEC filings).
- Valuation: P/E 14.2x, EV/EBITDA 1.9x, net cash $153M.
- Earnings quality: non-operating income -$10.4M vs operating income $49.9M over the last four quarters; P/E excluding non-operating income ≈9.5x (estimate: non-operating income taxed at the company's 1.9% effective rate).
- 1 of 80 tracked superinvestors hold CDNL (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 8 Form 4 filings, $9.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 47.25 (range 30–70).
- Total return with dividends: 1Y -41.7% vs S&P 500 +14.9%; 5Y -53.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 0.76, revenue estimate $235M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (CDNL)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $248M | $315M | $456M | $582M |
| Operating income | $29.5M | $35.9M | $40.4M | $49.9M |
| Net income | $20.6M | $21.4M | $22.7M | $20.7M |
| Free cash flow | $18.6M | $21.9M | -$5.9M | -$18.3M |
| Operating margin | 11.9% | 11.4% | 8.9% | 8.6% |
| Net margin | 8.3% | 6.8% | 5.0% | 3.6% |
| Revenue growth | — | +27.1% | +44.7% | — |
| Cash + short-term investments | — | $20.9M | $97.1M | — |
| Total debt | — | $36.8M | $113M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (CDNL)
P/E 14.2x · P/E ex non-operating (est.) ≈9.5x · P/S 0.5x · EV/EBITDA 1.9x · EV/Sales 0.2x · P/B 1.2x · FCF yield -6.23% · Earnings yield 7.07% · Net cash $153M · EV $140M
Superinvestors (SEC 13F-HR, Q2 2026) (CDNL)
1 of 80 tracked investors hold CDNL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.9M | New position |
Insider purchases (SEC Form 4, open-market, last ~7 months) (CDNL)
8 purchases, $9.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-17 | Wimmer Richard Bennett | Director | 7,500 | $293K | 39.13 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Lee Richard Melvin Jr. | Director | 34,000 | $1.3M | 36.82 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Rowe Michael Bruce Jr. | Chief Financial Officer | 7,000 | $256K | 36.53 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Wood Anthony Leon Jr. | Director | 51,400 | $2.0M | 39.36 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Spivey Jeremy Simmons | Chief Executive Officer | 83,350 | $3.2M | 38.41 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Zelman Ivy | Director | 12,647 | $501K | 39.61 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Wood Benjamin | Chief Operating Officer | 25,700 | $1.0M | 39.48 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Wood Benjamin | CHIEF OPERATING OFFICER | 20,000 | $1.0M | 51.3 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (CDNL)
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 47.25 (low 30, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target lowered | Buy | $40 → $30 |
| 2026-09-25 | Truist Securities | Initiated | Buy | $40 |
| 2026-08-12 | Stifel | Target lowered | Buy | $63 → $52 |
| 2026-08-12 | Oppenheimer | Target lowered | Outperform | $80 → $70 |
Total return (dividends reinvested) (CDNL)
| 1Y (from 2025-12-10) | 5Y (from 2025-12-08) | |
|---|---|---|
| Total return | -41.7% | -53.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 101.8% | 107.7% |
| Max drawdown | -85.5% (Jun 2026→Oct 2026) | -85.1% (Jun 2026→Oct 2026) |
CDNL suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Continuing Equity Holders of | “The Tax Receivable Agreement with Cardinal and the Continuing Equity Holders in connection with our initial public offering which provides for the payment by us to the Continuing Equity Holders of 85% of the amount of tax benefits, if any, that we actually realize, or in some circumstances are deemed to realize, as a result of (i) Basis Adjustments and (ii) certain tax benefits (such as interest deductions) arisin…” |
| Related party | CCCRE Holdings | “Related Party Transactions, we entered into two new leases with CCCRE in September 2025.” |
Quoted from the company's 10-K filed Mar 23, 2026.
CDNL customer concentration
In the period ended Jun 30, 2026, a single direct customer accounted for 11% of revenue, per the company's 10-Q filed Aug 12, 2026. The company does not name it.
CDNL company outlook (results filed Aug 11, 2026)
- “Outlook, Announces Acquisition of Allied Paving Raleigh, NC – August 11, 2026 – Cardinal Infrastructure Group Inc.”
- “(NASDAQ: CDNL) ("Cardinal" or the "Company"), today announced the Company's second quarter and year-to-date 2026 financial results, updated guidance for the full year 2026 and the acquisition of Allied Paving out of Atlanta.”
- “That strength is why we're both raising our full-year revenue guidance, to a midpoint reflecting over 95% growth from 2025, and accelerating our investment in corporate infrastructure to fully capture the opportunity in front of us, which reshapes our 2026 margin outlook.”
Quoted word-for-word from the SEC 8-K results press release.
CDNL analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.76 | $0.52 | +45.2% | $234.8M | 2 |
| Next quarter (ends Dec 2026) | $0.84 | $0.48 | +76.0% | $260.1M | 2 |
| Current fiscal year (ends Dec 2026) | $2.44 | $1.64 | +49.1% | $889.3M | 2 |
| Next fiscal year (ends Dec 2027) | $3.96 | $2.33 | +69.7% | $1.11B | 2 |
CDNL options: expected move
Options price a move of about ±30.7% (±$4.20) by Nov 20, 2026, which includes earnings on Nov 12, 2026. Over the last 4 reports the stock moved ±22.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 138.2% | ±30.7% |
| Dec 18, 2026 | 56 | 104.0% | ±32.3% |
| Jan 15, 2027 | 84 | 103.8% | ±38.9% |
| Apr 16, 2027 | 175 | 92.8% | ±49.5% |
30-day implied volatility 107.3% vs 92.6% realized over the last 30 trading days. Put/call ratio (volume) 0.24. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:57 UTC)
| Price | USD 13.69 |
|---|---|
| Change | ▼ 6.49% (down) |
| Previous Close | USD 14.64 |
| Open | USD 14.31 |
| Day Range | USD 13.51 – 14.31 |
| 52-Week Range | USD 13.51 – 96.4 |
| Volume | 773,463 shares |
| Market Cap | $293.45M |
| Exchange | NMS |
Technical Analysis (CDNL)
Nexqual's technical model rates CDNL "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:57 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 19.5 (oversold) |
| vs SMA50 | Below (USD 30.91) |
| MACD | -5.42 (negative) |
Analyst Ratings (CDNL)
Wall Street analysts rate CDNL "Buy" based on 5 analysts, with a mean price target of USD 47.25 (range USD 30–70), per Nexqual as of October 23, 2026 at 09:57 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 5 |
| Mean Target | USD 47.25 |
| High Target | USD 70 |
| Low Target | USD 30 |
| Buy / Hold / Sell | 5 / 0 / 0 |
Earnings (CDNL)
| Next Earnings Date | 2026-11-12 |
|---|---|
| EPS Estimate | USD 0.76 |
| Revenue Estimate | $234.80M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.42 vs est 0.42 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
Financials & Fundamentals (CDNL)
| Total Revenue | $662.58M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +113.90% |
| Gross Margin | +19.21% |
| Operating Margin | +7.00% |
| Profit Margin | +2.74% |
| ROE | +11.92% |
| Debt / Equity | 0.38 |
| Current Ratio | 3.59 |
| Total Cash | $339.09M |
| Total Debt | $227.62M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$18.29M (-3.1% of revenue) |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
Financial Health Score (CDNL)
Nexqual rates Cardinal Infrastructure Group Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:57 UTC.
| Growth | Strong — Revenue +45% YoY (annual) |
|---|---|
| Profitability | Mixed — Gross margin 19%, operating 7% (last 12 months) |
| Balance Sheet | Strong — $339M cash and investments vs $186M debt (Jun 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$18M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — ROE 12%, ROA 5.8% |
Ownership (CDNL)
| Insider Ownership | +8.76% |
|---|---|
| Institutional Ownership | +111.38% |
| Shares Outstanding | 21.44M |
| Float | 18.57M |
| Short % of Float | +13.74% |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
Leadership (CDNL)
Cardinal Infrastructure Group Inc. is led by Jeremy Spivey, CEO & Chairman, per Nexqual as of October 23, 2026 at 09:57 UTC.
| CEO & Chairman | Jeremy Spivey |
|---|---|
| Chief Financial Officer | Mike Rowe |
| President of Carolinas | Erik West |
| Chief Operating Officer | Benjamin A. Wood |
| Director of Investor Relations | Emily Lear |
Major Backers & Investors (CDNL)
Notable institutional backers of Cardinal Infrastructure Group Inc. include FMR, LLC, Fidelity, First TRT Exch-Trd Fd. VI-First TRT RBA American Industrial Renaissanc, according to Nexqual as of October 23, 2026 at 09:57 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 14.48% |
| Fidelity | 7.54% |
| First TRT Exch-Trd Fd. VI-First TRT RBA American Industrial Renaissanc | 6.48% |
| Driehaus Capital Management, LLC | 5.92% |
| Alliancebernstein L.P. | 4.81% |
| Lord, Abbett & Co. LLC | 4.21% |
| Emerald Advisers, LLC | 4.15% |
| Ameriprise Financial, Inc. | 3.77% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 5.91% |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
From Cardinal Infrastructure Group Inc.'s Latest SEC 10-K Filing (filed 2026-03-23)
Key Strengths & Strategy (as disclosed to the SEC)
- We begin with core site preparation services, including underground capabilities such as drilling and blasting, wet utility work, electrical utility lines, and grading, and we expand our service lines as our customer mix evolves, further strengthening our position as a leading provider of end-to-end infrastructure services across the Southeastern United States.
- With no customer contributing more than 10% of revenue for the year ended December 31, 2025, our scale and vertical integration in the Southeastern United States make us one of the leading providers of choice for complex residential, industrial, and municipal projects.
- For example, we expanded into Charlotte in 2023 by acquiring a company with approximately $26 million in annual revenue.
- We originated as a niche provider of wet utilities installation and have, over time, both organically and through acquisitions, added capabilities, including grading, site clearing, erosion control, drilling and blasting, paving, and related site services, to become a full-service, end-to-end provider of turnkey infrastructure services.
Partnerships
- The Up-C structure allows the Continuing Equity Holders to retain their equity ownership in Cardinal and to continue to realize tax benefits associated with owning interests in an entity that is treated as a partnership, or "flow-through" entity, for U.S. federal income tax purposes.
Legal & Regulatory Risks (Item 1A, quoted)
- Environmental, health and safety and other regulatory matters, including those relating to climate change, could adversely affect our ability to conduct our business and could require expenditures that could have a material adverse effect on our results of operations and financial condition.
- We are required to obtain, maintain and comply with government permits, licenses and approvals, and failure to obtain, maintain, and comply with such permits, licenses and approvals could adversely affect our or our customers' operations.
- Tax matters, including changes in corporate tax laws and disagreements with taxing authorities, could impact our results of operations and financial condition.
- The regulatory environment surrounding data privacy and cybersecurity is constantly evolving and can be subject to significant change.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| AGX | Argan, Inc. | USD 330.3 | ▼ 4.5% |
| ROAD | Construction Partners, Inc. | USD 83.93 | ▼ 1.19% |
| GVA | Granite Construction Incorporat | USD 107.45 | ▼ 2.08% |
| ECG | Everus Construction Group, Inc. | USD 97.05 | ▼ 8.44% |
| KBR | KBR, Inc. | USD 39.53 | ▲ 5.95% |
| FLR | Fluor Corporation | USD 43.42 | ▼ 6.44% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:57 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt