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1. Company Snapshot

1.a. Company Description

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 segments, Products and Distribution.


It primarily provides body armor product, such as concealable, corrections, and tactical armor under the Safariland and Protech Tactical brands; survival suits, remotely operated vehicles, specialty tools, blast sensors, accessories, and vehicle blast attenuation seats for bomb safety technicians; bomb suits; duty gear, including belts and accessories; and other protective and law enforcement equipment comprising communications gear, forensic and investigation products, firearms cleaning solutions, and crowd control products.The company also offers third-party products, such as uniforms, optics, boots, firearms, and ammunition.It serves first responders, such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing, and wildlife enforcement and departments of corrections, as well as federal agencies including the U.S. Department of State, U.S. Department of Defense, U.S. Department of Interior, U.S. Department of Justice, U.S. Department of Homeland Security, U.S. Department of Corrections, and various foreign government agencies.


The company was founded in 1964 and is headquartered in Jacksonville, Florida.

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1.b. Last Insights on CDRE

Cadre Holdings, Inc.'s recent performance was negatively impacted by the company's lagging sector performance, with its industrial products peers outpacing it this year. The company's recent acquisition of Alpha Safety and Carrs Group's nuclear assets has driven revenue and margin growth, but its expansion into the nuclear industry is still in its early stages, presenting execution risks. Additionally, the Zacks Security and Safety Services industry's growth is being driven by a growing awareness for safety and security among people, but this trend may not directly benefit Cadre.

1.c. Company Highlights

2. Cadre Holdings' Q3 2025 Earnings: Strong Execution and Strategic Progress

Cadre Holdings delivered a robust financial performance in Q3 2025, with net sales surging 42% year-over-year to $155.9 million. The company's gross margin expanded 610 basis points year-over-year, driven by favorable pricing and the absence of inventory step-up amortization in the prior year. Earnings per share (EPS) came in at $0.27, beating estimates of $0.26. The strong top-line growth and margin expansion underscore Cadre's effective execution and disciplined growth strategy.

Publication Date: Nov -25

📋 Highlights
  • Strong Q3 Financial Performance:: Net sales surged 42% YoY to $155.9M, with gross margin improving 610 bps YoY and 180 bps sequentially.
  • Strategic Acquisition of TYR Tactical:: Aims to expand mission-critical product offerings, leveraging TYR’s 7,000-ton pressing capabilities for advanced armor materials.
  • Major Government Contract Win:: $50M IDIQ contract for Blast Exposure Monitoring System with the U.S. DoD, positioning Med-Eng as a leader in blast exposure mitigation.
  • Full-Year Growth Outlook:: Revenue to grow 10.5% YoY and adjusted EBITDA by 8.7%, with pro forma leverage at 2.7x post-TYR acquisition.
  • M&A Expansion Strategy:: Focused on nuclear and law enforcement sectors, targeting add-on deals to drive customer wallet share and international market access.

Operational Highlights and Outlook

Cadre's operating model is driving improvement across the business, with the company securing significant wins, including a $50 million IDIQ contract for the Blast Exposure Monitoring System (BEMO) with the U.S. Department of Defense. The company's full-year outlook implies a year-over-year revenue growth of 10.5% and adjusted EBITDA growth of 8.7% at the midpoint. Cadre's pro forma net leverage is expected to be around 2.7x when the TYR Tactical acquisition closes.

Acquisition Strategy and Synergies

The acquisition of TYR Tactical represents a significant step forward in Cadre's strategic focus on mission-critical products. The deal is expected to provide access to new customers and international markets, driving new growth opportunities. According to Brad Williams, TYR's manufacturing capabilities, including its pressing capacity, will benefit both Cadre and TYR. The acquisition is expected to be accretive to adjusted EBITDA and enhance Cadre's market leadership.

Valuation and Growth Prospects

With a P/E Ratio of 36.58 and an EV/EBITDA multiple of 19.92, Cadre's valuation reflects its strong growth prospects. Analysts estimate revenue growth of 8.2% next year, indicating a steady trajectory. Cadre's ROE of 13.94% and ROIC of 8.58% demonstrate the company's ability to generate returns on equity and invested capital. The stock's Dividend Yield of 0.93% and Free Cash Flow Yield of 3.69% provide a relatively attractive return profile.

3. NewsRoom

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Cadre Holdings, Inc. (NYSE:CDRE) Given Average Recommendation of “Moderate Buy” by Brokerages

Nov -29

Source: defenseworld.net

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Cadre Holdings, Inc. (CDRE) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Cadre Holdings, Inc. (CDRE) Reports Q3 Earnings: What Key Metrics Have to Say

Nov -05

Source: zacks.com

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Cadre Holdings, Inc. (CDRE) Beats Q3 Earnings Estimates

Nov -05

Source: zacks.com

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Cadre Holdings, Inc. (CDRE) M&A Call Transcript

Oct -29

Source: seekingalpha.com

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Top 2 Industrials Stocks That May Collapse This Quarter

Oct -17

Source: benzinga.com

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Cadre Holdings, Inc. (CDRE) Analyst/Investor Day Transcript

Oct -09

Source: seekingalpha.com

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Cadre Holdings: Nuclear Is Not A Magic Word

Sep -07

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.18%)

6. Segments

Product

Expected Growth: 7.0%

Cadre Holdings, Inc.'s 7.0% growth is driven by increasing adoption of its technology-enabled real estate investment platform, expansion into new markets, and growing demand for alternative investment options. Additionally, the company's focus on providing transparency, liquidity, and diversification to investors has contributed to its growth.

Distribution

Expected Growth: 7.5%

Strong demand for industrial and logistics properties, driven by e-commerce growth and supply chain shifts, fuels Cadre Holdings' 7.5% distribution growth. Additionally, the company's strategic acquisitions and development of high-quality assets, coupled with effective asset management, contribute to its robust growth.

Reconciling Items

Expected Growth: 8.5%

Cadre Holdings, Inc.'s 8.5% growth is driven by increasing adoption of its real estate investment platform, expansion into new markets, and strategic partnerships. Additionally, the company's focus on technology and data analytics has improved operational efficiency, leading to higher revenue and profitability.

7. Detailed Products

Aerospace and Defense Products

Cadre Holdings, Inc. provides a range of products and services to the aerospace and defense industries, including advanced materials, composites, and electronic systems.

Electronics

The company offers a variety of electronic components and systems, including connectors, cables, and antennas, for use in aerospace, defense, and industrial applications.

Sensors and Antennas

Cadre Holdings, Inc. designs and manufactures a range of sensors and antennas for use in aerospace, defense, and industrial applications.

Advanced Materials

The company develops and manufactures advanced materials, including composites, ceramics, and coatings, for use in aerospace, defense, and industrial applications.

Engineering and Manufacturing Services

Cadre Holdings, Inc. offers engineering and manufacturing services, including design, prototyping, and production, for aerospace, defense, and industrial customers.

8. Cadre Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cadre Holdings, Inc. is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for Cadre Holdings, Inc. is high due to the concentration of buyers in the market and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Cadre Holdings, Inc. is low due to the presence of multiple suppliers in the market and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Cadre Holdings, Inc. is medium due to the moderate barriers to entry in the market and the availability of resources.

Intensity Of Rivalry

The intensity of rivalry for Cadre Holdings, Inc. is high due to the presence of several competitors in the market and the high stakes of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.15%
Debt Cost 7.54%
Equity Weight 57.85%
Equity Cost 10.69%
WACC 9.37%
Leverage 72.85%

11. Quality Control: Cadre Holdings, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Sturm Ruger

A-Score: 5.6/10

Value: 2.9

Growth: 2.8

Quality: 5.0

Yield: 8.0

Momentum: 7.5

Volatility: 7.7

1-Year Total Return ->

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Park Aerospace

A-Score: 5.4/10

Value: 0.8

Growth: 2.4

Quality: 6.4

Yield: 7.0

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Innovative Solutions and Support

A-Score: 5.3/10

Value: 4.3

Growth: 7.7

Quality: 7.2

Yield: 1.0

Momentum: 9.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Cadre Holdings

A-Score: 4.1/10

Value: 1.5

Growth: 6.4

Quality: 5.6

Yield: 2.0

Momentum: 4.0

Volatility: 5.3

1-Year Total Return ->

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Smith & Wesson Brands

A-Score: 4.0/10

Value: 4.1

Growth: 1.9

Quality: 4.3

Yield: 7.0

Momentum: 1.5

Volatility: 5.0

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Stock-Card
VirTra

A-Score: 3.3/10

Value: 3.6

Growth: 5.9

Quality: 5.8

Yield: 0.0

Momentum: 2.5

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

42.85$

Current Price

42.85$

Potential

-0.00%

Expected Cash-Flows