# Cardinal Infrastructure Group Inc. (CDNL)

> Source: Nexqual · https://nexqual.com/CDNL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cardinal Infrastructure Group Inc. (CDNL), nexqual.com/CDNL" · informational, not investment advice.

**Price:** USD 13.69 (-6.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.64 · day 13.51–14.31 · 52w 13.51–96.4 · market cap $293M · NMS

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Engineering & Construction)
AGX (Argan, Inc.) USD 330.3 -4.50% · 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%

## More
Full page: https://nexqual.com/CDNL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CDNL's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/2079999/000119312526120014/cdnl-20251231.htm):

| 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 ta…" |
| Related party | CCCRE Holdings | "Related Party Transactions, we entered into two new leases with CCCRE in September 2025." |

## Customer concentration

Period ended 2026-06-30: 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Company outlook (8-K filed 2026-08-11)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.76 | $0.52 | +45.2% | $234.8M | 2 |
| Next quarter (ends 2026-12-31) | $0.84 | $0.48 | +76.0% | $260.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $2.44 | $1.64 | +49.1% | $889.3M | 2 |
| Next fiscal year (ends 2027-12-31) | $3.96 | $2.33 | +69.7% | $1.11B | 2 |