# Cadre Holdings, Inc. (CDRE)

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

**Price:** USD 29.46 (+6.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.6 · day 27.24–29.52 · 52w 24.07–48.76 · market cap $1.26B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $686M, net income $36.1M (5.3% margin), free cash flow $78.1M (SEC filings).
- Valuation: P/E 35.0x (avg 36.2x at the last 3 fiscal year-ends), EV/EBITDA 17.4x, net debt $320M.
- Earnings quality: non-operating income -$16.8M vs operating income $69.1M over the last four quarters; P/E excluding non-operating income ≈26.5x (estimate: non-operating income taxed at the company's 31% effective rate).
- 1 of 80 tracked superinvestors hold CDRE (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $18.1M; 4 not under a Rule 10b5-1 plan ($18.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.67 on a 1–5 scale) (6 analysts), mean target USD 45.83 (range 35–62).
- Total return with dividends: 1Y -30.1% vs S&P 500 +14.9%; 5Y +104.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.34, revenue estimate $191M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $427M | $458M | $483M | $568M | $610M | $686M |
| Gross profit | $171M | $176M | $201M | $233M | $260M | — |
| Operating income | $51.7M | $16.7M | $56.5M | $66.8M | $67.4M | $69.1M |
| Net income | $12.7M | $5.8M | $38.6M | $36.1M | $44.1M | $36.1M |
| EPS (diluted) | $0.44 | $0.16 | $1.02 | $0.90 | $1.02 | — |
| Free cash flow | $37.3M | $41.9M | $66.5M | $26.1M | $56.8M | $78.1M |
| Gross margin | 39.9% | 38.4% | 41.6% | 41.1% | 42.5% | — |
| Operating margin | 12.1% | 3.7% | 11.7% | 11.8% | 11.0% | 10.1% |
| Net margin | 3.0% | 1.3% | 8.0% | 6.4% | 7.2% | 5.3% |
| Revenue growth | +5.6% | +7.1% | +5.4% | +17.6% | +7.5% | — |
| Cash + short-term investments | $33.9M | $45.3M | $87.7M | $125M | $123M | — |
| Total debt | $160M | $150M | $140M | $223M | $307M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 35.0x · P/E ex non-operating (est.) ≈26.5x · P/S 1.8x · EV/EBITDA 17.4x · EV/Sales 2.3x · P/FCF 16.1x · P/B 3.6x · FCF yield 6.19% · Earnings yield 2.86% · Dividend yield (paid, TTM) 1.29% · Net debt $320M · EV $1.58B
P/E at fiscal year-ends: Dec 2025 40.2x, Dec 2024 36.1x, Dec 2023 32.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CDRE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $8.7M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24…2026-08-25 | Kanders Warren B | CEO AND CHAIRMAN | 200,000 | $6.5M | 1.8% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Williams Brad | PRESIDENT | 88,742 | $2.9M | 57.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-18…2026-06-22 | Kanders Warren B | CEO AND CHAIRMAN | 75,000 | $2.1M | 0.7% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-15…2026-06-17 | Kanders Warren B | CEO AND CHAIRMAN | 225,000 | $6.5M | 2% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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 1.67 on a 1–5 scale), 6 analysts; mean target USD 45.83 (low 35, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target lowered | Overweight | $45 → $35 |
| 2026-08-10 | DA Davidson | Target raised | Overweight | $40 → $43 |
| 2026-08-10 | Roth Capital | Target raised | Buy | $40 → $43 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $40 → $45 |
| 2026-07-27 | JP Morgan | Initiated | Overweight | $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-11-01) |
|---|---|---|
| Total return | -30.1% | +104.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -30.1% | +15.5% |
| Volatility (annualized) | 47.8% | 43.7% |
| Max drawdown | -46.4% (Mar 2026→Oct 2026) | -44.3% (Feb 2026→Oct 2026) |

## Peers (Aerospace & Defense)
KTOS (Kratos Defense & Security Solut) USD 38.27 -1.21% · SARO (StandardAero, Inc.) USD 21.72 +1.26% · CAE (CAE Inc) USD 25.02 +2.08% · DRS (Leonardo DRS, Inc.) USD 34.3 +1.06% · MOG-B (Moog Inc.) USD 335.16 -8.43% · HII (Huntington Ingalls Industries, ) USD 278.86 +1.79%

## More
Full page: https://nexqual.com/CDRE · 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

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $190.0M | 91.8% | +35.6% |
| Distribution Services | $27.1M | 13.1% | +6.3% |
| Total revenue | $207.1M | 100% | — |
The lines above cover 104.8% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $129.9M | 62.7% | +8.0% |
| Non Us | $77.2M | 37.3% | +109.4% |
| Total revenue | $207.1M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Guidance to Full Year 2026 Net Sales of $749 to $769 Million and Adjusted EBITDA of $139 to $144 Million ​ JACKSONVILLE, Fla., August 5, 2026 – Cadre Holdings, Inc."
- "As a result, we are raising our full-year guidance and remain well positioned to deliver meaningful growth and profitability in 2026 and beyond." ​ Mr."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.40 | -16.0% | $190.5M | 2 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.53 | -9.4% | $205.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $1.42 | $1.34 | +6.1% | $759.4M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.64 | $1.34 | +22.5% | $809.0M | 2 |